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exotic car insurance

3 October 2000
Orange, CA, USA
Guys, anybody here have the so called "exotic or classic" car insurance? Basically, they will insure for the agreed value of the car, not the blue book. The blue book value for the older NSX is almost always lower than the market value. With this type of insurance you will be replaced with the amount agreed in the case of total loss.

One of the main requirement is the car should be driven less than 5k/year, and you will need to have at least one other daily driven vehicle. Also the car need to be stored in locked storage/garage.

I just applied for one, and they quoted me a killer rate: $791/year with $250 deductible for full-coverage.

The iritating part was; I was applying over the phone. The lady asked me the make and year of the vehicle, and before finishing, she went: "Sir, we only insure classics and exotics." After further explanation and checking their database, she agreed to send me an application. Sheesh, they should hire a more qualified personnel.
I have always wondered what an insurance company pays when a car is stolen. Do they pay the wholesale/ trade-in value or the retail value? I looked up the retail on my 92 and it's 38K. The trade-in is 28K!!!
10K less. WOW.
I know of several NSX owners whose cars were totalled, and they were pleased with their settlements (IOW, based on retail market value).
I have "stated value" exotic insurance through American National. Having had my 91 NSX considered a total loss, I can only say that this type of insurance is the only way to go. American National is a great company to work with. Combined with my homeowners insurance I get a 30% rebate every year after the first three without a claim. The deductible is 10% of the established value which must be supported by an approved appraisal and accepted by the company before the policy is issued. I had my 94 appraised at the local Acura dealership and had no problem establishing $45,000 as the value. If you don't have this type of protection you should look into it.
If an insurance company will pay retail that is good, since our older NSXs don't seem to devalue much anymore. The blue book is currently more than what I paid for mine, and I paid 36K which is on the higher end for a 92.
I was looking into GAP insurance. A one time fee of $200 will cover the difference between what the insurance company gives me and what I owe the bank. I've always had this fear that if something happened to my car I would be short thousands of dollars and not be able to make up the difference to the bank.
Any experience with this kind of insurance? It sounds like it would be worth it for $200 if they actually do what they say.
Insurance companies settle full losses at "replacement cost." This is defined as the cost to replace the vehicle with one of like kind and quality. For mass produced cars, such values are not very difficult to establish; however, for extremely low volume cars, replacement cost is much more difficult to determine. Insurance companies will often contract with an independent company to research the value of the vehicle. The service company will search newspaper ads throughout the country as well as call dealerships to find out the most recent selling prices. "Blue Book" value would not necessarily be the value associated with an NSX from the insurance carrier's perspective.
GAP insurance is a must if you financed your car and didn't put a lot of money down and went 4 years or more. Most GAP (guaranteed auto protection) policies will also cover your deductible up to $1000. U.S. Warranty is a great provider of this insurance. To finance a car without putting yourself in an equity position and NOT buy GAP is insane. In reference to the original question, insurance companies pay WHOLESALE value in the event of a loss..... and most people can not go buy their next car wholesale, so it's not really a true replacement cost. Stated value insurances are good ideas with the exception that many require a 10% deductible. Do you really want a 4-5k deductible????? You'd be better off with regular coverage and a $500- $1000 deductible. Especially considering that most finance companies will NOT even allow larger than a $1000 deductible.... The trick is this.... Buy a regular policy and they will ask you if there is any additional equipment installed (ie. wheels, stereo, chrome, suspension, etc.) ..... say yes; these items insure for stated value. In other words, state 7k in mods. (you can add any number) Now you will be covered for wholesale value (+ if they're nice) plus 7k. good shape. Good luck.

Todd Arnold

insurance companies pay WHOLESALE value in the event of a loss

No, arnis is right. They pay replacement value. If you can prove to them that it would cost $X to buy another car of like kind and quality, they will pay you $X - which is usually much more than it would cost a dealer to buy a similar car at auction (wholesale cost).
I am not sure about every insurance company, but I know chubb is very comprehensive (also a little more expensive), but they will write you a check to replace the vehicle no questions asked, you just show them the invoice or they will write out a check to the dealer for your replacement car (I highly recommend them)

on the gap insurance, hell yeah get it

I have had to use it twice already and it saved me at least $10k for a total investment of about $900, I found out the hard way that cars get stolen more often in some areas of Miami than others
I just received an unbelievable quote from State Farm. Apparently they specialize in exotic and sports cars as well and have excellent rates. I was paying Geico $180/month (23 in LA) which was by far the best quote I could get for full coverage 100/300K.
State farm is giving me $137/month for the same insurance. I'm feeling pretty lucky.
What are folks using in FLORIDA (another high-liability state) ??

I just moved from Chicago to Miami, and (for now) only moved my daily driver down. Premium almost doubled (loss of multi-car, FL risk, etc). What are typical NSX premiums like in S Florida ??

Current carrier is GEICO.

Appreciate any suggestions. TIA

Manuel C
93 NSX S/B #394
93 300CE
93 NH750
Agreed value is definitely the way to go with the NSX. A friend just totaled his 2000 NSX-T and the agreed value was $98K. The insurance company paid it without question. Get it if you can.
State Farm minimum liability 10/20/25, no fault, 5000 medical pymnts, 500 deductible on collision and comprehensive, emergency roadside and uninsured motor 10/20 with multicar and accident free reductions @ $246.09 for six months.