Insure as classic ?

[IRVINFLA]

I have a '92 w 74k (+ 18/19 HP Racing Lightning Evos). My insurance company will insure my car as a "classic" (their classification- over 10 years old), at stated value of $32,000, for an additional premium of $36 a year. K.B.B. in excellent condition is $27,600. Seems like a no-brainer to me, but what do you guys think?

 

[Big_D]

Sounds like a good idea.

I am insured with Haggerty and the car is classified as an Exotic with a stated value of $38K. I would rather be certain that if something does happen I am covered for what I have into the car.

 

[4AU4LIFE]

I have a '92 w 74k (+ 18/19 HP Racing Lightning Evos). My insurance company will insure my car as a "classic" (their classification- over 10 years old), at stated value of $32,000, for an additional premium of $36 a year. K.B.B. in excellent condition is $27,600. Seems like a no-brainer to me, but what do you guys think?

If you don't mind me asking, what insurance company do you have?
For that little amount of $$, I think it is a no-brainer also.

 

[heySkippy]

Seems like a no-brainer to me, but what do you guys think?

Don't do it. You'd be spending extra money to insure against a very unlikely risk that you could easily assume yourself. That doesn't make sense.

 

[davidf]

I guess I should call State Farm and see what mine would be worth should something happen. Guess I should insure some of my added goodies.

 

[IRVINFLA]

Don't do it. You'd be spending extra money to insure against a very unlikely risk that you could easily assume yourself. That doesn't make sense.

Jim: $4,400 additional insured value over current K.B.B. @ $36 per year would take 122 years to make up. If value fluctuates in future I can increase/decrease for +/-
$ premium. Am I missing something?

 

[pgilliam1]

$36 a year = have one less margarita a month - get the insurance - done deal :biggrin:!

 

[Cozmo]

I guess I should call State Farm and see what mine would be worth should something happen. Guess I should insure some of my added goodies.

Good luck with that. State Farm wouldn't even tell me what they claimed the value of my car to be. They also said that I couldn't do a stated value policy, so my NSX will probably never be insured with them like all my others are.

 

[heySkippy]

Jim: $4,400 additional insured value over current K.B.B. @ $36 per year would take 122 years to make up. If value fluctuates in future I can increase/decrease for +/-
$ premium. Am I missing something?

I think what you're missing is the purpose of insurance.

IMO, you should buy insurance to assume a risk you are unable or unwilling to assume yourself. We are unwilling to risk completely losing our investment in our NSX, so we hire an insurance company to assume that risk.

What you're talking about isn't insuring, it's gambling. You're gambling that you'll total your car and make a profit from the accident by having overstated the value of the car. I think this is a terrible gamble for a couple reasons.

There is the very unlikely event that you'll ever capitalize on the gamble. Even if you have that accident, there are plenty of things that can go wrong with your bet. You might find the insurance company is much less willing to total your car (and give you that big profit) or you might find that you didn't understand the policy you bought and you aren't getting everything you hoped for. If nothing else, you can bet the insurance company is going to scrutinize your claim with a high-powered microscope before you get anything.

Think about it this way. Insurance companies exist to make profits, and they're usually really good at it (I know, I work for one). If this was a great deal for you, would they offer it to you? At the very least, make sure you read and understand every word of your policy before you buy it.

 

[gs963]

Sounds like a good idea.

I am insured with Haggerty and the car is classified as an Exotic with a stated value of $38K. I would rather be certain that if something does happen I am covered for what I have into the car.

What kind of premiums do you have with Haggerty? I also have State Farm and am a little concerned about what they would pay if I lost the car. My premium is 41.00 a month for my 92.

 

[IRVINFLA]

I think what you're missing is the purpose of insurance.

IMO, you should buy insurance to assume a risk you are unable or unwilling to assume yourself. We are unwilling to risk completely losing our investment in our NSX, so we hire an insurance company to assume that risk.

What you're talking about isn't insuring, it's gambling. You're gambling that you'll total your car and make a profit from the accident.....

All insurance is gambling if you look at it that way. This my existing policy and only increases the current coverage to reflect what's in the car (cost + mods, etc.), including items not necessarily reflected in K.B.B. values. Besides, the insurance not only covers accidents, but theft, vandalism, etc. I am not looking for a profit, just want to be sure I get paid what the car is worth.

 

[heySkippy]

All insurance is gambling if you look at it that way.

I disagree that insurance is gambling, it's a pooled transfer of risk.

Do whatever you wish, it's your money, but you did ask our opinion and so I gave mine.

 

[Big_D]

What kind of premiums do you have with Haggerty? I also have State Farm and am a little concerned about what they would pay if I lost the car. My premium is 41.00 a month for my 92.

I am paying $825 annually...but its probably less expensive where you live.

 

[jgeorge]

I pay 650 a year for my 1991 NSX to be insured and this is after Ihad it appraised last fall . It appraised for 34,500 . God forbid something would ever happen and it was totaled out but I feel good with my local agents who I have been with for almost 20 years. It was insured as a classic.