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Discussion Starter · #1 · (Edited)
Insurance question

In the event of a total loss 😱 (or carjacking), I wish to get an insurance that also covers the replacement of my vehicule without substracting depreciation

But I just learned that the usual addition for a “replacement cost endorsement” on my car insurance policy is NOT offered for cars over 150K (CAD). At least here in Montreal. The premium for such a coverage was usually minimal for the average car (even the Macan I have).

The alternative “Replacement insurance” offered is separate from my automobile insurance and the premium is locked in for the entire term of the replacement insurance policy, which is up to eight years.

That’s all fine except that the premiums are crazy high! Around 2.5 K (CAD) for a 24 months term, 4.2K for 36 months, 6K for 48 months, etc.

Any opinions? Should I just skip that coverage and "hope for the best"?
 

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Insurance question

In the event of a total loss 😱 (or carjacking), I wish to get an insurance that also covers the replacement of my vehicule without substracting depreciation

But I just learned that the usual addition for a “replacement cost endorsement” on my car insurance policy is NOT offered for cars over 150K (CAD). At least here in Montreal. The premium for such a coverage was usually minimal for the average car (even the Macan I have).

The alternative “Replacement insurance” offered is separate from my automobile insurance and the premium is locked in for the entire term of the replacement insurance policy, which is up to eight years.

That’s all fine except that the premiums are crazy high! Around 2.5 K (CAD) for a 24 months term, 4.2K for 36 months, 6K for 48 months, etc.

Any opinions? Should I just skip that coverage and "hope for the best"?
I have Neve had replacement insurance on an owned car in my life . In fact if it is stolen best to hope its gone because I have seen cars that were recovered . Its usually not good. The likelihood of an outright theft are uncommon . Of course not can happen . In fact I have had several issues (xenon lights gone in 2002. caught a guy in. my car in 95, radio pulled in 80;s ) . Its mostly petty nonsense that can be repaired . Its very upsetting but wont trigger that insurance you are thinking of .

No way Id get it . If your car was actually stolen it might be worth near MSRP in the times . It also would be found quickly because 992's are highly visible due to being somewhat rare.
 

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Discussion Starter · #3 ·
I have Neve had replacement insurance on an owned car in my life . In fact if it is stolen best to hope its gone because I have seen cars that were recovered . Its usually not good. The likelihood of an outright theft are uncommon . Of course not can happen . In fact I have had several issues (xenon lights gone in 2002. caught a guy in. my car in 95, radio pulled in 80;s ) . Its mostly petty nonsense that can be repaired . Its very upsetting but wont trigger that insurance you are thinking of .

No way Id get it . If your car was actually stolen it might be worth near MSRP in the times . It also would be found quickly because 992's are highly visible due to being somewhat rare.
You're right Larry but you have to admit that in case of a total loss the insurance will only pay the amount with depreciation and NOT the market value, which will be well below the MRSP of a new 911. Can't deny the fact that the cost of replacing the 911 increases with time.

The attached pic is in french (sorry) but you will get the general idea. The gap between NEW and what the insurance will pay is BIG and increases as time goes by! According to their forecast, the GAP will be 100K in 2025! So basically, the 36 months 4K premium is a protection for that gap.

Not planning to take it but considering my options. I'm also juggling with the tire and wheel insurance that @BobbyG was struggling about. Don't know if Bobby took it finally. At the time, I was against it.

Decisions, decisions...
 

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You're right Larry but you have to admit that in case of a total loss the insurance will only pay the amount with depreciation and NOT the market value, which will be well below the MRSP of a new 911. Can't deny the fact that the cost of replacing the 911 increases with time.

The attached pic is in french (sorry) but you will get the general idea. The gap between NEW and what the insurance will pay is BIG and increases as time goes by! According to their forecast, the GAP will be 100K in 2025! So basically, the 36 months 4K premium is a protection for that gap.

Not planning to take it but considering my options. I'm also juggling with the tire and wheel insurance that @BobbyG was struggling about. Don't know if Bobby took it finally. At the time, I was against it.

Decisions, decisions...
“If” its stolen .
 

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Discussion Starter · #5 ·
“If” its stolen .
Or "if" its "totalled"! A colleague of mine recently had an accident with his 2 year old BMW. The insurance payed him 25 K less then the price of a new one. Also, most insurance policies often consider a car totalled the moment the air bags are deployed.

Stolen or totalled, no difference if you have to replace your car with a new one.

Just saying...
 

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Or "if" its "totalled"! A colleague of mine recently had an accident with his 2 year old BMW. The insurance payed him 25 K less then the price of a new one. Also, most insurance policies often consider a car totalled the moment the air bags are deployed.

Stolen or totalled, no difference if you have to replace your car with a new one.

Just saying...
If he traded in the 2 year old BMW he would not get a new one for it . Cars depreciate . Insurance isn't going to magically buy a car . Otherwise people would put it in neutral every two years and let it roll off a mountain.
 

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I give up! ;)
There is something you can do although I totally dont advise it . If you lease the car its required to have gap insurance . It pays the gap from wholesale to retail . Porsche leasing is awful though and I am not a fan of leasing in general (rare exceptions) .
 

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Discussion Starter · #9 ·
No lease. No financing. My question and you answered it was regarding the insurance covering the car depreciation in case the car is totalled or stolen. Not a big deal when you have to replace a Toyota but a 911 is a big investment and if "God forbid" I would have to replace it in 3 years the gap would be huge.

And don't worry, I don't plan do put my new 992 "in neutral and let it roll off a mountain"! LOL!

The probability of having to replace the car is small but I guess some folks like that expensive safety net!
 

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No lease. No financing. My question and you answered it was regarding the insurance covering the car depreciation in case the car is totalled or stolen. Not a big deal when you have to replace a Toyota but a 911 is a big investment and if "God forbid" I would have to replace it in 3 years the gap would be huge.

And don't worry, I don't plan do put my new 992 "in neutral and let it roll off a mountain"! LOL!

The probability of having to replace the car is small but I guess some folks like that expensive safety net!
Everyone has to find his own comfort zone with insurance. I would probably buy it if it were an add-on like mechanical breakdown is an add-on with Geico. I have a lot of insurance on my cars as well as an umbrella.
You have to do what’s right for you. I hope you never have any catastrophes with your new car that you have not even received yet. We can look at the worst case scenario but there’s also the flipside. You could save the money that you’d be spending on insurance and end up with a beautiful car that ages well without ever having a worry.
 

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Discussion Starter · #11 ·
Everyone has to find his own comfort zone with insurance. I would probably buy it if it were an add-on like mechanical breakdown is an add-on with Geico. I have a lot of insurance on my cars as well as an umbrella.
You have to do what’s right for you. I hope you never have any catastrophes with your new car that you have not even received yet. We can look at the worst case scenario but there’s also the flipside. You could save the money that you’d be spending on insurance and end up with a beautiful car that ages well without ever having a worry.
Like all insurance, it's a waste of money if you don't need it but great when you do need it.😅

As a rule I don't buy insurance on things I can afford to repair/replace, insurance is great at saving you from outsized costs that you can't really handle or handle easily financially, helps you mitigate risk, but buying insurance on tv's/wheels/extended-warranties/appliances whatever just generally helps someone else make money, and you're left hoping you're in the minority of their customers that they regret underwriting.

Unless the potential loss is a threat to my financial stability, I self-insure.

Definetely don’t hope for a catastrophe with my 992! 🤞
 

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You're right Larry but you have to admit that in case of a total loss the insurance will only pay the amount with depreciation and NOT the market value, which will be well below the MRSP of a new 911. Can't deny the fact that the cost of replacing the 911 increases with time.

The attached pic is in french (sorry) but you will get the general idea. The gap between NEW and what the insurance will pay is BIG and increases as time goes by! According to their forecast, the GAP will be 100K in 2025! So basically, the 36 months 4K premium is a protection for that gap.

Not planning to take it but considering my options. I'm also juggling with the tire and wheel insurance that @BobbyG was struggling about. Don't know if Bobby took it finally. At the time, I was against it.

Decisions, decisions...
You sucked me into this conversation again! So I ORIGINALLY purchased Platinum coverage because I had planned to take long trips far from home and it seemed to make sense to myself and the bride….I just cancelled ALL of the coverage and they will be cutting me a check for the refund. We are just going to use my wife’s car for the long trips and bank the 3800 bucks. The more I thought about it and Larrys logic I said forget it.
 

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You sucked me into this conversation again! So I ORIGINALLY purchased Platinum coverage because I had planned to take long trips far from home and it seemed to make sense to myself and the bride….I just cancelled ALL of the coverage and they will be cutting me a check for the refund. We are just going to use my wife’s car for the long trips and bank the 3800 bucks. The more I thought about it and Larrys logic I said forget it.
3800 bucks ? Yikes !! If I added up all three of my cars which had flats and curb rash wheels its not even close to that price .
 

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3800 bucks ? Yikes !! If I added up all three of my cars which had flats and curb rash wheels its not even close to that price .
I know! I’ll need to go to confession for that one. It was the heat of the moment decision, it covered key loss, dent repair, windshield replacement and wheels and tires. And as soon as they said I could cancel at any time I was like why the heck not. Like I said heat of the moment.
 

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I know! I’ll need to go to confession for that one. It was the heat of the moment decision, it covered key loss, dent repair, windshield replacement and wheels and tires. And as soon as they said I could cancel at any time I was like why the heck not. Like I said heat of the moment.
Dont feel bad. I am pondering a Macan .
 

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Dont feel bad. I am pondering a Macan .
Could be the new Pope mobile!
 

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Discussion Starter · #18 ·
You sucked me into this conversation again! So I ORIGINALLY purchased Platinum coverage because I had planned to take long trips far from home and it seemed to make sense to myself and the bride….I just cancelled ALL of the coverage and they will be cutting me a check for the refund. We are just going to use my wife’s car for the long trips and bank the 3800 bucks. The more I thought about it and Larrys logic I said forget it.
Sorry Bobby! My initial post was regarding « replacement insurance » but Larry said I would put my 911 in neutral and let it fall off a cliff! LOL! 🤪

I think I’m the only one who worries about having to replace my 911 (that I don’t have yet) in case of a catastrophe (total loss or theft).

It’s a personal thing but did you take a « replacement insurance »? It’s pretty expensive here for cars over 150K (CAD). I can replace a rim or a couple of tires but replacing a new 911 is a big deal. Not likely…but « possible ».
 

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Sorry Bobby! My initial post was regarding « replacement insurance » but Larry said I would put my 911 in neutral and let it fall off a cliff! LOL! 🤪

I think I’m the only one who worries about having to replace my 911 (that I don’t have yet) in case of a catastrophe (total loss or theft).

It’s a personal thing but did you take a « replacement insurance »? It’s pretty expensive here for cars over 150K (CAD). I can replace a rim or a couple of tires but replacing a new 911 is a big deal. Not likely…but « possible ».
Ha no worries…I don’t think I was offered any.
 

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Getting rid of the 992???
Of course not! I have a Macan Turbo that my wife drives. I drive it too . It’s a 2020 with 21K miles. I have considered the idea after looking at the trade in values and weighing it against the price of the new one. I just don’t know if I’m ready to wait another six months for a car. Plus the Macan Turbo is in perfect shape so it’s not really a need. It will become a need for keep holding onto it passed another year or so. I don’t want to have to trade in another 50,000 mile

A few of us have a Macan as a second vehicle. It’s a great car Bobby if you never drove it. I would highly recommend a test drive. It’s big enough to let you know it’s an SUV but agile enough to nearly feel like a sport sedan.
 
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