Insurance options...
Thread Starter
Heel & Toe
Joined: Oct 2018
Posts: 24
Likes: 0
From: Spokane WA
Insurance options...
So now that my vette is in its new home Im starting to look at insurance. The company I use for my other cars (USAA) doesnt insure "collectors" cars. However their partner for this purpose (Heacock) gave me a quote of $107/year. I told them right now the car isnt worth much (they went off of low retail) and when its done Ill be driving it maybe 2K miles a year, and that I intend to race it. Right now though I just want it covered in case something stupid happens to my shop.
Im just looking to see what others are paying and see what other options might be out there. Honestly I could use some guidance on this as I have quite frankly never owned something on the same level as a Corvette.
Im just looking to see what others are paying and see what other options might be out there. Honestly I could use some guidance on this as I have quite frankly never owned something on the same level as a Corvette.
Burning Brakes
Joined: Jul 2018
Posts: 875
Likes: 289
From: LaFayette Georgia
C3 of Year Finalist (performance mods) 2019
St. Jude Donor '19
National Corvette Museum Insurance
http://ncminsurance.com/
Adam or any of the staff will do a fine job for you, I have been well pleased.
Eddy
http://ncminsurance.com/
Adam or any of the staff will do a fine job for you, I have been well pleased.
Eddy
Melting Slicks
Joined: Nov 2002
Posts: 2,884
Likes: 260
From: Jamison Pa
St. Jude Donor '11-'25
National Corvette Museum Insurance
National Corvette Museum Insurance
http://ncminsurance.com/
Adam or any of the staff will do a fine job for you, I have been well pleased.
Eddy
http://ncminsurance.com/
Adam or any of the staff will do a fine job for you, I have been well pleased.
Eddy
Bob K.
Racer
Joined: Dec 2011
Posts: 323
Likes: 8
I too have USAA. On my first Corvette, which was a 1978 that I restored. They recommended their partner for insuring classic cars. American Collector Car Insurance. My Corvette was stolen out of my garage. 9 months later they paid me. And it would have been longer had I not hired an attorney after 6 months of them twiddling their thumbs. After this arduous fight, they had the idiocy to send me a renewal letter for the 1978 Corvette coverage. Tread carefully.
Intermediate
Joined: Nov 2018
Posts: 48
Likes: 5
From: Maryland
So now that my vette is in its new home Im starting to look at insurance. The company I use for my other cars (USAA) doesnt insure "collectors" cars. However their partner for this purpose (Heacock) gave me a quote of $107/year. I told them right now the car isnt worth much (they went off of low retail) and when its done Ill be driving it maybe 2K miles a year, and that I intend to race it. Right now though I just want it covered in case something stupid happens to my shop.
Im just looking to see what others are paying and see what other options might be out there. Honestly I could use some guidance on this as I have quite frankly never owned something on the same level as a Corvette.
Im just looking to see what others are paying and see what other options might be out there. Honestly I could use some guidance on this as I have quite frankly never owned something on the same level as a Corvette.
Race Director
Joined: Jul 2015
Posts: 13,082
Likes: 3,399
From: SW Florida.
Another option is American collectors insurance in Cherry Hill New Jersey. I found them because I used to fix their photo copiers. Never had a claim so I don't know how they pay. But it was about 350 a year for $10,000 stated value. needed to provide them pictures of the vehicle in the garage that it is going to be living in. I think that's the way most collectors insurance keeps the price down. Once it's locked in your garage, if it gets stolen they say see your homeowners insurance. At least I think that's what it is.
Racer
Joined: Dec 2011
Posts: 323
Likes: 8
Another option is American collectors insurance in Cherry Hill New Jersey. I found them because I used to fix their photo copiers. Never had a claim so I don't know how they pay. But it was about 350 a year for $10,000 stated value. needed to provide them pictures of the vehicle in the garage that it is going to be living in. I think that's the way most collectors insurance keeps the price down. Once it's locked in your garage, if it gets stolen they say see your homeowners insurance. At least I think that's what it is.
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Race Director
Joined: Sep 1999
Posts: 11,360
Likes: 382
From: Plano TX
Just something to be aware of.
Thread Starter
Heel & Toe
Joined: Oct 2018
Posts: 24
Likes: 0
From: Spokane WA
In case you're not aware: No insurance will cover racing. You will be covered going to and from the racing event, but will have no coverage at the event. The event will (or should at least) have liability coverage so if you wreck their insurance covers stuff you damage, with exception of you and your car.
Just something to be aware of.
Just something to be aware of.
Race Director
Joined: Oct 1999
Posts: 14,109
Likes: 127
From: www.ncminsurance.com Bowling Green KY Home of the Corvette!
CI 1-2-3-4-5-6-7-8-9-10-11-12 Vet
St. Jude Donor '07-'08
NCM Sinkhole Donor
Dilldog and others, give us a call! We would love to quote you. 877.678.7626 or visit us online at ncminsurance.com. Anyone on our team can help you out.
Thanks for the plugs!!
Adam Boca
ncminsurance.com
877.678.7626
Thanks for the plugs!!
Adam Boca
ncminsurance.com
877.678.7626
Team Owner
Joined: Jan 2006
Posts: 37,637
Likes: 3,116
From: Crossville TN
If the car is not operable, you still need insurance....but only on comprehensive to protect against damage, fire or theft. You do not need to be paying for collision and personal liability insurance while the car is sitting in a shop or in your garage getting work done on it. You can get a full-coverage, collector car policy written, but they need to have an option of putting collision and liability coverage "on hold" while you are working on it. Also, you should protect it for just its actual value (plus value of parts you have purchased for it) so your premiums won't be any higher than necessary. [Note: Premium costs are proportional to value assigned to a collector car.]
As you continue to work on the car, its value will increase and you need to increase the amount of coverage, accordingly.
As you continue to work on the car, its value will increase and you need to increase the amount of coverage, accordingly.
Pro
Joined: Jan 2004
Posts: 649
Likes: 56
From: TX
I too have USAA. On my first Corvette, which was a 1978 that I restored. They recommended their partner for insuring classic cars. American Collector Car Insurance. My Corvette was stolen out of my garage. 9 months later they paid me. And it would have been longer had I not hired an attorney after 6 months of them twiddling their thumbs. After this arduous fight, they had the idiocy to send me a renewal letter for the 1978 Corvette coverage. Tread carefully.
I'm curious - was the problem you had on your 78 claim due to USAA or American Collector or some combination of the two?
At any rate I would not recommend getting re-branded classic insurance through USAA. I have USAA on my regular drivers which I think they are OK for (though I don't use their homeowners or investment products either). I looked into their classic offerings decades ago and quickly realized they had absolutely no knowledge or clue about this type of insurance and moved on. I ended up w/ a company called 'Classic Collectors' (Infinity?) though never filed a claim. The agent and the company both seem knowledgeable and straightforward over the phone is all I can say. I'm sure any of the other suggestions in this thread or forum should be fine.
Good luck!
Is my vette stock?? HAHA
Joined: Oct 2015
Posts: 20,169
Likes: 9,296
From: Im not allowed to tell you
2020 C3 of the Year Finalist - Modified
2020 Corvette of the Year Finalist (performance mods)
2019 C3 of Year Winner (performance mods)
2016 C3 of Year Finalist
im with USAA and use their American collector affiliate, I just renewed with themn in Oct, with an agreed apon price of $30 k and 7000 miles a year mileage. I pay just under $300 for the year. I guess I can checl out Adam Boca and the corvette museum next year. I'll be sending them a quote request soon
Burning Brakes
Joined: Oct 2012
Posts: 882
Likes: 52
I have stated value with Hagerty on a 1971 LS 5 and it is about $268.00 per year. One thing, their customer service is fantastic, I had a small issue with a 1985 C4 a few years ago, and it was taken care of in 3 days.
I wouldn't use anyone one else. The peace of mind with them is well worth it.
I wouldn't use anyone one else. The peace of mind with them is well worth it.
Instructor
Joined: Nov 2017
Posts: 247
Likes: 43
From: Virginia Beach Virginia
I have Hagerty and I will remain with them. They have a great customer service, a great price, and a great presence. I do the Great Race every single year, and not only do they insure me for it, but they SPONSER it as well. Last year, we had a guy roll his mustang onto its soft top (insert mustang joke here), and they had options ready to pay him before we crossed the finish line. He was OK, and ultimately chose to keep the car to bring it back to life. After seeing that in action, meeting the guys that run Hagerty and seeing their passion for cars, and running races with them, I will happily stay with them.
Again, they were very fair price too.
Not the same type of racing you will be doing im sure, but they get it overall. Call and talk to them
Again, they were very fair price too.
Not the same type of racing you will be doing im sure, but they get it overall. Call and talk to them