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Velocity Vette....may I ask how many vehicles you have insured under that blanket policy and what years? Our C5 is under our blanket policy along with a 2017 and 2016 Kia vehicles, with the Vette being in storage over our long Michigan winter months and the annual premium is considerably higher. For that reason, I'm curious on what you have. I do know that Michigan no-fault insurance is higher than the majority of states though.
Michigan's no-fault insurance would be enough to make me leave the state...it causes ridiculously high rates...I can't believe the people who live there don't rise up in unison and demand law makers to get rid of it...it serves no one but the insurance companies...
Even NCM, as good as it is, might not be anywhere close to a DD policy depending on the details. I ended up crawling through the policy line by line to compare and found the Property Damage and Medical coverage was 5x and 10x better in my DD policy vs the best NCM could offer. Everyone will weigh this differently. If you have a collectable car with a 100k restoration and mods that will be seriously devalued by DD insurance, then collector car insurance makes a lot of sense. If you have a later model vanilla street car then the benefits you gain on agreed value coverage could be quickly dwarfed by medical bills and lost wages in a serious accident. I wasn't willing to give up $100k PIP coverage per person that my DD policy offers in exchange for agreed value that comes with usage restrictions. In a more minor accident my DD policy will cover things just fine. NCM will come out ahead in the scenario where your car is totaled, but you are physically unscathed and didn't happen to destroy more than $100k in property. The relatively low maximum medpay coverage is typical of collector car policies. Collector cars tend to be old and lack modern safety features. In an accident people therefore tend to have a better chance of getting hurt. Usage restrictions and low medpay coverage limits help keep the premiums lower. This all may or may not matter depending on what level of coverage you want and what you value. I liked the NCM Insurance team a lot and really looked at this hard, but just couldn't reconcile it for myself.
Agreed, the PIP (called med pay here) is important. On our State Farm DD policy we carry 250K/500K and 100K for med pay. The NCM policy's med pay is capped at 10K, but all other coverage is the same as the current DD policy. Our umbrella policy will pick up the difference in med pay for NCM. Our previous DD carrier (Liberty) capped med pay at 25K because it was their max for indiana? Too much tricky business with insurance and IMO it should be standardized, why should one state be different than any other? What happens when an Indiana driver (with tort insurance) is in an accident they are not at fault for in michigan (with no fault insurance)?
As for NCM... For me (newer car having a lien) the agreed value was important. I could carry GAP coverage but based on on my loan to value ratio, I wouldn't benefit since all it dose is make sure the lien is paid off. I want coverage in the case my car is totaled, I'm able to replace it with the agreed value payout and not have to start over from scratch on the replacement. Basically protecting my financial investment in this car vs. coverage that I'm required by law to carry. If State Farm offered Agree Value in Indiana I would just let it be on my DD policy for the simple fact of being simple.
Another benefit with NCM is the coverage rider for competition events.
This is my NCM coverages
Originally Posted by HooosierDaddy
I just signed up with NCM, they were a little cheaper than my previous Hagerty (not enough to write home about) but I wasn't comfortable with the limits Hagerty offers and how they rely on my DD policy to cover uninsured and underinsured.
I now have annually 6000 miles, but he said that if you go over it's not a big deal and there might be a nominal fee associated with it. Same agree value coverage but with NCM I now have proper limits in all areas of my policy. NCM allows for a rider adding Collision coverage while using for competition (track day, test and tune, drags, ect.), Hagerty did not. This rider was just part of the policy so that was an added bonus. That's assuming I read the legal gibber gabber correctly.
Correction... I had Grundy. Some times my old brain no work so good!
Originally Posted by grampi50
4 questions; will they insure for an agreed value Yes, do they have any mileage restrictions Yes, do they have any driving limitations Grundy stated the car could only be used for recreational purposes (No work, no groceries, no errands, etc.), and how much are their premiums? Depends on your record, state, coverage limits, ect.
See answers in RED
Last edited by HooosierDaddy; Feb 16, 2019 at 01:11 PM.
Agreed, the PIP (called med pay here) is important. On our State Farm DD policy we carry 250K/500K and 100K for med pay. The NCM policy's med pay is capped at 10K, but all other coverage is the same as the current DD policy. Our umbrella policy will pick up the difference in med pay for NCM. Our previous DD carrier (Liberty) capped med pay at 25K because it was their max for indiana? Too much tricky business with insurance and IMO it should be standardized, why should one state be different than any other? What happens when an Indiana driver (with tort insurance) is in an accident they are not at fault for in michigan (with no fault insurance)?
As for NCM... For me (newer car having a lien) the agreed value was important. I could carry GAP coverage but based on on my loan to value ratio, I wouldn't benefit since all it dose is make sure the lien is paid off. I want coverage in the case my car is totaled, I'm able to replace it with the agreed value payout and not have to start over from scratch on the replacement. Basically protecting my financial investment in this car vs. coverage that I'm required by law to carry. If State Farm offered Agree Value in Indiana I would just let it be on my DD policy for the simple fact of being simple.
Another benefit with NCM is the coverage rider for competition events.
Thanks for the additional detail and perspective. The policy that I was quoted by NCM had even higher bodily injury and uninsured motorist coverage at 500/500. But the Medpay was $10k and that's the max they offer. It's true that your umbrella will cover you with respect to claims by another party. But I don't think that does anything for you personally. If you yourself are hurt that $10k is going to be gone pretty fast. If you have excellent health insurance it is probably OK.
Thanks for the additional detail and perspective. The policy that I was quoted by NCM had even higher bodily injury and uninsured motorist coverage at 500/500. But the Medpay was still that $10k and that's the max they offer. It's true that your umbrella will cover you with respect to claims by another party. But I don't think that does anything for you personally. If you yourself are hurt that $10k is going to be gone pretty fast. If you have excellent health insurance it might be ok. But with the high deductible plans that are becoming more common there might still be a gap, especially with copays and any charges that might not be covered. In the case of PIP, you are also covered for lost wages in case you are unable to work. This is my main area of concern.
Yes, they originally quoted me with 500/500 but they will only match your DD policy. Too bad because the 500/500 was only $65 more than what I posted.
I'll have to ask my agent about the umbrella, my understanding was for us. If its as you state, I'm better off putting the vette with State Farm because any gains on protecting my investment, would be lost in medical bills should anything like that happen. You've got me thinking now... my new policies go into effect on 3-1 so I've got time to make changes.
Yes, they originally quoted me with 500/500 but they will only match your DD policy. Too bad because the 500/500 was only $65 more than what I posted.
I'll have to ask my agent about the umbrella, my understanding was for us. If its as you state, I'm better off putting the vette with State Farm because any gains on protecting my investment, would be lost in medical bills should anything like that happen. You've got me thinking now... my new policies go into effect on 3-1 so I've got time to make changes.
Let us know what you find out and decide. As far as I understand it, a standard umbrella policy pays claims against you by a wronged party. I don't think you can be the wrong party because it would be like suing yourself.
Agreed, the PIP (called med pay here) is important. On our State Farm DD policy we carry 250K/500K and 100K for med pay. The NCM policy's med pay is capped at 10K, but all other coverage is the same as the current DD policy. Our umbrella policy will pick up the difference in med pay for NCM. Our previous DD carrier (Liberty) capped med pay at 25K because it was their max for indiana? Too much tricky business with insurance and IMO it should be standardized, why should one state be different than any other? What happens when an Indiana driver (with tort insurance) is in an accident they are not at fault for in michigan (with no fault insurance)?
As for NCM... For me (newer car having a lien) the agreed value was important. I could carry GAP coverage but based on on my loan to value ratio, I wouldn't benefit since all it dose is make sure the lien is paid off. I want coverage in the case my car is totaled, I'm able to replace it with the agreed value payout and not have to start over from scratch on the replacement. Basically protecting my financial investment in this car vs. coverage that I'm required by law to carry. If State Farm offered Agree Value in Indiana I would just let it be on my DD policy for the simple fact of being simple.
Another benefit with NCM is the coverage rider for competition events.
This is my NCM coverages
Correction... I had Grundy. Some times my old brain no work so good!
See answers in RED
If they're annual mileage restriction is 3K or 6K like some the other companies, then that might be a deal breaker for me...
If they're annual mileage restriction is 3K or 6K like some the other companies, then that might be a deal breaker for me...
It's 6K, but when I pressed them about it he said it's not a big deal if you go over as it's not enforced with gorilla like tactics. Basically if you have a claim they will want the milage and will do milage adjustment's if necessary. They do have roll over miles as well, so what you don't use goes to the next year. I've not had a renewal with NCM as it's a new policy for me too, so I can't speak to what they ask for on a renewal. I do know Grundy didn't ask for anything, so I would assume NCM is the same. Also to NCM's credit, they did not have the harsh wording Grundy did, in that you can only use the vehicle for X, Y or Z.
EDIT: I just remembered that Grundy did not have a milage limit.
Last edited by HooosierDaddy; Feb 16, 2019 at 05:11 PM.
Reason: old and I forget shit
I've been using Hagerty for a couple years as well, agreed value. The only question they asked was is this vette was a daily driver, If so they had other polices for daily drivers. I have no mile restriction. They did want multiple resent pictures. I do get e-mails from Hagerty asking if I'm enjoying my vette, and send me vette reading material. Very happy with Hagerty........
I have had my corvettes insured with American Modern Insurance. If I am not mistaken it the Underwriter for the NCM Insurance. I have had them since 2012 and never had a problem with them. 1984 and 2001 for $408 a year with full coverage.
I have had my corvettes insured with American Modern Insurance. If I am not mistaken it the Underwriter for the NCM Insurance. I have had them since 2012 and never had a problem with them. 1984 and 2001 for $408 a year with full coverage.
American Modern underwrites for a bunch of large insurance companies, i.e. Geico, USAA, etc. My ex was one of the collector car underwriters at American Modern for a number of years (and may still be, but who cares....lol). The adjusters there are all car enthusiasts and they had great training for the adjusters, including a shop that is constantly working on some sort of project car.
I just got back into the vette game and recently bought a low mileage 2004 Z06. While looking at insurance, Hagerty wanted about $450 a year with the usual B.S. restrictions. USAA added it as a standard vehicle to my existing automobile policy, with zero restrictions, for $480 a year. Easiest decision ever. It may be worth checking with your primary insurer to see what it would really cost.
grampi....it also benefits the doctors and everyone associated with the medical profession, pharmacies, political lobbies and politicians in general. Oh...and thanks for the kind encouragement and answering my inquiry.
I have had the NCM insurance for several years now. I had a windshield claim recently and within 4 days I had a check in the mail to have
It fixed for the full amount. So I highly recommend them.
It's 6K, but when I pressed them about it he said it's not a big deal if you go over as it's not enforced with gorilla like tactics. Basically if you have a claim they will want the milage and will do milage adjustment's if necessary. They do have roll over miles as well, so what you don't use goes to the next year. I've not had a renewal with NCM as it's a new policy for me too, so I can't speak to what they ask for on a renewal. I do know Grundy didn't ask for anything, so I would assume NCM is the same. Also to NCM's credit, they did not have the harsh wording Grundy did, in that you can only use the vehicle for X, Y or Z.
EDIT: I just remembered that Grundy did not have a milage limit.
Okay, your post is confusing. First you say their mileage limit is 6K, then you say they have no mileage restrictions. Which is it?
American Modern underwrites for a bunch of large insurance companies, i.e. Geico, USAA, etc. My ex was one of the collector car underwriters at American Modern for a number of years (and may still be, but who cares....lol). The adjusters there are all car enthusiasts and they had great training for the adjusters, including a shop that is constantly working on some sort of project car.
I just got back into the vette game and recently bought a low mileage 2004 Z06. While looking at insurance, Hagerty wanted about $450 a year with the usual B.S. restrictions. USAA added it as a standard vehicle to my existing automobile policy, with zero restrictions, for $480 a year. Easiest decision ever. It may be worth checking with your primary insurer to see what it would really cost.
If you total it out, USAA is only going to pay book value...they won't do an agreed value like the other companies will, which is why I won't insure the Vette with them...
I have had NCM since Aug 2015 and they have never asked for a mileage count on my car? How do they know how many miles I have driven? Everytime I renew they just renew it on line. I haven’t exceeded the mileage and am probably way far to the good, but they have no idea.
If you total it out, USAA is only going to pay book value...they won't do an agreed value like the other companies will, which is why I won't insure the Vette with them...
To be honest a C5 vette really isn't in the realm of collector car agreed value territory beyond some very specific unique cars. Granted, the c5 as a whole has appreciated in value 7% the last two years after bottoming out, but we are a long way away from trending above what a black book value would be. I get many people attempt to protect the money they have made in modifications to a vette with an agreed value, but please bear in mind in the fine print there is often times built in wriggle room for depreciation on those modifications, etc. And if you inflate your agreed value, and come close to totaling your car within that agreed value, you are left with a repaired car that likely should have been totaled that now isn't worth squat.
Been looking at insurances. From my understanding NCM does not want you to use the Vette for errands, going to store, etc, states that you have a DD for that. Adam from NCM confirmed that at a car show.I I talked with Haggerty at the same car show and they said no milage limits and can be used for errands, you must show proof that it is not your DD and is stated value plan. My existing State Farm went up $81, for just a regular policy on the Vette, because of my daughters accident. SF offers collectors insurance, again with no errands. I drive my car so don't want limits on driving and want a stated value plan, since its a modified tuner car. Haggerty quoted $150 less than my upped SF and has agreed value($25K for quote) If I remember right, Grundy has the no errand clause also. My buddy has SF Collectors with $32K stated, cheaper than all mentioned, but risks with errand driving. I don't really want to play that game if something happens. Really thinking of Haggerty for future. Thoughts?
My Grundy policy didn't have any wording about grocery getter or anything like that. It was identical to my Hagerty just cheaper and minus the magazine and emails.
My Grundy policy didn't have any wording about grocery getter or anything like that. It was identical to my Hagerty just cheaper and minus the magazine and emails.
Yes, you are correct, I will get a quote from them. This is from their web site:
How Can I Use My Car?
Grundy wants you to enjoy your car, not keep track of mileage like some programs with limitations. Therefore, we give you unlimited miles for pleasure driving and in collector car-oriented activities. It is even OK if occasionally you drive your collector car to work to show it off to friends. However, your collector car must not be used as a daily driver. We require you and all licensed drivers in your household to have a modern car for everyday use.
When you have your car at home, it must be kept in an enclosed, secure garage when not in use. If you are away from home on extended outings your car is fully protected if you must park it outside, for example in a hotel parking lot. Grundy coverage includes Trip Interruption that reimburses you for hotel and repair costs in the event of a breakdown, and we also reimburse you for towing and labor charges up to $250. You can count on Grundy as you cruise.
From the NCM web site:
Can I take my car to the mall, grocery store, golf course, or movies?
Generally these items are considered daily use type activities and best suited for standard auto coverage. If a car show is in the mall parking lot, no problem!
Last edited by punz; Feb 17, 2019 at 09:53 PM.
Reason: added NCM
