Is Collector Car Insurance Really a Good Deal for Your Corvette?
Collector car insurance can save you a bundle. But as our members found out, you better read the fine print!
For those of us that own special cars we don’t drive on a daily basis, collector car insurance is an enticing product. Mainly because, well, it’s typically considerably cheaper than regular insurance. And since we generally drive cars like Corvettes less than our daily, why would we want to pay DD rates? But as Corvette Forum member GS982 recently found out, there are some caveats worth thinking about if you’re considering collector car insurance for your ride.
“I currently have Grundy Collector Car insurance on my ’13 427 Vert because it is only a weekend driver and it costs less than half of what my DD insurance was going to charge me. The wife and I are planning a couple of weekend trips in the fall around 500 miles and 150 miles round trip, respectively. I called Grundy to make sure this would be acceptable under their coverage. I was told I would have to tow the vehicle there and arrange to keep it in a garage while staying out of town. This is neither practical nor enjoyable.”
Sounds like a massive bummer to us. While most people probably rarely drive their collector cars on road trips, a good portion of folks do. The OP is clearly distraught by this revelation, but he does get some clarification after speaking with someone directly.
“I was once again told that if I were using the vehicle for vacation purposes, I would need coverage that falls in line with a DD. But if I were traveling for a car show or event, it would be covered including the overnight stay in the hotel parking lot, etc.”
Which sounds a little more reasonable. And as it turns out, there are some ways around these restrictions.
“I was told I was covered for pleasure driving. If that entailed stopping by a store on the way home, I would be covered. So if you have Grundy or similar and plan on taking a vacation in your Corvette, find a car show at your destination and state that as your main purpose for your trip. If you want to run an errand in your car, you must state you were out pleasure driving and had to make a stop. Or you could just skip the BS and get an insurance that doesn’t have all the usage restrictions.”
Of course, as the OP discovered, that could cause a problem, too.
“My DD insurance does not offer any sort of discount for low usage. Other than a data tracker you plug into the car. And that tracks acceleration and hard braking. It might actually make my premiums go up as I only drive my cars for fun and often spiritedly.”
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Other members have had the same sort of experiences with collector car insurance. And rossi190 offers up a cautionary tale.
“Just went through the same thing when I bought my Vette. Always had Grundy for my ’67 Camaro. But got the Vette to drive so I paid the extra and went with my DD insurance company. I drive everywhere without thinking about it. Grundy can be strict on other things too. I have heard if you stop at a store to pick some things up and get hit, then you are not covered with Grundy since you are using it as a regular car.”
Some, including ptroxx, offer alternative suggestions that might help circumvent all of those issues.
“Call NCM Insurance. $500 or so a year with agreed value and use is for pleasure and Corvette/car events. Can’t take it to work or the store. But if the store is a stop along the way to a show or event, it’s covered per my understanding. Hagerty is another to check out. Had that on my C3. But they also do newer cars. You just have to have a newer DD for a 1st car.”
One thing’s for certain. If you’re considering collector car insurance, it literally pays to read your policy. But it’ll also pay off to check out this entire thread, which is chock full of great advice from our members!