It's spring time again - time to put away the snow shovels, drag out the patio furniture, and revisit talk of car insurance.
I have "standard" coverage on my NSX as a 2nd vehicle, costing under $500/year with no usage limitations. That's not too bad but like anyone I'd like to save some $. I was hoping to think out loud and ask a few questions to see if anyone has anything good to add, to verify my understanding of things via real-life usage?
Seasonal registration - This spring I learned about seasonal registration in PA. I'm probably going to do this. It permits reducing insurance coverage to just comprehensive between dates that I select during which I would not drive the NSX. I'd choose Nov 1 - March 31. I remain disinterested in any special classic/collector type policies w/restrictions on mileage or drive-to-work usage even if it foregoes being able to insure to an "agreed value." Does anyone use seasonal registration and how has that worked out for you?
Agreed value - To me this is the one limitation with "standard" coverage: No pre-defined agreed-to value in case of total loss. If I wreck with a few thousand $$ damage and insurance brings the car back to 100% same operable condition, that doesn't worry me too much since I have imaginings that I'll never sell mine...plus it's not like we're discussing $500k+ items... But if mine is totaled and my insurer follows NADA values, I theoretically couldn't replace mine with a like-for-like NSX using even "high retail" NADA value for an NSX. The below thread seemed to discuss one option for this scenario well:
http://www.nsxprime.com/forum/showt...l-Loss-Insurance-Claim?highlight=+nada++value
To me, knowing this option exists seems to essentially be similar to having an "agreed value" coverage, just with a lot of add'l work and no guarantees. I'd be curious if anyone had any add'l insight to add regarding successes or disasters with agreed value policies and/or pursuing compensation for "street value" vs. what they were paid after an incident?
Diminished value - as best I can tell from reading other threads, there is no such thing as "diminished value" coverage, where one would be paid the difference between before & after values of a non-totalled incident. Instead, it seems that one could theoretically go the route in the link above and work with the insurer & seek appraisals to substantiate diminished value after a non-totalled claim, and/or one could pursue legal action against the person who hit him if it seems worth his time and effort? Is that even close to being accurate? Has anyone ever pursued a diminished value claim?
Pay-as-you-go (mileage) insurance - this was mentioned above in this thread. Does anyone use this, how has it worked out, and are there any restrictions at all?
I'd appreciate any comments!
I have "standard" coverage on my NSX as a 2nd vehicle, costing under $500/year with no usage limitations. That's not too bad but like anyone I'd like to save some $. I was hoping to think out loud and ask a few questions to see if anyone has anything good to add, to verify my understanding of things via real-life usage?
Seasonal registration - This spring I learned about seasonal registration in PA. I'm probably going to do this. It permits reducing insurance coverage to just comprehensive between dates that I select during which I would not drive the NSX. I'd choose Nov 1 - March 31. I remain disinterested in any special classic/collector type policies w/restrictions on mileage or drive-to-work usage even if it foregoes being able to insure to an "agreed value." Does anyone use seasonal registration and how has that worked out for you?
Agreed value - To me this is the one limitation with "standard" coverage: No pre-defined agreed-to value in case of total loss. If I wreck with a few thousand $$ damage and insurance brings the car back to 100% same operable condition, that doesn't worry me too much since I have imaginings that I'll never sell mine...plus it's not like we're discussing $500k+ items... But if mine is totaled and my insurer follows NADA values, I theoretically couldn't replace mine with a like-for-like NSX using even "high retail" NADA value for an NSX. The below thread seemed to discuss one option for this scenario well:
http://www.nsxprime.com/forum/showt...l-Loss-Insurance-Claim?highlight=+nada++value
To me, knowing this option exists seems to essentially be similar to having an "agreed value" coverage, just with a lot of add'l work and no guarantees. I'd be curious if anyone had any add'l insight to add regarding successes or disasters with agreed value policies and/or pursuing compensation for "street value" vs. what they were paid after an incident?
Diminished value - as best I can tell from reading other threads, there is no such thing as "diminished value" coverage, where one would be paid the difference between before & after values of a non-totalled incident. Instead, it seems that one could theoretically go the route in the link above and work with the insurer & seek appraisals to substantiate diminished value after a non-totalled claim, and/or one could pursue legal action against the person who hit him if it seems worth his time and effort? Is that even close to being accurate? Has anyone ever pursued a diminished value claim?
Pay-as-you-go (mileage) insurance - this was mentioned above in this thread. Does anyone use this, how has it worked out, and are there any restrictions at all?
I'd appreciate any comments!
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