Porsche Owners Up to 90% Under-Insured

The Telegraph reports that some Porsche owners are up to 90% under-insured.

“An index of the most valuable cars compiled by the Historic Automobile Group International has risen about 500% in the decade to December 2013. Ten years ago, a 1974 Ferrari 365 GTB/4 “Daytona” Coupé was worth approximately £76,000, for example. It is now worth nearer £450,000.

Gerry Bucke, general manager at Adrian Flux Insurance Services, said: “We reviewed our classic car portfolio, and noticed that a number of our customers had declared values that looked very low in today’s market.”

Porsche Values Increase by 1000% in 18 Years

The Telegraph spoke to one Porsche owner, Darren Campbell from Surrey. Darren bought a 1970 Porsche 911S some 18 years ago. he paid £8,000 but a recent insurance valuation put the car at a staggering £80,000: ten times his purchase price.

“I think if you’ve bought one of these quite recently you’re more likely to keep an eye on the market values, but if you’ve had it for as long as I have it’s easy to take your eye off the ball,” said Darren.

Under-Insurance could cost owners “Tens of Thousands of Pounds”

“Some of the cars have almost doubled in value since the owner’s last valuation,” said Gerry Bucke at Adrian Flux. “Under-insurance works on classic car insurance – where the premium is partly calculated based on the value – in a similar way to home insurance, so owners could end up only receiving a percentage of the car’s true value.”

“We suggest reviewing valuations every year. Otherwise, if the worst happens, you could lose anything from a couple of hundred pounds to tens of thousands.”

Get a Porsche Valuation

Porsche Valuations is the leading UK source of agreed insurance valuations for classic Porsche. All we need is some information on condition, a selection of photos and a phone conversation. The service costs £35 payable by bank transfer or Paypal. Visit our “Get a Valuation” page to start.

Classic Porsche 356 stolen at the Nurburgring

While visiting the Nürburging in Germany, the owner of this 1956 Porsche 356 woke to find his car had been stolen from outside the Hotel Hohe Acht. Two more 356 models were also stolen at the track on the same night. German Police have so far come up empty-handed but that is hardly a surprise: this was carried out by professionals and there will be a plan in place to get these things out of the area as soon as possible.

This particular car was a peach. The owner bought the car in 1970 and, working as a 356 spare parts manufacturer in Denmark, it has been with him for 40 years of a life in Porsche. A €15,000 reward was offered for any information leading to the safe return.

This is not the first 356 theft we’ve seen this year. Certainly classic Porsches are getting ever-easier to steal: a quick colour change and a few bits swapped (including chassis number) and no one would be any the wiser on what it once was. If you’re not using security on your classic, then fix that quickly.

I use a high-end steering lock and good alarm on mine  – plus other unnamed measures – which would slow any potential thieves down a bit. The agreed valuation for insurance purposes is also up to date! Remember to always keep your agreed insurance valuation up to date for total peace of mind. It does not add much to the premium but saves a huge amount of hassle in the long run.