$10,600 is definitely low with a freshly rebuilt engine and transmission.

Let this be a lesson to anyone with a classic car, Corvette or otherwise: get agreed value insurance!!! I have my 79 insured as a daily driver with Grundy with an agreed value policy for $25,000. If anything happens to it and the estimate is less than $25,000, it gets fixed. If the damage is more than $25,000, I get a check for that amount and buy another Corvette. No arguments. In fact, I'm in the middle of the claims process for my 1972 Buick that was wrecked. Even with the frame bent in two places, it's going to be repaired.

As for the OP, I'd try and fight it, but I watched my dad fight Allstate for years on a 1960 Impala that was wrecked and lose. It seems there are a few options:

1. Try to get more money from Geico and buy another car.

2. Buy your car back from them and have it repaired (what was the repair estimate from the Corvette shop?)

3. Buy your car back and part it out.

EDIT: If you can, deal with your own insurance company. Their insurance company will still foot the bill, but I'd rather have the people on my side determining how much the car is worth or how much to spend on repairs and make the other person's insurance pay rather than having the other person's insurance make that determination.

 

Better check your policy. Grundy doesn't offer daily driver coverage.

 

Good point, but like mentioned I don't think you can use the car as a daily driver, most insurance company's like that (collector insurance) don't let you use car as a daily driver.

I have American Modern Insurance Group on my 82 and agreed value of $25K with all receipts available if needed. I can not use the car as a daily driver, must be in a locked garage and can't go over 6K miles a year. For me, that works out ok. My insurance is $250 a year complete full coverage to include free windshield replacement and more. I can't beat that with a stick.

If your car is not a daily driver, it would be wise to insure it as a collector car as long as it fits that criteria and insure for the correct value. Good luck with your vette, it looks pretty bad and I would just get another one just like it if that's what you want.

 

Can you list what you paid for the car as well as major improvements? I actually thought $10,600 wasn't too bad but it depends on what you have in the car and the overall condition.

 

Another sorry to hear that,hope your injuries aren't long lasting,try not to over do the pain meds if your taken any.Hopefully ya got a police report on the accident & its in your favor.

 

Collector car insurance is for cars that are driven for pleasure only with a mileage limit on them. And they need proof you have another insured car for daily driving.

Most will dismiss your claim if the accident occurs in a parking lot, like a mall. The car also needs to be stored in a secure garage.

 

Apparently you haven't checked their website in the last 4+ years because it's advertised right on it. http://www.grundy.com/mvp/

The limited use vehicles have no mileage restrictions and can be used "not more than occasionally" (that's what it says in my policy, so yes, I have checked my policy) for daily use. I was told over the phone that meant not more than twice a week.

 

When insured with Hagerty, I was rear ended in my 61 Corvette when I had to use it to get to class (considered daily use). The claim was not rejected, but they did make me write a letter stating I would not use the car as a daily driver anymore. I explicitly wrote in the letter that I used to store the car right near the scene of the accident, and that if my DD broke and I needed to get to work or class that I would take that car instead of renting one. They didn't drop me from my policy or anything, but I did switch insurance companies.

 

I hope your medical condition improves. Some advice from an old guy; Deal strictly through your insurance company. You pay them a premium to represent you as their client. Wait to see what the other driver's insurance company offers as a final payment. Don't settle with them and simply refer them to your insurance company. If you don't agree with the amount or believe the payment too low, don't except it. If they send you a check, send it back certified mail. Consult a good attorney, they will generally consult with you one visit for free. Let your attorney contact your insurance company and the other driver's insurance. Most important, don't discuss your injuries or your condition on this forum. Asking advise about your car or repair options, probably ok. Discussing fair values or what might be an acceptable offer, I wouldn't do it. Just keep in mind, everything you share on this site could be used in court, if you end up there. Good luck and let us all know how it works out and when you are healthy and back on the road. Hopfully soon, Greg

 

If you plan to buy another, and the engine and transmission were just rebuilt, you may want to consider this. They are giving you $10.600.
When I rebuilt my engine I had a $6K bill plus an automatic rebuilt is around $1K. So if you have a lot into it, have the engine and trans pulled as a unit and save it.

Someone could correct me if I am wrong, but you used to be able to buy back a total for 10% of what they gave you. You just have to consider return on investment. Or pay the 10% and see the engine and trans as a unit. With a recent rebuild, you should be able to get more.

 

As LARS said, it is definitely reparable the ACV they offered is too cheap seems to me. If car was good otherwise and you spent 7k on repairs mechanically then seems car is 15k plus possibly. Call all the Corvette people you can find and get ideas on comparable car values. If you find one for sale that is like yours then that would be better then talk about betterment because of mechanical rebuild. Good attorney on your injury will help settle the physical damage issue for sure. Good luck...

 

Cars come and go. Your health is Much more important.

Just a sign that it is time for a new toy