Insurance

[mekstromnsx]

Greetings. Looking to get different insurance for my 1991 NSX. Not regular everyday insurance but specialty insurance like for collector cars or sports cars. Looked at Hagerty but they seem a bit high. If anyone could let me know who you use I would greatly appreciate it. Thanks,

Mike

 

[emac]

Greetings. Looking to get different insurance for my 1991 NSX. Not regular everyday insurance but specialty insurance like for collector cars or sports cars. Looked at Hagerty but they seem a bit high. If anyone could let me know who you use I would greatly appreciate it. Thanks,

Mike

I use american collectors insurance. It is where USAA sent me. I have had them for 20 years. No issues, but no claims either! Prices seem reasonable for agreed value and the restrictions fit my usage.

 

[Kenwould]

I have Hagerty. After my last insurance would not cover my Blitz Type 03 wheels I had enough. I now have a stated value policy and peace of mind.

 

[mekstromnsx]

What is a stated value policy? Thanks.

 

[RobM]

When you get the insurance, you and the company agree ahead of time what the value of your car is. If something happens you don't have to fight with them over what your car is worth. Hagerty does have some rules, you can't daily drive it, it has to be stored indoors, you have to have another car insured (your dd), and you can't put over 5,000 miles a year on it. There might be some others but those are them main ones I remember.

 

[emac]

With American collectors (maybe others do this also) I get emails before every major storm that is near me, telling me that they will cover charges to move my vehicles to safer places. I always wonder if I dont move them, and they get damaged, could they fight the claim?

 

[RobM]

Where would you move it to?

 

[emac]

Higher ground, an above ground parking garage, etc

 

[DocL]

Grundy.

 

[NSX_n00b]

Grundy.

I 2nd Grundy. I have over $60k agreed value, pretty high limits (they will match up to what your dd insurance levels are), unlimited miles and a $0 deductible. Restrictions: can't daily drive, must be stored in a garage, must have a daily driver, can't use it for running errands. They also have some decent "extras" like towing, trip interruption, etc. All of that for less than $500/year.

I know a few guys use Leland West so they have a bit more freedom with the car but I don't know about their rates.

 

[ajmr2]

I had my 95 NSX professionally appraised a few years back and have been covered for the full "Agreed Value" with State Farm.
So I get a call out of the clear blue sky this week that my rates were being CUT IN HALF! My agent explained that SF had recently been reevaluating rates for classic and antique cars, and since the claims were so few and far between, they were lowering the rates.
I've had SF for all my cars, house and umbrella coverages for decades and have never had any issue when I have had to put in any claim.

 

[neuronbob]

I had my 95 NSX professionally appraised a few years back and have been covered for the full "Agreed Value" with State Farm.
So I get a call out of the clear blue sky this week that my rates were being CUT IN HALF! My agent explained that SF had recently been reevaluating rates for classic and antique cars, and since the claims were so few and far between, they were lowering the rates.
I've had SF for all my cars, house and umbrella coverages for decades and have never had any issue when I have had to put in any claim.

Dumb question: how does one get their car professionally appraised for this purpose?

 

[ajmr2]

Dumb question: how does one get their car professionally appraised for this purpose?

I was referred to the appraiser by my mechanic, who specializes in NSX maintenance and repairs. Barring that option, it's easy to GooGoo antique or classic car appraisers in your area and check their reviews. It's worth every penny to do so, since most insurance companies require one before evaluating "Agreed Value." Plus there's peace of mind.

 

[The King]

I have been with Hagerty for a few years now. I told them what I wanted the car insured for, and they were fine with my amount. Never had to have an appraisal done.

 

[Hass]

Liberty Mutual handled my claim prompt and professionally. The claim adjuster confessed he was not familiar with the NSX but he did his research with his leadership team. They evaluated my vehicle accurately, they were only a $150 lower than my private appraiser that I hired. They re-evaluated my NSX after I provided my service records, they came back with $600 over my private appraisal. I was very satisfied with the service and results, they offered me the nsx+ cash and I took it. It took 2-3 months to get the NSX back to pre-loss condition.

I chose an everyday insurance company because I did not want any restrictions, it was also cheaper than Hagerty.

 

[docjohn]

I had no appraisal..I do use a private insurance firm that shops around for me....just told him what number...

 

[Bram]

True the Insurance company will insure you at an agreed upon value,(and you pay premium based on this number) the problem is when you have a claim, they use Market value to validate the payout, especially if they are dealing with a second insurance company. The appraisal is the back up information that insurance company used to determine the payout.

One person I know very well, when though this process and the without the appraisal, he was looking at a payout that was $20K less for his NSX.

Bram

 

[docjohn]

My last claim was paid no issues based on the agreed upon value....westfield insurance...

 

[DocL]

I got paid 100% of the agreed value when my NSX was totaled. Grundy handled it with ease and zero delays. They got the repair estimate from my body shop and they sent an adjuster. Five days later I sent them the keys and title, and they sent me a check. No stories, no questions.

 

[RX7 RAGE]

I'm under Grundy with $50k agreed value.

 

[latzke]

I'm with Grundy also.

 

[CASCADE1]

brand new and first time owner as of yesterday.... I got a policy from American Modern with a stated replacement value of $120k. My annual premium is $1k. I'm in NYS. Car is a 2002 garage low mileage car queen. I had to submit a few comps from auction sales for them to agree to the $120k.

 

[furinax]

I got a quote from Grundy and it was interesting to note the drivetrain + engine must remain stock and unmodified. So I guess you wouldn't be able to do jdm short gears or swapping out the differential? Or would that not really matter?

The restrictions are not bad for the average enthusiast, but for one who takes the NSX on errands, would it be better to stick to Geico? I feel like any choice that makes me want to drive the car less is a bad one.

 

[docjohn]

I'm happy with Westfield....

 

[Big McLargeHuge]

I got a quote from Grundy and it was interesting to note the drivetrain + engine must remain stock and unmodified. So I guess you wouldn't be able to do jdm short gears or swapping out the differential? Or would that not really matter?

The restrictions are not bad for the average enthusiast, but for one who takes the NSX on errands, would it be better to stick to Geico? I feel like any choice that makes me want to drive the car less is a bad one.

I have American National now for ~$45/mo for great coverage, but they require professional appraisal for agreed values over $40k so I'm looking to switch to Grundy as well. Just turned 25 so they'd finally agree to cover me.

Grundy seems to have a good collector's policy, unlimited miles as long as it's not your daily. I would have no problems taking the NSX out for occasional errands in that case, it seems to fall under their terms of coverage just fine. I have a modified transmission but have not seen anything on their terms about forcing you to remain stock, in fact they seem to lean fairly liberal with that:

From their website:

"What Types Of Cars Do You Cover?Grundy insures most types of vehicles 25 years old and older. We also insure modern muscle cars and exotics of all years. Not only that, we insure modified vehicles with higher performance engines, suspensions, and modified bodies. We understand custom vehicle valuations very well, and in fact Grundy is the largest insurer of hot rods in the USA!"

"Grundy wants you to enjoy your car, not keep track of mileage like some programs with limitations. Therefore, we give you unlimited miles for pleasure driving and in collector car-oriented activities. It is even OK if occasionally you drive your collector car to work to show it off to friends. However, your collector car must not be used as a daily driver. We require you and all licensed drivers in your household to have a modern car for everyday use.

When you have your car at home, it must be kept in an enclosed, secure garage when not in use. If you are away from home on extended outings your car is fully protected if you must park it outside, for example in a hotel parking lot. Grundy coverage includes Trip Interruption that reimburses you for hotel and repair costs in the event of a breakdown, and we also reimburse you for towing and labor charges up to $250. You can count on Grundy as you cruise."

They quoted a bit higher than AmNational but don't seem to require professional appraisal which is a huge bonus to me. Hagerty is great and all, but they quoted me like $350/mo for average coverage which was absurd. 700% more than Grundy or AmNational.