NCM insurance question
Thread Starter
Burning Brakes
Joined: Aug 2012
Posts: 1,095
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From: NYC
NCM insurance question
What’s up brothers. Was curious to find out how much an agreed value policy would cost from the National Corvette Museum. I was pleased with a quick quote I got from them. Just wanna know if anyone has any pros or cons from getting an insurance policy from them. Any info will be greatly appreciated.
Race Director
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Drifting
Joined: Jul 2017
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From: S.E. Pennsylvania
What determines rates is the exposure the company has to loss. If there are fewer restrictions on the amount of driving one is allowed, the rates are higher. If you want a policy where there are few restrictions the rates will be higher. All depends on your needs. I selected Hagerty due to almost no restrictions as to when I'm able to drive the car. Do I pay more? Probably, but I don't have to worry that Hagerty will say that I shouldn't have been driving the car when I was... You should compare rates from at least three companies, more if you have the time and note the driving restrictions from all to compare. GOOD LUCK! 
Last edited by bc6152; Sep 22, 2020 at 04:21 PM.
Race Director
Joined: May 2003
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From: Iowa
St. Jude Donor '03 thru '26
I just switched from NCM to Hagerty this month. A tad cheaper and less restriction.
I have my daily drivers insured by State Farm but might look at leaving them too as the raised my rates because I hit a possum last Fall.
I have my daily drivers insured by State Farm but might look at leaving them too as the raised my rates because I hit a possum last Fall.
Drifting
Joined: Jul 2017
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From: S.E. Pennsylvania
I have my daily drivers insured by State Farm but might look at leaving them too as the raised my rates because I hit a possum last Fall. [/QUOTE]
Because you hit a Possum??? What a lame excuse for raising rates... I'd leave too...
[/QUOTE]Because you hit a Possum??? What a lame excuse for raising rates... I'd leave too...
Melting Slicks
Joined: Dec 2011
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From: Western New York
Glad to see they can insure in NYS now. When I contacted them back in 17 for a Agreed Value policy for my 17. I was told by them they couldn't insure in NYS. They gave me the name of America Modern which is there parent insurance company. I bought a Agreed Value policy thru American Modern. As for pro's & con's. I found Con's on most Agreed Value policies have more restrictions such as insured vehicle can not be a daily driver, mileage restrictions , must have lock able garage. Pro's if car is totaled you know amount you will get and don't have the hassle of negotiating with insurance company. So make sure to check out restriction on policy and see how they work with your situation.
Last edited by Borntorun04/17; Sep 22, 2020 at 07:47 PM.
Instructor
Joined: Dec 2017
Posts: 238
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From: Mechanicsville Va
Hagerty has good rates and option to give you the declared value and Keep the car if totaled. Now if your driving record sucks don't expect it to be cheap but all C5 are covered by them. Mine was much cheaper than bundling it with other cars, homeowners, ect, and the same high end coverage I have on my other stuff with no restrictions on how and where I can drive except the race track. Need locked garage and not daily driver.
Last edited by TinkersVet; Sep 22, 2020 at 08:37 PM.
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I will echo the the comments above about ensuring you know what the restrictions are on an Agreed Value policy. If you can live with them, you can save a considerable amount of money on your insurance policy. I had the NCM coverage for about 3 years before I switched policies on my other, non-NCM covered autos and that insurance company required all autos be under their company for an umbrella policy to be issued. Never had any problems with the NCM and their rates stayed stable for the entire time I was covered. It is nice to have an agreed value in the event of a loss - you do know what you are getting should something happen.
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Melting Slicks
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From: Olive Branch Mississippi
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I have 3 Corvettes insured with NCM. 1984 Corvette, agreed value $8,000. 1967 big block Corvette, agreed value $100,000 and 1995 ZR-1 Corvette agreed value $25,000. On January 2 I totaled out my $8,000 1984 Corvette. I got a letter today saying my insurance will be canceled on 10/15/20.
I've had one claim against NCM for the $8,000. The wreck was my fault. My car was the only vehicle involved. The reason was my car was a "Total Loss".
I've had insurance with American Modern-NCM for 9 years with only 1 claim.
I've had one claim against NCM for the $8,000. The wreck was my fault. My car was the only vehicle involved. The reason was my car was a "Total Loss".
I've had insurance with American Modern-NCM for 9 years with only 1 claim.
Drifting
Joined: Jul 2017
Posts: 1,365
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From: S.E. Pennsylvania
I have 3 Corvettes insured with NCM. 1984 Corvette, agreed value $8,000. 1967 big block Corvette, agreed value $100,000 and 1995 ZR-1 Corvette agreed value $25,000. On January 2 I totaled out my $8,000 1984 Corvette. I got a letter today saying my insurance will be canceled on 10/15/20.
I've had one claim against NCM for the $8,000. The wreck was my fault. My car was the only vehicle involved. The reason was my car was a "Total Loss".
I've had insurance with American Modern-NCM for 9 years with only 1 claim.
I've had one claim against NCM for the $8,000. The wreck was my fault. My car was the only vehicle involved. The reason was my car was a "Total Loss".
I've had insurance with American Modern-NCM for 9 years with only 1 claim.
Hope you find another insurer for your cars.
Race Director
Joined: May 2003
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From: Iowa
St. Jude Donor '03 thru '26
I have 3 Corvettes insured with NCM. 1984 Corvette, agreed value $8,000. 1967 big block Corvette, agreed value $100,000 and 1995 ZR-1 Corvette agreed value $25,000. On January 2 I totaled out my $8,000 1984 Corvette. I got a letter today saying my insurance will be canceled on 10/15/20.
I've had one claim against NCM for the $8,000. The wreck was my fault. My car was the only vehicle involved. The reason was my car was a "Total Loss".
I've had insurance with American Modern-NCM for 9 years with only 1 claim.
I've had one claim against NCM for the $8,000. The wreck was my fault. My car was the only vehicle involved. The reason was my car was a "Total Loss".
I've had insurance with American Modern-NCM for 9 years with only 1 claim.
Premium Supporting Vendor
Joined: Jun 2019
Posts: 361
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From: Bowling Green, KY
I have 3 Corvettes insured with NCM. 1984 Corvette, agreed value $8,000. 1967 big block Corvette, agreed value $100,000 and 1995 ZR-1 Corvette agreed value $25,000. On January 2 I totaled out my $8,000 1984 Corvette. I got a letter today saying my insurance will be canceled on 10/15/20.
I've had one claim against NCM for the $8,000. The wreck was my fault. My car was the only vehicle involved. The reason was my car was a "Total Loss".
I've had insurance with American Modern-NCM for 9 years with only 1 claim.
I've had one claim against NCM for the $8,000. The wreck was my fault. My car was the only vehicle involved. The reason was my car was a "Total Loss".
I've had insurance with American Modern-NCM for 9 years with only 1 claim.
Please give us a call and let us investigate. I would like to get to the bottom of this.
Thank you!
Adam
877.678.7626
Premium Supporting Vendor
Joined: Jun 2019
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From: Bowling Green, KY
No appraisal needed unless you are outside of market conditions and honestly unrealistic with your expected value.
Melting Slicks
Joined: Nov 2004
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From: Olive Branch Mississippi
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I need to apologize to NCM Insurance Agency. The way it's been explained to me after talking with NCM, who was Very helpful, is I have American Modern Insurance. It is a company that NCM writes insurance for. American Modern canceled my policy not NCM. Sorry for the confusion. And again I apologize to NCM.
Last edited by randy ransome; Sep 23, 2020 at 01:20 PM.
Uneducated autodidact
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From: West of the Sabine, Texas
Race Director
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From: Central TX
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I need to apologize to NCM Insurance Agency. The way it's been explained to me after talking with NCM, who was Very helpful, is I have American Modern Insurance. It is a company that NCM writes insurance for. American Modern canceled my policy not NCM. Sorry for the confusion. And again I apologize to NCM.
Drifting
Joined: Mar 2018
Posts: 1,365
Likes: 414
From: New Jersey
I have American Modern and they canceled my insurance for non payment even though I had autopay . I had to call them up and get it straightened out. However their new policy coverages became much more restrictive. Like the car always has to be in a garage or locked in a trailer if it not at home. There goes any overnight stays. There were other changes that were not to the policy holders benefit. I may have to get rid of them.
Last edited by C5MSG2004Vert; Sep 23, 2020 at 03:51 PM.
Drifting
Joined: Jul 2017
Posts: 1,365
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From: S.E. Pennsylvania
So, if you buy a policy from NCM for your Corvette is the policy really with American Modern and NCM is simply one of their independent agents selling for them? American Modern's reviews are not exactly stellar. Randy Ransome's post seems to be evidence of this... 