Hello.

I'm in a bit of a predicament with my insurance situation. Currently, it is insured by NJ Manufactures, but it doesn't have any collision/damage coverage only liability. I really would like some sort of damage coverage in case something happens.

Here's the problem. The car is mechanically brand new. Every piece is new. The problem is the cosmetics let the car down, the paint and interior is beyond shot. So this would make an appraiser think the car isn't worth anything, despite it being a brand new 1974 Corvette underneath.

The other problem is the factors. I'm 19. The car is registered under my Dad's name. I have never been pulled over, clean driving record. One accident, not my fault. I also do no have a garage. It's not a "Daily Driver" but it is in no fashion a garage queen. I drive it whenever I please, trying to avoid rain, but I've been in rain before. I also drive it whenever to wherever I want. The car is registered with normal plates no QQ, so I'm not bound by those restrictions.

I wouldn't mind a mileage restriction, but cannot have driving restrictions such as "you were driving in the rain and someone hit you, no coverage for you!"

So basically:

No garage
19 (but can be registered under my dads name with me on the plan)
Not cosmetically perfect (yet) but mechanically new
Mileage restriction ok
Certain driving restrictions ok (I wont drive it in the rain, but I may get stuck in the rain for example)
I have various other DD vehicles available. Normally I use a 2009 Impala

Right now the insurance is some where around $1000 a year, so I don't mind paying if my Vette is properly insured. Are there any options for me?

Thanks,
Will

 

Have your dad talk to his insurance agent about adding full coverage to the car.

 

I have my car insured with State Farm, with my other cars and house. I have an insured value set on the car, and pay premiums for that amount. They even send out emails asking to insure the car for more(of course the premium will go). The cost is very low compared to my other cars. I do have MO. license on the car from 76, making it a low annual mileage, (due to historic tags rules)but not because of the insurance coverage.

 

the main cost of insurance is personal liability and property damage.. get collision and comprehensive, it won't be a great incremental. your problem will be to insure your car for the value you think it is worth and what the insurance company think it is worth.. unless you get a rider for the agreed value, then given a loss, they will pay you what they think it is worth according to their tables ( it won't be much). you have to find the company that will provide that..
several companys do, but not for a 19 year old to drive it, and not for a car that is not garaged..

it has to be garaged and you have to be 25 and show proof of it's value if you want some sort of classic car company like hagerty and NCM.

never heard about a rain restriction?

 

Hahaha the rain restriction might have been a stretch but I wouldnt be surprised TBH.

The whole garage and age situation isnt optimal. Maybe someday my Dad and I will build one. Until then, would any of the insurers accept one of those encolsures that you can just set up?

Is the State Farm stated above a agreed value, or something more than the NADA value (isnt that what they use?)

I do know that my Dad said collision could be added if the car were appraised. My worry was that because the car isnt cosmetically good looking, it wouldnt be worth anything, whereas the actual invested value is huge. Could I show them all of the reciepts I have for the car to show its "value"? The body is strait but the paint is done and the interioris complete minus carpets and panels I havent put back in yet. I dont know how harsh they would be...


Will

 

You should probably look for something like Grundy or Haggerty for an agreed value policy. The lack of a garage is going to be a problem. If your dad is listed as the owner that helps but getting yourself listed as a driver is also going to be a problem given your age.

It sucks to be young with a high risk car but the insurance companies have lots of data to back up their concerns so the rates are going to reflect that.



Rick B.

 

I hear you on the age thing....what a pain! Although if I was an insurance company and I knew what some people my age do, I wouldnt insure them either

I'm thinking that for now, I'll see what I can do with my current insurer. Once I become of age, and possibly move/get a garage, I'll look into a proper insurance policy.

I'm really looking for something to protect the car from small things in the mean time, not a total loss. I'm ok with no agreed value, as long as it is protected from other things, like an animal hit or an idiot who backs into me. Ive had someone use my front bumper on my Impala as a parking lot "bump stop" GRRRR

I'll talk to my dad tomorrow.

Will

 

I do not know what the policy options are in your State but from what you've said I do not think you qualify for any classic car insurance carrier.

I would stay away from "stated value" policy.

Pretty much, you're not going to find what you want.

I

 

The 3 different classic car insurance companied I have delt with are Hagerty, Grundy and NCM, I belive you might qualify for a policy with NCM

I remember in the online quote it asked if it was parked in a garage and I changed it to see what it did to my quote.
On the first 2 I mentioned its a must to be parked in a garage. Also your age would likley be a issue.

Here is a insurance thread that you can find a link to the online quote. I cut the price quated by 200.00 after talking to a agent so just use it to see if you qualify.

http://forums.corvetteforum.com/c3-g...insurence.html