NSX Insurance, again!

[jdc1687]

Let me start this post by saying I don't care how much the premiums are. I am more concerned about the potential for Totaling the car. However, in case you are finding this via search and are interested in premiums, Forums Nazi would like you to see this:

Oh no, not AGAIN!!!

This is getting ridiculous.

Remember the "search" function - it's your friend. And it can find you such golden oldies as...

http://www.nsxprime.com/forums/showthread.php?s=&threadid=34860
http://www.nsxprime.com/forums/showthread.php?s=&threadid=25957
http://www.nsxprime.com/forums/showthread.php?s=&threadid=22096
http://www.nsxprime.com/forums/showthread.php?s=&threadid=21278
http://www.nsxprime.com/forums/showthread.php?s=&threadid=18744
http://www.nsxprime.com/forums/showthread.php?s=&threadid=5650
http://www.nsxprime.com/forums/showthread.php?s=&threadid=4777
http://www.nsxprime.com/forums/showthread.php?s=&threadid=4387
http://www.nsxprime.com/forums/showthread.php?s=&threadid=3012
http://www.nsxprime.com/forums/showthread.php?s=&threadid=2433
http://www.nsxprime.com/forums/showthread.php?s=&threadid=2008
http://www.nsxprime.com/forums/showthread.php?s=&threadid=1319
http://www.nsxprime.com/forums/showthread.php?s=&threadid=1121
http://www.nsxprime.com/forums/showthread.php?s=&threadid=298

and, of course, don't forget

http://www.nsxprime.com/FAQ/ownership/insurance.htm

Finally, to quote Mr. nsxtasy:

"Rates are going to vary depending on company, state, town, age, driving record, coverages and limits, etc.

There's a very easy way to find out how much it will cost for you to insure an NSX. Just call your insurance company and ask. They can tell you, even without you having to buy the car. Or you can check an online service such as http://www.insweb.com"

I am uncomfortable with the idea of paying 30k for the car because the KBB is more around 18k. In the event of a total loss I imagine the person filing the claim would get only a fraction of the KBB.. Has anyone had this unfortunate experience?

I found this interesting tidbit on the Prime insurance FAQ, but it leaves some info out:

[GC] Always remember, you can purchase the salvage rights to your car from the insurance company for pennies on the dollar. Here's the deal, negoiate your best replacement value price, add for sales tax, title and license fees, (these are all values in addition to the vehicle value) and then ask your insurance company what they will take to buy your vehicle back at salvage value. Normally it is only 5%-9% of the replacement value. Try it. You may own your old NSX for a fraction of the original cost. I'm in the business, it can work.

 

[nsxtasy]

I am uncomfortable with the idea of paying 30k for the car because the KBB is more around 18k. In the event of a total loss I imagine the person filing the claim would get only a fraction of the KBB.

Not true. I mean, I know the part about KBB showing a value that grossly understates the actual market value of the NSX is true, and for all I know, the KBB figure may be $18K. But insurance companies do not pay for totalled cars based on the KBB figure; they pay market value, what you would have to pay to buy another car similar to the one that was totalled. In the example you give, they would pay somewhere around $30K, assuming that that is the car's market value.

Every person I know who has totalled an NSX (and there are more than I'd like to admit) was reasonably satisfied with the settlement he received from his insurance company as representative of its actual market value. (However, some were easier to negotiate with and more forthcoming than others. If this is a concern, you might want to check out ratings of insurance companies, such as published by Consumer Reports and J. D. Power.)

 

[jdc1687]

DON"T TEMPT ME!

Man.. I had given up on the NSX idea.. but now I'm throwing it in the mix again..

I simply can't decide between the NSX, 993, or S2K

Why can't it just be easy?

Thanks for the information.. I need to mull this over more.. Time is on my side I suppose.. I need to call my insurance company for information regarding the car..

-Jeremy

 

[nsxtasy]

I simply can't decide between the NSX, 993, or S2K

Have you driven each of them?

They're totally different cars...

 

[jdc1687]

Have you driven each of them?

They're totally different cars...

Well that is a good question! No, actually I haven't driven any of them

I have ridden in a 993, and an S2K, both during autocross runs. Both of which handle amazingly. I couldn't believe the S2K in comparision to my M3; the experience blew my car away.

Part of the reason I haven't gone out and driven these cars is because I'm not ready to buy yet, and I'm not into yanking people's chains. I am selling my condo and not sure of where I'm going to live so parking is an issue (I live in downtown Boston(Coolige Corner for those that know the area)).

Now, your statement is a bit strange: "They're totally different cars..." .. Well, yes, they *are* very different, but they *are* all sports cars. Primarily, I am looking for a sports car.. Of course the ownership experience of all these cars is very different, but all handle well.

-Jeremy

 

[PoohBEAR]

I am selling my condo and not sure of where I'm going to live so parking is an issue (I live in downtown Boston(Coolige Corner for those that know the area)).

-Jeremy

If parking is going to be an issue, keep your M3. Wait until you have a parking garage, then think about upgrading.

 

[CerberusM5]

Go buy the S2000

Go buy the S2000.

It seems economics are a concern for you by your comments from a previous thread in your decision to purchase a sports car. Here is why I think you should choose the S2000:

1. In the NSX you have concerns if you total out the car that you might not get close to the actual market value versus KBB values, which are below market value generally for the early models from your insurance carrier. Who the heck worries about totaling a car before buying it in the first place? That's odd in my opinion. Sports car purchases are not logical choices, they are generally emotional for most people.

2. I would not choose the 993 (for your situatation) because the cost of maintenance and repairs are much higher than the Hondas. The cost of replacing the motor in the 993 is high in event you detonate the motor. I would think this should be a concern of yours if you are in the mind set of worrying about totaling the NSX. Of course, I think it is ridiculous to be concerned of either issue. However, the 993 is definitely a worthy candidate to consider over the NSX. It has a lot more character than the NSX, but it also has more flaws.

3. The S2000 on the otherhand is cheap to buy and maintain. The cost of replacement parts are approximately a third of the NSX and 993. It's an excellent choice for autocrossing versus the NSX, since its more agile and replacement parts are cheap. Also, having a roadster is a lot of fun, especially since spring is here. Also, the S2000 is more modern overall than the NSX and especially the 993. This is a fun and dependable roadster that performs great on the track as well. The gearbox is even better than the NSX!

I think the S2000 is the more logical choice for you in my opinion. Is this new car in question replacing your e36 M3 or is it that frivolous second car? If it is a replacement I would opt for the 993 due to its practicality, however, only if you can sleep at night not worrying about the motor blowing up or totaling the car.

 

[jdc1687]

Re: Go buy the S2000

Go buy the S2000.

It seems economics are a concern for you by your comments from a previous thread in your decision to purchase a sports car. Here is why I think you should choose the S2000:

1. In the NSX you have concerns if you total out the car that you might not get close to the actual market value versus KBB values, which are below market value generally for the early models from your insurance carrier. Who the heck worries about totaling a car before buying it in the first place? That's odd in my opinion. Sports car purchases are not logical choices, they are generally emotional for most people.

2. I would not choose the 993 (for your situatation) because the cost of maintenance and repairs are much higher than the Hondas. The cost of replacing the motor in the 993 is high in event you detonate the motor. I would think this should be a concern of yours if you are in the mind set of worrying about totaling the NSX. Of course, I think it is ridiculous to be concerned of either issue. However, the 993 is definitely a worthy candidate to consider over the NSX. It has a lot more character than the NSX, but it also has more flaws.

3. The S2000 on the otherhand is cheap to buy and maintain. The cost of replacement parts are approximately a third of the NSX and 993. It's an excellent choice for autocrossing versus the NSX, since its more agile and replacement parts are cheap. Also, having a roadster is a lot of fun, especially since spring is here. Also, the S2000 is more modern overall than the NSX and especially the 993. This is a fun and dependable roadster that performs great on the track as well. The gearbox is even better than the NSX!

I think the S2000 is the more logical choice for you in my opinion. Is this new car in question replacing your e36 M3 or is it that frivolous second car? If it is a replacement I would opt for the 993 due to its practicality, however, only if you can sleep at night not worrying about the motor blowing up or totaling the car.

You are hitting a lot of my feelings.. Just for your information; one of my closest friends calls me "worry wart". I think that name is unfounded.

Perhaps not.

In seriousness, you have drawn some very true conclusions about my personality, and part of me thinks I should just find an S2K, but the rest of me knows this is a compromise.. "Would I be jealous of an NSK or 993 in traffic?".. Yah.. I would.. I think too much.

Ok. I am going to put the issue down for a bit, then go out and drive an NSX. I'm sure I'll be posting more silly questions soon though

-Jeremy

 

[CerberusM5]

Jeremy,

Heck, I worry too much myself. In fact, it's good that you are analyzing all the issues. Just don't let it consume you.

By the way, I went through a similar process as you. Before I bought my NSX, I also considered buying an S2000 and G35 Coupe. I know these cars are completely different and there was a very broad price difference, but I did anyways. I considered the S2000 because it was a roadster that handled excellent and would be dead reliable with a fair amount of aftermarket support. I also considered the G35 because I found it to be a good looking coupe with lots of features for a very reasonable price. Also, aftermarket support for the Nissan is strong. I had aspirations of modding the heck out of it (Greddy twin turbos and etc).

However, at the end I chose the NSX, since it was more exotic looking and far rarer than the S2k and G35. Today, I question if I made the right decision because I feel the NSX offers a low performance to dollar ratio.

Definitely spend a lot of time behind the wheel of each of the candidates before deciding. I made the mistake of buying my NSX without even driving it.

Take care.

 

[boxer]

I had to respond since I can comment on two of your three choices and own a 01 M3 as well. So you know I share your passions. I have to say that the NSX never, ever fails to put a smile on my face when I go out for a romp. And I don't just say that because this is an NSX site. The M3 is a terrific overall ride, particularly if I am going to take it easy and have a cup of coffee while cruisin, or have some phone calls to make. The car can be driven with one hand. My 98 993 is a also a ton of fun but requires both hands to drive, and at least with the C2, a fair amount of concentration if you're going to push it. I've had a C4, and that is a bit more idiot proof, but what fun is that? I've never driven the S2000 and I may be out of line here, but it doesn't even seem like it is in the same class as the others. By the way, the NSX is easy enough to be driven one handed, but it deserves both. I sort of have A.D.D. when it comes to my rides and end up rotating out of at least 1 of three every year. The NSX truly is one I would never part with because it never gets boring. I'm in Boston as well and would be happy to share a ride if the sun ever comes out again.

 

[jdc1687]

Ahh. yes..

Definitely spend a lot of time behind the wheel of each of the candidates before deciding. I made the mistake of buying my NSX without even driving it.

You sound like you are regretting your purchase! In so far as price for the performance, I agree with you. The NSX is fast, and handles amazing, but there are plenty of cars that best it in both categories, for less money even. Does that mean the NSX is the wrong car? Of course not!

I just don't think 500 hp on a street car is important..

The NSX truly is one I would never part with because it never gets boring. I'm in Boston as well and would be happy to share a ride if the sun ever comes out again.

Very cool... I am one to keep my cars for awhile, and whatever I get I'm sure I'll have for several years. I've had my M3 for 3 years now and I don't think I could part with it. It feels like family.

I'd get together for a ride, but not until I get my driver door fixed. A 17 year old girl smacked into it in my friend's driveway... Sigh.. Why is it that females don't understand that you aren't supposed to play bumper cars with real ones?

-Jeremy

 

[PoohBEAR]

Ahh. yes..

Why is it that females don't understand that you aren't supposed to play bumper cars with real ones?

-Jeremy

If I were you I would watch myself when using the word "female". One may assume that you generalize all females. Prime has quite a few ladies members here........Just a suggestion. oh btw, one very respectable lady member has been given you great suggestions.....not mentioning any name, but CerberusM5 :tongue:

calvin

 

[jdc1687]

If I were you I would watch myself when using the word "female".

You are right. Sorry for being offensive. If I count all the incidents with my cars, they were more often caused by men than women. So perhaps it is the other way around.

-Jeremy

PS: However, in this case, she was less than forthcoming about it.

PS2: Still bitter.

 

[CerberusM5]

If I were you I would watch myself when using the word "female". One may assume that you generalize all females. Prime has quite a few ladies members here........Just a suggestion. oh btw, one very respectable lady member has been given you great suggestions.....not mentioning any name, but CerberusM5 :tongue:

calvin

Hey Calvin,

Thanks for standing up for me. However, I am guy just like you. :biggrin:

So when are we going to try and arrange a Vegas Dim Sum run with the SoCal group? Have a good one (spoken in a deep voice). :wink:

Sandy

 

[jdc1687]

Hey Calvin,

Thanks for standing up for me. However, I am guy just like you. :biggrin:

So when are we going to try and arrange a Vegas Dim Sum run with the SoCal group? Have a good one (spoken in a deep voice). :wink:

Sandy

ROFL

 

[nsxtasy]

Thanks for standing up for me. However, I am guy just like you. :biggrin:

So when are we going to try and arrange a Vegas Dim Sum run with the SoCal group? Have a good one (spoken in a deep voice). :wink:

I met Sandy at the JGTC event in December. Although I didn't perform a thorough inspection , and although he has a name that could apply to a male or a female

, I'm quite certain he's a guy.

(Besides, women don't own any M5's. )

 

[CerberusM5]

I met Sandy at the JGTC event in December. Although I didn't perform a thorough inspection , and although he has a name that could apply to a male or a female

, I'm quite certain he's a guy.

(Besides, women don't own any M5's. )

Hey Ken,

Thanks for confirming my gender and waiving the full inspection. :smile:

In fact, I personally don't know of any females that owns an M5 as well. It probably is a rare sight, almost as rare as the NSX itself.

However, there is a woman named Sabine that drives an M5 every day for work. She is the driver for the Nurburgring Ring Taxi. She pilots an M5 around the track with passengers, which is available to the general public. I read a thread stating she ran an 8:16 with Jeremy Clarkson of Top Gear in the e39 M5. However, official rides in the Ring Taxi cannot drop below 8:30.

Here is a link to the beater she has to drive for work:

http://bmw-motorsport.com/ring-taxi/de/home/rt_Small.wmv

 

[PoohBEAR]

Hey Calvin,

Thanks for standing up for me. However, I am guy just like you. :biggrin:

Sandy

HOlly BADMAN!!!!! :redface: My apology to you, dear sir. But I did got the "respectable" right :tongue: The vegas thing...hmmmmm. Thanks for reminding me. I'll put it out during the next club meeting and lets see how many would be interested for a little cruise.

 

[CerberusM5]

But I did got the "respectable" right :tongue:

Thanks Calvin! :biggrin:

 

[Daedalus]

BUMP! Don't want to set off the forums Nazi.

I'm getting my first NSX this week ('94). I've been playing phone tag with the ins. guy, but I wasn't too worried. I got a quote about 1 month ago for a 2004 G35. $200 more every 6 months sounded great to me (it would be my 3rd car, pleasure vehicle). I figured a '94 NSX would be in the same ballpark. I finally get a quote today for the NSX. $444 more per 6 months.
Does that sound reasonable? It costs more than double to insure a '94 NSX than a 2004 G35 coupe?

 

[scorp965]

There are obviously a lot of factors that go into generating your insurance quote, when I added mine to my policy here in SoCal it was on par with the cost of an E36 BMW M3, which came as a pleasant surprise. The differential with the G35 sounds a bit odd, but perhaps they correctly classify the nsx, or perhaps they have had bad experiances with nsx's in the past, or perhaps your coverages are not the same between the two vehicles, etc.

I have my nsx registered as my daily driver, with high coverage limits, using insurance through the autoclub.

 

[BioBanker]

I second the S2000.

I used to have one and I still believe that if you dont clearly know that you want an NSX, you want an S2000.

Its way less money. As, or more reliable. At least as fun. Better gearbox (as said above). Aftermarket is 100x the size of the NSXs. Low hassel. Can make serious power for cheap (300HP to the wheels for $5k) and can be a great track car for not much more.

The only this it is lacking that the NSX has is the whole package. If you havent spent much time in sports cars, there is a good chance that if you get an NSX now, that you wont perceive it either. Its stats are not great, but the car comes together awfully well. Its better then the sum of its parts.

Like Sandy said, its a little on the slow side from a straight line acceleration perspective on paper. On the track in the right hands is something totally different tho.

Good luck. But I miss many things about my old S2000. Wouldnt go back, but that car was a riot.

 

[mandrewz]

I have my car insured for a 'stated value' with State Farm which eases my concern should it every be totaled or stolen.

 

[annointed]

I was pleasantly suprised that my '95 NSX was only $200/yr more to insure than an '02 WRX, which is worth half the value of the NSX. Its probably a testimony to the WRX's tendency to attract high risk drivers who tend to get into a lot of accidents/tickets, as well as the WRX's status as the 2nd highest theft car per 100 vehicles on the road (Escalade was the only vehicle that topped it in the last report I saw). I don't know why I didn't get an NSX sooner, actually...

I also surmised that the NSX's relatively benign 270-290 hp rating probably keeps its insurance costs more reasonable as well. Case in point: the week before i got the NSX, I got an insurance quote in an '02 911 Turbo, and it was almost 3 times the cost of the NSX, which helped push me even more toward the NSX.

 

[Daedalus]

There are obviously a lot of factors that go into generating your insurance quote, when I added mine to my policy here in SoCal it was on par with the cost of an E36 BMW M3, which came as a pleasant surprise. The differential with the G35 sounds a bit odd, but perhaps they correctly classify the nsx, or perhaps they have had bad experiances with nsx's in the past, or perhaps your coverages are not the same between the two vehicles, etc.

Definitely odd. Just to be clear, all factors were identical in the quotes--personal info, address, annual miles, coverage, deductible, etc. Only the cars differed.
Don't know why, but the S2000 never really appealed to me like the NSX does.