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996 GT3 Purchase


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The issue I am having with Shannons is they are basing it off what I paid for the car. The rep on the phone said exactly that today. Basically because I paid X dollars for the car 6-8 months ago, they can now only increase to X (250K) because of “lack of sales data”. My response was that was a load of crap because if I’d called them today looking for a new policy and told them I just paid 285K, they would insure it no questions asked. I’ve not once been asked for proof of purchase price when taking out a policy with Shannons, granted none of the purchases have been north of 250K. @TwoHeadsTas @901er I will go into bat again tomorrow and update you. 
 

@edgy also interested to hear who you come up with an independent appraisal. I considered that today as it might be the only option. Unfortunately in my experience, “expert valuers” are usually out of touch with 996 values and tend to be quite conservative. Maybe I should just tell Shannons to speak to Matt Stoupas at Porshaden 🤷‍♂️

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3 hours ago, spiller said:

I had a slightly heated discussion with Shannons today about increasing the agreed value on my CS  (prior to this yellow one coming online). I asked for 285K and all they would give me was $250K “because there isn’t enough sales data”. I explained how few of these cars were sold new and that with the way they are transacting (i.e. mostly off market), it would be highly unlikely that there will ever be any sales data. Alas, they would not budge. I’m not happy at all because if I write my car off (heaven forbid), there’s simply no way I’m replacing a 31K km Clubsport for 250K. I’m going to ring tomorrow to have another crack and use this current SY example as ammunition.

Keen to know how are others approaching this predicament with their insurers at the moment? First world problems, but a problem nonetheless!

@Skidmarks is this your old one being flipped or has someone else squirreled away their SY MK1 Comfort spec?

I stopped using Shannons for this reason some time ago - I nearly always ended talking to a pimply Nissan Sylvia driving Porsche know-it-all of some stripe.

It really is worth shopping about... I'm currently with Enthusiast because I like dealing with their underwriter Tim Ross who I previously dealt with when he was at Ryno.  I've been working on getting my C4S up in value which (like you) I was honest about my purchase price...  But I can't replace it now for what I paid for it at the start of the year :(  The last time I was at an insurance impasse (my old hotrod 911T), Tim actually came to Cars&Coffee (unbeknownst to me) to view the car after I'd restored it and bumped the insurance value straight to my requested $130k - when at the time Shannons wouldn't go past $75k

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So it looks like the CTS wasnt sold , looking at social media commentary , which means the price is still the sought after high price ... it seems asking vs reality and the whole valuations game is wobbly at best .  Maybe its time for a core logic of carsales ...    what is the highest sale price we know of 

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13 hours ago, TwoHeadsTas said:

I'm coming up to that discussion with them shortly, would appreciate you posting the final result

Ive had this issue with them (Shannons) on more than one occasion.

The beauty of living in the big smoke @symsy is that they have an actual office in St Leonards  - which you can stump up to in said steed for an "inspection".

Yes usually its a version of the Sylvia driver @Fishcop - but they always go and talk to someone internally..... who has the final say.

Remember - "mint" and "unblemished" have very different meanings to a lot of people..... and pics can hide so much. I real eye always helps.

My 993 rep, Rx3, and even the 997 have all made visits.... resulting in getting what i wanted (or close enough) because in my mind,  i'd always buy the wreck back...... ( i think - i am about to test it in the next few days @ thanks Sydney hail) 

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15 hours ago, spiller said:

I had a slightly heated discussion with Shannons today about increasing the agreed value on my CS  (prior to this yellow one coming online). I asked for 285K and all they would give me was $250K “because there isn’t enough sales data”. I explained how few of these cars were sold new and that with the way they are transacting (i.e. mostly off market), it would be highly unlikely that there will ever be any sales data. Alas, they would not budge. I’m not happy at all because if I write my car off (heaven forbid), there’s simply no way I’m replacing a 31K km Clubsport for 250K. I’m going to ring tomorrow to have another crack and use this current SY example as ammunition.

Keen to know how are others approaching this predicament with their insurers at the moment? First world problems, but a problem nonetheless!

@Skidmarks is this your old one being flipped or has someone else squirreled away their SY MK1 Comfort spec?

I’ve been round the block on this recently with a few cars too. Had lots of data and went up the food chain to head assessment experts  over a period of days.  Found it got to the point where there was a gap and that’s their offer. I suspect they see the real sale prices - not the online ask - as many a car I’ve sold they have reinsured with new owners……

FYI. I’m a fan of Shannon’s. 

I also know of others with higher value cars and they have had bigger issues - it’s getting outside the range the main names will touch. 

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1 hour ago, on_booost said:

Ive had this issue with them (Shannons) on more than one occasion.

The beauty of living in the big smoke @symsy is that they have an actual office in St Leonards  - which you can stump up to in said steed for an "inspection".

Yes usually its a version of the Sylvia driver @Fishcop - but they always go and talk to someone internally..... who has the final say.

Remember - "mint" and "unblemished" have very different meanings to a lot of people..... and pics can hide so much. I real eye always helps.

My 993 rep, Rx3, and even the 997 have all made visits.... resulting in getting what i wanted (or close enough) because in my mind,  i'd always buy the wreck back...... ( i think - i am about to test it in the next few days @ thanks Sydney hail) 

We have a Shannon's rep in Tassie, and he's usually at events run by the motor museum that I'm a director of, as they're a sponsor.  I'll check with our manager when his next visit is, and perhaps pay him a visit with the car....

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18 minutes ago, mc968cs said:

I’ve been round the block on this recently with a few cars too. Had lots of data and went up the food chain to head assessment experts  over a period of days.  Found it got to the point where there was a gap and that’s their offer. I suspect they see the real sale prices - not the online ask - as many a car I’ve sold they have reinsured with new owners……

FYI. I’m a fan of Shannon’s. 

I also know of others with higher value cars and they have had bigger issues - it’s getting outside the range the main names will touch. 

Yep just called them again and no dice over 250K. They said that’s basically their cap for a 996 GT3. I do truly believe there have been cars that have sold above this range. He gave me an example of someone recently paying 1 mil for a Holden GTS-R but they only insured it for 350K. 
 

Can anyone speak of experience with enthusiast? 

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13 minutes ago, spiller said:

Yep just called them again and no dice over 250K. They said that’s basically their cap for a 996 GT3. I do truly believe there have been cars that have sold above this range. He gave me an example of someone recently paying 1 mil for a Holden GTS-R but they only insured it for 350K. 
 

Can anyone speak of experience with enthusiast? 

Your not going to be able to replace that car anyway if it's totaled . I guess at what they are going to insure it for at 250 K your not going to be out of pocket either . 

I have insured cars above $300K and it is a pain . For me value under that mark is the sweet spot . My current car is insured for what I  paid can I replace it for that now probably not . 

Recently gone through a claim with Shannon's and the process was epic .

 

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1 hour ago, wilson59 said:

Your not going to be able to replace that car anyway if it's totaled . I guess at what they are going to insure it for at 250 K your not going to be out of pocket either . 

I have insured cars above $300K and it is a pain . For me value under that mark is the sweet spot . My current car is insured for what I  paid can I replace it for that now probably not . 

Recently gone through a claim with Shannon's and the process was epic .

 

@wilson59 you are probably right, on both fronts. Now that I’ve thrown my toys out of the cot I should go drive the thing 

2 hours ago, P-Kay said:

Is it worth talking with Porsche insurance?

I haven’t dealt with them before but figure it’s probably going to be a similar story? 

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26 minutes ago, spiller said:

similar story

Personally, every time I call Shannons, their quotes are stratospheric. Porsche were no problem with what I paid for my GT3 and from memory were less than MB. Enthusiast, I have not dealt with at that price point, only the SC, so I cannot comment what type of experience you will have.

By the way....envious about you driving....I was just thinking I should lower the hoist :( 

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3 hours ago, P-Kay said:

Personally, every time I call Shannons, their quotes are stratospheric. Porsche were no problem with what I paid for my GT3 and from memory were less than MB. Enthusiast, I have not dealt with at that price point, only the SC, so I cannot comment what type of experience you will have.

By the way....envious about you driving....I was just thinking I should lower the hoist :( 

Sounds like I should give Porsche a call!

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43 minutes ago, Burgerman said:

Hopefully this over inflated madness will come off the boil a little when international travel resumes, and people can spend up on overseas holidays again :)

Strangely that’s what they said in uk …. Didn’t happen … 

 

chased this couple days ago and sold in the blink of an eye …. In uk the 996.2 commands a premium so the .1 when they pop up can be good buys , thought I could keep it over there to use when back there and the odd cross europe / ring run ….. seems they are flying out the door there too ….

 

https://www.pistonheads.com/buy/listing/12163626

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6 hours ago, spiller said:

@wilson59 you are probably right, on both fronts. Now that I’ve thrown my toys out of the cot I should go drive the thing 

 Just sell that GT thing and get an air cooled mate. Shannons called me months ago to say they're upping my cars value by $10k with no increase in premium, as they feel it was underinsured 😳 Err...ok then! 👍

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1 hour ago, LeeM said:

 Just sell that GT thing and get an air cooled mate. Shannons called me months ago to say they're upping my cars value by $10k with no increase in premium, as they feel it was underinsured 😳 Err...ok then! 👍

I must be doing something wrong!

 

2 hours ago, Jedly said:

Strangely that’s what they said in uk …. Didn’t happen … 

 

chased this couple days ago and sold in the blink of an eye …. In uk the 996.2 commands a premium so the .1 when they pop up can be good buys , thought I could keep it over there to use when back there and the odd cross europe / ring run ….. seems they are flying out the door there too ….

 

https://www.pistonheads.com/buy/listing/12163626

That car was posted in here a few times over the last couple of months. What a beauty. BTW @Jedly a mate of mine used to own your CS when it was in Adelaide.
 

3 hours ago, Burgerman said:

Hopefully this over inflated madness will come off the boil a little when international travel resumes, and people can spend up on overseas holidays again :)

The market will surely slow down but I don’t think they’ll drop much if at all (if the rise and plateau of 2015-2019 is anything to go by). 

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21 hours ago, Jedly said:

Strangely that’s what they said in uk …. Didn’t happen … 

 

chased this couple days ago and sold in the blink of an eye …. In uk the 996.2 commands a premium so the .1 when they pop up can be good buys , thought I could keep it over there to use when back there and the odd cross europe / ring run ….. seems they are flying out the door there too ….

 

https://www.pistonheads.com/buy/listing/12163626

Just like here the dealers got wind of an old scarcity guide and then added the Covid, ECI shortage story etc and then on top of that added to the hopefull  factor of of boredom. That car didnt sell at $49,995 and then one loon pays over the odds in a frenzy buy moment and they then feel that the price should go up 20k .    One sale dont make a market.. not that that car seem like it a bad thing..  i guess you can speculate when you own it .. 

I seriously was just contemplating making a good offer at the 49 price and banking the car till its eligible for import ..  the car was to best of my knowledge, was pulled from market.. we all know that game right ..OR SOLD !

Worlds gone mad :) 

 

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2 hours ago, symsy said:

Just like here the dealers got wind of an old scarcity guide and then added the Covid, ECI shortage story etc and then on top of that added to the hopefull  factor of of boredom. That car didnt sell at $49,995 and then one loon pays over the odds in a frenzy buy moment and they then feel that the price should go up 20k .    One sale dont make a market.. not that that car seem like it a bad thing..  i guess you can speculate when you own it .. 

I seriously was just contemplating making a good offer at the 49 price and banking the car till its eligible for import ..  the car was to best of my knowledge, was pulled from market.. we all know that game right ..OR SOLD !

Worlds gone mad :) 

 

Got featured on piston heads mail out and sold same day …. 
 

 

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3 hours ago, Jedly said:

Got featured on piston heads mail out and sold same day …. 
 

 

There you go the power of good marketing and market development.  maybe i did just spy the bargain when we were discussing it but f i recall there were a couple in that price arena .. they then all jumped 20k , a twitchy market just like ours ... driven by influencing deals but no solid foundations..the ripple effect in full swing 

 

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