When I first bought my NSX 3 yrs. ago, I was looking just to get the lowest ins. rate possible & I definately can't complain about what I'm paying for full comprehensive coverage. However, now with all the additional mods & one off fabrications to my NSX, I'm so afraid something might happen resulting in a total loss. In a case like this, I would only be entitled to blue book, which on a '91 is something only like $26-$27K, this wouldn't be enough to by another '91 & remod everything. I've been procrastinating about getting "stated value" coverage for about $36K-$38K. Does anyone else here have this? How much more would something like this cost? Is it worth it or should I just pray & cross my fingers everytime I drive & pocket the savings to be able to pay for the replacement difference out-of-pocket? What all is involved in documenting the mods (some of which I have no receipt for/ installed by prior owner)?
Anyone here have "stated value" insurance coverage?
- Thread starter QWKSLVR
- Start date
If stated value is anything like cash value, where if its totaled, your receive what it was worth, you pay more for that coverage, and far less then replacing the mods if its totalled (stolen, etc). You just never know.
Likely you will need your insurance company to appraise (or accept a third party appraisal) with receipts (for the appraiser) and pictures (for the insurance company) if they offer that kind of policy.
The type of coverage varies so widely between companies based on the model, year, location, and perhaps even driver. Your almost certain to have to need an appraisal, though.
Sunny
Likely you will need your insurance company to appraise (or accept a third party appraisal) with receipts (for the appraiser) and pictures (for the insurance company) if they offer that kind of policy.
The type of coverage varies so widely between companies based on the model, year, location, and perhaps even driver. Your almost certain to have to need an appraisal, though.
Sunny
Hey Eddie, I believe my insurance policy can include "additional items" to insure. The only thing I need to do specify the monetary value on it. Not sure if there's a cap limit on how much you can insure though. I"ll look at my policy to get more detail, but you should ask your insurance company to see if they carry something similar.
That's not necessarily true.
First of all, the value of your car is not set by inaccurate sources like KBB (whose ridiculous valuations are currently being discussed in another topic). I know of several NSXers whose cars were totaled and they received insurance settlements that were fair, even generous. Obviously this is going to depend on your insurance company; some companies are more generous than others, and some will fight you tooth and nail for every dime. If this is a concern (and it should be, IMO), you might want to check the ratings of auto insurance companies in sources such as Consumer Reports, which should be available at your local public library; they have buying advice in the October 2002 issue and company ratings in the September 1999 issue.
Second, the insurance companies usually do add to the value of a settlement if there are permanently-installed mods and you can document them with purchase receipts. They won't pay for the original installation labor, and they may depreciate the value somewhat from the price you originally paid, but you probably will get a significant chunk of their value back in a settlement if the car is totalled.
I'm not advising you against purchasing an agreed-value insurance policy for your car; that's your decision, and it may be worth it even if just for the peace of mind. However, your comments reflect a common misunderstanding regarding the settlement you would receive under the conventional policies offered by the major auto insurance companies.
I have a stated value insurance for my NSX. I actually pay a lot less for this policy if compared to the inclusion of the NSX in my regular insurance policy with Farmers. Even though that policy has already include discounts for my house and my two other cars.
I believe the reason for the lower price is that the stated value policy does not include liability coverage, which you already have based on the insurance for your daily drivers.
I saw a TV interview with one of these insurers and he mentioned that you want something other than stated value, which is the lesser of market value or the policy limit. I forget what he called it, but this was a policy that pays the full pre-agreed amount for a total loss regardless of market value.
I saw a TV interview with one of these insurers and he mentioned that you want something other than stated value, which is the lesser of market value or the policy limit. I forget what he called it, but this was a policy that pays the full pre-agreed amount for a total loss regardless of market value.
According to this website, I believe the kind of insurance you're looking for is properly called "agreed amount" or "agreed value", not "stated amount" or "stated value".
