Slipstream - August 2017

maverickpca

The monthly newsletter of the Maverick Region of the Porsche Club of America

Insuring your Porsche: Part 2 – Insuring Your Daily Driver

By Justin Husman

Photo courtesy of Jack Griffin

f your Porsche is your primary mode of

I

transportation, you probably have it on your

regular auto policy, which is great when it’s

a new car, and easy to value, but not so good

when it gets a few years old and value becomes a little

more subjective, according to the “market”. Most standard

policies are based on an “Actual Cash Value” form,

which means that if you total your car, they are going

to pay the actual cash value for your car at time of loss.

There is a little wiggle room in that sort of coverage,

but not much, as the adjuster has a computer program

which tells him what that value is, much like blue book.

There is some coverage that you should discuss with

your agent to ensure you get maximum value in the

event of a claim: OEM parts coverage, roadside assistance,

and glass coverage. You are most likely to use the

latter two, and they can save you pretty good money

in the event of a nuisance claim (broken windshield

or breakdown). If you have changed the car from its

stock configuration, you should also consider “custom

parts and accessories” coverage, to account for the extra

value over ACV. This will also help you in the event

of a claim where you are not at fault; if you insure the

custom part, the other company will have to pay you for

them as well. If you do not, the likelihood of being paid

goes down quite a bit.

If your daily driver is a very high value car (limited

production, etc.) then your other option is “Stated

Value” insurance; it’s a little different than the agreed

value coverage I talked about last month, but it is a better

option than ACV coverage, as it can mean a more

appropriate payout at the time of loss. The key to insuring

your car with a stated value is having a good agent;

your insurance agent is your advocate, and will probably

have to be involved with the adjuster to maximize

your payout.

One of the most important considerations when it

comes to your daily driver insurance is your liability

coverage. Obviously, everyone driving a Porsche is a

millionaire (or at least people you have an accident

with will think so) so you need to carry the highest liability

limits you can get. If you carry high limits (and

an umbrella policy) you will protect yourself from folks

who want to turn a car accident into a lottery win.

Obviously, some people drive their Porsches all

week, and then onto the track on Saturday morning.

Your regular policy is completely out when you drive

on the track, but you do have options for covering your

car while enjoying it on the track. I will discuss those

options in my next column.

If you have any specific insurance questions you

think might be worthwhile for me to answer, please

send them to me: justin@thephoenixinsurance.com.

Editor’s Note: Justin Husman is the owner of The Phoenix

Insurance. His agency specializes in exotic, classic, and custom

car insurance. Justin has been in the insurance industry

for 15 years.

Jack Griffin and Jerry Seinfeld with their examples

of “limited production” Speedsters

14 August

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