Classic Insurance
09-19-2014, 04:11 PM
#1
Safety Car
Thread Starter
Classic Insurance
I just insured my new Vette under classic insurance. They accepted it. I used Grundy. I think it's a great deal for a weekend driver.
09-19-2014, 05:06 PM
#2
Team Owner
I have collector car insurance on my two old Corvettes and am very limited on how I can use the cars(thus the very low premiums). I can't see the reasoning of that kind of insurance on a new Corvette.
The premiums on my C6 Z06 is ~$52 monthly with zero limitations on how, when or where I can drive the car(other than zero coverage when on a race track).
The premiums on my C6 Z06 is ~$52 monthly with zero limitations on how, when or where I can drive the car(other than zero coverage when on a race track).
Last edited by JoesC5; 09-19-2014 at 05:10 PM.
09-19-2014, 05:08 PM
#3
Team Owner
Member Since: Mar 2012
Location: Anger Island
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St. Jude Donor '12-'13-'14-'15-'16-'17
I actually use my C7 as a car so collector car insurance wouldn't work for me.
09-19-2014, 05:09 PM
#4
Safety Car
you can PM me if you don't want to post it.
I have a quote of $1370 from the Corvette Museum underwriter.
09-19-2014, 05:16 PM
#5
Pro
My 2015 Z51 as a 3rd car cost me $748 per year with full replacement value with Allstate
Last edited by EasyElliott; 09-19-2014 at 05:32 PM. Reason: left out info
09-19-2014, 07:22 PM
#10
Pro
Member Since: Jun 2013
Location: Hackensack new jersey
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classic insurance
i bought my C7 to drive. actually added additional coverage for no insurance, under insured coverage. most get the minimum coverage. if i get hit by an under insured or no insurance driver my no fault will kick in but my threshold to sue the other driver is limited. with the additional coverage if i'm seriously injured i'm covered up to 500,000. same for my motorcycle coverage. this is not a classic/collector car. i'm not trying to save on my insurance.
09-19-2014, 07:39 PM
#11
Burning Brakes
Shop around. I found the quote from the NCM to be much much higher than others. I guess you could consider it a donation to the museum...
09-19-2014, 07:42 PM
#12
Team Owner
i bought my C7 to drive. actually added additional coverage for no insurance, under insured coverage. most get the minimum coverage. if i get hit by an under insured or no insurance driver my no fault will kick in but my threshold to sue the other driver is limited. with the additional coverage if i'm seriously injured i'm covered up to 500,000. same for my motorcycle coverage. this is not a classic/collector car. i'm not trying to save on my insurance.
My Z06 has the identical coverage as my Mercedes sedan. My 56 and 64 Corvettes have collector car insurance and I'm okay with the restrictions placed upon their use.
09-19-2014, 07:47 PM
#13
Pro
I did not spend over $70k to try and save a few bucks on insurance.
Like any investment you need to protect it properly and not worry that some claim might be denied.
Like any investment you need to protect it properly and not worry that some claim might be denied.
09-19-2014, 08:28 PM
#14
Melting Slicks
If you are driving a car more than 5,000 miles a year, it isn't a collector car!
Collector car insurance is much cheaper because they expect the car will be garaged 100% of the time when not in use, will be used only in good weather and not very often - it also needs to be an extra car.
I have been using it on my Corvette's for many years - it is 40% cheaper than Geico would be for the same coverage.
On my C6, over 7 years I averaged 1,800 miles per year, with my biggest year being about 2,700 miles and my lowest use year at about 800 miles; on my C7 this year I will probably end up with 1,900 miles - well within the 3,000 mi. use limit.
Collector car insurance is much cheaper because they expect the car will be garaged 100% of the time when not in use, will be used only in good weather and not very often - it also needs to be an extra car.
I have been using it on my Corvette's for many years - it is 40% cheaper than Geico would be for the same coverage.
On my C6, over 7 years I averaged 1,800 miles per year, with my biggest year being about 2,700 miles and my lowest use year at about 800 miles; on my C7 this year I will probably end up with 1,900 miles - well within the 3,000 mi. use limit.
09-19-2014, 09:12 PM
#15
Team Owner
Member Since: Mar 2012
Location: Anger Island
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St. Jude Donor '12-'13-'14-'15-'16-'17
I'm always amazed by how little some people drive their Vettes. To each their own.
09-20-2014, 06:24 AM
#16
Safety Car
Thread Starter
Every collector company is different, with different limitations. Grundy seems to be very flexible. With the agreed value, If a total happens, your paid more than geico or allstate.
09-20-2014, 08:02 AM
#17
Pro
09-20-2014, 09:56 AM
#18
Burning Brakes
One of the benefits of being 50+ is your insurance rates go way down. I pay State Farm $250 for 6 months of coverage on my C6 and the only caveat is I keep the mileage under 7500 miles a year. I don't expect my C7 to be that much more.
09-20-2014, 10:11 AM
#19
Instructor
I am 35 years old and my '15 Z51 is our third car. I was just quoted $635 from Allied(Nationwide) and I have underinsured, uninsured, full tort (PA), no deductible glass breakage, $500,000 limit, $500 deductible comp. I also took out a $1 million dollar umbrella policy for $164 per year which covers auto and home. The reason you have insurance is so that they dont take your assets in the event that something bad happens. I want to save money but I dont want to be insufficiently covered.