NCM insurance
02-24-2018, 01:30 PM
#1
NCM insurance
Did anyone having NCM insurance get a letter stating that changes were being made and they would get " an offer " on coverage and rates in the mail soon? i don't know how to take this letter and it worries me a bit. NCM is great and I don't want to leave because of maybe increased rates or less coverage. If you got the letter..how are you perceiving it??
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02-24-2018, 02:25 PM
Race Director
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Location: www.ncminsurance.com Bowling Green KY Home of the Corvette!
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St. Jude Donor '07-'08
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Don’t be concerned. Eventually everyone will get that same letter. Ultimately, as the letter states, our carrier is going from 7 companies down to 1. It is easier to manage at the company level, cheaper, less E&O exposure, less appointment of agents, etc.
Many of our customers are seeing a reduction in premium, albeit, small, however, some have seen a slight increase.
If you see an increase, just give us a jingle. We can evaluate the policy and see if we can bring it back down.
877.678.7626
Thanks!
Adam
Many of our customers are seeing a reduction in premium, albeit, small, however, some have seen a slight increase.
If you see an increase, just give us a jingle. We can evaluate the policy and see if we can bring it back down.
877.678.7626
Thanks!
Adam
02-24-2018, 02:23 PM
#2
Le Mans Master
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No letter yet and just got my renewal bill.
Adam drops in here occasionally, when he is not on the golf course, maybe he can address this.
Adam drops in here occasionally, when he is not on the golf course, maybe he can address this.
02-24-2018, 02:25 PM
#3
Race Director
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St. Jude Donor '07-'08
NCM Sinkhole Donor
Don’t be concerned. Eventually everyone will get that same letter. Ultimately, as the letter states, our carrier is going from 7 companies down to 1. It is easier to manage at the company level, cheaper, less E&O exposure, less appointment of agents, etc.
Many of our customers are seeing a reduction in premium, albeit, small, however, some have seen a slight increase.
If you see an increase, just give us a jingle. We can evaluate the policy and see if we can bring it back down.
877.678.7626
Thanks!
Adam
Many of our customers are seeing a reduction in premium, albeit, small, however, some have seen a slight increase.
If you see an increase, just give us a jingle. We can evaluate the policy and see if we can bring it back down.
877.678.7626
Thanks!
Adam
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02-24-2018, 07:29 PM
#5
Race Director
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This will only happen at renewals of policies, you will have plenty of warning. Just let us know if you have any questions. It’s not a big deal, just a bit of progress. In the end, they are including roadside assistance and full safety glass coverage.
Adam
Adam
Last edited by Adam Boca; 02-24-2018 at 07:30 PM.
02-25-2018, 08:15 AM
#6
Melting Slicks
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Anyone know of an insurer that will insure for agreed value and also allow use for errands and non-show or club event driving?
02-25-2018, 08:48 AM
#7
Team Owner
Nobody with agreed upon value and that knows classic cars. BOTH are important.
Been discussed at length in a dozen threads.
Some think this is allowed; then when they get down to brass tacks discover its not... "Occasional pleasure driving" is not the running of routine errands. Ask an agent if you are covered running to 7-11, Walmart, or the doctor's office on trips devoted solely to those purposes...
You get low collector car rates because:
1) They are not daily drivers,
2) They are kept in secure garage spaces at the owner's primary residence for the most part,
3) Collector car drivers tend to be less of an insurance risk.
4) Etc.
Last edited by Frankie the Fink; 02-25-2018 at 08:50 AM.
02-25-2018, 09:50 AM
#9
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The policies typically state they can be used for occasional pleasure driving like club events, but not daily driving as primary transportation to work or regular driving to shopping, errands, etc. My NCM one does.
"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."
"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."
Last edited by mikelj; 02-25-2018 at 09:58 AM.
02-25-2018, 09:58 AM
#10
Team Owner
02-25-2018, 10:07 AM
#11
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Basically you are limited as to miles you can drive it not where you go. You have to prove that you have a everyday car that has driving insurance.
02-25-2018, 10:51 AM
#12
Last edited by babbah; 02-25-2018 at 10:53 AM.
02-25-2018, 11:00 AM
#13
Team Owner
I'll just say that any classic car, agreed value, policy I've seen enumerates the type of driving and most often mileage limits.
If you don't see it IN WRITING, DON'T BELIEVE IT....
State Farm is one of the more unscrupulous companies based on their treatment of Florida hurricane victims in 2004 and their offshore company ploy to avoid insurance regulations stateside.
If you don't see it IN WRITING, DON'T BELIEVE IT....
State Farm is one of the more unscrupulous companies based on their treatment of Florida hurricane victims in 2004 and their offshore company ploy to avoid insurance regulations stateside.
Last edited by Frankie the Fink; 02-25-2018 at 11:02 AM.
02-25-2018, 11:10 AM
#14
Le Mans Master
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02-25-2018, 11:19 AM
#15
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Correct Leif, mine has a 1000 mile tier on all my cars, more than enough for me.
02-25-2018, 11:24 AM
#16
Team Owner
I don't know about errands but when I signed up with NCM a month ago I discussed the pleasure driving at length with Bobbie Jo. I told her I drive my car every day the sun is out...about 5000 per year. She told me "no problem" and I have a 6000 mile tier on my policy...in writing. I will attach a copy of my quote page, as one time Frankie told me you would never see that in writing anywhere from a collector car insurance company. Hope this helps.
I don't remember saying that...
BTW - that's a quote - not your declaration page, my NCM declaration page states the mileage limitation AND the car's uses: "Occasional Pleasure Use, Shows or Parades".
Beware listening to internet advice, company web sites or even reps on the phone.
READ YOUR DECLARATION PAGE/POLICY - they are the ONLY things that matter
Last edited by Frankie the Fink; 02-25-2018 at 12:16 PM.
02-25-2018, 12:13 PM
#17
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I’ve been asking on here for over 4 years, every time this topic comes up, for someone to show me in writing that they can use their car for unrestricted pleasure use (except for mileage) under an agreed value policy.
So far, nothing but crickets.
I have researched them all and would switch from my current company in a heartbeat if I were to find such a company. I am convinced no such coverage exists.
Steve
So far, nothing but crickets.
I have researched them all and would switch from my current company in a heartbeat if I were to find such a company. I am convinced no such coverage exists.
Steve
02-25-2018, 04:49 PM
#18
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I’ve been asking on here for over 4 years, every time this topic comes up, for someone to show me in writing that they can use their car for unrestricted pleasure use (except for mileage) under an agreed value policy.
So far, nothing but crickets.
I have researched them all and would switch from my current company in a heartbeat if I were to find such a company. I am convinced no such coverage exists.
Steve
So far, nothing but crickets.
I have researched them all and would switch from my current company in a heartbeat if I were to find such a company. I am convinced no such coverage exists.
Steve
Lie?
Stretch the truth?
I currently have NCM but would like less restriction on "occasional use".
02-25-2018, 05:49 PM
#19
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I suppose you could lie or you could roll the dice and use your car for non-approved trips but I don’t do that. I try to find ways to use my car within the restrictions. My wife and I go on drives and might stop to eat if it’s lunchtime. Sometimes I go on drives by myself, sometimes with my dog. There have been times when my wife and I have been on our way home from a drive and she thinks of an item she needs or that we need to stop at the bank to use the cash machine. I could be wrong but I don’t think my insurance company (I also have NCM insurance) expects me to drive right past my bank and go home to get my daily driver.
But I never do destination trips to Walmart, Lowe’s, grocery shopping, or the like.
Heck, I don’t even like taking my daily driver to Walmart. Scary place.
Steve
But I never do destination trips to Walmart, Lowe’s, grocery shopping, or the like.
Heck, I don’t even like taking my daily driver to Walmart. Scary place.
Steve
02-25-2018, 06:39 PM
#20
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I suppose you could lie or you could roll the dice and use your car for non-approved trips but I don’t do that. I try to find ways to use my car within the restrictions. My wife and I go on drives and might stop to eat if it’s lunchtime. Sometimes I go on drives by myself, sometimes with my dog. There have been times when my wife and I have been on our way home from a drive and she thinks of an item she needs or that we need to stop at the bank to use the cash machine. I could be wrong but I don’t think my insurance company (I also have NCM insurance) expects me to drive right past my bank and go home to get my daily driver.
But I never do destination trips to Walmart, Lowe’s, grocery shopping, or the like.
Heck, I don’t even like taking my daily driver to Walmart. Scary place.
Steve
But I never do destination trips to Walmart, Lowe’s, grocery shopping, or the like.
Heck, I don’t even like taking my daily driver to Walmart. Scary place.
Steve