Totalled NSX, need advice

[NSXclear]

Sorry if anyone took any offense to my comments.

I am not advocating insurance fraud. I"m just stating possible circumstances that might have occurred here. He said that he let his friend test drive the car. Maybe it could have been do to a sale. Maybe his friend paid him to test drive the car. He never stated otherwise, so I will not rule it out. Just like any good lawyer, never rule out the possiblities. I never told him to lie or misrepresent himself.

Insurance fraud hurts everyone, and makes it all expensive for the rest of us. Especially for us NSX owners. I remember the insurance agent saying that the NSX had a insurance rating of #Z 28 or something like that. He says that he has never seen it that high, the NSX rating was on par with Ferraris.

 

[Hapa88]

I "totalled" my NSX last year and had full coverage with Wawanesa Insurance. In CA, they gave me "full market value", not the KBB price. KBB price for my 1991 NSX with 65,000 miles in Excellent condition was $25,500. The average asking price (taken from Autotrader) was $31,500 (I bought it for $28,500). Insurance paid me the $31,500 + taxes and registration, so I got about $33,000 after everything was said and done. Also, I had my rims insured and on the policy, they paid me for those too.

After the price was given, they offered me to buy it back with a buy back price of $4600 (everything behind the hood was completely fine and the car was still drivable!). I took that, so they gave me ~$28,400 plus I kept the car. Turn around and resold it for quite a bit more.

Even though the process was long and stressful, it actually turned out to be a blessing in disguse. I ended up making money on the car after owning it a year and putting 10,000 miles on it.

My advice is to find cars with similar mileage and year (just the highest asking price ones) and show those to your insurance company.

Got any questions? Feel free to PM me.

 

[brahtw8]

Okay,
Brahtw8,
you have some creative thinkin my friend, but I am going to tell the truth, there is no reason for me and my friend to lie.

Does anyone know how to host pics, I just got back from the towing center and it was like visiting the morg, very depressing.

I think you have me confused with the person I was quoting. I am not advocating you tell your insurance company anything other than the truth.

Pics can be hosted by a variety of third-party sites. I like photobucket.com.

 

[brahtw8]

Sorry if anyone took any offense to my comments.

I am not advocating insurance fraud. I"m just stating possible circumstances that might have occurred here. He said that he let his friend test drive the car. Maybe it could have been do to a sale. Maybe his friend paid him to test drive the car. He never stated otherwise, so I will not rule it out. Just like any good lawyer, never rule out the possiblities. I never told him to lie or misrepresent himself.

Insurance fraud hurts everyone, and makes it all expensive for the rest of us. Especially for us NSX owners. I remember the insurance agent saying that the NSX had a insurance rating of #Z 28 or something like that. He says that he has never seen it that high, the NSX rating was on par with Ferraris.

No offense taken.

If you re-read your #3, telling him to create a backdated bill of sale is not stating a possible circumstance. I don't mean to press the issue, but that is what you said. I will leave it at that.

The NSX insurance rating is fairly high with my company, but my M3 vehicle rating is a bit higher than my NSX.

 

[todd ma]

make sure to get your sell tax

 

[PKim]

I think you have me confused with the person I was quoting. I am not advocating you tell your insurance company anything other than the truth.

Pics can be hosted by a variety of third-party sites. I like photobucket.com.

Brahtw8,
Sorry my bad, I did look at the thread wrong, you were only quoting vsy05.


vsy05,
No offense taken, I appreciate your gesture.

 

[mattd]

When my first NSX was totaled by a relative, we both had USAA, my insurance paid and his did not, both of our rates went up. I negotiated with insurance for about a month, in the end we settled on fair market price and I was able to take my car home from the salvage yard and strip all mods then take it back to salvage yard. I did not deal with the local claim rep for very long until they eventually gave my to the regional manager of south Texas. He was much easier to deal with.

Good Luck

 

[nigel]

Do you know what will happen to the carcus of the wrecked one? I need a transmission for mine because of the snap-ring. I hate to be a vulture but if I don't ask I may lose out on a chance to get one at a salvage price.

Cheers
nigel

 

[jerryho]

I think Jerryho might be right about this one. When I crashed my brothers car a couple of years back (I was only 16 and stole his car out of the garage :tongue: ), I couldn't pick to have it go through my insurance instead of his.

But now that I'm older and much wiser, I've learn there is always a way to get around everything. It just takes the time to learn how the system works and thinking out of the box.

I'm not sure if any of these ideas will work, maybe someone in the forum can ellaborate more. I just want to get the creative juices flowing and think out of the box.

1. Say that you rented the car to your friend? When you rent cars from a car company, you can either use their insurance or your own. Therefore, that is a way around the rule that the insurance must follow the car.

2. Say that your friend was test driving the car to buy it. He crashed it during the test drive. Everytime I test drive a car, the owner asks to see if I have insurance. If the rule is that the insurance follows the car, then it doesn't make much sense to ask the test driver for insurance. This might be a way around that rule.

3. Say that you sold the car to your friend. Just get a bill of sale slip and date it a day before the accident. If I recall, he has up to 30 days to get insurance for the new car. His existing insurance pollicy will cover any accident he gets into during this period. But I'm not sure if it only covers Liability.

I'll try to think of more.

Again, none of these might not work, but I'm just trying to throw out ideas here.

QUESTION #1:
Insurance will always follow the car.

The car-rental example you brought up is somewhat different.

1) Most major car-rental companies are self-insured. So it's a whole different animal. Or 2) They usually have a "garage keepers" policy where the language states if a car is involved in a collision while being rented, the renter's insurance will be primary.

Regardless, the owner of the car (rental car company) is still subject to bearing state minimums financial responsibliity "ie. 15/30/5k." So if you injured someone while driving a rental car, you AND the rental car company is responsible -- but the rental company is only responsible up to the state minimums as indicated above.


QUESTION #2:
Don't be fooled by this one. Insurance always follows the car, even if you have a seperate agreement between you and your test-driver. Look at your policy carefully, you will see a clause that states that a insurance company will not accept liability assumed under any contract or agreement. The bottom-line is if your test driver wrecks your car, YOUR insurance takes the loss, not his.

 

[jerryho]

Okay,
thanks for all the replies so far. I just got a call from the insurance co. and Jerryho is correct, my car will go through my insurance as a primary, and my friends insurance will be secondary. I currently have wawanesa insurance. Has anyone dealt with them? Further the agent told me that most likely the rate increase will be on my friend and not myself, since I was not the driver.

Brahtw8,
you have some creative thinkin my friend, but I am going to tell the truth, there is no reason for me and my friend to lie.

Does anyone know how to host pics, I just got back from the towing center and it was like visiting the morg, very depressing.

Paul, sorry to say.

Your rates as well as your friend's rate will be going up.

What your agent is telling you is that the loss is not a "chargable accident" since you weren't the operator of the vehicle. However, your insurance company did pay a loss out of your policy, so it is a strike.

Your friend on the other hand, gets a chargable loss that will be recorded on his license. He gets a bigger strike.

 

[Cairo94507]

I think Jerryho might be right about this one. When I crashed my brothers car a couple of years back (I was only 16 and stole his car out of the garage :tongue: ), I couldn't pick to have it go through my insurance instead of his.

But now that I'm older and much wiser, I've learn there is always a way to get around everything. It just takes the time to learn how the system works and thinking out of the box.

I'm not sure if any of these ideas will work, maybe someone in the forum can ellaborate more. I just want to get the creative juices flowing and think out of the box.

1. Say that you rented the car to your friend? When you rent cars from a car company, you can either use their insurance or your own. Therefore, that is a way around the rule that the insurance must follow the car.

2. Say that your friend was test driving the car to buy it. He crashed it during the test drive. Everytime I test drive a car, the owner asks to see if I have insurance. If the rule is that the insurance follows the car, then it doesn't make much sense to ask the test driver for insurance. This might be a way around that rule.

3. Say that you sold the car to your friend. Just get a bill of sale slip and date it a day before the accident. If I recall, he has up to 30 days to get insurance for the new car. His existing insurance pollicy will cover any accident he gets into during this period. But I'm not sure if it only covers Liability.

I'll try to think of more.

Again, none of these might not work, but I'm just trying to throw out ideas here.

Look up 118 PC it is a little felony here in CA.....you might want to rethink all those lies.

 

[jerryho]

Look up 118 PC it is a little felony here in CA.....you might want to rethink all those lies.

Add this one to it too......

California Insurance Code (CIC) § 1872.4 requires companies licensed to write insurance in California to submit this form WITHIN 60 DAYS after determining that a claim appears to be fraudulent.

Suspected Fraudulent Claims (SFCs)
The Fraud Division has established a method for insurers to report suspected insurance fraud. It is important to know that notification of insurance fraud may be made anonymously. You may contact any of the Fraud Division Regional Offices directly responsible for your county. Other types of complaints may be directed to the Department's Consumer Services Division. For further information about the Fraud Division and its programs, click here to go to the Fraud Division’s home page.

The Insurance Code states that no insurer, or the employees or agents of any insurer, shall be subject to civil liability for libel, slander or any other relevant cause of action by virtue of providing information concerning a Suspected Fraudulent Claim (SFC) to law enforcement, including the California Department of Insurance, Fraud Division.