Green64

Does anyone have advice for classic car insurance? I have a 64 and have had "regular" insurance all the time, but I have heard that I can get insurance that will pay for my car to be rebuilt to what it was before a major accident and not just totaled and they write me a check and I lose the car. Any thoughts?

SDVette

My classic policy (through AAA) has an "agreed upon value" for the car.
It's not going to pay out any more than that under any circumstance.

I'm sure others will have additional information.

Mike Terry

Call Adam Boca at the Corvette Museum, he will take care of you and for a great price. (270) 781-7973

Adam Boca

Thanks Mike!

Check us out at the National Corvette Museum Insurance Agency, ncminsurance.com or our best phone # is 877.678.7626.

We offer Agreed Value protection for any year collector car, flexible mileage plans and deductibles from $0 and up.

Adam Boca

T VETTE

Been in the claims business for over 30 years. Regular insurance as you call it is insurance up to the ACV, actual cash value. Which most of the time is enough. But the number is unknown until that sad day it is a total and the market survey is done.
Stated value is a number that you insure it for and the insurance company agrees is what it is likely worth ahead of time if a total loss occurs. You pay a calculated premium on that amount.

Repair cost limit to a veh is a little fuzzy, some companies go up to 70% of the value some more depending on the possible hidden or unknown costs that may be there. Most well known companies will always strive to repair your car to what it was before so that part of your question is not likely an issue, as long as I stated before cost does not get very close to the value.

I would insure the veh as a classic or what ever name a company wants to call it because the company knows you take good care of it, don't let your 18 year old drive it, keep it in the garage, and most of all drive it very seldom. Some may ask for it to be appraised and a photo taken but You will pay likely less that you do now for coverage!

chrismoore701

Go with a classic. I have Hagerty for my old truck have not had to use them but very responsive. Tried to get grundy and they were not responsive at all. Dad has State Farm for his 63 and they were a joke to deal with. Asked me to take it to a cut rate place to have it fixed after my accident. I actually got on their computer to make the estimate. Was a complete joke.

OHSIXX

Hagerty is the leader in classic car insurance. I have used them for years. Only had one claim and they paid fast.

R66

I ran regular insurance (liability only as the company would not provide full coverage on old cars) on the 68RS and two other classics for more than 25 years because I used them as daily drivers (including driving them to work in the summer) and just considered them old cars.
When we got R66, I changed insurance companies after 40+ years and found the agent for the new company was not totally honest with his representation of the Collector Car Insurance after reading the policy closely. He assured me they would live up to his verbal statements.
Don't think I look that stupid.

Most importantly, read the policy. If you can get a copy before you pay the bill, do it first. If not, don't be afraid to cancel the policy and walk down the street (or keyboard) to the next guy until you find an honest one. Be sure you can live with the limitations on driving and storing the car.

I went shopping and compared 5 companies (took over two weeks). You can find the post by searching for R66 posts and other posts as well as those in the FAQ section. I selected NCM Insurance due to the terms of the policy, coverage, and price. The full coverage no deductible Agreed Value cost was lower than liability only cost from the old insurance company. Of course, I am now retired and no longer drive them to work.

I have never had a claim with NCM, but many have and most seem to have been treated well.

You have to do your own homework on the coverage you want and if applicable the milage limitations. I upped the milage limit with NCM and was pleasantly surprised with the very small increase in the premium.

Robert61

Adam a few questions. You say any collector car, does that mean other than corvettes? Age restrictions? I let my granddaughter drive my C4 occasionally. I have "regular" insurance on it because of that and the company I use has a 15k minimum value.

T VETTE

I will assume your granddaughter does not live with you so on the rare occasion she drives it likely there is no issue. But for the sake of your wallet don't ever tell them up front about her little thrill once in a while. If she lives with you then that is a concern for them and will be asked. In most states if your let someone drive your car even if classic they should be covered. The problem is when you allow someone to drive it often then they insure someone unknown to them, it makes them very upset if a claim happens.

USMC 0802

I have Hagerty and they're great; insured the car for what I asked, no problem. I pray I never have to use it, but know folks that have made claims and Hagerty delivered.

No mileage restrictions either, as I daily drive mine in the "winter" here in FL.

Good luck!

Redbird

Always tell the truth in how you will be using the car, and all drivers in the household. That is how true insurance rates are set for the many. Each company sets their rates based upon their own claim statistics and some predictive future claim models. The bigger companies have stats for everything. I am a retired agent and feel the NCM is the best for me!

keeso6z

I have Grundy collector car insurance on my Corvette. It's very reasonable.

vmaxpwc

I found out the other day my classic corvette car insurance does not cover me if I take my 64 corvette to the country club to play golf. Seems golf club parking lots are off limits. Check your policy as this was a surprize to me.....

Vmax

RatDog

Same thing for me. I wanted to drive my car to the gym but was told it wouldn't be covered. Disappointed but I understand. Perfect target for theft, especially since I go there the same time every day and stay for an hour. Thieves like patterns like that.

If in doubt where you take your car or how you use it, ask your agent.

Steve

boxster99t

boxster99t

Point of correction: Stated value and agreed value are not synonymous terms, so be careful to understand what kind of insurance it is. Stated value policies (the one's I've seen and read) cover actual cash value of the car not to exceed the stated value of the policy. Agreed value pays the insured on a total loss or theft, the agreed value minus the deductible.

I went through this when I bought my 67 in 2010--went with Haggerty initially and my State Farm agent says we can insure your 67--I said I want an agreed value policy. They said sure. Two weeks later, I receive the policy and it's a stated value policy which is as I described it--State Farm pays ACV not to exceed the stated value on the policy. Then had to switch to a true agreed value policy, this time with NCM/Adam Boca, and the insurer is American Modern.