NSX appraisal for insurance?

[nsxpilot]

Hoping for some advice from forum members.

I recently changed insurance companies (after 15 years of insuring 12 vehicles with them) because when I finally had a claim on some stolen property, they failed miserably at the customer service one would have expected.

Anyway, when it came to the NSX, all sort of questions arose as to its value.
I have a 93 with about 54K on the odometer that I have had for about 15 years now. Over the years, it has been fairly extensively modified, maybe another $30 grand.

If I were to total my car, I would not find it acceptable for the insurance company to offer me the value of a comparable (stock) 1993 NSX.

My new agent suggested an appraisal. I suspect that would be really problematic because obviously not everyone would share my personal tastes on what really adds value to an NSX.

For instance, suppose a nice 93 NSX might cost $35K......and suppose the true market value of my modded car is maybe $40K........I'd get screwed because I would need to replace my wrecked car with the $35K car and then invest about another $30K to be "made whole" again.

With this new insurance company, I'm paying about $500 to $600 a year if I remember correctly.

Any tips, recommendations or suggestions?

BTW, the new company asked for and got a list of my modifications and the cost compared to OEM parts. But that is screwed up also because often the OEM part ....say the OEM exhaust system ....is as costly (new) or more costly than an aftermarket system. What would prevent the insurance company from using that fact to deny your loss is anything above a "stock" car?

 

[eyecandy]

Im not an expert, but one of the guys who goes to my gym works for an appraisal company, so he filled me in because once mine is finished I have to get an appraisal for Hagerty. The best thing they told me was to have a ton of pics and as many receipts as possible. Put everything in a book and a cd and give that to the appraiser and insurance company. The appraiser told me then if there is a battle with the insurance company, the appraisal company goes to bat for you. Now with Hagerty, you insure it for an agreed upon value. I dont know if thats how your insurance company works or not. Hope that helps some!

 

[Huck]

Eyecandy is right on with advice. Another thought is to shop around. I have had classic cars with classic insurance for 30+ years. There are 4-5 companies that specialize in antique, classic, muscle car ins but they all use Underwriters who are really the key guys. Appraisals are important especially with exceptional cars or highly modified cars. SOMETIMES you can use a normal company and get better coverage for about the same $$$. My first quote came out at $700. a year for $25k on my NSX. My second quote was Grundy at $386. for the same coverage. My third from Kentucky Farm Bureau with full usage coverage at NADA Value came it at $370. a year!!
PS-- NO insurance company is your friend and you owe NONE of them any loyality for your years of being their customer. The local broker might go to bat for you but---the underwriters rule! Document, have pictures, GET WRITTEN agreement on value.

 

[docjohn]

just like homeowners insurance you can elect to pay more for more coverage,but on unique and modded vehicles the company has to write you a policy based on a mutualy agreed amount...but you might not like the monthly...you need to see for yourself.

 

[SFDreamer]

just like homeowners insurance you can elect to pay more for more coverage,but on unique and modded vehicles the company has to write you a policy based on a mutualy agreed amount...but you might not like the monthly...you need to see for yourself.

I use farmers as they were the ONLY company after days and days of searching/calling that would allow me to do "stated value" insurance for the amount of miles I put on my NSX. I absolutely believe it is a ripoff ($400/month)...but have always been taken care of by Farmers. Might start shopping around again. I got a independent appraisal and took a zillion pictures.

 

[docjohn]

unfortuneatly the collecters car ins co like hagerty have strict mileage and coverage issues on agreed value.

 

[SFDreamer]

unfortuneatly the collecters car ins co like hagerty have strict mileage and coverage issues on agreed value.

Yep, its why I couldn't go through them. I bought my car to drive drive drive!

 

[Dtrigg]

I absolutely believe it is a ripoff ($400/month)...

You pay $400 a MONTH?

 

[BobK]

I use farmers as they were the ONLY company after days and days of searching/calling that would allow me to do "stated value" insurance for the amount of miles I put on my NSX. I absolutely believe it is a ripoff ($400/month)...but have always been taken care of by Farmers. Might start shopping around again. I got a independent appraisal and took a zillion pictures.

I believe "stated value" is something the ins. co. can fight with you about later and not pay that amount. "Agreed value" is what they will pay if you have a total loss i.e. theft or fire.

 

[Matt Knight]

I have my NSX with Farmers and pay less than $400 for 6 months coverage. My car is not modified and is insured for it's "actual cash value". It's rated for pleasure use (it's my second car with Farmers) but there is no restriction on mileage or usage.

Hagerty is a great company and will insure the car for it's "guaranteed" (used to be called "agreed") value. If I never drove the car to work I would place it with Hagerty.

I did have a claim with the NSX and Farmers did fine.

A appraisal would be a good thing to have if your car is modified.

 

[SFDreamer]

You pay $400 a MONTH?

Yeah, unfortunately. That's just my NSX

I believe "stated value" is something the ins. co. can fight with you about later and not pay that amount. "Agreed value" is what they will pay if you have a total loss i.e. theft or fire.

I may have called it an incorrect name, but my attorney went over the fine print and said I was good to go. So I am taking his word for it. But thank you for the heads up!

 

[DocL]

Got to www.grundy.com. I have them for my NSX and my policy is only $452/yr. Stated value, $0.00 deductible, no mileage limitation. The only thing that I can't do is drive it to work or school which is easy for me to live with. Oh, and no drivers under the age of 25.

 

[latzke]

With some (most?) companies you can list aftermarket parts to be covered. So on top of the car value you get reimbursed for those (and pay extra for the extra coverage). Just ask about aftermarket accessory coverage.

Another option is to not cover them. If the car is totaled you take the mods off (i.e. put OEM wheels back on, take SC off, etc) and you're ok. If Car is stolen you may be less happy (not sure what outcome would be).

 

[latzke]

Got to www.grundy.com. I have them for my NSX and my policy is only $452/yr. Stated value, $0.00 deductible, no mileage limitation. The only thing that I can't do is drive it to work or school which is easy for me to live with. Oh, and no drivers under the age of 25.

NEVER drive to work...or is rare ok? Like what about the two days a year you know you're soing something with the NSX after work (club dinner, tech inspection or drop at shop on the way home) or the two days you'd drive it there just for fun? Off limits or just under some threshold? I understand they limit loss by not insuring daily or frequently driven ones.

 

[DocL]

NEVER drive to work...or is rare ok? Like what about the two days a year you know you're soing something with the NSX after work (club dinner, tech inspection or drop at shop on the way home) or the two days you'd drive it there just for fun? Off limits or just under some threshold? I understand they limit loss by not insuring daily or frequently driven ones.

The policy clearly states that I cannot use my car to commute to my office for work. I had to provide proof of ownership of another vehicle and insurance.

 

[Dynamic-uzed-auto]

Grundy sound good but I'm at USAA for $625yr, no mileage limitations whatsoever

 

[SFDreamer]

Grundy sound good but I'm at USAA for $625yr, no mileage limitations whatsoever

I use USAA for all my other cars. I LOVE USAA, they absolutely rock!

 

[DocL]

I too have USAA for my other cars, however the rate for my NSX was $1,100/yr and the loss coverage wasn't as good.