IMPORTANT QUESTION -PLEASE READ AND HELP
Thread Starter
Melting Slicks
Joined: May 2000
Posts: 3,280
Likes: 0
From: Virginia Beach Virginia
IMPORTANT QUESTION -PLEASE READ AND HELP
I realized a week ago that my Corvette was insured to have a value of $3750!! My interior cost more than that! I would like to find an insurance provider that will insure my car to an assumed value of $10,000 as a daily driver.
How do you daily drivers insure your Corvette?
Thank you for your help!
How do you daily drivers insure your Corvette?
Thank you for your help!
Safety Car
Joined: Aug 2000
Posts: 3,711
Likes: 43
From: San Antonio TX
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (VolVette)
Tell your agent that you need an "Agreed value" policy that promises to pay that amount in the event of a total loss. It will usually be based upon the opinion of a professional appraisal.
Melting Slicks
Joined: Nov 2000
Posts: 3,336
Likes: 4
From: Springfield MA
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (gerry72)
That's what happened to me when I totalled my 76. I had a full coverage plan and even an appraisal for 17,000 (a little buffed up by a local CF member :D) But they initially offered me blue book ($7000) I fought and send in receipts over 10,000 and they finally gave me $13,000. I took it and ran.
I now have a 73 that I got for 12,000 and had it appraised above to 15,000, got a new insurance company (Amica) and an agreed value policy at 15,000. I can also send in any receipts and they add that to the value automatically. Any big ticket items (engine, paint, tranny) and I need a new appraisal within 60 days of the work.
The sad part is that I am only paying about $300 a year more (for Massachusetts that isn't much at all) Also it is for full coverage, unlimited miles, no restrictions 100/300 liability.
Amica has a website and were very infomative when I went there.
Good luck. The added cost is a very small price to pay for security. I learned the hard way.
I now have a 73 that I got for 12,000 and had it appraised above to 15,000, got a new insurance company (Amica) and an agreed value policy at 15,000. I can also send in any receipts and they add that to the value automatically. Any big ticket items (engine, paint, tranny) and I need a new appraisal within 60 days of the work.
The sad part is that I am only paying about $300 a year more (for Massachusetts that isn't much at all) Also it is for full coverage, unlimited miles, no restrictions 100/300 liability.
Amica has a website and were very infomative when I went there.
Good luck. The added cost is a very small price to pay for security. I learned the hard way.
Le Mans Master
Joined: Oct 2001
Posts: 5,943
Likes: 3
From: Wildwood IL
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (VolVette)
I have Farmers Ins. and had to get an appraisal to insure it for full value. I have it insured as a classic, which allows me 2500 miles a year. (not really daily driver numbers, but that's about all I'll drive) They pro rate the policy to balance driving season and winter when it goes into storage.
Racer
Joined: Sep 2001
Posts: 352
Likes: 0
From: Alvarado TX
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (Silvr77)
Thats wierd because everything I own is insured through Farmers and they would not insure my Corvette as Classic. I did insure it through them for a while an ageed value but was fairly expensive. Now I get it through American Classis, Around $180.00 per year with restricted milage and agreed value!
Le Mans Master
Joined: Oct 2001
Posts: 5,943
Likes: 3
From: Wildwood IL
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (woodenichols)
Thats wierd because everything I own is insured through Farmers and they would not insure my Corvette as Classic.
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Instructor
Joined: Nov 2000
Posts: 220
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From: Overlandpark Kansas
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (fauxrs)
From what I found with Farmers is that even though you have add agreed value that they use that $ amount to base your payment on not what they will pay out be very careful. If they did not have you get it appraisal then I don't think you have the coverage that you think. I use ANPAC( American National property and casualt Co. They will pay my appraisal of $28000.00
no ? asked.
no ? asked.
Racer
Joined: Sep 2001
Posts: 352
Likes: 0
From: Alvarado TX
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (je68)
Yes Silvr77, I would like to know why. I did have to have an appraisal and I told them )Farmers Insurance) I thought it was a little high, They didn't even question it. Like I said though it was high $$$!
Drifting
Joined: Oct 2001
Posts: 1,699
Likes: 1
From: Westampton NJ
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (VolVette)
USAA...wonderful people. I'm 22 and have a Corvette insured for replacement cost (approx $18k)...for $450 every 6 months.
I have no reason to complain, as it is full coverage. :smash:
I have no reason to complain, as it is full coverage. :smash:
Burning Brakes
Joined: Sep 2001
Posts: 1,166
Likes: 0
From: Tulsa Ok
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (fauxrs)
No matter what insurance company you use, the most important factor is your agent. If he is willing to do a little work for his commission, he can find a suitable policy. Don't accept that your options are limited, when you indicate you are willing to move your entire package of policies to another carrier, it generally improves your options with your current carrier. We saved ~$400 a year on the house and three cars by switching, but the counter offer was substantially better then what we were paying at that time. We told that agent to get stuffed not because we got a better deal elsewhere, but because we should have been offered a better deal in the first place if it was available.
Racer
Joined: Jan 2000
Posts: 491
Likes: 0
From: florida
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (VolVette)
Allstate has given me an agreed replacement value. They did request that the car be appraised and an agent did come out and photographed the car. lou
Thread Starter
Melting Slicks
Joined: May 2000
Posts: 3,280
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From: Virginia Beach Virginia
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (lou)
Thanks for all your comments and help.
Did everyone that has an "agreed value" have their Vette appraised? Or can I pay more to have my Vette insured at a value that I think it would sell for?
Thanks again for your comments.
Stephen
Did everyone that has an "agreed value" have their Vette appraised? Or can I pay more to have my Vette insured at a value that I think it would sell for?
Thanks again for your comments.
Stephen
Racer
Joined: Jan 2000
Posts: 491
Likes: 0
From: florida
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (VolVette)
My insurance company would not touch it without an appraisal. They cost on the average about 50 dollars and it is worth every penny to protect your investment. lou
Racer
Joined: Apr 2001
Posts: 413
Likes: 0
From: Bluffdale Utah
Re: IMPORTANT QUESTION -PLEASE READ AND HELP (VolVette)
Try Haggarty. They insured my 81' with a guaranteed replacement value of $17k for $265/yr. They treated me like a million bucks. Next year when I insure my 80', you can bet they carry the policy on it also. All my other cars have a policy through Bear River Mutual. This arrangement works best for my daily drivers...rain, sun, snow, whatever.