Advice needed

[TURBO2GO]

I have been concerned as of late for what I will get from insurance if my car is stolen. The recent theft threads are not making me feel any better. I just had to go through a war with an insurance company to get a fair price after someone hit and totalled one of my other cars. They still screwed me.

Now I have this NSX whose value is already too low in the books, with $30,000 in supercharger, exhaust and carbon R parts. I added up what I have into my car a while ago, and it was well over 110K. So what happens if my car is stolen? This will be a complete nightmare. The insurance company says I cannot insure for more than value even if I pay extra. Furthermore, an aftermarket item is really open to debate for its value.

I heard there is this thing called "Gap insurance". Frankly, I am not sure what it is. It sounds like some kind of insurance for the time when your insurance company screws you on your regular insurance. It is "insurance insurance." Does anyone know what this is exactly? are there companies that will insure your car for above what the insurance company won't cover? what do people with classic cars do? Do any of you have some sort of extra policy?

 

[BioBanker]

If you present them with receipts upfront or if you have the car appraised, from what I understand most ins cos will adjust your premium to cover the increased value.

They're probably not looking into it enough Dave. Now watch your premiums increase due to increased risk cuz you're 'obviously' street racing, without additional coverage!

 

[ashman]

Gap insurance comes into play when the vehicle is either leased or financed. Say your vehicle is totaled or stolen and your insurance says the car is worth $60k and the payoff for the vehicle is higher, GAP covers the difference. As many other NSXers have mentioned the best way to get appropriate compensation for your NSX is to gather evidence of current market value and use that number instead of KBB or NADA book value. My insurance company advised me to keep receipts for all of the aftermarket parts I have on the car similar to renters insurance where you itemize your possessions.


.

 

[WingZ]

I thought Gap insurance was only for leases. Also can't you insure your car for what you believe the car is worth and just pay the extra?

p.s nobody want that dirty azz grey POS:biggrin: ( you knew that was coming )

 

[john@johnhudakracing]

Dave,

Get an appraisal. Then call Hagerty or one of the other specialty collector outfits and pay whatever they ask for a real "agreed value" insurance policy instead of dicking around with ACV generalist insurers.

Note, they will not cover HPDE's or club racing, but will make you whole for your street car provided it is for limited use and well secured per their parameters.

 

[Senninha]

Dave,

Not sure if this applies in the US, but here in the UK we can get guaranteed value insurance. This is what I have.

I purchased my car and submitted to the insurance company the value which was valedated by an HPI valuation.

In the event of a loss this is the figure I get paid out - no question. Of course it costs a few bucks extra but its worth it for exactly the peace of mind you're looking for.

HTH, Paul

 

[Angelo08]

The presenting receipts option is like a slap in the face. I remember when my 98 e36 M3 was stolen back in 99. I presented at least $10k in receipts and received a whopping $1500 offer. i was appauled when offered that crap. Hagerty as mentioned, from what i have heard through experienced works great as long as you fall within their standards.

 

[Duffer]

Dave,

Get an appraisal. Then call Hagerty or one of the other specialty collector outfits and pay whatever they ask for a real "agreed value" insurance policy instead of dicking around with ACV generalist insurers.

Note, they will not cover HPDE's or club racing, but will make you whole for your street car provided it is for limited use and well secured per their parameters.

+1 . I just went with Hagerty for the same reasons. It is worth the cost and peace of mind.

 

[NSXBill2]

Bad experience when calling Hagerty

+1 on Haggerty. I have previously insured vehicles with them, and they are very good. Unlike more "traditional" insurers that tell you the value of your vehicle, Haggerty will ask you how much your vehicle is worth, and insure you accordingly.

That said, you'll likely find Haggery more expensive than your current insurer; especially if you have a number of vehicles insured with your current insurer (due to bulk discounting). Paying a couple hundred dollars more a year for peace of mind, however, will be worth the investment.

I called Hagerty a couple years ago and they told me they were for collector cars and my NSX wasn't a collector car. They asked the milage, and I told them in the 30's and they chuckled like my car was some POS and I had no business calling them about a 15 year old honda. Basically they said sorry, they couldn't help me. This was an actual experience. Maybe I just got a jerk CS rep?? I dunno, but that turned me off of those guys. Maybe some of you guys that use them have expensive Ferrari's insured with them as well or something.

Bill

 

[TURBO2GO]

Well it didn't help me because they said since I am in MA the car has to be 20 year or older. Those are the rules for MA only apparently...

 

[nsxman2001]

Well it didn't help me because they said since I am in MA the car has to be 20 year or older. Those are the rules for MA only apparently...

Even before the thief of bobs 2 cars I was wondering about extra insurance. I really wonder what other options are out there besides your standard insurance companies? If u find anything be sure to pass the information On..

Good luck!

 

[nsxman2001]

+1 . I just went with Hagerty for the same reasons. It is worth the cost and peace of mind.

I was wondering how much are u paying hagerty? do u have liabilty with someone else and comprehensive with Hagerty? what is your stated value if u don't mind sharing?

 

[Jetpilot3]

You are all so lucky you even get full comprehensive insurance on your NSX's...

Here in Dubai if your car is older than 5 years old you are only allowed 3rd party insurance coverage. Talk about crap. So basically I risk it everytime I drive my car in and around town. I do have it insured for theft, fire, and vandalism in the event she goes missing (knock on wood).

Jetpilot

 

[nsxman2001]

You are all so lucky you even get full comprehensive insurance on your NSX's...

Here in Dubai if your car is older than 5 years old you are only allowed 3rd party insurance coverage. Talk about crap. So basically I risk it everytime I drive my car in and around town. I do have it insured for theft, fire, and vandalism in the event she goes missing (knock on wood).

Jetpilot

So if you crash u have no coverage?

 

[DaveC20853]

Online estimate for a 98 NSX valued at $45K with Hagerty was $950. "Your mileage may vary."

 

[nsxman2001]

Online estimate for a 98 NSX valued at $45K with Hagerty was $950. "Your mileage may vary."

950 per year? what does that include?

 

[nsxtasy]

An agreed value policy will certainly take care of your concern. It's probably a good idea for a highly-modified car, as most policies will only reimburse a fraction of the cost of the mods.

For cars that are not highly modified, insurance companies will usually reimburse for an amount equal to (sometimes even more than!) the car's market value. But some companies are better about this than others. For example, I've had excellent claims satisfaction with the "good neighbor" people, but the "good hands" people only gave me the finger when a car was totalled. You can look up evaluations of auto insurance companies in Consumer Reports at your local public library (most recently in the March 2006 issue) and on the JD Power website here.

I was wondering how much are u paying hagerty? do u have liabilty with someone else and comprehensive with Hagerty? what is your stated value if u don't mind sharing?

Wow, those text message abbreviations are hard on the eyes. The only person I know who types like that on the computer is my eight-year-old nephew, when he's in a chatroom with his friends in the third grade. :biggrin:

 

[NSXFRIEND]

I have been concerned as of late for what I will get from insurance if my car is stolen. The recent theft threads are not making me feel any better. I just had to go through a war with an insurance company to get a fair price after someone hit and totalled one of my other cars. They still screwed me.

Now I have this NSX whose value is already too low in the books, with $30,000 in supercharger, exhaust and carbon R parts. I added up what I have into my car a while ago, and it was well over 110K. So what happens if my car is stolen? This will be a complete nightmare. The insurance company says I cannot insure for more than value even if I pay extra. Furthermore, an aftermarket item is really open to debate for its value.

I heard there is this thing called "Gap insurance". Frankly, I am not sure what it is. It sounds like some kind of insurance for the time when your insurance company screws you on your regular insurance. It is "insurance insurance." Does anyone know what this is exactly? are there companies that will insure your car for above what the insurance company won't cover? what do people with classic cars do? Do any of you have some sort of extra policy?

I think if your car is totaled your allowed to take your parts back, in most cases you will get fair market stock value.

Granted your car can be towed away but this is our best insurance.

http://www.nsxprime.com/forums/showthread.php?t=96021

 

[MANIACura]

I went with Hagerty as well. I told them what I thought the cars were worth and thats what they based the policies on. They do expect limited use but also stated that if you went over the allotted milelage, it wouldn't void the policy.

p.s nobody want that dirty azz grey POS ( you knew that was coming )

WingZ cracks me the hell up.......too funny. (and I have a dirty azz grey POS.)

 

[Duffer]

I was wondering how much are u paying hagerty? do u have liabilty with someone else and comprehensive with Hagerty? what is your stated value if u don't mind sharing?

I have my NSX fully insured through Hagerty. I have a stated value of $90K and I believe my annual premium is $1600 or thereabouts. I was paying about $900 annually through State Farm. The difference was partially because State Farm allowed me to reduce my insurance to fire/theft only for the winter, so I had five months where my insurance was next to nothing. I also had three other cars and a home through State Farm, so there were discounts for that. However, should I have suffered a total loss, I would have only received blue book. On a 97, what is that? $35K? $38K? Either way, way below what I have into this rolling money pit:tongue: Now I don't worry about it. It is worth it. And, when the weather is nice, like it was last Saturday, I can take it for a spin and not worry about activating insurance.

 

[MisterNSX]

I just submitted a quote request to Hagerty for my 2001 NSX, using high limits and deductibles, and it said it would cost $992 per year. That's less than I'm paying via Allstate.

 

[nsxman2001]

I have my NSX fully insured through Hagerty. I have a stated value of $90K and I believe my annual premium is $1600 or thereabouts. I was paying about $900 annually through State Farm. The difference was partially because State Farm allowed me to reduce my insurance to fire/theft only for the winter, so I had five months where my insurance was next to nothing. I also had three other cars and a home through State Farm, so there were discounts for that. However, should I have suffered a total loss, I would have only received blue book. On a 97, what is that? $35K? $38K? Either way, way below what I have into this rolling money pit:tongue: Now I don't worry about it. It is worth it. And, when the weather is nice, like it was last Saturday, I can take it for a spin and not worry about activating insurance.

Wow! that a great rate for what u will get if something should happen. I going to give them call. I'm currently insured with allstate and I know I'm not in good hands.

thanks

 

[ChitownNSX]

General Casulty has a modified car program. You have to state the extra parts and what it cost you to bring your car to its present state. Then you pay a premium based upon those figures. You have to have pictures, receipts for the insurance company to hold on to.

My example was a 2003 Chevrolet Silverado SS- valued at 35k dollars just for the truck.

I had 14k in the motor-suspension-wheels tires
I had another 12k in the stereo and custom interior.

I paid my normal insurance for the truck and then a premium for the 27k in aftermarket modifications.

If you have questions PM me for my agents ph#

Joe