Wide Body/nsx Value/insurance

[argon_nsx]

Ok... I'm really close to being done with buying a 98 CTSC NSX with SOS wide body kit (yes the car pictured in my avatar and no those aren't lights mounted under the car)... I got a quote from state farm for 1,400 a year on insurance for it... They have my house... my wife's rings etc. so I get it for less than I could elsewhere... I think book on it is 43k. Problem is to get a SC NSX with the wide body and everything else it has on it.. you're paying more than book... hell you can't even buy a stock NSX for book... unless it's been pulled out of a lake. I didn't worry about it much with my 91 b/c it was oem as far as the body etc. went. Mostly it was engine work... So... I paid 35 for my 91 in 2000... sold it for 30 in 06 when the book on it was 19. Book might be 43k on the 98 NSX-T but I think this car could sell for 58k with the wide body and the CTSC. My concern is if anything were to happen and they give me book value and I'm still out buying the rest of the car after something happened... or it being damaged but not totaled...and the insurance company being hard to work with as far as the cf wide body kit... Essentially I want to insure all that stuff... Any ideas or personal experience with this? Anyone get burned? Anyone have their car insured for more than book value? Anyone have good experience with being reimbursed for CF/Body work which might be more expensive than oem work or getting real market car value of the car and not book after some sort of incident? I mean if I produce reciepts etc. for the work is there a company out there that will insure what's on the car and forget about book?

 

[alum04org]

Hi Argon, hope you really live in Celebration (sp?), FL.
You mentioned a State Farm quote. To me, it sounded good.
I believe they offer "stated value" auto policies. You would
likely need an appraisal from a reputable car guy, photos, and of course,
all your receipts to substantiate that value.

 

[popsicle]

i believe what you have to do is get the aftermarket modifications appraised. most insurance companies nowadays ask if the car is modified and quote accordingly, i know geico does. insurance for me on the 95 nsx is 2000/year

 

[BATMANs]

I never told state farm about my mods when I make claims.

Never had a headache or argument with them too.

 

[ExCfive]

Hi Argon, hope you really live in Celebration (sp?), FL.
You mentioned a State Farm quote. To me, it sounded good.
I believe they offer "stated value" auto policies. You would
likely need an appraisal from a reputable car guy, photos, and of course,
all your receipts to substantiate that value.

What he said. Stated value policy is what you are after. If your current insurance company does not offer this then do some shopping. I went that same route on GT4 Dino Ferrari I owned in the past (RIP). This may cost slightly more but then if you do crack it up you wont be out the "mod" money invested in it. I didn't even need an appraisal but they did want pictures as well as actually laying eyes on the car and of course the reciepts showing what you paid/owe.

 

[dcrandon]

What he said. Stated value policy is what you are after. If your current insurance company does not offer this then do some shopping. I went that same route on GT4 Dino Ferrari I owned in the past (RIP). This may cost slightly more but then if you do crack it up you wont be out the "mod" money invested in it. I didn't even need an appraisal but they did want pictures as well as actually laying eyes on the car and of course the reciepts showing what you paid/owe.

Great car that Ferrari. I can still remember....April 1975, the cover of Road and Track had a picture of a red GT4, a yellow Lamborghini Urracao and a white Maserati Merick. The quote below them was "What do you get for $25,000?"

That was THE day I got interested in cars. I was 14.

David

 

[nsxtasy]

Ok... I'm really close to being done with buying a 98 CTSC NSX with SOS wide body kit (yes the car pictured in my avatar and no those aren't lights mounted under the car)... I got a quote from state farm for 1,400 a year on insurance for it... They have my house... my wife's rings etc. so I get it for less than I could elsewhere... I think book on it is 43k. Problem is to get a SC NSX with the wide body and everything else it has on it.. you're paying more than book... hell you can't even buy a stock NSX for book... unless it's been pulled out of a lake. I didn't worry about it much with my 91 b/c it was oem as far as the body etc. went. Mostly it was engine work... So... I paid 35 for my 91 in 2000... sold it for 30 in 06 when the book on it was 19. Book might be 43k on the 98 NSX-T but I think this car could sell for 58k with the wide body and the CTSC. My concern is if anything were to happen and they give me book value and I'm still out buying the rest of the car after something happened... or it being damaged but not totaled...and the insurance company being hard to work with as far as the cf wide body kit... Essentially I want to insure all that stuff... Any ideas or personal experience with this? Anyone get burned? Anyone have their car insured for more than book value? Anyone have good experience with being reimbursed for CF/Body work which might be more expensive than oem work or getting real market car value of the car and not book after some sort of incident? I mean if I produce reciepts etc. for the work is there a company out there that will insure what's on the car and forget about book?

You keep referring to "book value" and just about every time you say that, what you say is wrong. When you say "book value" you appear to be referring to values published in sources like Edmunds and Kelly Blue Book. Those estimates of value are just wrong, period, end of story. Insurance companies do not reimburse based on those sources. Insurance companies reimburse based on MARKET VALUE. Most reimbursements are around the fair market value for a used NSX, and many of them are even higher - nothing like the pathetic numbers published in Edmunds and KBB.

As for the value added by your mods, if any (many mods don't really add market value at all), a couple of people above have erroneously mentioned getting "stated value" policies. What they think they are talking about is actually called "agreed value" coverage. (See this website to understand the difference and see why you want "agreed value", not "stated value".) With agreed value coverage, if the car is totalled, you are guaranteed of receiving exactly X dollars for the car. Getting this type of coverage is possible, but may or may not be cost-effective. Keep in mind that, on a car with expensive mods, even a normal policy will give you a higher value for the mods. Not their full cost, but a pro-rated portion of their cost, as long as you can provide receipts proving that they were permanently installed on the car (or, if you bought the car that way, proving a higher value for the car). So the additional value provided by this coverage may not be as much as you think.

 

[damthatbeaver]

Thats a Phat ride baby...a Phat ride

More pics would be awesome...

Wings West Kit?

Dam

 

[argon_nsx]

Hey guys...


It's the Science of Speed/Cantrell CF wide body kit.

You keep referring to "book value" and just about every time you say that, what you say is wrong. When you say "book value" you appear to be referring to values published in sources like Edmunds and Kelly Blue Book. Those estimates of value are just wrong, period, end of story. Insurance companies do not reimburse based on those sources. Insurance companies reimburse based on MARKET VALUE. Most reimbursements are around the fair market value for a used NSX, and many of them are even higher - nothing like the pathetic numbers published in Edmunds and KBB.

Hey K!... Man I wish this were the case. I spent an hour and a half at State Farm with printed out comps of similiar NSXes from prime (SOS NSX for ex.) and their respective asking prices and research I did on sold cars with similiar work and their selling prices/mileage/condition/etc. from owners I pmed. Also pics of my car... list of mods... etc. They told me it was not antique so the stated value is not even an option for a number of years. Also they told me specifically that they do indeed use NADA values to determine "market value"... and that is what I would get regardless of what I owe or what similiar cars sell for. I'd get NADA value and that "market value" meant NADA book value to them and they even pointed out the paragraph in their policy litature to me where they define "fair market value" as being NADA value. They even called an estimator/claims adjustor with experience in that "market" for a 2nd opinion as to how they normally handle NSXes and he confirmed that they'd only use NADA book values readardless of parts/price paid etc. Further they said receipts/photos/documentaiotn of work meant zill to them... even for the "class" it is in). So if it were a total loss I'd be out 20k. Not an option now that I'm married. My agent told me that she could not recommend me buy insurance from her knowing what she knows now from our 1.5 hours of research/calls/work. I could tell she wanted to insure me She told me she had no guarantees that I'd get anything close to what I'm paying for it even with documentation and an estimate from a certified car appraisal company.

In addition to State Farm I've been through progressive, hagerty's and geico's "classic/exotic" divisions... all the same answers and about 5 hours of time on the phone spent with multiple ppl being forwared from one person to another .

As for the value added by your mods, if any (many mods don't really add market value at all), a couple of people above have erroneously mentioned getting "stated value" policies. What they think they are talking about is actually called "agreed value" coverage. (See this website to understand the difference and see why you want "agreed value", not "stated value".) With agreed value coverage, if the car is totalled, you are guaranteed of receiving exactly X dollars for the car. Getting this type of coverage is possible, but may or may not be cost-effective. Keep in mind that, on a car with expensive mods, even a normal policy will give you a higher value for the mods. Not their full cost, but a pro-rated portion of their cost, as long as you can provide receipts proving that they were permanently installed on the car (or, if you bought the car that way, proving a higher value for the car). So the additional value provided by this coverage may not be as much as you think.

I think the first issue is that most NSXes sell for well over what book values are anyway and book is what banks and insurance companies are using to determine their value. I sold my 91 for 30 when book was like 19 for ex. Loan was even less at the time obviously. So you are already having that one issue... Loan on a 98 NSX-T is 35.7k since book is around 43 (from the three banks I dealt with at least) Again they typically sell for in the mid 40s online and even more at dealers (I have a FL dealer's license and use manheim to see what mostly stock NSXes are selling for at auctions). Then obviously things like superchargers YUM add value when selling used NSXes as they typically demand higher prices to obtain than say a comparable car of the same year/color etc. sans supercharger. Say I'd paid 55 for a supercharged wide body kit NSX that was put together by the right ppl... I'd never in my right mind pay that much for a stock 98 NSX... A stock 98 might be worth 43 to me... add the SC and I'd pay an extra 6k (esp. since they are going to be hard to come by now that CT closed down ) and add the wide body and I'm up even more on what it is worth/I'm willing to pay... so I guess this is the real world value I am speaking of. I've had several ppl see her and try to buy her from me (hand me their numbers incase I ever decide to sell) and plenty of ppl tell me they'd easily pay 12 more for it than what a stock 98 sells for and I really doubt they'd pay that for a non CTSC non CF wide body 98 NSXT. So to me there is some real world value coming from the mods.

I'm checking into agreed value policies now with everyone I can! Thanks for the tip K!

And wish me luck! Otherwise I might be dialing some of those digits I mentioned above as I don't want to afford 20k in risk right now

 

[argon_nsx]

damnthatbeaver.... here is a larger pic... it has the cf diffuser too and cf mugen wing.. just can't really see them...


Of course there are plenty of ppl who would pay less for the wide body kit! LOL. I'll post more pics if I ever get it insured and take it out of the garage again...

 

[argon_nsx]

Currently my brother is in a similiar insurance situation as to whish I'm trying to avoid... he had a 97 Integra Type R that was stolen and gutted a few weeks ago... The Type R isn't in the books, so they go off of Integra Values... so they offered him 3.5k for it... For those keeping tabs... they sell for 12k (ones that were in the shape his was...)

Again... this is what I'm trying to avoid. It seems most insurance companies undervalue the NSX as they try to go by book and it's really hard to do that with the NSX just as it is with the Type R.

So we dug around Honda Tech and Type R sites... From looking around, these are the people ITR owners are using with extra coverage:

http://www.travelers.com/ "I have Travelers and I added an additional $9000 supplement to my policy. I could have added as much as I wanted and I just pay accordingly. I don't remember how much extra I pay but it is not very much. "

http://www.nationwide.com/nw/index.htm "I have Nationwide....I called them and asked them for additional coverage and I had to take my car to thier local office and had to list every modification done to the car and they took pics of all the parts....I got $15,000 extra coverage for all my parts for around 200 extra a year."

http://www.allstate.com/ "Allstate covers any modifications that replace factory parts and are located in the same location. So most modifications are covered except the addition is a rear strut bar, or an amp for the stereo. Oh, and yes, I have tested this; when I totaled my 2000 PY ITR. " Should include your body kit but not supercharger...wouldn't really help if they totaled it out though.

I'm going to try and see what I cen get done with this new info.

So a question for those of you out there with highly modified NSXes (engine or body work or both)... Are you doing anything like this to make sure you are covered with your NSX/what you paid for it/ what you owe on it/what you have in it in case of total loss? So you aren't stuck paying off an NSX that doesn't exist? If so who are you using? Have you had to make a claim? What did you have to do to get someone to work with you?

I just talked to Progressive for a fifth time about adding an NSX to our policy... and they told me they go by KBB... in case of total loss... They might be able to put it into a low production number class for a stated amount paid... they are researching what low production is and seeing if the NSX classifies... so I know if anything happens I at least make a sideways move... which is all I'm looking for really.

I'll keep posting what I find as I dive deeper and deeper into this. I'm contacing all the companies listed above tomorrow.

 

[martini-1]

I am in the boat as you. I am very intersted in the info you uncover with these insurance companies. Please give an update when you can? I will also do some digging.

 

[Ko-nsx]

Hey guys...


It's the Science of Speed/Cantrell CF wide body kit.



Hey K!... Man I wish this were the case. I spent an hour and a half at State Farm with printed out comps of similiar NSXes from prime (SOS NSX for ex.) and their respective asking prices and research I did on sold cars with similiar work and their selling prices/mileage/condition/etc. from owners I pmed. Also pics of my car... list of mods... etc. They told me it was not antique so the stated value is not even an option for a number of years. Also they told me specifically that they do indeed use NADA values to determine "market value"... and that is what I would get regardless of what I owe or what similiar cars sell for. I'd get NADA value and that "market value" meant NADA book value to them and they even pointed out the paragraph in their policy litature to me where they define "fair market value" as being NADA value. They even called an estimator/claims adjustor with experience in that "market" for a 2nd opinion as to how they normally handle NSXes and he confirmed that they'd only use NADA book values readardless of parts/price paid etc. Further they said receipts/photos/documentaiotn of work meant zill to them... even for the "class" it is in). So if it were a total loss I'd be out 20k. Not an option now that I'm married. My agent told me that she could not recommend me buy insurance from her knowing what she knows now from our 1.5 hours of research/calls/work. I could tell she wanted to insure me She told me she had no guarantees that I'd get anything close to what I'm paying for it even with documentation and an estimate from a certified car appraisal company.

In addition to State Farm I've been through progressive, hagerty's and geico's "classic/exotic" divisions... all the same answers and about 5 hours of time on the phone spent with multiple ppl being forwared from one person to another .



I think the first issue is that most NSXes sell for well over what book values are anyway and book is what banks and insurance companies are using to determine their value. I sold my 91 for 30 when book was like 19 for ex. Loan was even less at the time obviously. So you are already having that one issue... Loan on a 98 NSX-T is 35.7k since book is around 43 (from the three banks I dealt with at least) Again they typically sell for in the mid 40s online and even more at dealers (I have a FL dealer's license and use manheim to see what mostly stock NSXes are selling for at auctions). Then obviously things like superchargers YUM add value when selling used NSXes as they typically demand higher prices to obtain than say a comparable car of the same year/color etc. sans supercharger. Say I'd paid 55 for a supercharged wide body kit NSX that was put together by the right ppl... I'd never in my right mind pay that much for a stock 98 NSX... A stock 98 might be worth 43 to me... add the SC and I'd pay an extra 6k (esp. since they are going to be hard to come by now that CT closed down ) and add the wide body and I'm up even more on what it is worth/I'm willing to pay... so I guess this is the real world value I am speaking of. I've had several ppl see her and try to buy her from me (hand me their numbers incase I ever decide to sell) and plenty of ppl tell me they'd easily pay 12 more for it than what a stock 98 sells for and I really doubt they'd pay that for a non CTSC non CF wide body 98 NSXT. So to me there is some real world value coming from the mods.

I'm checking into agreed value policies now with everyone I can! Thanks for the tip K!

And wish me luck! Otherwise I might be dialing some of those digits I mentioned above as I don't want to afford 20k in risk right now

Where is the CF??

 

[argon_nsx]

With the SOS/CANTRELL CF body most everything is Carbon Fibre. I'm not sure if the sideskirts are CF... Everything except for the doors and trunk are CF on this car and again I'm not sure i teh side skirts are cf or not. The car is of course painted red. You can see the weave through the paint though

 

[nsxtasy]

long post #9 above

It sounds like you are making the error that many owners of modded cars make - taking a car that, let's say, is worth $30K, and spending $20K on mods to it, and expecting the car to then be worth $50K. The simple fact is, it's not. Mods rarely add significant value to a car, and very often can reduce its market value from what it would be bone stock. Nothing against mods - get them and enjoy them, if you like. But do it based on the enjoyment you get from them, and don't expect them to be reflected in a huge increase in the car's market value (or in the settlement from the insurance company if the car is totalled).

Again, every NSX owner I know who has had a car totalled has received within a grand or two of what he considered the car's fair market value, and many have received what they consider to be an overly generous settlement. (A few have had to negotiate with their insurance company, but all were satisfied with the settlements they received.) Will that happen to you? Maybe not, if you have a highly modded car and think it's worth more than it actually is.

Currently my brother is in a similiar insurance situation as to whish I'm trying to avoid... he had a 97 Integra Type R that was stolen and gutted a few weeks ago... The Type R isn't in the books, so they go off of Integra Values... so they offered him 3.5k for it... For those keeping tabs... they sell for 12k (ones that were in the shape his was...)

I am familiar with the ITR market, and this is highly unusual. In that market, too, most of those who have had cars totalled have received roughly the fair market value for their ITR. What he needs to do is to present the insurance company with listings of comparable cars (ITRs - you can find listings on Autotrader, cars.com, and honda-tech.com), and ask them to do the same. They will raise their offer to fair market value, if they are reputable companies.

 

[argon_nsx]

It sounds like you are making the error that many owners of modded cars make - taking a car that, let's say, is worth $30K, and spending $20K on mods to it, and expecting the car to then be worth $50K.

Nope. If that were the case I'd be arguing that it is worth 144k... that is what the previous owner had in it. I got it for 55. Book is always low on the NSX... don't make me quote you from another post discussing that. The market determines worth of this car... not some guy sitting in a room using standard depreciation equations to publish in a book... don't make me quote you saying that from another post either... What any NSX is worth is what someone is wiling to pay for it and what price the owner is wiling to part with it for... Don't make me quote you saying that from another post either. In this case I would and did pay 55 for it and the previous owner accepted that. So I'd say it is valued around at least 55k b/c I was willing to pay that and I have phone numbers for two other NSXers who told me they would if I didn't. I also have talked to about 30 NSX owners who thought the price was reasonable when seeing the car in person. I called my insurance agency and they say it is worth 35 in case of total loss. I'm not taking that risk and winding up in a 20k hole if it gets totaled. The worth of the car to the market is more than actual cash value of most insurance companies. That is what I am saying. I'm saying book is b/s on the NSX... just as you have said in other post. Don't make me quote you on it... The mods obviously bring value b/c I just payed 12k more for this modded car (and I know others who wanted to) than I would have for any other 98. I could have got a 98 for 40... there was a yellow one here for that price it had rims but no supercharger. So I chose to pay more to get the mods... it is obviously bringing value to the car. I wanted a white NSX... the value the mods and price bring to me... it was enough for me to sacrifice color/mileage etc.... when there were plenty of red 98 nsxes I passed up.

I am familiar with the ITR market, and this is highly unusual. In that market, too, most of those who have had cars totalled have received roughly the fair market value for their ITR. What he needs to do is to present the insurance company with listings of comparable cars (ITRs - you can find listings on Autotrader, cars.com, and honda-tech.com), and ask them to do the same. They will raise their offer to fair market value, if they are reputable companies.

Actually it's very common. Check out hondatech. I know four ppl it has happened to. My brother knows even more.

The entire purpose of insurance is to protect yourself financially by minimizing risk... I'd be an idiot to borrow money... settle on whatever insurance/hope it covers me and end up at the mercy of an insurance company trying to "negotiate" after the fact what the worth of a special car is. I'd suspect that making payments on a totaled NSX that I can't drive would be really suck. I borrowed money from the bank and bought the car for what it would sell for on the market... maybe even less... the purpose of the insurance is to protect me financially should anything happen to the car.

SO... on that note... I finally got it all sorted out. So for all of you who have been telling me you are in the same boat.... and for those of you just tuning in....

First things First... Instead of sitting back and waiting until something happens to find out how much of a discrepancy there is in the worth of your NSX and then having to negotiate with your carrier only to meet in the middle... Run this experiment: find out what you owe/what your NSX is worth on the market/what it would cost you to get into another NSX of similiar caliber. Call you insurance carrier and ask their claims adjuster to pretend your car just got totaled... ask them what they would make the check out for. If you aren't shocked... let sleeping dogs lie. If your jaw hits the floor...as mine did time and time again... Call Chubb (thanks RON). In the state of Florida they seem to be one of the few carriers who will put an agreed value policy (thanks k on an NSX that isn't an antique. Actually their actual cash values were significantly higher than any other insurance carrier I spoke with. They told me I'd get a check for 50 and some change in case of total loss where as state farm and others were in the 35k range. From there they can bump the value up 35% without any sort of appraisal. If you're wanting more than that you need the appraisal. So I just had them bump me up to 55... so if anything happens I can cut the bank a check and make a sideways move.

A few thing's I'd say... most of what you hear from any particular carrier depends on who you are talking to... I got different answers from different agents working for the same provider in the same state on a regular basis... it seems they don't even know their own product. I was shocked at what agents thought and then when put on the spot they double checked and came back with I had no idea attitudes. So be aware of that. It seems the agents are even confused. What you hear some people getting away with won't match form state to state. I was told I could get agreed value policies from Farmers... I called three different agents here and they said no way. So what might be working in one state might not be working in another. I was really happy dealing with Chubb... They obviously insure things in such a manner on a daily basis... as they knew all the rules... had all teh answers etc. verses talking to say state farm who asked what an agreed value policy was... didn't understand... had no idea what an NSX was... etc. It was a breath of fresh air dealing with some one who knew what was going on. Makes me feel confident they respect the car.. know what it is worth... and are going to work with me to make sure it's properly covered... verses dealing with a company that has no idea what it is.. keeps calling it a nissan nsx... and follows book value as if it were the bible. In the later scenario you know you're in trouble should anything ever happen... Been there done that.. no thanks this time around.

Chubb prices were a few hundred dollars per year more... I think it's worth it. The coverage is amazing... Their attention to detail is really nice. Excellent customer service. OEM parts... I choose the shop (leared before the hard way that this is crucial). Rental car... They'll pay to redo locks/starter on your car if you lose the key at no cost to me. Towing coverage... really high values on everything... they offer protection for you above and beyond what most companies offer... so if someone thinks you have money b/c you're driving something that looks nice... and they decide to come after your portfolio... you're covered much better. They'll fix chipped windows etc. without me paying any deductible. I really check them out if you are shocked at what your insurance company calls actual cash value.

 

[nsxtasy]

The market determines worth of this car...

Yes, it does. And in all the cases of NSXs getting totalled that I'm familiar with, the insurance company reimbursed the market value or higher.

There's nothing wrong with getting an agreed value policy, if you like, and if you've done your homework and are comfortable with the insurance company's prices for such a policy and your expectations regarding claims service (which may include partial losses as well as total ones). See more on this below.

In this case I would and did pay 55 for it and the previous owner accepted that.

Maybe, maybe not. Just because you paid that for it, does not mean that you can make an arguable case with an insurance company that that's what it's worth. This is the problem with modded cars (and you're STILL falling into the same trap, whether you spent the money on mods yourself, or spent more money for a modded car than a stock car is worth - it's the same fallacy): you can't objectively prove that a modded car is worth $X,000 by pointing to five other cars for sale with similar mileage and condition, because you won't find other cars modded the same way. It's the same thing as buying a salvage title car, or any other car that is unique and not representative in a way that can be compared with a lot of similar cars. It's a risk you take by paying more for a modded car; you may or may not recover the added cost when you resell the car or when it is reimbursed in a total loss.

Actually it's very common. Check out hondatech.

WRONG. It's not common at all. I'm familiar with all the cases of totalled ITRs reported on honda-tech.com and in most cases, case after case after case, owners were paid a reasonable market value for their cars. Or more. And I'm sure I have a lot more friends in the ITR community than you do. In addition to participating extensively on their forums and in perhaps a dozen local meets, I will be attending my fourth ITR Expo this summer; how many ITR events have you attended?

Chubb prices were a few hundred dollars per year more... I think it's worth it.

I would be very hesitant to buy auto insurance from Chubb, and I'll tell you why. They don't sell a lot of auto insurance. (That's why you won't find them listed in the surveys of auto insurance customers published by JD Power, Consumer Reports, etc; not enough data.) The impact of that on you, as a customer, is this: If you have an accident in which your car is not totalled - which is far more common than total losses - you will be taking your car to a body shop (hopefully, one with a lot of NSX experience). Most body shops have longstanding relationships with adjusters from the major insurance companies, so it's easier for them to get approval for the repairs to be done the right way (including additional reimbursements if they get partway through the repair and find that it's going to be more expensive than first estimated). This happens all the time. But when a body shop has no previous contact with an insurance company, especially with a car whose repairs are very expensive, what's going to happen? You don't really know. It's another risk. So is the quality of their customer service. It's reassuring to know (from those surveys) that companies like Amica, USAA, and State Farm have a much greater chance of satisfying their customers than AIG, Farmers, Mercury, and Progressive. How good is Chubb at this? Again, you really don't know, so this is yet another risk.

If it's worth it to you to accept those risks in order to get an agreed value policy from Chubb, by all means go for it. But these are considerations to think about when choosing an auto insurer.