Insurance Question

[MINTY FRESH]

Hello All,

I have a question. When I insured CTR666 in 2017 I tried to insure it for what it is, but because my insurance company had no information on the replacement value of a EK9, let alone a Race Base, they insured it as a plain jane 2000 Civic CX! In part this is good because the insurance is cheap, but if anything happens!!! I was thinking of finding sale prices for comparable cars and taking them to my insurance company, but as I found out there are very few, if any, of these cars in Canada/North America. I could go to Hagerty or similar company that specializes in this area, but then again the same problem might occur. They might have no comparables either. I would like to insure it for what I think it is worth (EK9 x 1.5, I come up with this figure based on seeing the price difference between EK9s and Race Bases on the Japanese Action sites), but I am not sure if they would go for it. So, how would you proceed?

MINTY

[DC2Iggy]

Local guy had his ek9 appraised by the insurance company before he insured it. He was able to use a few online prices of cars being sold in japan to the US market. Appraiser valued it at $30k CAD.

[MINTY FRESH]

Great info. My research came to the same amount for a EK9 but nothing for the EK9 Race Base.

[coolhandluke]

My recommendation is to go towards a stated value policy. This could be through your existing carrier (if offered) or switch to a specialty, that are familiar with these plans. Amica, Grundy, and Hagerty, are three examples. Note, despite Grundy already insuring many in the Type R community, I have not been successful in them "recognizing" the DC2 Type R as a "collector." I fear Grundy's lack of education towards domestic cars might be worse in your case.

I will ping two in the Type R community to chime in.

[coolhandluke]

Here are other threads to help prepare:

1.) Hagerty's Thoughts on ITR
2.) Specialty Insurance Question
3.) Track Insurance Question

[Dave7CDMTYPER]

OP, you're in Canada right? Would be good to know this for those reading this in the future.

[Dave7CDMTYPER]

My recommendation is to go towards a stated value policy. This could be through your existing carrier (if offered) or switch to a specialty, that are familiar with these plans. Amica, Grundy, and Hagerty, are three examples. Note, despite Grundy already insuring many in the Type R community, I have not been successful in them "recognizing" the DC2 Type R as a "collector." I fear Grundy's lack of education towards domestic cars might be worse in your case.

I will ping two in the Type R community to chime in.

That's interesting Hagerty won't insure your ITR. Want me to ask my agent there about getting you on board?

[coolhandluke]

That's interesting Hagerty won't insure your ITR. Want me to ask my agent there about getting you on board?

Grundy is who denied my application, stating the DC2 Type R was not a "collector." Hagerty was twice the cost and required more hoops. I'm leaning towards Amica at this point but life has distracted me.

[LoooseR]

Hi there, 15 years in the insurance game. Currently an appraiser for a large company.

You want an agreed policy, not stated. Stated is merely you state the value, insurance will pay up to that amount, subject to valuation. Agreed is where your vehicle has more documentation to support your value.

I totaled an R32 GTS-T a couple months back and the insurance company should pull vehicles that are comparable. However, your notion that “they insure it as a CX which is cheap so I like it”. Doesn’t bode well for if your vehicle is totaled. Think about it, you’re paying premiums based on a vehicle of which yours is not the same car nor does it have the same value. You can’t be upset then if your insurance only wants to pay you value based on what you had insured with them.

Get the vehicle appraised, and insure it properly, that simple.

[mugen power]

sound advice, loooseR