Corvette Insurance?

[matthijskeuper]

Hi,

I'm considering buying a 70-73 corvette. To drive, not to show.

I've read some posts and saw some remarks about some insurances not covering long trips (The Auburn thread). What is this? :confused Is this something only applies if you insure a show cars, or does this apply to older, restored cars in general?

matthijs

 

[Paul T]

Matt, I think what you are referring to is classic car insurance. You can get this at a cheaper rate but you are limited to 2000 miles per year (varies by company), must keep it garaged, driven only to car shows and parades, and not driven daily. Regular car insurance applies to any daily driven cars and just costs a little more. State Farm likes Corvettes, Geico doesn't, AllState generally doens't like them, and AAA is very good to Corvetters. I don't know how your rates are up there in the Bay Area but I am guessing they will be reasonable. Just make a few calls around and you will soon get a good feel for the range in your area. Please post your findings.
Paul

 

[Seahorse51]

try americanhobbyist.com. great rates, no mileage limits.

 

[76okievette]

Matthijs, take a look under the Portal tab of this site and you see a listing for insurance. It has lots of links to the various insurance companies that will insure your car as a classic car. As long as its not your daily driver this is a pretty good way to get cheap insurance.

 

[Harley1@coiinc.com]

My 85 is insured with IMT--regular insurance with declared value--no restrictions for a cost of $444 per year. Age 52 with clean record.

 

[curtis]

I have my insured with State Farm. 3000 miles per year. Full coverage. Stated value $15000 (a little low). $64 every 6 months.

 

[joe1975]

agreed valve?

I'm looking into the issue of stated and agreed value some say it's a issue I have state farm right now but am looking at hagerty and grundy classic car with state Farm I think requires a antique plate my agent is checking this

 

[Last Ride]

I'm looking into the issue of stated and agreed value some say it's a issue I have state farm right now but am looking at hagerty and grundy classic car with state Farm I think requires a antique plate my agent is checking this

I have had my Vette on with State Farm for the six+ years I have owned it. Agreed value of $20,000 and no mileage. It was about $260 a year, but when I turned 25, it dipped to less than $200 per year. This is with a $500 deductible and a daily driver.

 

[Big Tex]

76okievette - where is OK are you located?

 

[billyvette]

I have had my Vette on with State Farm for the six+ years I have owned it. Agreed value of $20,000 and no mileage. It was about $260 a year, but when I turned 25, it dipped to less than $200 per year. This is with a $500 deductible and a daily driver.

If you could would you provide a little more info. on your policy such as a name for the policy. I want to change my vette your type of coverage, I am with State Farm as well. P M me if you can or just post on the thread if you do not mind others seeing this info. Thanks for the info.

 

[Last Ride]

If you could would you provide a little more info. on your policy such as a name for the policy. I want to change my vette your type of coverage, I am with State Farm as well. P M me if you can or just post on the thread if you do not mind others seeing this info. Thanks for the info.

To my knowledge, there is no special name for the policy I hold. The only thing it says in my policy about the Corvette is that it is a "For Pleasure" vehicle. To qualify, everyone over the age of 16 living with you needs to be insured under another car. For example, if you and your wife each have a daily driver, then there should be no problems. If your 17 year old son does not have a car, then you would need to list him as the primary driver of one of your vehicles (make sense?) In that case, you would need a third daily driver to qualify the Vette as a "For Pleasure Vehicle." Hope this helps.

Bryan

 

[Tom73]

...regular insurance with declared value...

... Stated value $15000 ...

Declared and/or Stated value is NOT the same as agreed value. With an agreed value policy the insurance company will pay that agreed value in case of a total loss. All a declared value or stated value will do is let the insurance company charge you more. The declared/stated value policy just sets a maximun that they will pay. They can still discount off of that amount. Say their books show that your car is worth X dollars, but you feel that your car is worth X + $5,000. So they will write you a policy that for X + $5K and you pay more for that extra $5K worth of coverage. But if you have a total loss you will have to prove to the insurance company (by their standards) that the car was worth the extra 5K, otherwise they will downgrade the pay-out for things like wear and tear and for depreciation.

Just make sure that you have an agreed value policy.

tom...

 

[Tom Bryant]

Absolutely!!. The only way to be assured you will get the amount you are insuring for is with agreed value. I can honestly say that I have had several Corvettes insured with Allstate as daily drivers or collector cars over the last 25 years and have had no problems and the rates have been reasonable. But then again, I have never had a claim. If the experience we went through last fall when my son rolled his Blazer is any indication of what I can expect I'm running like crazy away from them with the Corvettes.

Average book value of $6300., I compiled a list of 72 like vehicles actually for sale and only three of them were under $4000. all with major problems listed. I had a complete printout from the Chevy dealer showing over $8000. in repairs in the last year including a new GM engine, paint work and anything else that needed attention ( planned on him drivimg this through the ramainder of his college and it was a nice truck, we just made it perfect so there would be no problems). Also had lots of pictures of it in beautiful condition. Lowball Larry, the total loss specialist :eyerole First offered 3700. then a month later went up a few hundred. He stalled us until we had to settle because we had to get another vehicle. We took the money and bought basically what we started with before, needing all the same stuff but that's all the money we had.

The point is they will do the same to your Corvette if you do not have agreed value coverage. It is not worth taking a chance with your baby. Even with complete documentation and a professional appraisal you are not safe from Low Ball Larry. I'm taking the Corvettes to Haggerty.

Tom