A Porsche owner has secured a bigger theft payout after disputing his insurer’s valuation for the sports car.

The vehicle was insured at market value under a comprehensive policy with Auto & General, and a claim was lodged in September last year after it was stolen.

The insurer cash settled for $103,500, which it said was the estimated market value of the 2013 Cayman model.

Auto & General said its figure was based on information gathered from carsales.com and vehicle price provider Redbook. It also obtained an estimate of $103,500 from Queensland Motor Valuations.

A total loss assessment from November 21 last year showed the vehicle initially had a lower valuation of $99,100, based on a car sales advertisement priced at $98,800 for a Cayman with 55,940km on its odometer.

The insurer ultimately decided to cash settle the claim for $103,500 based on the Queensland Motor Valuations estimate.

But the claimant, a company director, said the market value should be about $115,000.

In a dispute before the Australian Financial Complaints Authority, he provided two sales advertisements that showed prices of $110,000 and $118,000.

He also provided an email from a Porsche dealership that said: “If I was to value your car as my stock around September last year, it would advertise around $120,000. I would be aiming for $117,000 and would be very comfortable in achieving a sale around that.”

AFCA says it is not persuaded the dealership’s email accurately reflects a market valuation in line with the terms of the insurance policy.

But it agrees the insurer did not properly calculate the car’s value.

It says the Queensland Market Valuations estimate “was not based on a visual inspection (seemingly as the vehicle was stolen), but rather, information the insurer provided to QMV. The valuation suggests QMV had access to photographs of the vehicle.”

It says a fair payout is $107,500 based on supporting evidence provided by the two parties.

“The insurer has paid the complainant $103,500. As I am not satisfied this is a fair [valuation] for the vehicle, the insurer must pay the complainant an additional $4000,” an AFCA ombudsman said. 

See the ruling here.