Question: Best way to insure 1960 Corvette

[Sixty_vette]

Well, as I posted in another thread, I am now the PROUD owner of a 1960 Corvette. I am curious as to how most of you insure your vehicle. I looked on Hagerty Classic Car guide, and believe my Corvette would be classified as Vehicle Condition #4

Vehicle Condition #4 cars are daily drivers, with flaws visible to the naked eye. The chrome might have pitting or scratches, the windshield might be chipped. Paintwork is imperfect, and perhaps the fender has a minor dent. The interior could have split seams or a cracked dash. No major parts are missing, but the wheels could differ from the originals, or the interior might not be stock. A #4 car can also be a deteriorated restoration. "Fair" is the one word that describes a #4 car.

The majority of the issues are the interior. The paint is original and overall looks good, but is does have its share of nicks and scratches. The chrome is pitted a bit - but the car still looks good.

So being classified (IMHO) as #4, the value would be around $32,000 - $35,000.

So my question is - do I just go to my current insurance company and add this as another vehicle? Will they insure it for the full value of the vehicle? Do I go with a company like Hagerty or another place?

Slightly confused - LOL!

Any help or suggestions will be appreciated!

Here is a picture of my new pride & joy!

 

[c5vetter]

Well, you need to have an AGREED VALUE policy for your Corvette. Rationale, you now know it is worth $35,000 and that is what it would take to replace the car in its' current state. Most non-collector car policies are NOT Agreed Value. Hagerty and many others are good choices.

I would also check with Adam Boca at the National Corvette Museum. He is a licensed underwriter in many states and provides very good value and excellent customer service.

 

[Sixty_vette]

Thanks vetter! I did call my insurance carrier just to see what they said. They require a professional appraisal of the vehicle, then will insure for that value - I assume that is an Agreed Value?

 

[96gs917]

Hagerty insures both my Corvettes. Both have an agreed upon value, and no retrictions on the amount of driving
I can do on either car. Rates are very reasonable.

Good luck with the '60.

 

[c5vetter]

Despite what many of the traditional "big name" insurers (State Farm; Geico; and others) claim, most do NOT write AGREED VALUE policies. They are STATED VALUE and depreciate, and they do NOT attempt to find NOS parts, etc. when you have a claim.

Some of the more "popular" collector car insurers are Hagerty; American Collector's Insurance; Grundy; Heacock; eSurance; Classic Auto Insurance; Collector Car Insurance; Chubb; American Modern Insurance (Adam Boca at NCM) - there are many more

 

[Sixty_vette]

Thanks again - so what I need to do is be sure it is AGREED VALUE - not STATED VALUE - thanks for the advice!

 

[redvett]

Go with Hagerty there the best for older vehicles.

 

[NOAGGE]

About the insurance

Well, as I posted in another thread, I am now the PROUD owner of a 1960 Corvette. I am curious as to how most of you insure your vehicle. I looked on Hagerty Classic Car guide, and believe my Corvette would be classified as Vehicle Condition #4

Vehicle Condition #4 cars are daily drivers, with flaws visible to the naked eye. The chrome might have pitting or scratches, the windshield might be chipped. Paintwork is imperfect, and perhaps the fender has a minor dent. The interior could have split seams or a cracked dash. No major parts are missing, but the wheels could differ from the originals, or the interior might not be stock. A #4 car can also be a deteriorated restoration. "Fair" is the one word that describes a #4 car.

The majority of the issues are the interior. The paint is original and overall looks good, but is does have its share of nicks and scratches. The chrome is pitted a bit - but the car still looks good.

So being classified (IMHO) as #4, the value would be around $32,000 - $35,000.

So my question is - do I just go to my current insurance company and add this as another vehicle? Will they insure it for the full value of the vehicle? Do I go with a company like Hagerty or another place?

Slightly confused - LOL!

Any help or suggestions will be appreciated!

Here is a picture of my new pride & joy!


View attachment 13920

I was going to go with Haggerty, but I decided to check my current provider State Farm, and the gave me a heck of a rate. My 40 k mile 96 I had covered for 2500 miles per year. 1000$ deduct and capped value of 13000$. They did me for less than 200$ per year. This is in Oklahoma. So I would ask your provider before you rush off... Good luck Ron.

 

[vigman]

I'm with AAA

Since I have all my car & home with them... I had to add a writer of the value... 32K
but AAA had to see the car, so I drove there, they took pix's and said OK.....
I do have a milage limitation, but it's really high.. like I would have to make it my daily driver...

I'm happy

Mike

 

[JohnZ]

Thanks vetter! I did call my insurance carrier just to see what they said. They require a professional appraisal of the vehicle, then will insure for that value - I assume that is an Agreed Value?

No, it's not - "regular" insurers don't write "Agreed Value" policies - they write "Stated Value" policies, which don't protect you at all. Talk to Hagerty or Adam Boca at the National Corvette Museum - they write "Agreed Value" policies all day long, and don't require "professional appraisals".

 

[Tom Bryant]

Listen to John and the others. What they say is absolutely correct. Don't make the mistake of insuring your car with a "regular" insurance company. Hagerty or NCM are cheap in comparison and you are guaranteed to receive the agreed amount if you have a total loss. Plus you can add an additional collector car on at any time and still only pay one liability premium that covers all of your cars on the policy.

Tom

 

[clasvette]

Well, as I posted in another thread, I am now the PROUD owner of a 1960 Corvette. I am curious as to how most of you insure your vehicle. I looked on Hagerty Classic Car guide, and believe my Corvette would be classified as Vehicle Condition #4

Vehicle Condition #4 cars are daily drivers, with flaws visible to the naked eye. The chrome might have pitting or scratches, the windshield might be chipped. Paintwork is imperfect, and perhaps the fender has a minor dent. The interior could have split seams or a cracked dash. No major parts are missing, but the wheels could differ from the originals, or the interior might not be stock. A #4 car can also be a deteriorated restoration. "Fair" is the one word that describes a #4 car.

The majority of the issues are the interior. The paint is original and overall looks good, but is does have its share of nicks and scratches. The chrome is pitted a bit - but the car still looks good.

So being classified (IMHO) as #4, the value would be around $32,000 - $35,000.

So my question is - do I just go to my current insurance company and add this as another vehicle? Will they insure it for the full value of the vehicle? Do I go with a company like Hagerty or another place?

Slightly confused - LOL!

Any help or suggestions will be appreciated!

Here is a picture of my new pride & joy!


View attachment 13920

I Have a 1962 Corvette, fully restored. I got a professional apprasial on the vette for $85,000.00. I called Hagerty and they wanted $700.00 a year. I went to my regular insurance company which is State Farm and I have full coverage with only a $100.00 deductable. They pay the rest. It only costs me $325.00 per year. The only difference I saw in the policies were that Hagerty gives free flatbed towing and a longer distance to tow it. I'm satisfied with State Farm and I reccommed it.
John

 

[c5vetter]

And, wait until you need to file a claim and they "depreciate" that value you think the 1962 is worth. You do NOT have an AGREED VALUE policy with State Farm.

 

[clasvette]

And, wait until you need to file a claim and they "depreciate" that value you think the 1962 is worth. You do NOT have an AGREED VALUE policy with State Farm.

The apprasial papers I brought in are what they HAVE TO insure it for. I have it all in black and white. The woman who works there is a friend and she agreed that I get paid full value.

 

[JohnZ]

The apprasial papers I brought in are what they HAVE TO insure it for. I have it all in black and white. The woman who works there is a friend and she agreed that I get paid full value.

Go to the section in the policy that describes what they'll pay in the event of a total loss and post what it says; if there's a bunch of wordsmithing that talks about "replacement value", "actual cash value", or "adjusted value" or any similar wording, you DON'T have an "agreed value" policy - you have a "stated value" policy, which leaves you at the mercy of the insurer in terms of what they think the car is worth and what they'll pay, with the "stated value" being the "cap" on their maximum liability.

With an "agreed value" policy, the answer to the question is very simple - they send you a check for the "agreed value" amount, with no adjustments, no depreciation, no negotiation, and no arguments. The "agreed value" is usually shown on the declarations page or on an amendment.

State Farm only writes "agreed value" policies in small number of states, and most State Farm agents don't even know what an "agreed value" policy is. READ THE POLICY - it's the only binding contract between you and the insurer, regardless of what the agent says.

 

[dooscoop32]

I highly recommend Grundy Worldwide for your insurance for your Corvette. Grundy's rates are lower than Hagerty's and their claim service is excellent. I have had insurance with them for 16 years and their rates have never increased. I currently have several cars insured with them including a 1932 Ford Street Rod, a 1965 Ford Mustang, a 1991 Cadillac Allante all on their Classic Car Policy.
As far as my current Corvette, it is a 2004 convertible. I bought it new and have driven it a mere 9285 miles since November 2003. Because of this, I felt Grundy may write an Agreed Value policy on this car. My former insurance carrier would only provide Stated Amount insurance for this car. So, late last year, I contacted Grundy to ask about that. They said they could get an underwriter to do this car on Agreed Value. They did and it was cheaper than my previous carrier.
So, I had them check with the underwriter about insuring my other cars which are daily drivers for my wife and me. They wrote them at a rate which is several hundred dollars less per year than my old company for the exact same coverage.
I had had insurance on my daily drivers with the same company for 45 years and dropped them in favor of Grundy.
And my total monetary savings for all six of them totaled up to be around $1100 per year.
Go with Grundy. You will not regret it!!

 

[i10fwy]

Grundy is no longer Grundy as Jim has retired, Hagerty NO, NO, NO. AAA uses American Modern OK, JC Taylor is OK. The person I would contact is Adam Roca at the NCM insurance office

 

[Flyncya]

1960 Corvette Insurance

Well, as I posted in another thread, I am now the PROUD owner of a 1960 Corvette. I am curious as to how most of you insure your vehicle. I looked on Hagerty Classic Car guide, and believe my Corvette would be classified as Vehicle Condition #4

Vehicle Condition #4 cars are daily drivers, with flaws visible to the naked eye. The chrome might have pitting or scratches, the windshield might be chipped. Paintwork is imperfect, and perhaps the fender has a minor dent. The interior could have split seams or a cracked dash. No major parts are missing, but the wheels could differ from the originals, or the interior might not be stock. A #4 car can also be a deteriorated restoration. "Fair" is the one word that describes a #4 car.

The majority of the issues are the interior. The paint is original and overall looks good, but is does have its share of nicks and scratches. The chrome is pitted a bit - but the car still looks good.

So being classified (IMHO) as #4, the value would be around $32,000 - $35,000.

So my question is - do I just go to my current insurance company and add this as another vehicle? Will they insure it for the full value of the vehicle? Do I go with a company like Hagerty or another place?

Slightly confused - LOL!

Any help or suggestions will be appreciated!

Here is a picture of my new pride & joy!


View attachment 13920

I would definitely call or email Adam Boca with the NCM. He insures with American Modern. I've used American for my two Corvettes for several years. Or, try Hagerty as previously mentioned. In either case, they will be Agreed Value. In my case I just had to include photos for the NCM insurance but no appraisals.

Flyncya

 

[i10fwy]

Sorry, spelled Adam's name wrong. Yes call Adam Boca. I am an agent in AZ, I write my clients through JC Taylor. What you will find is that all collector policies are underwritten by just a couple of insurance companies. Phillidelphia being the most popular. On your question of coverage, unless your personal agent has carrier that will issue stated/agreed value coverage you will need to get it yourself (ie. call Adam)

With agreed value coverage if there is a total loss claim you will be paid the "agreed value"

Hope this helps

 

[catbert]

The big insurers are a good idea - until you have a claim. I have heard too many true horror stories about trying to settle a claim when the time comes with the majors. I would go with the classic car specialty insurers like NCM or Hagerty for the peace of mind. Making classic owners happy is the basis for their business model.