Question: Best way to insure 1960 Corvette

[Sixty_vette]

WOW - there are certainly a wide variety of opinions! That's good - I am glad I asked.

Well, I talked to my State Farm agent, Hagerty and Adam @ NCM - and I decided to go with Adam. While State Farms quote was quite lower, I just heard too many horror stories (even a personal email from someone) describing their experience. The gentleman who came for the appraisal yesterday even confirmed some issues.

Adam was so polite, professional and friendly - I was impressed. So after a few discussions and different quotes with different coverages I went with him. While I "MAY" not have had issues with the other companies, I feel 100% sure I wont with him.

Hope to make a trip this summer to meet him and visit the museum - never been there!

Thanks again everyone for your comments and suggestions! Being a newbie Vette owner - it is MUCH appreciated!

 

[targatom]

I agree, Hagerty or other specialty

Hi,

I have a motorcycle insured thru allstate, three yrs ago, when I first bought it, they implied that I would get the so called agreed upon value if there was a total loss. After reading all this, above, I called them, and , they DO NOT PAY agreed upon value at all when asked pointedly about this, they say there are reductions for mileage , time and condition when the claim occurs. I cant believe it, an insurance company lying about what they cover,,, no way,, hahahaaa. WAY !!!

WOW - there are certainly a wide variety of opinions! That's good - I am glad I asked.

Well, I talked to my State Farm agent, Hagerty and Adam @ NCM - and I decided to go with Adam. While State Farms quote was quite lower, I just heard too many horror stories (even a personal email from someone) describing their experience. The gentleman who came for the appraisal yesterday even confirmed some issues.

Adam was so polite, professional and friendly - I was impressed. So after a few discussions and different quotes with different coverages I went with him. While I "MAY" not have had issues with the other companies, I feel 100% sure I wont with him.

Hope to make a trip this summer to meet him and visit the museum - never been there!

Thanks again everyone for your comments and suggestions! Being a newbie Vette owner - it is MUCH appreciated!

 

[catbert]

I think you made a good choice - for whatever that's worth.

 

[Vetteophile]

Agreed Value insurance - State Farm

I'm sure some thought they bought Agreed Value insurance from State Farm and didnt get it, but my policy is with SF, is specified as Agreed Value, and reads significantly different than my other car policies with SF. They did require a formal appraisal to be submitted, and do ask for updated photos annually as a condition of policy continuation.

"Agreed Value" is stated in the body of the policy itself, with reference to the amount paid in a total loss. I also have emails from my agent verifying its an AV policy, with confirmation of amount (face policy value) I would receive in a total loss (without adjustment). My SF agent owns several corvettes himself and has the same coverage...and he clearly knows the difference in these policies when I discuss with him. Plus, cost is not the only factor but my AV policy from SF is substantially lower than same coverage from either Hagerty or NCM, which I have recently double checked.

I absolutely concur the most important point is double check the type of policy you have, and be very careful about stated vs agreed value to ensure you have what you want. But State Farm (at least in OH) does write AV polices.

Who knows, maybe I'll be surprised if an event occurs but I've tried to be very diligent with this knowing there is a significant difference in policies. I would add I recently purchased a 2009 SE Vette and was disappointed to find they would not offer an AV policy on this 'newer' car.... only older cars. Hope this helps.

 

[F4Gary]

I had Grundy for quite a few years. My agent finally got fed up with them and decided to look for a better collector car ins. company. She took me to Condon Skelly. Identical coverage and slightly cheaper. So far I'm happy.

 

[Vettelt193]

I'm getting my policy now with Adam at NCM. I have USAA and when I added the car to my policy they warned me and suggested I get collector insurance. They referred me to a company they work with and it was higher than Adam. I'm doing and agreed policy with him at 55k. The same policy with hagerty is 3 times as much.