HAGERTY INSURANCE has been a long-time supporter of PCA UCR and we had the pleasure of having Corey Finkelstein, manager of private client services of Hagerty Canada and a fellow club member, host our November virtual social.
Corey Finkelstein is a true car guy and loves classic Porsches and Volkswagens.
Joining him for the evening was Rob Sass, editor-in-chief of Porsche Panorama magazine, former VP of content at Hagerty, and former editor for Hagerty’s car collector magazine. It was a casual evening to talk about the status of Porsche values and collector car insurance.
After I presented some club updates, Corey and Rob proceeded into discussing Porsche price trends and the status of the auction market. Rob prepared a great slideshow and shared his presentation on the screen for all to follow.
Rob presented five Porsches that have recently been gaining in value — the 1963 to 1965 356 C Cabriolet, 1960 to 1963 B roadster, 2011 911 Speedster, 2004 to 2007 Carrera GT, and the 1970 to 1976 914. The 914 gained 3.3 percent this year so far.
So far in 2020, year-to-date auction sales are down 25 percent due to the pandemic, representing $90-million US. Many club members during this time are enjoying online classifieds as they have more time for research and reviewing listings. Rob then presented five Porsches that have recently been gaining in value — the 1963 to 1965 356 C Cabriolet, 1960 to 1963 B roadster, 2011 911 Speedster, 2004 to 2007 Carrera GT, and the 1970 to 1976 914. The 914 gained 3.3 percent this year so far.
On the flipside, there are a number of Porsches that are losing value: the 1994 911 Speedster, the 1986 to 1989 930 Turbo Targa, the 1984 911 Cabriolet, and the 1986 to 1989 911 930 Turbo Cabriolet. The 1984 911 Cabriolet alone dropped 18.9 percent in value this year. Sounds like a good buying opportunity, as these are great cars.
Rob Sass went on to discuss an open-top Porsche that he is considering and commented that the 944 S2 and 968 cabriolets are cars that are still attractively priced.
If you are interested in searching auction results, the Hagerty Insider App is the ideal mobile app to use.
On the insurance side of the presentation, Corey Finkelstein confirmed that not only does Hagerty insure classic Porsches, new Porsches can also be insured. Also, there is no requirement for an appraisal and no need to amend coverage for winter storage to only have fire and theft coverage. The vehicle is fully insured for 365 days. Hagerty definitely wants everyone to use their cars as intended and its slogan “Never Stop Driving” definitely reinforces this.
It was a pleasure to see a number of new members participate in the social and club pins have been mailed out to George Karapostolakis, Monica Leone, John Scott, David Tsuchiya and Jeff Ware. Congratulations and welcome to UCR!
Corey prepared 12 trivia questions based upon Rob’s presentation. Some questions were definitely not the easiest to answer and they tested our listening and quick-response skills. The following lucky members were each mailed a Porsche prize: Larry Funnell, Doug Trott, Weyman Jang, Jeff Ware, George Karapostolakis, Monica Leone, Robert Bowman, Mark Lowrie, Phil Griffiths, Doug Trott, Omar Azeez and Mike Bryan.
We have had excellent feedback to our virtual socials. As always, if you have any specific topics, venues or ideas that you would like us to consider, please let us know at firstname.lastname@example.org. We look forward to seeing you at the next one on Dec. 8! </>