Insurance, WOW!

[66hemi]

As I stated in an earlier post, I was considering selling my 66 Corvette and replacing it with a used NSX.
I checked with my Allstate insurance agent today and was quoted $909.00 every 6 months.
The insurance on my Corvette with full coverage $250.00 deductable is less than $500.00 per YEAR.
I am 55 years old and have 3 vehicles insured with Allstate.
I can not justify nearly 4 times the premium for an NSX.
What are you current owners paying and who are you insuring them with?

 

[Hugh]

State Farm.
About $500 per 6 months with $500 ded. and 2 car discount.

 

[Dave in Clarkston]

State Farm.

Cars are listed as collectable and under 4,000 miles per year.
92 NSX $270 for six months, $500 or $1,000 deduct?
87 911 $250 for six months $500 or $1,000 deduct?

You need to talk with your agent and find out if they offer a program where the car is listed as collectable. I think with State Farm the car must be more than 10 years old.

 

[TyraNSX]

Mine's about $825 for a year with Travelers on a Zanardi as a pleasure vehicle. Make sure they know it's a second vehicle with limited use. Don't be afraid to shop around. Also, my agent only found this deal after I told them how much cheaper Geico was compared to my previous company. Without any prompting from me she called a day later with this deal. I guess the impending loss of business is a good motivator. Depends on your location too. Consider dropping collision in the winter (if you're somewhere cold) since you won't be driving it anyway.

 

[anderson152]

mines with geico is 825 per month 24 years old and had license since 17 no accidents at fault geico kickin me in the rear

 

[TitaniumVtec]

$850 a year with State Farm with 8,000 miles per year limit.

 

[Mirroredshades]

Allstate Sucks.

Go to Progressive or Geico

I'm paying like $275/ 6 months on my NSX and I have speeding tickets too.

 

[Bob_54]

$750 per year with State Farm and limited milage (7,500 per year).

 

[PaulL]

$600 per 6 months with State Farm.
150/250 deductibles.
44 yrs old, several vehicles.

 

[Mike O]

I have my restored '65 Corvette insured for $45,000 agreed value, and the cost is $240 per year.

I have my NSX insured with the same company for an agreed value of $40,000, and the cost is slightly over $700 per year.

Zero deductible on both cars, and mileage is limited to 5000 per year.

 

[MJK]

Check out some of the collector car insurances if you don't use it as a daily driver.

 

[Zennsx]

I used Geico for years and my premium would have only been $700 per year for my 91 NSX with 37k this was however until I found out I was only insured for around 18 k (KBB value). I opted to get collector car insurance from Hagerty. My premium is $770.00 per year and the vehicle is insured for 33K. If my car was subject to theft and I was insured through Geico, I would have only been covered for KBB value which is just too risky IMO.

 

[Distance Runner]

I have State Farm.

I pay $500 every six months and have NO deductible!

My car is a daily driver.

 

[djskyy]

wow, you're 55 and you get charged that much ....I'm only 25/married/multi-line discount....and I pay $400/6months w/$200 deductible through Statefarm...

 

[heySkippy]

I used Geico for years and my premium would have only been $700 per year for my 91 NSX with 37k this was however until I found out I was only insured for around 18 k (KBB value).

How did you determine that Geico wasn't insuring your car for its replacement value? I don't recall ever seeing anything in my policy about book value.

 

[sjones]

USAA $300 every 6 months full coverage

 

[Zennsx]

How did you determine that Geico wasn't insuring your car for its replacement value? I don't recall ever seeing anything in my policy about book value.

<---------I just went through it with my S2000


I ran the scenerios of theft and the car being totalled through the Geico rep. I was shocked to hear what their valuation was (18K ) . I explained that KBB was worthless as far as an NSX is concerned and that I've had very bad luck with every car i've ever owned and I didn't want to take any risks. She explained I'd have to insure through a specialty company which I am now doing.(Hagerty). I guess KBB value is close to what you would be compensated for in the event of theft or the car being totalled. A lot more risk then not replacing an old T belt..... :frown:

 

[Dave Hardy]

Your Geico rep was wrong. I just dealt with the replacement of a totalled car through Geico. It was my '94 E350 Clubwagon Chateau - Not worth a lot, but it is relatively rare. They initially offered me $2800, based on an independent valuation service that goes through old autotraders and asks people how much their car sold for. KBB, etc. was $5K +/- on it, and they specifically said that they don't use KBB, Edmunds, etc. I got the valuation report and figured out that they were putting all 1994 Ford Econolines under the same heading, and that is how they got the number. I explained to them that I had the most expensive version of the van (Luxury van on a 1 ton chassis) and why the valuation was not accurate. I couldn't find local comps because they are rare. What we ended up doing was calling 3 local dealers, asking them what it would have sold for, and then averaged the numbers, which came out to $4800, which worked for me. Other than taking longer than it should have (several months), I was happy with the way Geico handled it.

They don't have a predetermined maximum number. Their obligation is to return you to your pre-incident condition, minus deductible. I have found that they generally don't on their first offer, but will with enough prodding.

Also - you guys with no / low deductibles are paying for it in your premiums. A $500 / $1000 deductible will do wonders for lowering your premium.

 

[NSXFreak00]

i pay 750 every 6mnths for 97 nsx and 96 camry- i guess not too bad for a 23 yr old

but i did kinda lie about not ever having a speeding ticket....and not ever getting a DUI.....

i guess they havent checked on it yet....

 

[Dave Hardy]

i pay 750 every 6mnths for 97 nsx and 96 camry- i guess not too bad for a 23 yr old

but i did kinda lie about not ever having a speeding ticket....and not ever getting a DUI.....

i guess they havent checked on it yet....

If you're lying to get a better rate, then that might be a legal reason for them to deny you coverage when you need it.

 

[heySkippy]

Their obligation is to return you to your pre-incident condition, minus deductible.

Exactly right, unless there is some language in the policy that specifies a certain value or method of determining value (ala the KBB).

I'll dig my Geico policy out tonight and read it more carefully but I'm pretty sure there's not anything like that in it.

 

[fkong777]

for some reason the bigger insurance name dont like NSX, viper, cyclone, etc..

Farmers wanted $900 for every 6 months.
cancelled it went to Wawanesa and I have it insurance $700 for the year.

 

[liftshard]

I pulled my policy sheet, am on Progressive in VA
I am stuck 1090/6 mos. I keep a $1000 collision and $100 comp deductible. This is with multi-car.
I'm 33 and single. But, I have an extensive ticket history. Very extensive.

As for payouts, when my bud totalled my 00 a few weeks ago, Progressive paid me NADA, which was $6k in excess of what I'd actually paid. I made money off the crash, which will hopefully offset the impending premium increases they're going to fk me with for having to payout on the last NSX. We'll see in October what they'll do.

 

[anderson152]

i pay 750 every 6mnths for 97 nsx and 96 camry- i guess not too bad for a 23 yr old

but i did kinda lie about not ever having a speeding ticket....and not ever getting a DUI.....

i guess they havent checked on it yet....

what insurance do you have?

 

[Zennsx]

Your Geico rep was wrong. I just dealt with the replacement of a totalled car through Geico. It was my '94 E350 Clubwagon Chateau - Not worth a lot, but it is relatively rare. They initially offered me $2800, based on an independent valuation service that goes through old autotraders and asks people how much their car sold for. KBB, etc. was $5K +/- on it, and they specifically said that they don't use KBB, Edmunds, etc. I got the valuation report and figured out that they were putting all 1994 Ford Econolines under the same heading, and that is how they got the number. I explained to them that I had the most expensive version of the van (Luxury van on a 1 ton chassis) and why the valuation was not accurate. I couldn't find local comps because they are rare. What we ended up doing was calling 3 local dealers, asking them what it would have sold for, and then averaged the numbers, which came out to $4800, which worked for me. Other than taking longer than it should have (several months), I was happy with the way Geico handled it.

They don't have a predetermined maximum number. Their obligation is to return you to your pre-incident condition, minus deductible. I have found that they generally don't on their first offer, but will with enough prodding.

Also - you guys with no / low deductibles are paying for it in your premiums. A $500 / $1000 deductible will do wonders for lowering your premium.

If anyone doesn't believe me call Geico direct and get a quote for their early model NSX and ask what the payout would be if it were totalled.
They were using some predetermined number because when I told her how much I paid for the car she seemed amused almost as if to say I got taken. I was a Geico customer for almost 10 years and I dropped them over this.
There is a big difference arguing over a 2-5 K car versus arguing over a car they say is worth 18k and you say its worth 32k.