Kelly Blue Book Values off 17.6% in 3 months

[arizsun21]

I track the value of my NSX on a quarterly basis and I noticed the value has gone down dramatically on my 2002 NSX over the past 3 months.
On 12/31/14 I had 57,950 miles on the car and it was worth $63,923 according to the KBB Private Party Very Good Condition scale.
I ran the same car today with 58,237 miles and it said the value is now $52,670 off over $11,000 in just 3 months with an extra 250 miles.

How does everyone else value their car? I would like to make sure my car insurance through State Farm will cover the true value but, this has me doubting that insurance vs. having a stated value car insurance policy.

 

[kevgk]

Any good insurance company will insure to a "fair market value". They may use kbb for rates but in a total loss they will research similar cars for sale and what the asking prices are and pay out accordingly. Sometimes they will use an external company that will value the car and get the info back to the adjuster most likely the case in a specialized market like this. Also you should be able to provide particular details on your specific car that sets it apart from the norm if there is such a thing and help increase the payout. My 02 cents.

 

[tof]

Any good insurance company will insure to a "fair market value"...they will research similar cars for sale and what the asking prices are...

Actually I think they pay more attention to the selling prices.

 

[B2FiNiTY]

If you want to sell your NSX for $52,670, let me know

 

[The King]

I think they made a mistake and meant to raise the value by that amount, not lower it!

 

[shawn110975]

I think Kelly blue book is worthless maybe you can get an idea with lower end cars but higher end cars prob wouldn't trust their numbers

 

[Lamchop168]

Try Hargerty.com

 

[TomCat]

There are a lot of "ifs" with insurance. I finally called my company and asked "if my car (more valuable than my NSX) was totaled" what would I get.
I got a human being who told me the process and where they find comps, etc...I was satisfied with USAA's answer.
I chose not to go to a specialty/agreed value agency.
I will say that they give you no "emotional value" and when someone hit/totaled my NSX I went after HIS company (and felt satisfied, without any $ for heartbreak). It can digress into a (legal) furball...but I am sure that can happen anytime $s are involved.
I hear an appraisal can help...but I don't have one on any car (but I have lots of pictures and details of my upgrades, etc...)

 

[ChrisK]

Did you double check you input all the information about your car correctly? I just checked the KBB value on my car using the same Very Good Condition Private Party and the value is virtually the same as when I checked it earlier this year. It says my 97 is still worth around $42K with an additional 1K miles on the odometer. It's hard to imagine the 02+ dropping in value that much when the 97-01's are stable.

 

[Wizard]

There are two other sources. I can only remember one of them at the moment; it's called Nada guides. I think the other is Edmunds? (not sure) You should track your car with all 3 and see how they compare over time!

 

[TomCat]

Does Haggerty's cover the NSX?

There are two other sources. I can only remember one of them at the moment; it's called Nada guides. I think the other is Edmunds? (not sure) You should track your car with all 3 and see how they compare over time!

 

[95nsxtc]

I think Kelly blue book is worthless maybe you can get an idea with lower end cars but higher end cars prob wouldn't trust their numbers

This is so tru its not even funny. Anything high end or thats older that has a more appreciating value does not work with KBB, such as supras, 993s blah blah blah. I remember when i had my 94 tt 6 speed supra it told me the car was worth 15k...

 

[nsxspdfreak]

Does Haggerty's cover the NSX?

I got a quote from Hagerty's to insure my 91 a month, so I imagine they do, but I haven't followed up on it. I heard that Safeco is another good insurer.

 

[jwmelvin]

Hagerty does not show a recent decline (this is for my '00 NA2):

 

[Accel Junky]

KBB is worthless for specialty cars. Your best bet is to watch the actual market for NSXs to see what people are asking and how quickly they are selling.

Also, I've noticed KBB is worthless for trades as well. Even on every day cars. I haven't seen a dealer offer anywhere near KBB trade values in a long time.

NADA is in bed with the dealers.

As far as insurance, I do an agreed or stated value (can't recall) with State Farm. I think I am at $55k for my 98 with LoveFab kit right now. I periodically ask them to raise it depending on how the market is looking. I think I pay about $3XX every 6 months.

 

[tof]

Does State Farm offer agreed value policies that cover normal use?

 

[Accel Junky]

Does State Farm offer agreed value policies that cover normal use?

Honestly, they never mentioned any restrictions to me. I already had it covered under low mileage because I rarely drive it. When I do drive it, it is mostly to cars and coffee stuff or other hobby-related events.

 

[DAYTA]

As far as insurance, I do an agreed or stated value (can't recall) with State Farm. I think I am at $55k for my 98 with LoveFab kit right now. I periodically ask them to raise it depending on how the market is looking. I think I pay about $3XX every 6 months.

Wow, how is this even possible? I own my home, garage the car, haven't had any speeding tickets or accidents in the past 7-8 years (knock wood), and yet I was paying over double that for an agreed upon value of $45k and with mileage restrictions through Hagerty!!!

 

[Accel Junky]

Wow, how is this even possible? I own my home, garage the car, haven't had any speeding tickets or accidents in the past 7-8 years (knock wood), and yet I was paying over double that for an agreed upon value of $45k and with mileage restrictions through Hagerty!!!

Not sure but when I was using Hagertys valuation tool the other day they had a little ad quoting me like $1200 annually for my 98. I can only assume maybe they are just expensive for this type of car. I believe I got a quote around $500-600 annually from Grundy sometime last year.

- - - Updated - - -

My policy is an "Antique/Classic" policy. It is $295.68 every 6 months. Coverages are 100/300/100 and $1000 deductibles on collision and comprehensive. My wife is listed as a co driver and I have emergency roadside assistance as well. The policy doesn't show the value insured but my agent says he changes it when I ask.

 

[tof]

At least for NSX's, Hagerty is a good deal higher than Grundy and many others. I really don't know why. But that was my experience as well. And it has been the experience expressed by other NSX owners on a couple of other collector car insurance threads here on Prime.

 

[Cozmo]

My State Farm agent said they won't do a stated value policy. That's odd that people have them. I have Hagerty and insuring my nsx for $50k is about $1100/yr.