I was on the phone with my insurance agent and had him quote a C5 that I'm considering purchasing. It was quoted using 100/300/100 on liability coverage, and using 7500 miles per year, with reasonable deductibles. It came out to $1,000 every 6 months, using round numbers. What the heck? I'm 51 and I have 2 other vehicles insured with them as well as a spotless driving record. Is it really that expensive to insure these cars?

 

Where do you live? I live in NM and Ins cost me 440/yr. for 03 Z06 with State Farm, 70YO, no tickets,12000 miles a year. I have the same coverage as you stated. I have 2 other cars Ins'd with then also. 1000 every 6 months seams excessive to me.

 

I'm in NJ and my normal insurance company wanted $1600 a year to insure my 04. Went with one of the collector car insurance companies and the bill was around $400 for 20k of insured value and 6k miles a year with carry-over of unused miles.

 

I live in Arkansas. I'd be very interested to know what collector car insurance company gave you the $400 annual quote.

 

I got insurance thru the National Corvette Museum. They are the agent. the actual company is called American Modern.

I pay $357 for this year. I am 69 years old. We have an agreed upon value of $16k for my 99 vert. I am limited to 3k miles, which I chose.

I don't know if the unused miles rollover. never thought to ask.

I live in Rhode Island.

 

I live in a small town in Idaho, which helps.

I am paying $780 a year combined for my 2002 Coupe and a 2010 Forester, for comparable coverage and driving record.

 

2003 Z06 with 100K/300K full coverage bundled with homeowners insurance through Nationwide and paying $1000/year. I drive 25K miles/year, no tickets and 45YO

 

If your Agent is not Independent, I suggest going to one to see what they can do for you. They will market your stats and cars to a number of carriers that will bid for your premium dollars. Plus, the Agents will help you in any issues that may arise.

 

Yes, the miles "carry over" with NCM insurance. By carry over, it means that you agree to a set number of miles per year. Let's say 5,000. If you only drive 2,500 miles one year you can drive 7,500 miles the next year and not go over your miles. I've used them for my C8 and my C5. Very responsive and great rates. Easy people to talk to and help you decide what the best coverage options are for your use. They won't insure a daily driver though.

 

I agree with having NCM----agreed upon value on the Vette----don't use it much, why pay more for less??

 

Insurance here in VA on the 2004 Corvette....$259 every 6 months ....$100 ded, for collision, no ded. for vandalism, etc., $300,000/$300,000 bodily injury liability each occurrence, $100,000 property damage liability, $5,000 medical. and that is after the big assed increase for 2022...

 

Is the car going to be a daily driver or is it a hobby vehicle? I have Grundy agreed value on 3 of my hobby toys (including my Vette) and I pay $1200/yr for all three. Keep in mind if you don't get an agreed value insurance policy and your car gets clobbered by some inattentive texting jamoke you're going to get a low-ball value based on their insurance company's fuzzy math. Not good.

 

Through Hagerty 98 Corvette 100/300 agreed value- no mileage limits- has to be garaged- no deductible on any - $316 year

 

Everyone can have a different premium depending on a lot of factors, but $1K every six months is nuts. When I had my C5s they were about $500-600 per year with much higher limits.

It just might pay you to get quotes from other companies.

 

Yep. I'll be shopping. Thanks to all for the input!

 

One can only comparison shop locally, for while the product might be regulated and standardized, it is up to the individual insurers underwriters to determine what they consider a profitable risk in your particular situation. And even then , a business plan might decide the rates independently of risk. They might decide to diversify their risk portfolio, and lower or raise rates according to a strategy, independent of insured risk.

A company that will insure a drunk driver has a different payout experience with corvettes than the corvette museum, as an example. If either company decided they needed to diversify into boats, they might have the lowest price in town until they satisfied their business goals. Sometimes the business goals raise rates, to diplomatically leave a bad market position without generating bad feelings by cancelling a policy with a long and profitable history..

As you might know, corvettes used to get wrapped around trees as a popular pastime. then they got too expensive for young owners, and the risk to insure them went down , along with rates, generally. Perhaps the original posters insurance company still thinks they are problematic to insure, so runs higher than market rates on corvettes for some reason. It could be as simple as his company having a poor history with satisfactory corvette repair and customer satisfaction in his locality , and just decided to run higher rates to simplify things for them.

Believe me, insurers got into big data long before sports. In my Los Angeles area, statistically speaking, 100% of all drivers will have an accident sometime within the next 10 years. The rates are nothing to brag about, and the statistics I mentioned were old, undoubtably present models look worse. I am thinking of going with an assigned value from a specialty insurer, so I can get into a more diverse risk pool and lower rates.

The main thing is to read your policy and make sure what you are buying covers your needs. No one wants to waste money, but some less knowledgable folks forget the primary purchase goal is protection against loss, and not finding the lowest price.
I have encountered people with insurance that didn't fit their needs, and they all just about had a fit when their previously unknown substantial financial risk they thought was insured against was pointed out.

Heck, I only moved to the other side of my little town and got my insurance raised by $40 bucks, twice a year. The low opinion of my new digs kind of hurt my feelings, but is probably a correct assessment.

 

I use a broker for my vehicles. They chose American Modern for me. I have stated value and limited mileage. It think I chose $16K and I am 69. It is really low. I think it is about $300 a year. My insurance company does all three of my vehicles and my house. Hink is right. There are so many variables like history, where you live, etc. I am pretty happy with American Modern though. Ken

 

That is nuts
I'm not sure I pay that much for all five of my vehicles, three of which are C5s.

 

demographics and your credit score are also major contributors to your cost

 

Your quote seems high. I have two 2000 Corvettes. I have no other cars, and I work from home here in southwest Florida. My insurance for the two of them combined, with full coverage, is only $1150/year. My insurance company is called Auto Owner's insurance.