,and I'm with State Farm.
Insurance Help
Thread Starter
Instructor
Joined: Mar 2009
Posts: 122
Likes: 6
Insurance Help
Does anyone have "classic car" coverage insurance for their C4 through State Farm insurance? I was told by State Farm that for a corvette all the car had to be was 10 years or older for classic coverage and 25 years or older for antique coverage, which is what I had on my 72 vette. Now that I bought a 96 C4, State Farm is saying that it does not qualify as a classic. A 96 red LT 4 convertible is not a classic, go figure? Only 104 made out of a production run of over 20,000. So does anyone have State Farm coverage for a C4 or if not can you recommend a company. My cost will go from $160 every 6 months to around $430 every six months. Thanks for any assistance
Pro
Joined: Mar 2006
Posts: 576
Likes: 0
I have State Farm and I have an 86 Coupe. My car is insured on an "agreed upon value" policy. Call your agent back and ask them about one of those. I can't tell you for the life of me what the Corvette itself costs. I have three other vehicles lumped into one draft. I live in South Florida, so what I'm paying is not a reflection of reality. That said, it doesn't cost enough to make an impression. Mine is insured for $13k. I was told, if I wanted to get much more value, I would need an appraisal.
Drifting
Joined: Sep 2007
Posts: 1,392
Likes: 377
From: Cincinnati Ohio
I have State Farm coverage on my 1994. The car is not old enough for classic car insurance. I have full coverage. I am limited to 7500 miles per year pleasure driving. The cost is $400 per year. I believe that the car must be 20+old to be covered under classic car insurance.
Elite Torch Red Member
Joined: Sep 1999
Posts: 57,805
Likes: 23
From: Exit 89 GSP,Lakewood,NJ The Land Of Mojo
Cental/South NJ Events Coordinator
CI 1-2-3-4-5-6-7-8-9-10-11-12 Vet
CI-II Burnout & Drag Champ
St. Jude Donor '03-'04-'05-'06-'07
I'd rather stay with "regular" insurance and be able to drive my car whenever I want.
Pro
Joined: Jan 2006
Posts: 536
Likes: 3
From: bel air md
Does anyone have "classic car" coverage insurance for their C4 through State Farm insurance? I was told by State Farm that for a corvette all the car had to be was 10 years or older for classic coverage and 25 years or older for antique coverage, which is what I had on my 72 vette. Now that I bought a 96 C4, State Farm is saying that it does not qualify as a classic. A 96 red LT 4 convertible is not a classic, go figure? Only 104 made out of a production run of over 20,000. So does anyone have State Farm coverage for a C4 or if not can you recommend a company. My cost will go from $160 every 6 months to around $430 every six months. Thanks for any assistance
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Pro
Joined: Jul 2002
Posts: 703
Likes: 0
From: Milwaukee Wi
Lets be clear on the agreed upon value. Read the language in the endorsement carefully. "some companies" put into language something like this:
maximum paid is the lesser of:
1. actual cash value time of loss
2. amount necessary to repair or replace
3. the amout shown in declarations. We pay the lesser amount of above.
so if car is appraised in year 2000 for $30,000 and it is worth today $22,000 then $22,000 is paid by insurer regardless of what is placed for value on endorsement. Be aware!
The classic car antique program is used for cars that would depreciate heavily if one drove them 10,000 miles a year. that would be your pre1980's vette. so insurance is priced accordingly at a very low rate understanding the exposure to loss to carrier is little. a later year 1990's or 2000's vintage are typically drive much more often. daily drivers like my 1984.
maximum paid is the lesser of:
1. actual cash value time of loss
2. amount necessary to repair or replace
3. the amout shown in declarations. We pay the lesser amount of above.
so if car is appraised in year 2000 for $30,000 and it is worth today $22,000 then $22,000 is paid by insurer regardless of what is placed for value on endorsement. Be aware!
The classic car antique program is used for cars that would depreciate heavily if one drove them 10,000 miles a year. that would be your pre1980's vette. so insurance is priced accordingly at a very low rate understanding the exposure to loss to carrier is little. a later year 1990's or 2000's vintage are typically drive much more often. daily drivers like my 1984.
Racer
Joined: Feb 2006
Posts: 399
Likes: 31
From: Clinton TN
On my 94 vert I use American Modern Insurance Group (amig.com) and for 500,000/300,000 liability uninsured motorist and 15,000 agreed value (no sneaky language) with 3,000 mile per year limit I pay $328 per year. I purchase it through my local insurance agent. Have not had any claims so I cannot evaluate that. Must also have clean driving record.