Hey Guys,

As I see some of these accident pics it makes me a little nervous with mine. I was a moron and didn't get GAP coverage on the vette (don't ask why, I just didn't use my head... I have it on my Audi).

I owe about 19k, it's got 63k miles on it and every option you can get on a 04 C5 Coupe. Plus I've upgrade the wheels and a double din all-in-one system. (as well as a number of other, non-value enhancing performance mods which will eventually be removed if I do sell it).

KBB says 25k retail, but when I search for vettes I see quite a few going for less and I'd hate to lose out if god forbid I got into a wreck.

I garage it most of the year but any sunny day (and all summer) it's my driver. With that said I know the corvette museum policy wouldn't work as I drive it more than 2 days a week to work during the summer but I only do put around 3-5000 miles on it a year.

Does anyone have any insurance suggestions? I have full coverage through Geico currently but again my concern is it not covering the fully owed 19k (even with kbb putting retail at 25k).

 

I switched recently from Geico to Nationwide and they offered me GAP at the time I changed companies (for the wife's CTS, the vette's paid for). Geico wouldn't do it for an existing customer, nor would they do it when I told them I could get it if I changed. I'm sure they'd offer it if I was trying to switch back, ODD.

You could certainly call them and ask what the replacement/pay-off amount is for your vehicle. They base your premiums, in part, on the replacement/pay-off value so they have to know what that is.

The other thing that is odd about insurance companies...have you noticed that nearly every company reports average savings of hundreds of $$$ per year when people switch? That's because the new company bases the premium on the CURRENT, depreciated/market value of your vehicle while your current company is charging you based on whenever you switched to them. They also charge you premiums based on how many miles per year you drive. It seems to me that every six months when my policy renews, they should know that the car is six months older with X,XXX more miles on it and therefore is worth $X,XXX less in replacement value. I should get a reduction in each renewal period that is reflective of that lower replacement value. I've never seen that reduction, has anyone else? Seems like a huge loyalty DISincentive.

 

If you owe 19k on your '04, I'd say your safe, seeing as most payouts are based on some type of "book" value (i.e. KBB, NADA, Edmunds, etc) as opposed to a wholesale or auction value. In that case, your payout should be more than you owe on the car.

 

Thanks for the input and ideas guys!