Insurance Issue
Thread Starter
Race Director
Joined: Jul 2004
Posts: 11,108
Likes: 0
From: Behind The Redwood Curtain, The State of Jefferson
Insurance Issue
When I was doing online research for some insurance I came across a tip from one of them, I think maybe progressive. They said it might not always be the best idea to have full coverage on an older vehicle, since coverage is based on the current market value of the car. My question to you is:
Do you fully insure your vette?
And
Is there an application of that tip to corvettes or was it for older cars not necessarily vettes?
I know they are expensive to fix, the cost for mine to be fixed is 3K, which is a good chunk of change considering I got it for $7500 and the damage was superficial.
Do you fully insure your vette?
And
Is there an application of that tip to corvettes or was it for older cars not necessarily vettes?
I know they are expensive to fix, the cost for mine to be fixed is 3K, which is a good chunk of change considering I got it for $7500 and the damage was superficial.
Melting Slicks
Joined: Oct 2000
Posts: 2,491
Likes: 1
From: prescott AZ
Re: Insurance Issue (PsychoNumber1)
It is a good idea to find a company that will have an"AGREED" value that is agreeable to you and the ins. company. In this case if you car is stolen or totalled you do not get book value but rather the agreed valued you insured it for. Leland West and I have an agreed value of $17,000 for my low mile. mint 88. I pay about $290 per year. Agreed value on my 95 is $19,000
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
Re: Insurance Issue (PsychoNumber1)
I don't have comp and coll anymore. It's required when the car is financed. I have a friend with a Corvette junkyard, so parts are cheap and a good friend is a bodyman and tech. I'm screwed if it burns to the ground or stolen, but other than that, no worries.
Melting Slicks
Joined: Jul 2004
Posts: 2,018
Likes: 1
From: OR
Re: Insurance Issue (PsychoNumber1)
I typically drop coverage when a vehicle drops to about $6000 in value or so. I'm guessing mine's still worth around $10 grand so I have full coverage. Costs me an extra $200/6mo for comp/collision for a total of $400/6mo.
Race Director
Joined: May 2001
Posts: 14,165
Likes: 9
Re: Insurance Issue (PsychoNumber1)
It may be an issue of car value, but I still have full coverage on my car. With liability if some un-insured jerk-off nails my car, I'm out everything. At least with full coverage I'll get something.
Once the car is paid for I'll look into some kind of agreed value coverage.
Once the car is paid for I'll look into some kind of agreed value coverage.
Racer
Joined: Jun 2002
Posts: 278
Likes: 0
From: Perry Ga
Re: Insurance Issue (Nathan Plemons)
I just dropped mine to libility. I couldnt justify 330.00 every six months on a vette that was offered 4000.00 in trade at a local dealership for an older corvette. My vette needs a little attention to get it back to A1 condition.
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
Re: Insurance Issue (Nathan Plemons)
It may be an issue of car value, but I still have full coverage on my car. With liability if some un-insured jerk-off nails my car, I'm out everything. At least with full coverage I'll get something.
Once the car is paid for I'll look into some kind of agreed value coverage.
Once the car is paid for I'll look into some kind of agreed value coverage.
Burning Brakes
Joined: Jul 2003
Posts: 1,098
Likes: 0
From: Plantation Fl
Re: Insurance Issue (skeet)
It is a good idea to find a company that will have an"AGREED" value that is agreeable to you and the ins. company. In this case if you car is stolen or totalled you do not get book value but rather the agreed valued you insured it for. Leland West and I have an agreed value of $17,000 for my low mile. mint 88. I pay about $290 per year. Agreed value on my 95 is $19,000
I did the same with my insurance company INA (Insurance of North America). We agreed that the my high mileage Vette is worth $9000
So if it is totalled or stolen one day, they will cut me a check for that amount, regardles of the book value.
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
Top 10 Most Expensive Corvettes Ever Sold on Bring A Trailer
Brett Foote
10 Things Every Corvette Owner Needs (2026 Edition)
Michael S. Palmer
8 Most "Only Corvette Owners Understand" Quirks and Problems
Pouria Savadkouei
10 Reasons the C6 Z06 is Still A Performance Benchmark After 20 Years
Joe Kucinski
How Much Horsepower Every Corvette Engine "LOST" in 1972
Joe Kucinski
Top 10 DOs and DON'Ts for Protecting Your Convertible Top!
Michael S. Palmer
Top 10 Most Explosive Corvettes Ever Made: Power-to-Weight Ratio Ranked!
Joe Kucinski
150 hp to 1,250 hp: Every Corvette Generation Compared by the Specs That Matter
Joe Kucinski
8 Coolest Corvette Pace Cars (and Replicas) of All Time
Verdad Gallardo
Melting Slicks
Joined: May 2003
Posts: 2,496
Likes: 1
From: alaska
Re: Insurance Issue (PsychoNumber1)
agreed insurance here too,15k on my 92 (what i paid so was hard for em to argue).
dont remember the cost but i dropped an 18yr old male driver from my insurance at the same time i got the vette insured and saved money in the process.
try an archive search for "insurance",there was a nice thread on this awhile back and a link to a site that explains the agreed thing in detail.
there is some agreed value policies that still go by book value in the fine print.
its all in the wording.
hopefully someone in the know will respond for ya on this.
dont remember the cost but i dropped an 18yr old male driver from my insurance at the same time i got the vette insured and saved money in the process.
try an archive search for "insurance",there was a nice thread on this awhile back and a link to a site that explains the agreed thing in detail.
there is some agreed value policies that still go by book value in the fine print.
its all in the wording.
hopefully someone in the know will respond for ya on this.