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The reason I have not swapped to a "collector car" insurance is the requirement that "all licensed drivers have a modern car for every day use". My wife and I are both VERY retired, and we tend to travel together these days. We have a 2017 Genesis (fantastic car) as our primary vehicle. I have the Vette, and we have an older ('97) K1500 as a winter beater.
Apparently, per Grundy, NCM, et al, in order to get a good rate on the Vette, I have to buy my wife a new car - regardless of the fact that it will sit unused in the garage.
So, I may moan about paying "full" rates on the Vette - but that's a whole heck of a lot cheaper then buying my wife another new car just so I can get "cheap" insurance on my Vette.
Last edited by jackthelad; Nov 27, 2017 at 08:19 PM.
The reason I have not swapped to a "collector car" insurance is the requirement that "all licensed drivers have a modern car for every day use". My wife and I are both VERY retired, and we tend to travel together these days. We have a 2017 Genesis (fantastic car) as our primary vehicle. I have the Vette, and we have an older ('97) K1500 as a winter beater.
Apparently, per Grundy, NCM, et al, in order to get a good rate on the Vette, I have to buy my wife a new car - regardless of the fact that it will sit unused in the garage.
So, I may moan about paying "full" rates on the Vette - but that's a whole heck of a lot cheaper then buying my wife another new car just so I can get "cheap" insurance on my Vette.
I'm trying to figure out why people would get collector car insurance on their 10k to 20k dollar cars. I mean, I had Grundy when I had my c1 and c2, but those cars were worth north of 50k at the time.(A lot more now.) But collector car insurance on a c5? I don't understand that. Heck, my wife's Buick Enclave costs more to insure than my c5 with Geico. Why do you guys put up with the restrictions when you can get regular insurance for the same or better price?
I'm trying to figure out why people would get collector car insurance on their 10k to 20k dollar cars. I mean, I had Grundy when I had my c1 and c2, but those cars were worth north of 50k at the time.(A lot more now.) But collector car insurance on a c5? I don't understand that. Heck, my wife's Buick Enclave costs more to insure than my c5 with Geico. Why do you guys put up with the restrictions when you can get regular insurance for the same or better price?
My exact thoughts. C5's aren't worth very much, even in perfect condition. There are far too many of them for them to be collectible, at least at this point in time.
My insurance on the C5 costs less than the insurance on my girlfriend's 2013 Hyundai Elantra, and I'm a 25 year old male with not-so-great driving history.
I'm trying to figure out why people would get collector car insurance on their 10k to 20k dollar cars. I mean, I had Grundy when I had my c1 and c2, but those cars were worth north of 50k at the time.(A lot more now.) But collector car insurance on a c5? I don't understand that. Heck, my wife's Buick Enclave costs more to insure than my c5 with Geico. Why do you guys put up with the restrictions when you can get regular insurance for the same or better price?
Because some of us don't just have a C5 but a highly modified car to our liking. I'd hate to say the time and money I have invested in my 2002 but I will tell you I have it insured for an agreed value of $40K. I put up with the restrictions because I fall into those restrictions, I only use my 02 for car shows. I have a 99 C5 for daily use and have regular insurance on it through State Farm.
Because some of us don't just have a C5 but a highly modified car to our liking. I'd hate to say the time and money I have invested in my 2002 but I will tell you I have it insured for an agreed value of $40K. I put up with the restrictions because I fall into those restrictions, I only use my 02 for car shows. I have a 99 C5 for daily use and have regular insurance on it through State Farm.
I can understand that. I guess I'm mainly talking about the run of the mill or basically stock c5's.
From: Gilbert, Arizona Currently Own: 1998 Coupe YouTube: My Corvette Life
Originally Posted by dannyzabolotny
My exact thoughts. C5's aren't worth very much, even in perfect condition. There are far too many of them for them to be collectible, at least at this point in time.
My insurance on the C5 costs less than the insurance on my girlfriend's 2013 Hyundai Elantra, and I'm a 25 year old male with not-so-great driving history.
I has nothing to do with the value of the car. I can get collector car insurance on my Chevy Cruze if I really wanted to.
I has nothing to do with the value of the car. I can get collector car insurance on my Chevy Cruze if I really wanted to.
It has everything to do with the value of the car. That's why people use collector car insurance companies, and I'll bet you donuts to dollars they will refuse to insure your Chevy Cruze unless you show them pics that it's a one of a kind.
StateFarm here for 11 1/2 years full coverage I place a value on my sport cars. Can drive any where anytime no mileage restrictions. I do drive mine to work when no snow or ice.
As others have stated statefarm will not cover street race crashes or at the track hitting the wall. My buddy wrecked a 2002 firehawk at the track. State farm denied the claim stating they don't cover any track crashes or street racing crashes.
From: Gilbert, Arizona Currently Own: 1998 Coupe YouTube: My Corvette Life
Originally Posted by o2bnkc
It has everything to do with the value of the car. That's why people use collector car insurance companies, and I'll bet you donuts to dollars they will refuse to insure your Chevy Cruze unless you show them pics that it's a one of a kind.
NCM will insure anything, no matter the value, so long as it is not your daily driver. I was going to buy a 78 Corvette. It was a project car for about $2000. State Farm wanted $1600 a year. NCM quoted me $250 a year.
I'm trying to figure out why people would get collector car insurance on their 10k to 20k dollar cars. I mean, I had Grundy when I had my c1 and c2, but those cars were worth north of 50k at the time.(A lot more now.) But collector car insurance on a c5? I don't understand that. Heck, my wife's Buick Enclave costs more to insure than my c5 with Geico. Why do you guys put up with the restrictions when you can get regular insurance for the same or better price?
I'm about to switch my C5Z over to a collector policy (probably NCM)... and here's why... first, it's my weekend toy... I have two other vehicles to daily so the mileage/driving restrictions are no big deal. Second, it will save me about 40-50% on the premium. Third, I will have an AGREED VALUE policy on the car... so that, if anything should happen, I know how much I'll get... NOT what they decide to give me. My car may or may not be special to some, but it is to me... and I'm very picky about it ('04 C5Z, 9k miles), just as I was with my Cobra... which I ALSO had a collector policy on. The restrictions don't bother me... they seem to be far more lenient than the policy I had on the Cobra.
A few posts back, I asked about insurance options and two reputable companies with great prices don't allow you to use the corvette to run errands and literally have that in their policy.
I asked about it and they said the adjuster could deny the claim if I was hit in a parking lot or a Home Depot parking lot. Ah NO
Who just drives their C5 only to a car show or club events? If it's nice out, I'll drive it anywhere. I can see a real corvette classic but these should be driven.
So my fully loaded / optioned car insurance for my 2004 Coupe, DD, from State Farm is $69 per month. AND I can drive it anywhere, except where it snows !!
When I had only 1 car earlier this year Geico was very reasonable. In North Carolina I could be fully covered for 624 a year . If I max everything out I am at 720a year with rental coverage and no mileage restriction. When I switched to Haggerty it dropped down to 420 a year but with a 4000 mile yearly average and a 15k agreed value.
If the car was stock I probably would still use Geico. Haggerty will let me install a procharger and raise my agreed value which is amazing.
I have full coverage with AAA, $500 Deductible, and I drive my car every single day, never think twice about it. Even with having my car down for over a month to pull my engine and rebuild it within the past 12 months ive put over 10k miles on the car, actually just hit 100k on Tuesday!
Been a State Farm customer for 25 years. Tried Hagerty and a few other 'collector car' insurance companies and found State Farm to be the lowest premium for me. That being said, somebody else's rates with SF could be horrendous. Other SF poster said no restrictions and that's right, although I believe there is a restriction on racing. The other thing I do is not put collision coverage on the cars, however I do carry comprehensive - SF is one of the companies that will allow this. I figure if I cause the accident then the damage to my car is on me, otherwise I'm covered for everything else.
Agree somewhat with the other poster who feels insurance is a scam. Of course you have a claim that an insurance company will pay, then you're glad you have it. When I add up all my insurance premiums for the year (cars, homes, other buildings, health), the figure is staggering enough to make me question the value of the product.
A while ago I posted in another thread about a phone call I had from my agent (not SF) at policy renewal time that covers the building I keep the cars in. I've known the guy for years and he's always good for a chuckle. The call was so memorable I'll re-post what I said about it back then:
"Even the agent who covers my hangars says so - his last call me to contained a succinct description of the whole process - tongue-in-cheek - but it was close to how it actually seems to me. Something along the lines of you pay ever increasing premiums, we (insurance comp) tell you what we won't cover (just about everything), reduce your coverage as the years go by, hide the exceptions and exclusions until you want to make a claim, look for creative ways to not pay a claim, and if we can't wiggle out of it, first investigate you for fraud and if we can't prove that, low-ball your settlement until you sue us and our army of lawyers will just wear you out or scare you out. If you are one of those people who never have had a reason to file a claim, you've pissed away a ton of premium dollars and gotten no value out of it, but don't be a minute late paying your premium which is due one week before your current policy expires. And this was the agent talking. I nearly fell out of my chair laughing on that call."
Did you ever make a claim ? I’ve made 2 claims with Hagerty , 1, hit at Starbucks perp left . Adjuster came within 2 days , check in2 days . 2, I went to mavis for tires , their display ad had a c5 ! They put small crack by jack location, I stormed out , adjuster came 2 days , check in 2 days . No problem with claims . I’ve been with them over 25 years with different cars . Their towing option was priceless with my c3 . I’ll never use another company. They support the hobby and have a nice magazine!
Seems like the website site says in more plain terms what i understand the policy to be. And the policy doesn't contradict it.
So, basically it's not for regular errands/shopping/commuting - but occasional pleasure use is ok, even in those areas (this is how i read it) -- basically - you shouldn't go to home depot every time in your collector vehicle, but occasionally it's fine.
To me, running errands in my "collector" vehicle is pleasure driving.
My Corvette is my Daily Driver (now split with a G8 I just picked up). I have standard insurance on that.... and I have Grundy for my 2002 Camaro SS (Garage Queen) and my Inherited 1986 C10 Silverado.
I would want a legal definition of what "limited pleasure use" means. Without that, you have no basis for any dispue resolution,
I do not know what you are looking to pay but I pay $237.57 for 6 months or $475.14 a year on my Vette with Geico and that is High liability limits and low deductibles. All three are listed as commuter vehicles and all get driven about the same amount. I drive the truck the most and the wife drives the Equinox the most but each of us drives the Vette to work 1-2 times a week and when we want to go out. There is no way I would go with a restrictive policy to save $100 a year. And to prove I for one am not a liar, here is my cars and coverage's:
I have Geico, and I am paying exactly what you are for 6 months.
The difference is I only have two vehicles, the Vette, and my Dakota pickup.
I am going to do a switch as soon as I can find a better deal with another company.
While I am at it, does anyone know of an insurer that does not require the Vette be in a locked garage?
Years ago, I had the Tbird through American collector's , and they didn't require the garage, but now they do.
Presently I have no garage, so I am stuck paying that high premium from Geico.
NCM said it has to be in a garage.
I told them the Vette is parked under one of those portable carports, with a video camera monitoring it 24/7, but that wasn't good enough for them.
Bob.
