What are your insurance and total value of your 1991 Nsx?

[Jinks]

So I just bought a new Hyundai Equus and after insuring that, I figured I should talk about my Nsx insurance because I have put about 30k into the car since purchase. I have Safeco insurance and the car was insured as a daily driver without a preset value. So I switched the insurance to a classic car with an allowance of 5,000 miles driven per year. I drive the car maybe 200 miles per month.
Prior to switching to classic car insurance I paid 1,005 per year for FULL coverage and the lowest deductible at 250 dollars. I like low deductibles.

After changing to classic car insurance it brought it up to 1,623 per year with the same coverage and a deductible at a set value I provided. That was the beauty of it, I can set what the car is worth. I valued it at 45,000. Being the car is salvaged but only because of theft recovery. However I was told by my broker it makes no difference. Which is pretty cool. So in a nutshell the car is now insured for 45k in a total loss for 1,623 per year at a 250 deductible.

I am just curious to what some of you guys pay for your 1991? Is it registered as a classic? Does it have mileage restrictions? Can you update the value? Let's hear what ya got?

 

[Sean Firth]

Before I sold my '91 I had it insured for $56k CDN ($45k USD+/-) for just about $800 CDN per year through Hagerty.

There were no mileage restrictions, just that I had to have a current daily driver.

I also couldn't commute in it or take it to a timed track event. Lapping days are ok.

Now with the '97, I'm up near $1000, but that's based on an increased agreed value of course. What I would implore everyone to do is make sure that your car is insured for the current market value. It would be a really negative thing for something to happen to your car and not be able to replace it.

 

[mrdeadman]

Mine is full coverage at I assume the blue book value. 1000 a year. I should probably talk to them about the value and see if I can get a set 45k or something for it. Blue book says high is 41500 or something. Average is 38. So not overly worried about it.

 

[Marty2529]

it is all about location,location ($800. a year with less then 2000 mi per year)

 

[warrenw]

classic policy insured for $65k CDN with a $680.00/year premium. (appraised value)
Intact Classic, and a 40+ year clean driving record.

 

[Jinks]

You guys with low yearly premiums, could you please post the companies names so I could shop around?

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Before I sold my '91 I had it insured for $56k CDN ($45k USD+/-) for just about $800 CDN per year through Hagerty.

There were no mileage restrictions, just that I had to have a current daily driver.

I also couldn't commute in it or take it to a timed track event. Lapping days are ok.

Now with the '97, I'm up near $1000, but that's based on an increased agreed value of course. What I would implore everyone to do is make sure that your car is insured for the current market value. It would be a really negative thing for something to happen to your car and not be able to replace it.

Exactly! I drove for years on insurance that was considered a daily driver/ normal car. It was up to the adjuster to value the car if it got totaled. No Bueno... Good to know I am covered to what I think it is worth now with the wheels, the ctsc, etc. I second this quote, check your insurance policy!

 

[91 X]

I pay about $600 per year with $500 deductible with Gieco .... It is considered my 3rd car "pleasure" vehicle, but they never check mileage .....

 

[stuntman]

~$700/year on Grundy for $45K agreed value. Need to bump that up.

 

[dragoon]

some of these posts state agreed value if the car is totaled but what about the policy limits on liability, property damage, medical payments, collision , comprehensive, underinsured and uninsured ?? The car value is one item but what about protecting the human driving the car & his/her family ?

 

[PainIs4ThaWeak]

some of these posts state agreed value if the car is totaled but what about the policy limits on liability, property damage, medical payments, collision , comprehensive, underinsured and uninsured ?? The car value is one item but what about protecting the human driving the car & his/her family ?

I took note of that as well recently when looking at ACI (American Collectors Insurance) - Their online quoting system did not quote for liability (or medical, if I recall correctly), and stated those types of coverages should be supplemented by your primary insurance provider.

 

[Boogs23]

Wait you can insure your nsx with full coverage even if it's salvage?

 

[ThaiT]

Wait you can insure your nsx with full coverage even if it's salvage?

correct sir. i have done so on mine also! was on liability for the first year and after the first years of mods and replacing oem parts the value of how much i dumped into it i decided to get full coverage and the broker said it was not a problem with the NSX.

 

[Boogs23]

But even if u get full coverage will u get close to the amount if something were to happen to your car? Like compared to a non salvage nsx?

 

[nsxspdfreak]

I currently have State Farm, but in Sept when it expires I'll be switching to Hagerty which values the car at $46k. Coverage costs just around $1100 per year. The high rate is due to Florida's rampant problem with no fault insurance fraud and unlicensed/uninsured motorists.

 

[RickySixx6]

Funny enough, this week I've been creating a value assessment for a lower mileage NA1 NSX and came up with a current trend line representing Value based on mileage for 91-96 [3.0L] vehicles in fairly original condition on the retail/replacement value side. Below should provide some assistance to those who are trying to establish a reasonable agreed upon value to date. If anyone needs any further help with this sort of thing feel free to contact me.

 

[Jinks]

Wait you can insure your nsx with full coverage even if it's salvage?

That is correct. I currently have it insured at a 45,000 dollar value with full collision, comprehensive, with a 250$ deductible.

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It seems we all should stop wasting time on searching mods and start searching for the correct coverage to what you as a consumer value your car at.

 

[nsxspdfreak]

Funny enough, this week I've been creating a value assessment for a lower mileage NA1 NSX and came up with a current trend line representing Value based on mileage for 91-96 [3.0L] vehicles in fairly original condition on the retail/replacement value side. Below should provide some assistance to those who are trying to establish a reasonable agreed upon value to date. If anyone needs any further help with this sort of thing feel free to


Good Stuff! What have you been basing your stats on?

 

[RickySixx6]

with a pretty limited stock of cars for sale, I grabbed asking prices for most vehicles in generally good and stock condition and it that resulted in that trend line. At this point if I missed or if 1 or 2 more cars were put on the market, I doubt that trend line would change much.

 

[Boogs23]

Ok thank you guys for the info. I too have safeco insurance and will give them a call and see what I can get mine valued at

 

[Jinks]

Ok thank you guys for the info. I too have safeco insurance and will give them a call and see what I can get mine valued at

I have Safeco. If you insure it as a classic car, you can set the value of the car to whatever you as a consumer think it is worth. It will raise your premium of course. But what happens if you get into a minor accident in the NSX? It gets totaled... May as well pay now and laugh later. Rather than pay less and cry later.

 

[Gazelle]

'91 insurance

I've a '91 totally stock NSX. Currently insured with USAA $528 per year
Policy limits: $300K/$500K/$100K, Comprehensive and collision coverage.
USAA will not insure for an agreed value and will not divulge total loss value.
Thus from all I could get from them is that I'd probably get somewhere between KBB wholesale and retail...


Because of this I got a quote from Grundy Worldwide: "Collector Vehicle" policy: $661.00 per year
Policy limits: $300K/$300K/$300K
AGREED VALUE: >>>>>>>>>>>>> $50,000.00
Collision and comprehensive deductibles: Both $500.00


BUT !!! As an old Military Science instructor used to say: "RTP" ! (READ the problem.. or in this case read the POLICY !) The application asks if the vehicle will be garaged indoors at your home address when not in use.
Thus if you drive to an event and intend to spend the night and someone backs into your car in parking lot or parking garage during the night you have no coverage. If you're in an accident 1000 miles from home at 10 PM you'll have a hard time convincing an adjuster you're on a pleasure drive and on your way home to put the car in your garage. I was told that if I was 200 miles from home and spent the night and the car was in my brother's fully enclosed garage and it burned down I'd probably be covered since I was on a "pleasure" drive. As we all know insurance companies look for ways not to pay in many instances and will do their "due diligence." And rightfully so as insurance fraud is a reality and costs us all in increased premiums for everything we insure. Updated quoted on my '91 remained at $661.00/year. I will change to a no deductible for $31 more per per year = $692.00/year. (15 yrs x $31 = $465.00 is my rationale for that change). Still a very reasonable cost vs USAA which might pay $25K for a total loss ?? Bottom line is RTP, call and ask ???'s if there is any doubt as to coverage....

Anyone have a suggestion as to a company with more "liberal" terms I'd like to hear from you.

 

[TomCat]

I researched agreed value insurance for another car and after asking 4-5 questions (covered or not) I insured with USAA.
Unrelated, my 1991 NSX got totaled and USAA said that they were going to pay out $xx,xxx (which I thought was low). They told me that if I thought it was worth more, I should have insured it for more (more $s for specialty insurance). However, they said I could defer to the other guy's insurance (his admitted total fault) and his reputable (SF) insurance company would have to "make me whole"...which they did.

I did not recover "emotional distress" nor diminished resale value...BUT I was relatively pleased with the outcome and I rebuilt the NSX (better).

 

[ozone]

Go to any city and the best buildings in town are the banks and insurance companies. I have no sympathy for them -- they're basically there to fleece the public. Sure, they provide a service that we need/often forced to comply with. However, it's their job to pay out as little as possible to increase their own profits. Insurance fraud, is hardly the primary reason they are unwilling to pay out.

 

[Jinks]

Go to any city and the best buildings in town are the banks and insurance companies. I have no sympathy for them -- they're basically there to fleece the public. Sure, they provide a service that we need/often forced to comply with. However, it's their job to pay out as little as possible to increase their own profits. Insurance fraud, is hardly the primary reason they are unwilling to pay out.

I'm not sure I follow, can you elaborate a little more? I think the main reason why consumers get raked over the coals after an accident is because they do not get a lawyer or legal representation. This can mean getting 2,000 dollars from your/their insurance company or 50,000 dollars from your/their insurance company. You just have to play the field. It sucks, but for me I just get my wife involved. So it doesn't cost me anything more.

 

[tabasco]

Just got a Hagerty policy for agreed value of $100,000 for just over $2,000 annually. I'm happy . My current State Farm wouldn't go beyond $60,000. Chubb was $2,600 for same coverage.

I moved my home, 2 other cars and a nice umbrella to Erie. Saved big league over State Farm. So Erie/Hagerty is a great combination.

Best regards NSXers!!