Insurance for NSX

[rbilder]

Hapa88 is correct, it is best to call around for your particular area.
BUT it helps to get a better idea of who to check with.

Uninsured Motorist is a must. With so many people out of work & hurting financially, there are many who drive without insurance. Even though, like here in NE, it is the law. But they can get their plates with the proof of insurance and then drop it, or just quit making their payments.

 

[clean_green]

This will vary from company and state, but I know of a GEICO policy that does not restrict track use in any shape or form. You'll need to check with each policy.

I don't know if this still applies but years ago. GEICO had a no radar detector clause and would drop you if one was found after an accident. Sneaky little gecko

 

[nsxtasy]

Another positive encounter for State Farm with me as well. They will discount the car if you list is as a "weekend driver", I believe the mileage limitation is like 2500 or something like that. If you ever have a claim, they really work with you to help, unlike most carriers.

I do believe though, that you can not drop insurance coverage on the car unless you turn in the tags, as you're required to carry insurance on motor vehicles licensed for the street. So, unless you want to forfeit the tags and re-register every Spring, its probably not the best choice.

Alternative, you could reduce to liability coverage only during the months you have it parked in storage and upgrade to full coverage for the main months of use. Not sure how much you would really save.

The second and third paragraphs are misleading and confusing.

During the months you have the car in storage, you don't need liability coverage (the car is not going to hurt anyone or anything) or collision coverage (the car is not going to be damaged in an accident on the road), but you DO need comprehensive coverage (in case the car is stolen or vandalized, the garage burns down, etc). State Farm permits this for up to six months a year. This saves me approximately 80 percent of my insurance cost, the largest part of which is liability coverage.

I'm sure this has been covered as well but what about insurance including the occasional track day event? Anyone have experience w this?

This will vary from company and state, but I know of a GEICO policy that does not restrict track use in any shape or form. You'll need to check with each policy.

Most auto insurance policies exclude any coverage for track events. They do not restrict you from using your car on the racetrack, but if you have an incident, they will not pay any claims. Years ago some companies only excluded "competition and timed events" so you were covered for HPDE events, but most of the companies have changed the language to exclude coverage for any incident that occurs on a closed course used for competition, even if your usage wasn't in competition. Check your policy and you will probably find language along those lines.

For track coverage, your best bet is to get one of the policies designed for that purpose, such as the ones in the links provided by Kelvin (PHOEN$X) in his post above.

 

[HIJACKER]

The second and third paragraphs are misleading and confusing.

During the months you have the car in storage, you don't need liability coverage (the car is not going to hurt anyone or anything) or collision coverage (the car is not going to be damaged in an accident on the road), but you DO need comprehensive coverage (in case the car is stolen or vandalized, the garage burns down, etc). State Farm permits this for up to six months a year. This saves me approximately 80 percent of my insurance cost, the largest part of which is liability coverage.

You're VERY wrong, atleast according to Virginia law. I called my agent just now to confirm the accuracy of what I was saying, so I know with 100% certainty, that I'm right.

The ONLY way you can remove liability coverage, is if you turn in the tags for the car. Otherwise, the Department of Motor Vehicles is still under the assumption that the car can be driven anytime, which requires insurance. If you remove liability coverage and you still have tags, you will get a letter from the DMV telling you to provide prove of insurance or your license will be suspended.

So in short, if you have tags, it needs liability coverage at a minimum. Remove the tags, you can remove the insurance.

Most auto insurance policies exclude any coverage for track events. They do not restrict you from using your car on the racetrack, but if you have an incident, they will not pay any claims. Years ago some companies only excluded "competition and timed events" so you were covered for HPDE events, but most of the companies have changed the language to exclude coverage for any incident that occurs on a closed course used for competition, even if your usage wasn't in competition. Check your policy and you will probably find language along those lines.

For track coverage, your best bet is to get one of the policies designed for that purpose, such as the ones in the links provided by Kelvin (PHOEN$X) in his post above.

Agreed, always check your policy. However, State Farm covered me for an incident that occurred on a track as recent as June 2012. They covered me in full since it was NOT a timed or competition event. HPDE would be covered, SCCA time trails or competition would not be.

 

[nsxtasy]

You're VERY wrong, atleast according to Virginia law.

And you are VERY VERY VERY VERY VERY wrong, according to Illinois law as well as the laws of most states. :tongue: I have never heard of any state requiring plates to be turned in. I'm not denying it may be true in Virginia. But it's not true in any other state I'm familiar with.

Of course, there are differences in laws from one state to another. Most other states besides Virginia haven't passed legislation requiring vaginal probe ultrasounds, either. :tongue:

Agreed, always check your policy. However, State Farm covered me for an incident that occurred on a track as recent as June 2012. They covered me in full since it was NOT a timed or competition event.

In 2009 State Farm changed the wording in most of their policies so that incidents on a track are excluded from coverage. That does not mean they will never cover an incident; maybe you will get lucky. (And insurance companies often cut breaks for long-time policyholders that they don't give to most of their customers.) But if you want to know what you can count on getting - what they are legally required to cover, and what's excluded - you should read your policy. (Make sure it's a current copy, not an old copy; they typically mail out changes to wording separately without an entire new policy, and those changes supersede the original policy wording. That's how State Farm notified me in 2009.) Most State Farm policies say they exclude claims from incidents on a track. If you think you're going to get a claims settlement that the policy says they aren't required to give you, you're betting against the house. Sometimes you can bet against the house and win, but not usually.

 

[White92]

Correct, it WILL vary from state to state and from company to company. The incident that I referred to above was about a fellow member here who had an incident on a track and wasn't quite sure what to do. He sent me his current policy with GEICO. I read it through a several times and it said nothing at all about track, timed events, etc... His claim was covered 100% and was also a total loss.

This was true in this case, but may not be in other cases.

 

[HIJACKER]

And you are VERY VERY VERY VERY VERY wrong, according to Illinois law as well as the laws of most states. :tongue: I have never heard of any state requiring plates to be turned in. I'm not denying it may be true in Virginia. But it's not true in any other state I'm familiar with.

This doesn't make me wrong, this makes me right according to Commonwealth of VA Statute. VA law requires the owner of a motor vehicle to carry liability insurance coverage. If/when you call your carrier and drop coverage, your carrier automatically notifies the state and the state will in term ask you to provide evidence of new coverage or suspend your license. That's how it works, simple as that.

If you choose to not have a private insurance policy, then you are required to pay an "uninsured motorist fee" which is a pretty steep amount and provides a basic level of coverage from the state to protect the other driver to a certain degree from bodily harm (but not property loss).

In 2009 State Farm changed the wording in most of their policies so that incidents on a track are excluded from coverage. That does not mean they will never cover an incident; maybe you will get lucky. (And insurance companies often cut breaks for long-time policyholders that they don't give to most of their customers.) But if you want to know what you can count on getting - what they are legally required to cover, and what's excluded - you should read your policy. (Make sure it's a current copy, not an old copy; they typically mail out changes to wording separately without an entire new policy, and those changes supersede the original policy wording. That's how State Farm notified me in 2009.) Most State Farm policies say they exclude claims from incidents on a track. If you think you're going to get a claims settlement that the policy says they aren't required to give you, you're betting against the house. Sometimes you can bet against the house and win, but not usually.

Where is this wording at? I asked State Farm this very question at the beginning of 2012 and they could find no such language in the exclusions and wrote me an email guaranteeing coverage (as long as its not a timed or competition event).

 

[chrisbailey13]

I know FL and NC require Liability to keep a tag on a vehicle (excluding Motorcyles in FL) If you drop the liability they will suspend the tag, and from what I recall NC requires a heafty fee to be paid to reinstate vehicle registration that has been suspended due to insurance lapse.

 

[nsxtasy]

Where is this wording at?

As noted above, a couple of years ago they sent me the usual amendments with my policy renewal, and the revised wording was in there.

 

[HIJACKER]

As noted above, a couple of years ago they sent me the usual amendments with my policy renewal, and the revised wording was in there.

Interesting. I've confirmed with by reading mine, calling my agent, AND confirming with underwriting, that it is not listed in mine with State Farm here in VA. I also didn't have a problem with a track claim from June 2012.

 

[itrsteve]

All you guys throwing around quotes for how much you pay realize that it is IMPOSSIBLE to compare your rate to someone elses?

Bingo

Mine is dirt cheap... I know at one point I had my NSX/E46 M3/ITR on the same policy and it was less than $900 every 6. Probably shouldn't mention that I'm 29 either.

 

[4cruizn]

GEICO here, and would highly recommend. Super easy to work with. Six month premium on 3 cars (2 Legends, liability, and NSX, full) for $340.

 

[MadtownNSX]

American Family Insurance for my car, home, boats. They are rated higher than all the other players in customer satisfaction and claims experiences. I would highly recommend checking them out as a comparison. Also their online quoting tool pulls back an actual picture of an NSX if you have an 03-05. Check it out at http://www.amfam.com

 

[gelat0]

State Farm is great, has program in california where you only pay for the number of miles you drive. Great for weekend and collector cars.

 

[nsxtasy]

They are rated higher than all the other players in customer satisfaction and claims experiences.

Not true according to Consumer Reports, and not true according to JD Power. You can view the JD Power ratings here.