Insurance, WOW!

91 X · 25 May 2005

NSXFreak00 said:
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....

Who do you have??? Dontcheckshit Insurance???

Most Insurance companies run a check of your license, so lie all you want, but a ticket takes three years to come off and DUI takes 7 years...They know what is on your record before they even write up a policy...

waldorf · 25 May 2005

State Farm. Multi-car discount, $500 deductibles with full coverage, 32 yrs old, married, no accidents or tickets, 5,000 miles/year limited mileage discount, am paying $900/6 months and apparently getting super ripped off.

Edit: Oh yeah... should've mentioned this is for my 1999 NSX-T

Dave Hardy · 25 May 2005

Zennsx said:
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.

I believe that the rep told you that, I'm just saying that she was wrong. When I get my NSX, I have no problem going with Geico. I've had to negotiate with them on every claim, but I've always come out of it fine. Also, I doubt you will get anybody but an agreed value insurer to pay $32K on a 91 NSX.

NRG · 25 May 2005

2000 model for $1600/ year (under 5,000 miles/year) with AAA.

I think my quote for 2002 model for $1700/year and 1998 model for $1400/year

heySkippy · 25 May 2005

Zennsx said:
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.

All that matters is what the law says and what the policy says. What anyone tells you verbally does nothing to change your coverage.

Of course the answer is in your policy. Read it - that's what matters.

ChrisK · 25 May 2005

State Farm full coverage with $500 deductable, under insured coverage and such and I pay about $1050 a year. I'm 33, miltiple car and actually have a speeding ticket which didn't affect my rates unless I get another one before this one clears my record.

Zennsx · 25 May 2005

Dave Hardy said:
I believe that the rep told you that, I'm just saying that she was wrong. When I get my NSX, I have no problem going with Geico. I've had to negotiate with them on every claim, but I've always come out of it fine. Also, I doubt you will get anybody but an agreed value insurer to pay $32K on a 91 NSX.

Thats exactly my point, there a lot of early model nsx's that sell for that kind of money yet NADA or KBB dont recognize that fact and neither do the insurance companies. I'd never want to chance it based on past experiences,especially with that much disparity in value. If it were only a couple thousand dollars not 30%- 40% .

wctsao · 25 May 2005

waldorf said:
State Farm. Multi-car discount, $500 deductibles with full coverage, 32 yrs old, married, no accidents or tickets, 5,000 miles/year limited mileage discount, am paying $900/6 months and apparently getting super ripped off.

Edit: Oh yeah... should've mentioned this is for my 1999 NSX-T

I have a 97 with roughly the same conditions except that I'm married and I'm paying $412 every 6 months (w/$1000 deductible) from State Farm. I got roughly the same quote from Hagerty.

Dave Hardy · 25 May 2005

Zennsx said:
Thats exactly my point, there a lot of early model nsx's that sell for that kind of money yet NADA or KBB dont recognize that fact and neither do the insurance companies. I'd never want to chance it based on past experiences,especially with that much disparity in value. If it were only a couple thousand dollars not 30%- 40% .

I take issue with the claim that a lot of early ones are selling for that. The reason I said that only stated value would get you $32K is because the market doesn't support that. The insurance company will get you market value. If you want more than market value, you have to go with stated value and go with the restrictions and premiums that accompany it. The numbers that Geico (and I would assume most other insurers) use come from actual car sales, so they are by definition an accurate reflection of the market.

NSXFreak00 · 25 May 2005

91 X said:
Who do you have??? Dontcheckshit Insurance???

Most Insurance companies run a check of your license, so lie all you want, but a ticket takes three years to come off and DUI takes 7 years...They know what is on your record before they even write up a policy...

Thats what I thought. I got a quote for a policy online (and its one of the big insurance companies). Its only been 3 years since my DUI. I got on the phone to purchase the policy after getting the quote and I even hinted to representative "are there any contingencies before my car is insured-like a background check..?" I dont remember her exact reply, but it seems that I was able to attain the policy right after just getting a quote- and it takes just seconds to click the submit button and get a quote.

When I get some free time- and money, I am going to have the DUI expunged, as I was still a youngster when I got it =)

By the way, How can they possibly check how many miles you are driving the car a year- I remember they asked me and I said I would be driving my camry substantially more than the NSX and I think I'm getting a discount because of that.

waldorf · 25 May 2005

NSXFreak00 said:
By the way, How can they possibly check how many miles you are driving the car a year- I remember they asked me and I said I would be driving my camry substantially more than the NSX and I think I'm getting a discount because of that.

I had to email a picture of my odometer.

White92 · 25 May 2005

I've advised other people about getting the shaft from their insurance adjuster regarding the amount their car is worth. When they throw out a number to you and you think it's way to low. Ask them to show you an identical car for sale in your area that's in the exact same condition as yours for that price. Obviously they won't be able to find one, so you can pretty much negotiate the amount to suit you. Nothing else needs to be said. Just tell them to show you.

Forums Nazi · 25 May 2005

Again???

tmeekins · 25 May 2005

Go for a higher deductable.... at least $1000... it will really reduce your payments and you'll make up the deductable within a year of less payments anyways. Besides, if you can afford an NSX I hope you can afford the $1000 deductable.

sjones · 25 May 2005

anderson152 said:
mines with geico is 825 per month ..........

is this a typo?

White92 · 25 May 2005

tmeekins said:
Go for a higher deductable.... at least $1000... it will really reduce your payments and you'll make up the deductable within a year of less payments anyways. Besides, if you can afford an NSX I hope you can afford the $1000 deductable.

Along those lines, some companies will let you cash out on your rental coverage. Say you have a $500 deductible and you also have $500 or so in rental coverage. Most of the time the NSX is not a daily driver so you have something else to drive anyway. So just tell your adjuster that you want to cash out on your rental coverage. In most cases, it will take care of the deductible depending on how long your car is supposed to be in the shop. Obviously they don't advertise it, but it doesn't hurt to ask.

Zennsx · 26 May 2005

Dave Hardy said:
I take issue with the claim that a lot of early ones are selling for that. The reason I said that only stated value would get you $32K is because the market doesn't support that. The insurance company will get you market value. If you want more than market value, you have to go with stated value and go with the restrictions and premiums that accompany it. The numbers that Geico (and I would assume most other insurers) use come from actual car sales, so they are by definition an accurate reflection of the market.

The market doesn't support that??? Every early year low mileage decent NSX for sale is at least 28K,and they sell for around that. Give me one example of an $18,000 NSX you've seen for sale.

01blacks4 · 26 May 2005

its the cost of repair. My wife is a Farmers agent and cars get reated on a 0-20 system for pricing. being that we live in scottsdale/phoenix you can image the type of cars she covers.

the NSX is the highest rating she has ever seen, (i think it was a 14 or 17)
the GT3 that i am buying is an 11....

this is why pricing is so high, i am not 100% sure what they use to determine the rating.

91 X · 26 May 2005

sjones said:
is this a typo?

Thats what I was thinking

why even have insurance if you are paying that much :biggrin:

HONDA9000 · 26 May 2005

I'm at $730 yearly, $1000 deductable and daily driver staus on a 95. I can't believe some of the rates you guys are posting. I wouldn't drive anything for that much in insurance costs.

Dave Hardy · 26 May 2005

Zennsx said:
The market doesn't support that??? Every early year low mileage decent NSX for sale is at least 28K,and they sell for around that. Give me one example of an $18,000 NSX you've seen for sale.

I didn't say $18K was a good number either. $22-$24K is a reasonable number, and if it's low mileage then you get a bit of a bump. Once you get to the 30's, then 94-95 cars start to open up.

Zennsx · 26 May 2005

Dave Hardy said:
I didn't say $18K was a good number either. $22-$24K is a reasonable number, and if it's low mileage then you get a bit of a bump. Once you get to the 30's, then 94-95 cars start to open up.

Every decent early low mileage NSX I've seen for sale was at least 28k. I did come across what I thought was a sweetheart deal for 25k until I found out it was a salvage title :frown:

xxx · 26 May 2005

91 X said:
Who do you have??? Dontcheckshit Insurance???

Bahahahah...AHAHAHAHAHAH...dontchecksit...AHAHAHAHAHAHAHA! :biggrin:
(that was great, thanx for that...ahahahahah...dontcheckshit...ahahahah) :biggrin:

Dave Hardy · 26 May 2005

Zennsx said:
Every decent early low mileage NSX I've seen for sale was at least 28k. I did come across what I thought was a sweetheart deal for 25k until I found out it was a salvage title :frown:

And if you are not going to be satisfied by anything but the most pristine examples, then you are right to get stated value insurance. I don't buy cars until I find a deal on them, so getting market value is usually to my advantage since I generally pay between 60% and 80% of market.

Registered User · 26 May 2005

Dave Hardy said:
And if you are not going to be satisfied by anything but the most pristine examples, then you are right to get stated value insurance. I don't buy cars until I find a deal on them, so getting market value is usually to my advantage since I generally pay between 60% and 80% of market.

If anyone buys a car from Dave, make sure you pay 60% to 80% of market value.

Insurance, WOW!

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