Insurance question
Thread Starter
Cruising
Joined: Apr 2018
Posts: 10
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From: Indiana
Insurance question
I am looking at buying a used C7 Corvettte but I started thinking about insurance. I tried calling a couple of insurance agencies to see if any better policy is available for an expensive car like a Corvette. Can any provide any information on this. Because I would hate to spend $40-70K and get in an accident and insurance would pay less than what you paid or less than the car was worth. Any advise would be appreciated. I am just trying to consider all aspects of the ownership of the Corvette beyond the price tag.
thanks mark
thanks mark
Racer
Joined: Mar 2020
Posts: 372
Likes: 141
From: Texas
Insuring the Corvette and the payout is no different than your other cars. Assuming you don't insure with liability only (+Collision & Comprehension). The C7 in general isn't a rare car. If you buy one that has something unique about it like the first one that rolled off the line then you may want to put more into your insurance search. Otherwise, find an insurance agent to shop rates for you with reputable companies.
JD
JD
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From: Virginia
Race Director
Joined: Oct 2004
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From: Home of the VOLS ! Knoxville, TN. Tennessee
St. Jude Donor '11-'12-'13, '15, '16-'17-'18-'19
I have Haggerty. You will need to have another daily driver insured with another company to insure the Vette with Haggerty, I think. Or maybe I am thinking about American Collector's Insurance that has this requirement. 
Racer
Joined: Sep 2020
Posts: 418
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From: San Francisco
My 2014 Z51 is insured w/Hagerty (as a collector car) for a "guranteed" collision value of $40k for an "other than collision" premium of $206 & other collision premium of $318 for a total of $524/yr. Hagerty also insures my MR2 and 911 and there are "shared" liabilitiy and other coverages that cost $42/yr that apply to all 3 cars.
The total premiums these 3 cars is $1056/yr which is much cheaper than what State Farm would charge for them. State Farm insures my 2 other cars - a BMW & MB -- and my F250. The MB is my daily driver.
Wanted Hagerty to cover the BMW too but they have a rule that requires all of their insured vehicles to be in a garage or enclosed storage. Had an unenclosed side yard w/a locked gate where I store the BMW but that wasn't good enough for them. Hoping to sell the 911 and move the BMW into the garage and under Hagerty's coverage.
The total premiums these 3 cars is $1056/yr which is much cheaper than what State Farm would charge for them. State Farm insures my 2 other cars - a BMW & MB -- and my F250. The MB is my daily driver.
Wanted Hagerty to cover the BMW too but they have a rule that requires all of their insured vehicles to be in a garage or enclosed storage. Had an unenclosed side yard w/a locked gate where I store the BMW but that wasn't good enough for them. Hoping to sell the 911 and move the BMW into the garage and under Hagerty's coverage.
Burning Brakes
Joined: Jan 2020
Posts: 808
Likes: 398
From: NW Georgia
I have my 15 Z06 insured through Grundy at a declared value of $55k, it costs me $700 per year. Only stipulation is it has to be kept in a garage, has no mileage limit, 0 deductible collision and 0 deductible comprehensive. I just sent in for a quote from NCM and should have it back in 3 or 4 days, know a lot of people on the forum use their insurance, am just curious what the quote will be, if it is good enough, may change. Only thing is on the NCM quote, I had to put down a mileage limit, there was a 1000 mile and a 3000 mile, I went with 3000, probably won't drive it that much but will see what it costs.
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Brett Foote
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Joined: Jun 2005
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From: Phila Suburbs 2023 C8 & 2013 650ix
A woman ran a red light and totaled her car and my C6. I was very happy with the evaluation of my totaled 3 year old C6 with 32,000 miles. The insurance company provided an extremely detailed 12 page single spaced market evaluation report of the value of my car down to the amount of tread on my tires. I think your worry is unwarranted.
Last edited by Walt White Coupe; Apr 9, 2021 at 07:37 PM.
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I had the NCM insurance on my C5 for a few years and it was a good policy at a very reasonable price. They do have mileage and use restrictions so check over any policy for those features.
Burning Brakes
Joined: Apr 2004
Posts: 1,040
Likes: 200
From: Atoka, TN
I have mine through GEICO with my regular cars. Full coverage with new car replacement if mine is less than 5 years old (I’ll have to double check the age part) ~$740/yr. No limitations as long as it’s not used as a company car.
Drifting
Joined: Mar 2011
Posts: 1,251
Likes: 343
From: Louisville KY
I was amazed at how much State Farm was going to charge me to insure my Corvette. After talking with some folks in our Corvette club, I switched to NCM insurance. Much less expensive. They do require me to have another car as a daily driver, but that is no problem as my wife and I each have daily drivers.
Roadster Madness. 😠
Joined: Sep 2009
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From: Ventura Co Ca
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I looked around for insurance a few years ago. They all had use restrictions. For example, if I took my car for a car show and displayed it for judging, I was covered to and back. If I stopped for gas, I was covered, if I stopped to eat at a resturant, I was not.
I went with AAA because they have OEM Parts replacement (which included body panels) and it is an annual policy (they can only get me once a year).
Make sure you get Uninsured/Underinsured Coverage, it is cheap. Minimum insurance coverage in California is 15/30/5, which is what it has been for decades. I do not think that would cover a day in the hospital and maybe tires and rims.
The other coverage you should consider is an umbrella policy. Most Umbrella Policies require under coverage of $500,000, Home and Auto. The policy is usually around a $150 and takes your coverage to $1.5 Million. Remember, if you injure someone/s, a long stay in the hospital is going to add up.
jmho
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Joined: Sep 2010
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The other coverage you should consider is an umbrella policy. Most Umbrella Policies require under coverage of $500,000, Home and Auto. The policy is usually around a $150 and takes your coverage to $1.5 Million. Remember, if you injure someone/s, a long stay in the hospital is going to add up.
jmhoLast edited by Skid Row Joe; Apr 10, 2021 at 05:09 PM.
Melting Slicks
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