NCM Policy Overview
Thread Starter
Le Mans Master
Joined: Sep 2012
Posts: 7,146
Likes: 1,940
From: Hagerstown MD
St. Jude Donor '15-'16,'18
NCM Policy Overview
I am still debating the switch from over 43 years with USAA to a policy through the NCM for my C7. I pulled up the quote to review the stipulations. Here is the policy overview as I don't have an acual policy. In my mind, it appears that occasional use to include errands is permitted as long as each driver has another principal vehicle for driving to and from work and conducting errands. If anyone has any first hand experience with NCM and/or American Modern I would be interested in reading about it. Thanks.
Here is the Policy Overview:
American Modern Collector Vehicle
Maryland Policy Overview
Thank you for your interest in an American Modern Collector Vehicle policy. This document is meant to
provide an overview of some unique traits of this collector vehicle policy. Concerns regarding thesa item*
should be discussed with your agent to ensure the proper coverage selection. This does not replace or
change any policy language.
We expect that the vehicles insured under this policy are:
* of a collectible nature. We generally define collectible nature as vehicles whose characteristics
(unique features, rarity, and/or overall popularity with various generations) raise the desirability of
that vehicle beyond that of a common auto. As such the protection and care provided these
vehicles by their owners exceed that of a daily use auto;
* used primarily for occasional pleasure use. We define this as activities consistent with or related
to participation in vehicle shows/exhibitions, vehicle club activities, parades, and leisure/pleasure
drives. Leisure/pleasure drive does not include incidental driving to work unless policy is properly
endorsed (limitations on availability may apply);
* not anyone's principal means of transportation. This means that their primary purpose is not for
general transportation including regular driving to work and/or school, errands or shopping; and
* stored in a fully enclosed and lockable permanent structure that is able to protect the vehicle
from the elements when not in use. Other storage options may be acceptable with prior approval
from the company.
We expect you to:
* Notify us of all licensed household members and any other regular operators. Failure to notify us
of all licensed household members may result in coverage not being available if they operate your
vehicle.
We want you to be aware that the coverage provided by this policy is:
* intended to respond to situations involving your collector vehicle. Coverage is generally not
available for situations involving other vehicles not directly insured by this policy, including your
regular use vehicles or non-owned autos;
* generally dependent upon adherence to the usage and storage expectations; and
* not available when engaging in any off road driving, race, driver education, or similar event.
Some unique coverage included with our standard collector vehicle policy:
* Agreed Value - if the vehicle is destroyed or not able to be repaired, you will receive the amount
that we agreed upon and is shown in your declaration page.
* $2,000 coverage for spare parts, accessories, and emergency tools. Additional limits available.
* $75 per occurrence for towing. Ability to increase to $200 plus additional benefits.
* $600 per occurrence for Trip Interruption to cover transportation, expense, and meal costs
resulting from a covered loss when traveling away from home.
* $750 for injury/death to your pet if injured or killed while occupying your collector vehicle.
CV IN 19 01 15 Page 1 of 1
Here is the Policy Overview:
American Modern Collector Vehicle
Maryland Policy Overview
Thank you for your interest in an American Modern Collector Vehicle policy. This document is meant to
provide an overview of some unique traits of this collector vehicle policy. Concerns regarding thesa item*
should be discussed with your agent to ensure the proper coverage selection. This does not replace or
change any policy language.
We expect that the vehicles insured under this policy are:
* of a collectible nature. We generally define collectible nature as vehicles whose characteristics
(unique features, rarity, and/or overall popularity with various generations) raise the desirability of
that vehicle beyond that of a common auto. As such the protection and care provided these
vehicles by their owners exceed that of a daily use auto;
* used primarily for occasional pleasure use. We define this as activities consistent with or related
to participation in vehicle shows/exhibitions, vehicle club activities, parades, and leisure/pleasure
drives. Leisure/pleasure drive does not include incidental driving to work unless policy is properly
endorsed (limitations on availability may apply);
* not anyone's principal means of transportation. This means that their primary purpose is not for
general transportation including regular driving to work and/or school, errands or shopping; and
* stored in a fully enclosed and lockable permanent structure that is able to protect the vehicle
from the elements when not in use. Other storage options may be acceptable with prior approval
from the company.
We expect you to:
* Notify us of all licensed household members and any other regular operators. Failure to notify us
of all licensed household members may result in coverage not being available if they operate your
vehicle.
We want you to be aware that the coverage provided by this policy is:
* intended to respond to situations involving your collector vehicle. Coverage is generally not
available for situations involving other vehicles not directly insured by this policy, including your
regular use vehicles or non-owned autos;
* generally dependent upon adherence to the usage and storage expectations; and
* not available when engaging in any off road driving, race, driver education, or similar event.
Some unique coverage included with our standard collector vehicle policy:
* Agreed Value - if the vehicle is destroyed or not able to be repaired, you will receive the amount
that we agreed upon and is shown in your declaration page.
* $2,000 coverage for spare parts, accessories, and emergency tools. Additional limits available.
* $75 per occurrence for towing. Ability to increase to $200 plus additional benefits.
* $600 per occurrence for Trip Interruption to cover transportation, expense, and meal costs
resulting from a covered loss when traveling away from home.
* $750 for injury/death to your pet if injured or killed while occupying your collector vehicle.
CV IN 19 01 15 Page 1 of 1
Le Mans Master
Joined: May 1999
Posts: 6,517
Likes: 1,303
From: Windermere FL
Lot of threads on this subject. Here is the last one.
https://www.corvetteforum.com/forums...post1592571804
Basically, you are covered for club events, car shows, repairs, and any "pleasure" use where you have no specific destination and no stops. But once you stop for ice cream or lunch, it is considered an "errand" and your coverage also stops.
https://www.corvetteforum.com/forums...post1592571804
Basically, you are covered for club events, car shows, repairs, and any "pleasure" use where you have no specific destination and no stops. But once you stop for ice cream or lunch, it is considered an "errand" and your coverage also stops.
Safety Car
Joined: Feb 2016
Posts: 4,980
Likes: 3,826
From: Bainbridge Island WA
Compare to:
Note keyword: errands.
Basically you are proposing changing from a normal use policy of USAA with no particular restrictions to one that is specifically restricted. They don't really want you driving the car. They want it parked in a locked space.
You may get conversations that say they don't really mean that, but it's in print. With any insurance policy you ought to look for weasel words, reasons the insurance company can use to avoid payment. If the issue is cloudy, you can bet they will interpret in their favor. In other words, they are not your partner and they are not on your side.
If you just drive your vette to car shows, really, then this is the kind of policy you might want. But if you actually drive your vette on a regular basis, I think you're looking for trouble here.
* not anyone's principal means of transportation. This means that their primary purpose is not for general transportation including regular driving to work and/or school, errands or shopping
Note keyword: errands.
Basically you are proposing changing from a normal use policy of USAA with no particular restrictions to one that is specifically restricted. They don't really want you driving the car. They want it parked in a locked space.
You may get conversations that say they don't really mean that, but it's in print. With any insurance policy you ought to look for weasel words, reasons the insurance company can use to avoid payment. If the issue is cloudy, you can bet they will interpret in their favor. In other words, they are not your partner and they are not on your side.
If you just drive your vette to car shows, really, then this is the kind of policy you might want. But if you actually drive your vette on a regular basis, I think you're looking for trouble here.
Le Mans Master
Joined: Dec 2012
Posts: 6,442
Likes: 2,535
From: New Jersey
I got NCM insurance, underwritten by American Modern when I got my C7 in April 2015. I signed up for the 6K annual miles limit which can be rolled over for unused miles, ie I used 2500 miles my first year and now I can drive 9500 miles and still be OK.
As it was explained to me, their concern is that the car is not used as a daily driver and any trips made that are typically made as a DD are not covered. For example, they will cover parking at a restaurant, but not at the bank or at your doctor's office. If you can defend the place as something that would occur during an "occasional" pleasure trip then its covered.
As an aside, I was paying $590 my first year and they jacked it up to 650 my second year with no changes or accidents to the policy- seemed like an unusually high increase.
As it was explained to me, their concern is that the car is not used as a daily driver and any trips made that are typically made as a DD are not covered. For example, they will cover parking at a restaurant, but not at the bank or at your doctor's office. If you can defend the place as something that would occur during an "occasional" pleasure trip then its covered.
As an aside, I was paying $590 my first year and they jacked it up to 650 my second year with no changes or accidents to the policy- seemed like an unusually high increase.
Last edited by Corgidog1; Jul 7, 2016 at 01:38 PM.
Thread Starter
Le Mans Master
Joined: Sep 2012
Posts: 7,146
Likes: 1,940
From: Hagerstown MD
St. Jude Donor '15-'16,'18
I got NCM insurance, underwritten by American Modern when I got my C7 in April 2015. I signed up for the 6K annual miles limit which can be rolled over for unused miles, ie I used 2500 miles my first year and now I can drive 9500 miles and still be OK.
As it was explained to me, their concern is that the car is not used as a daily driver and any trips made that are typically made as a DD are not covered. For example, they will cover parking at a restaurant, but not at the bank or at your doctor's office. If you can defend the place as something that would occur during an "occasional" pleasure trip then its covered.
As an aside, I was paying $590 my first year and they jacked it up to 650 my second year with no changes or accidents to the policy- seemed like an unusually high increase.
As it was explained to me, their concern is that the car is not used as a daily driver and any trips made that are typically made as a DD are not covered. For example, they will cover parking at a restaurant, but not at the bank or at your doctor's office. If you can defend the place as something that would occur during an "occasional" pleasure trip then its covered.
As an aside, I was paying $590 my first year and they jacked it up to 650 my second year with no changes or accidents to the policy- seemed like an unusually high increase.
Race Director
Joined: May 2008
Posts: 10,742
Likes: 629
From: Manheim Pennsylvania
Lot of threads on this subject. Here is the last one.
https://www.corvetteforum.com/forums...post1592571804
Basically, you are covered for club events, car shows, repairs, and any "pleasure" use where you have no specific destination and no stops. But once you stop for ice cream or lunch, it is considered an "errand" and your coverage also stops.
https://www.corvetteforum.com/forums...post1592571804
Basically, you are covered for club events, car shows, repairs, and any "pleasure" use where you have no specific destination and no stops. But once you stop for ice cream or lunch, it is considered an "errand" and your coverage also stops.
There are a lot of interpretations of what is covered. Reads pleasure use only, there is nothing written that prevents stopping to eat including ice cream on a pleasure drive. I personally ask NCM insurance representative; if you are going to an event, you are covered when staying overnight (Holiday Inn Express - extra knowledge) stopping to eat and Heaven help us, stopping to go! And if you can't stop for fuel, not going to go anywhere. Common sense! Policy is written much like all collector car policies. Standard coverage mileage is 3,000 or you can pay extra for additional 3,000 = 6,000 total miles. The annual Drive your Corvette to Work Day could be questionable, or a club event if sanctioned by your local Corvette Club?
Le Mans Master
Joined: Jan 2006
Posts: 6,800
Likes: 2,653
From: Down south in Dixie
It does seem quite restrictive Colonel. I couldn't abide by them because we enjoy just jumping in the Vette to take a day trip which includes stopping at all sorts of businesses. I would hate to have an incident, and them tell me I shouldn't have stopped at that business. I doesn't seem the savings are worth the restrictions. Good luck in your decision.
Thread Starter
Le Mans Master
Joined: Sep 2012
Posts: 7,146
Likes: 1,940
From: Hagerstown MD
St. Jude Donor '15-'16,'18
It does seem quite restrictive Colonel. I couldn't abide by them because we enjoy just jumping in the Vette to take a day trip which includes stopping at all sorts of businesses. I would hate to have an incident, and them tell me I shouldn't have stopped at that business. I doesn't seem the savings are worth the restrictions. Good luck in your decision.
It's not worth the savings. USAA has been very good to me over the years. One totaled car, got more than I paid for it, and a nice DV claim on a brand new Audi that was sideswiped as well as a homeowner's claim. I'm going to keep my C7 insured with them so I can drive it when and where I want. It's definitely not a garage queen, I even put all season tires on it so I can drive it in the winter as long as the roads are clear. Appreciate the input and comments. Collector car insurance might work for some folks but it doesn't make sense for me. Tomorrow I'm taking my wife to the mall in the Corvette.
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Burning Brakes
Joined: Mar 2014
Posts: 838
Likes: 70
From: Loudoun County VA
It's not worth the savings. USAA has been very good to me over the years. One totaled car, got more than I paid for it, and a nice DV claim on a brand new Audi that was sideswiped as well as a homeowner's claim. I'm going to keep my C7 insured with them so I can drive it when and where I want. It's definitely not a garage queen, I even put all season tires on it so I can drive it in the winter as long as the roads are clear. Appreciate the input and comments. Collector car insurance might work for some folks but it doesn't make sense for me. Tomorrow I'm taking my wife to the mall in the Corvette.I have used USAA for many years, but had to purchase NCM insurance for my Corvette so I could get around this significant restriction
Last edited by arturox2; Jul 7, 2016 at 08:19 PM.
Team Owner
Joined: Oct 2004
Posts: 25,583
Likes: 16,942
I'd stay far, far away from a policy like this on a modern car. It's a waste of a perfectly fine automobile, and you face an inquisition if you have an accident while driving it. There are just way too many exclusions for them to deny coverage with.
Administrator
Joined: Mar 2001
Posts: 368,297
Likes: 24,776
From: In a parallel universe. Currently own 2014 Stingray Coupe.
C7 of the Year - Modified Finalist 2021
MO Events Coordinator
St. Jude Co-Organizer
St. Jude Donor '03 thru '25
NCM Sinkhole Donor
CI 5, 8 & 11 Veteran
I got NCM insurance, underwritten by American Modern when I got my C7 in April 2015. I signed up for the 6K annual miles limit which can be rolled over for unused miles, ie I used 2500 miles my first year and now I can drive 9500 miles and still be OK.
As it was explained to me, their concern is that the car is not used as a daily driver and any trips made that are typically made as a DD are not covered. For example, they will cover parking at a restaurant, but not at the bank or at your doctor's office. If you can defend the place as something that would occur during an "occasional" pleasure trip then its covered.
As an aside, I was paying $590 my first year and they jacked it up to 650 my second year with no changes or accidents to the policy- seemed like an unusually high increase.
As it was explained to me, their concern is that the car is not used as a daily driver and any trips made that are typically made as a DD are not covered. For example, they will cover parking at a restaurant, but not at the bank or at your doctor's office. If you can defend the place as something that would occur during an "occasional" pleasure trip then its covered.
As an aside, I was paying $590 my first year and they jacked it up to 650 my second year with no changes or accidents to the policy- seemed like an unusually high increase.
And what Larry/car said is basically what I was told too.
Le Mans Master
Joined: Dec 2012
Posts: 6,442
Likes: 2,535
From: New Jersey
HMM, this is interesting. I wonder if this increase is typical? Did you keep the same agreed value? My annual savings would only amount to about $250/yr if I switch from USAA. Considering that I get an annual rebate based on my premiums this rebate would also be reduced so I don't think the change would be worth the restrictions on how I can use my C7. Looks like I am staying with USAA.
Racer
Joined: Apr 2009
Posts: 290
Likes: 30
From: Central FL
Mine went up as well from last year to this with NCM policy. That said it was LOADS cheaper than a regular policy (less than 1/2) and I don't just take it shopping. I did confirm that it is covered if I stop somewhere on the way home from an event. My guess is you would just need to prove that you were at such event. If there was a minor difference in price I would go with a normal policy...
Burning Brakes
Joined: Mar 2014
Posts: 838
Likes: 70
From: Loudoun County VA
It's not worth the savings. USAA has been very good to me over the years. One totaled car, got more than I paid for it, and a nice DV claim on a brand new Audi that was sideswiped as well as a homeowner's claim. I'm going to keep my C7 insured with them so I can drive it when and where I want. It's definitely not a garage queen, I even put all season tires on it so I can drive it in the winter as long as the roads are clear. Appreciate the input and comments. Collector car insurance might work for some folks but it doesn't make sense for me. Tomorrow I'm taking my wife to the mall in the Corvette.
Drifting
Joined: Jun 2015
Posts: 1,574
Likes: 554
I got NCM insurance, underwritten by American Modern when I got my C7 in April 2015. I signed up for the 6K annual miles limit which can be rolled over for unused miles, ie I used 2500 miles my first year and now I can drive 9500 miles and still be OK.
As it was explained to me, their concern is that the car is not used as a daily driver and any trips made that are typically made as a DD are not covered. For example, they will cover parking at a restaurant, but not at the bank or at your doctor's office. If you can defend the place as something that would occur during an "occasional" pleasure trip then its covered.
As an aside, I was paying $590 my first year and they jacked it up to 650 my second year with no changes or accidents to the policy- seemed like an unusually high increase.
As it was explained to me, their concern is that the car is not used as a daily driver and any trips made that are typically made as a DD are not covered. For example, they will cover parking at a restaurant, but not at the bank or at your doctor's office. If you can defend the place as something that would occur during an "occasional" pleasure trip then its covered.
As an aside, I was paying $590 my first year and they jacked it up to 650 my second year with no changes or accidents to the policy- seemed like an unusually high increase.
Race Director
Joined: Sep 2001
Posts: 16,507
Likes: 84
From: Southern Indiana
I will say that to their great credit, NCM will be very up front with you about this. They don't try to sneak in and get you to buy coverage, knowing that it would be a bad idea for you. They are a good, customer-friendly firm; but one with a product which has very specific limited usage.
Last edited by xwing; Jul 8, 2016 at 03:00 PM.
Thread Starter
Le Mans Master
Joined: Sep 2012
Posts: 7,146
Likes: 1,940
From: Hagerstown MD
St. Jude Donor '15-'16,'18
I would like to hear from any owners who have had a claim denied due to improper usage of their insured car with American Modern, Hagerty, Grundy or any of the other "collector car" companies. Infrequent errand usage is something that I need to have as we do occasionally take the Corvette to a restaurant, mall, bank etc. It isn't every day or even every week especially in the winter months but we do "run errands" in it. For this reason looks like I'll be keeping it insured with the rest of our cars so we can drive it when, where and how we desire. The difference in cost is only about $200 and I have higher liability limits and lower deductibles. I have no plans to track the car even at HPDE events. I did drive a couple of parade laps around VIR last year.
Race Director
Joined: Oct 1999
Posts: 14,109
Likes: 127
From: www.ncminsurance.com Bowling Green KY Home of the Corvette!
CI 1-2-3-4-5-6-7-8-9-10-11-12 Vet
St. Jude Donor '07-'08
NCM Sinkhole Donor
I would like to hear from any owners who have had a claim denied due to improper usage of their insured car with American Modern, Hagerty, Grundy or any of the other "collector car" companies. Infrequent errand usage is something that I need to have as we do occasionally take the Corvette to a restaurant, mall, bank etc. It isn't every day or even every week especially in the winter months but we do "run errands" in it. For this reason looks like I'll be keeping it insured with the rest of our cars so we can drive it when, where and how we desire. The difference in cost is only about $200 and I have higher liability limits and lower deductibles. I have no plans to track the car even at HPDE events. I did drive a couple of parade laps around VIR last year.
Here is that thread: https://www.corvetteforum.com/forums/c7-general-discussion/3802472-car-insurance-wth.html
As I have discussed and posted many times. The #1 reason why insurance was created was to pay in the event of a loss, period. As long as you use the vehicle in which it is covered everyone will be happy if there is a loss. We don't want this as much as you don't.
Let me know if you have specific questions.
Last edited by Adam Boca; Jul 8, 2016 at 10:51 PM.
Race Director
Joined: Oct 1999
Posts: 14,109
Likes: 127
From: www.ncminsurance.com Bowling Green KY Home of the Corvette!
CI 1-2-3-4-5-6-7-8-9-10-11-12 Vet
St. Jude Donor '07-'08
NCM Sinkhole Donor
Lot of threads on this subject. Here is the last one.
https://www.corvetteforum.com/forums...post1592571804
Basically, you are covered for club events, car shows, repairs, and any "pleasure" use where you have no specific destination and no stops. But once you stop for ice cream or lunch, it is considered an "errand" and your coverage also stops.
https://www.corvetteforum.com/forums...post1592571804
Basically, you are covered for club events, car shows, repairs, and any "pleasure" use where you have no specific destination and no stops. But once you stop for ice cream or lunch, it is considered an "errand" and your coverage also stops.
I got NCM insurance, underwritten by American Modern when I got my C7 in April 2015. I signed up for the 6K annual miles limit which can be rolled over for unused miles, ie I used 2500 miles my first year and now I can drive 9500 miles and still be OK.
As it was explained to me, their concern is that the car is not used as a daily driver and any trips made that are typically made as a DD are not covered. For example, they will cover parking at a restaurant, but not at the bank or at your doctor's office. If you can defend the place as something that would occur during an "occasional" pleasure trip then its covered.
As an aside, I was paying $590 my first year and they jacked it up to 650 my second year with no changes or accidents to the policy- seemed like an unusually high increase.
As it was explained to me, their concern is that the car is not used as a daily driver and any trips made that are typically made as a DD are not covered. For example, they will cover parking at a restaurant, but not at the bank or at your doctor's office. If you can defend the place as something that would occur during an "occasional" pleasure trip then its covered.
As an aside, I was paying $590 my first year and they jacked it up to 650 my second year with no changes or accidents to the policy- seemed like an unusually high increase.
There are a lot of interpretations of what is covered. Reads pleasure use only, there is nothing written that prevents stopping to eat including ice cream on a pleasure drive. I personally ask NCM insurance representative; if you are going to an event, you are covered when staying overnight (Holiday Inn Express - extra knowledge) stopping to eat and Heaven help us, stopping to go! And if you can't stop for fuel, not going to go anywhere. Common sense! Policy is written much like all collector car policies. Standard coverage mileage is 3,000 or you can pay extra for additional 3,000 = 6,000 total miles. The annual Drive your Corvette to Work Day could be questionable, or a club event if sanctioned by your local Corvette Club?
Drive Your Corvette to Work Day is fine! One of the first questioned we asked when interviewing companies. You would be surprised who doesn't cover this. Club events are well outlined in the policy and all good, as long as it isn't on a track.