Kelly Blue Book

[Bowski]

Not that I would expect anything to come of this but I just sent this to KBB for grins.


I currently own a 2000 Honda Insight with 23k miles on it. It has been stored winters. It is in showroom condition. It has a brand new battery. KBB has it valued at around $8300.
I'm almost afraid to drive it. This is becoming a common sentiment among enthusiasts due to the low value that insurance companies put on these cars.
I have seen these cars sell for 11,000 with over 100,000mi.
There are less than 16000 of these cars in existence and to have one in great condition is becoming rare.
Insurance companies will attempt to lowball the value of any car if it is totaled. Having these cars undervalued on KBB does not help in that area. I am not sure what criteria are employed in determining value here, but I would hope that rarity and real life private party sales data would be taken into account.

[CaptDan]

Insurance companies will attempt to lowball the value of any car if it is totaled. Having these cars undervalued on KBB does not help in that area. I am not sure what criteria are employed in determining value here, but I would hope that rarity and real life private party sales data would be taken into account.

I just purchased my 2002 MT, 106K miles, in great condition for $6500. Couldn't be happier with it. However, after spending a few months researching the market and talking to my insurance company, the news at the moment isn't good. Unless negotiated into submission, the most an underwriter would pay for a totalled Insight Gen-1 is approximately low wholesale value - per current NADA data. That amounts to about $4800.

Not what you want to hear, and most certainly not what a Gen1 Insight in great condition is worth. Maybe one day, these cars will be considered collectible and their dollar value far greater than today. But right now, insurors aren't impressed; to them it's just another Honda econo car.

Capt Dan

[Eli]

Originally Posted by CaptDan

Insurance companies will attempt to lowball the value of any car if it is totaled. Having these cars undervalued on KBB does not help in that area. I am not sure what criteria are employed in determining value here, but I would hope that rarity and real life private party sales data would be taken into account.

I just purchased my 2002 MT, 106K miles, in great condition for $6500. Couldn't be happier with it. However, after spending a few months researching the market and talking to my insurance company, the news at the moment isn't good. Unless negotiated into submission, the most an underwriter would pay for a totalled Insight Gen-1 is approximately low wholesale value - per current NADA data. That amounts to about $4800.

Not what you want to hear, and most certainly not what a Gen1 Insight in great condition is worth. Maybe one day, these cars will be considered collectible and their dollar value far greater than today. But right now, insurors aren't impressed; to them it's just another Honda econo car.

Capt Dan

Man.. this pisses me off. I have full coverage on two out of my three cars, and feel like I'm just pissing money away for a worthless safety net.

If one of my cars get totalled, I'm getting a lawyer. Even if it ends up costing me more in the long run, it's the principle of the matter. I deserve to be made whole again if I lose one of my cars, and realistically I wouldn't be able to do that for the amount of money they would give me. That's unacceptable.

[Leeper]

So that begs the question of "why would you have comprehensive coverage" then? You are playing into the insurance companies by doing so. I have liability and "uninsured" only on mine... I'll take the risk that If I'm involved in an accident that is not my fault I'll go after them... if it is my fault then I eat it and will by used parts and conduct the repairs myself but at least I am not throwing that money away knowing that the insurance company will pay maybe half of what the real value is...

[Bowski]

Originally Posted by Eli

Man.. this pisses me off. I have full coverage on two out of my three cars, and feel like I'm just pissing money away for a worthless safety net.

If one of my cars get totalled, I'm getting a lawyer. Even if it ends up costing me more in the long run, it's the principle of the matter. I deserve to be made whole again if I lose one of my cars, and realistically I wouldn't be able to do that for the amount of money they would give me. That's unacceptable.

It truly amazes me. This car is one of the most technologically advanced vehicles on the road. They will easily run for .5 million miles if properly maintained. Econobox it is not. An incredible piece of engineering it is. I’m with ELI. I’d lawyer up.

[insightbuyer]

Didn't someone mention on a previous post there are insurance companies where you can set a pre-determined price for the car. If you think your car is worth more, maybe try and set a pre-determined price.

[Eli]

Originally Posted by insightbuyer

Didn't someone mention on a previous post there are insurance companies where you can set a pre-determined price for the car. If you think your car is worth more, maybe try and set a pre-determined price.

Yeah, but they stipulated that they're not really interested in cars under 15 years old or something like that.

[gsfent]

Originally Posted by insightbuyer

Didn't someone mention on a previous post there are insurance companies where you can set a pre-determined price for the car. If you think your car is worth more, maybe try and set a pre-determined price.

Check Hagerty and Grundy.
Regards,
Jerry

[porshuh]

Originally Posted by Leeper

So that begs the question of "why would you have comprehensive coverage" then?

Comprehensive covers anything that happens to the car when you aren't driving it - so if a tree falls on it when it's parked, or someone vandalizes it - comprehensive takes care of it...I would sure want to have comprehensive insurance in situations like those. It is also dirt cheap (relatively speaking).

Perhaps you are thinking of collision insurance?