I'm really in a bad situation here. I need the forum's help!

I have a 1974 Corvette and have had it for 5 years. In all of those years up until 2013, it has been insured by New Jersey Manufacturers insurance through my parents, with just liability coverage. That was ridiculously expensive, so we took it off. Plus it wasn't actually "covering" the car.

Wanting to drive the car again, I contacted Hagerty. The policy would have been through my dad, it was in his name. They denied coverage because of the possibility that I might drive my car by myself (they were speechless when my dad told them "Yes he can drive it by himself if he wants to")

Condon Skelly basically says you can't use the car unless it is to an event. Don't see the point of even having a classic car if that is the only way you can use it.


Are there ANY insurance companies that would insure my Corvette? I'm 20 years old, but the policy would be under my dads name. I would be driving the car of course! I don't drive it that often, since 2009 when I got it, it has had maybe 2000 miles put onto it, because of the various states of restoration it has been in. My dad drives it, my mom drives it, I drive it.

Let me know.

Will

 

I use MetLife and the auto insurance they offer for our vehicles. Seems like it runs about $125-ish a year to add liability and comprehensive for my '80 Corvette. Collision and uninsured motorist coverage would run it 'way up. So I drive carefully. Drivers under 25 pay a premium, if I remember correctly when I still insured my kids.

 

My 21 year old son is specifically called out as not allowed to drive on my NCM policy.

Your age is going to limit any classic car policy, so you may need to look into normal stated value policies.

 

We have State Farm, full coverage, (towing & rental car) low mileage policy (under 5,000 miles a year I think) and it's under $40.00 a month. We're a little older than you (just a smidge) with discounts for no accidents or tickets, multi policy etc...

I do remember rates being a little higher when my husband's son was on our policy years ago. Are you still in school? I know high school age kids get a pretty good discount for being on honor roll....not sure if that includes college age too.

 

ahhh the wonderful problems of being in your 20's.....(to be young again....bliss)

god i wish i could trade places with you...hahahaha

i'd take the high insurance rates any day to be 20 again...hahahaha

be well

 

Thanks for all of the quick responses!

We currently use NJM for our normal cars. The Corvette was $2000 per year, which is ridiculous considering it didn't have collision or comprehensive coverage. I am in College currently, and on that policy get discounts for good grades and driver training.

Even if it was only another 40 dollars on top of the 2000, that is still ridiculous.

 

Like I said with our current policy it was $2000 per year to add the Corvette!!! Definitely not going to pay that for no "real" coverage. You are right about the under 25 premium. It is not helping the situation!

Yep, read that on their site.

This is something to look into. I have no problem with a mileage limit, I don't drive the car that often/far distances. I am in school, I'll have to contact State Farm. Is it insured under your name? Like Should I have my dad make the policy and then just add me as a driver?


I'll trade for a day so I can drive my Corvette again!

 

It's just me and my husband so our insurance is in both of our names. I would call a local SF office and talk with someone to see what they say, since you're in a different state than us you might have different insurance rules. I know it's frustrating but good luck

 

 

Full coverage through Allstate for me is only $58 month.

 

Try Safeco Insurance. Only one how would cover my 67 camaro as a classic when I was in my early 20's. Good luck

 

You could also try West Bend Mutual. They will cover mine for normal mileage and stated value, but not until it's back on the road. Don't know if they do business in NJ or not.

 

Let me see. When I turned 18 my parents told me "you're now and adult, time to find your own way".

I got a job and an apartment. Paid my way at night college. When I wasn't taking classes, I worked two jobs. Oh yea, I bought my own insurance.

Man times have changed.

 

Not bitter

 

Do you have ANY tickets or accidents on your record in the last 5 years?

 

Collector car insurance is not what you need . Their main idea is to insure you against theft, fire, etc. Valued at the agreed set price . Most are pretty restrictive on amount of miles driven.....it's for show cars or garage queens.

There has been premiums on young adults for a long time, in the 70's my parents had my car under their policy at about 500.00 By the late 60 's the insurance companies they were going to have their way . Prices were always tuff on young adults with certain car s and engine options.

Cheer up....I remember a huge drop off in rates once you turn 25 .

 

This is some sage advice.

I had unlimited time it seemed to restore cars, plenty of money and no worries .


You have a limited time left without the worry you parents have .....they ll be on you sooner than you think.

 

Its very unlikely you will find a classic car policy that will insure a 20 year old cheap. Its not the intent of classic car policies. If you are driving it the vehicle will have to be insured as a daily driver.

Your parents will have to add you as an occasional driver on one of there vehicles. It doesn't have to be the corvette. The way it usually works is if your family owns less vehicles then there are drivers in the household you can be added as an occasional driver on one of the vehicles. It doesn't have to be the corvette. This will allow you to drive any of the vehicles.

On the other hand if there are for example three drivers in your household and there are three vehicles you will have to be the principal driver on one of the three vehicles. Usually its on the highest value vehicle. It could work different with the corvette though.

Up here and I think its the same in the US insurers charge for a licensed driver in the household regardless of whether they drive. Or they may make the under age driver sign an excluded driver form. I have friends who have called their insurance company inquiring about the cost of insurance for the kid who just got there licence and the next thing they know is the insurance company is charging them for the newly licensed 16 year old. Insurers charge for the number of licensed drivers in the house hold not for the number of declared drivers. Once you call to check with your parents insurance company you may open up a can of worms depending on what they already know about you.

To get classic car coverage I believe you have to prove you have a second vehicle that is the daily driver at least that's how it is in my case.

 

Not sure how the law works in your state but as long as you are family, you are covered when you drive the car. Period. If you are listed as a driver, then the policy will be much more expensive till you turn 25. Having said this, ask your insurance company about any discounts they may have. Multi vehicle, good student, defensive driving course, good driving record. There are a lot.

 

A quality insurance agent can answer all your questions and get you the best possible rate. That is what an agent is for. That is his job. Only thing to remember is all agents were not created equal, some are great and some are bad. Finding a good agent will save you money, time and headaches.