Anyone Interested in Lower Insurance Premiums?

[RoNSX]

I carry my auto insurance through Auto Club (AAA), they have generally been very good and competitive in their insurance rates. Adding my 95 NSX to my existing policy increased my premiums by about $1200 per year. This is not my primary driver and I have represented that I will drive the vehicle approx. 5K miles per year.

In reviewing AAA's website I see that they also offer "Collector Vehicle Insurance" which will cover the actual replacement cost of the vehicle. To quality for this coverage they require:

Garaged when not in use.
* Driven for pleasure only.
* Modified vehicles and new, limited production vehicles will be considered.

You may also qualify by

* Having at least 10 years driving experience.
* Having at least one "regular" vehicle for every licensed driver in the household.

Full details and online quote can be found at http://www.aaa-calif.com/insurance/auto/collector.asp

My online quote for this Collector Car Insurance was for less than half of my present insurance premiums for the NSX (under $600). Sounded great, so I call AAA and try to sign up. After 2-3 days of no call back, I call again and am referred to Hobby Enthusiast Insurance (may be wrong on name, don't have notes present, this is the subsidiary that AAA provides this insurance through). I provide all information about car/value etc. They say they don't cover Hondas. So I explain that this is a limited production, hand-made vehicle, that is quite rare. They agree to talk to their underwriters. The answer comes back, we don't consider Hondas to be collector cars.

I'm sure everyone on this site would agree that the NSX is not "just another Honda."

My thought is that if enough of us were interested in this type of an insurance policy we might be in a better position to pursuade the insurance company to provide this type of insurance for the NSX.

Any thoughts, suggestions, or interested parties?

 

[NSXG35]

Thanks for the information. I have insurance through USAA but I will check with them and see if they have their on version of collectors insurance.

 

[TucAZNSX]

Thanks for the information. I have insurance through USAA but I will check with them and see if they have their on version of collectors insurance.

I also have insurance through USAA. Please let me know what you find out.

Thanks!

 

[coolnsx]

RoNSX, I am or was in the exact situation you are, they referred me to American Hobbyist Insurance. They forwarded me an application based on '97 NSX and '73 Bug and I sent the $ in. Now you have me worried about being cancelled!!!

 

[RoNSX]

Here is a link to the Company

The company that offers this insurance is American Hobbyist, they can be found at http://www.americanhobbyist.com/ , in CA you can only get a policy with them if you are a AAA member. Apparently, the other 43 states where coverage is offered can purchase directly.

Its good to know that this company has previously provided coverage, or at least suggested they would, for an NSX. This was not my experience at all. It fact, after several days, and numerous phones calls, it was extremely frustrating to speak with someone who refused to see the NSX as anything other than "just another Honda."

Coolnsx, please get us posted as to your experience (whether they honor the policy). From what I did learn in speaking with them, your El Camino may also qualify for their coverage. Was the premium quote you received for your NSX substantially lower than you had found elsewhere, or were you drawn to the replacement value coverage?

 

[1HOT NSX]

Triple A just raised my insurance ($250 to $1,200) because (as they told me) many people were "misrepresenting" the number of miles their cars were being driven, even though I proved to them that mine was only driven 5K miles a year. When I asked her if it would make any difference whether I drove my car for 2K miles or 10K a year she said it would have made no difference.

I would love to get the details on that. Please let me know what you find out anything about it.

 

[PHOEN$X]

They say they don't cover Hondas. So I explain that this is a limited production, hand-made vehicle, that is quite rare. They agree to talk to their underwriters. The answer comes back, we don't consider Hondas to be collector cars.

That's bizarre, because my NSX is insured with American Hobbyist (but not through AAA). Maybe they have different rules in California. I was fed the "we don't insure Acuras/Hondas" BS by every other collector car insurance company, but American Hobbyist wrote up my policy without giving me any $hit.

 

[KGP]

Grundy Worldwide

Has anyone tried Grundy Worldwide?

 

[jlindy]

Re: Grundy Worldwide

Has anyone tried Grundy Worldwide?

I just did. Their rates weren't terrible but higher than my rates with Allstate.

 

[Andymi]

I have several collector cars insured through classicins.com.

Excellent rates, and they are one of the most liberal insurers of classic and collector cars and they do have stated value.

I have not checked them for coverage of an NSX but they have insured recent vintage corvettes for me, and I assumed they would insure an NSX when the time comes for me.

 

[PHOEN$X]

Re: Grundy Worldwide

Has anyone tried Grundy Worldwide?

They told me initially (before I bought my NSX) that they would insure the NSX, but then when I called back to write the policy (after buying the NSX) they refused to insure an "Acura."

I have several collector cars insured through classicins.com.

I have not checked them for coverage of an NSX but they have insured recent vintage corvettes for me, and I assumed they would insure an NSX when the time comes for me.

I would not make that assumption based on past experience. In fact, I wouldn't trust them unless I got something in writing.

 

[RoNSX]

Lets see what happens

I received an American Hobbyist application via an internet request. Neither AAA nor the company's receptionist would send one. I filled it out completely and truthfully and submitted it with my $600 check. (12 months coverage for $40K replacement, $500 deductible)

I'll let you know if they cash the check/honor the policy.

 

[coolnsx]

UPDATE

I did get my application returned with a note stating the policy would need to be covered by one of their "umbrella" companies, American Collectors. I rewrote the check and forwarded it in for payment, I'll keep you posted.

 

[coolnsx]

Update

Got the approval from American Collectors, policy covers NSX at $55K and VW at $8K. $850 year Saved $600 from AAA

 

[juejaimon]

Re: Update

Got the approval from American Collectors, policy covers NSX at $55K and VW at $8K. $850 year Saved $600 from AAA

On the category screen, did you select:

14 yr old to Present
or
Modified

???

Does anyone know what difference does this make?

thanks,
Steve

 

[KGP]

Re: Update

Got the approval from American Collectors, policy covers NSX at $55K and VW at $8K. $850 year Saved $600 from AAA

Covered for HPDE events?

 

[PHOEN$X]

Re: Update

Got the approval from American Collectors, policy covers NSX at $55K and VW at $8K. $850 year Saved $600 from AAA

How did you swing that? According to their web site, the minimum requirements include:

Qualifications

Your collector vehicle (original or modified) may qualify if it is:

At least 15 years old*
Garage-kept
Driven no more than 2,500 annual miles

*In Massachusetts vehicles must be at least 25 years old to qualify.

I know the NSX is timeless, but how did you persuade them that your NSX is 15+ years old?

 

[coolnsx]

American Collectors Insurance

Maybe they averaged the age of the VW and NSX? After a month of yes and then no I didn't bother to ask WHY.

 

[SexyRed]

KGP - these insurance are primarily used for car show vehicle or weekend driver. (hot rod). I do not think they would cover HPDE.

I paid $175 a year for my 1923 Ford T-bucket. Face value $10k coverage. Each additional $ 1k just add $5 for additional coverage.

Nice thing about these insurance is that you can pay your self in an event of damage to your vehicle. In other word, the adjustor would pay on a agreed value to replace your damage vehicle; you or a shop can repair it.
Danny

 

[Zuerst]

Would the rate be significantly lower if one declares their NSX to be "Garage Queen" only?

 

[Taj]

I submitted my data to AAA (California) for a quote, will get a email respond back within 5 days.

 

[PHOEN$X]

denied...

After a month of yes and then no I didn't bother to ask WHY.

Well, just for kicks I submitted a quote request to American Collectors (not through AAA). I got a letter back today stating that it was rejected due to reason "1991 Acura too new", and that all vehicles must be at least 15 calendar years old in order to qualify. Perhaps AAA has a special arrangement with them? Let me know how the rest of you make out.

 

[coolnsx]

Mine was approved by American Hobbyist and the proof of insurance card arrived yesterday!

 

[AKUDOU]

Mine was approved by American Hobbyist and the proof of insurance card arrived yesterday!

American Hobbyist makes this statement in there web site...:My collector car isn’t yet 25 years old. Is it still possible for me to buy collector vehicle insurance?
The short answer is "yes" - unless you live in Massachusetts.
Vehicles newer than 25 years may qualify for collector vehicle insurance, except in Massachusetts where collector vehicles MUST be at least 25 years old to qualify for collector rates. American Hobbyist Insurance has a market for all models & all years – even new, limited-production collector vehicles like the Dodge Viper or Plymouth Prowler. Regardless of the age of your collector vehicle, to qualify for collector insurance you must agree to drive it on a limited basis (e.g., occasional pleasure drives & hobby activities) and use your "other" cars for everyday driving. Most collector programs also require that vehicles be garaged when not in use.

 

[Taj]

Submitted on 10-23-03, still waiting for my email quote.