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How do you guys insure your cars?

Brangeta

Well-known member
Joined
Aug 2, 2005
Messages
1,767
Location
Dallas, TX
How do you guys insure your expensive Callaways? Do you just insure them as Corvettes and somehow add value to them or something?
 

jonstr

Well-known member
Joined
Jan 7, 2003
Messages
413
Location
Scottsdale, AZ
I've been with State Farm as long as I have been driving. I tried one of the 'collector' companies for the Corvettes a few years ago, but came back to State Farm because the collector programs seemed to restrictive. SF sort of has a collector/exotic program although it is admittedly not as inexpensive as companies like Haggerty. But, through State Farm, I can drop collision and liability when I'm not driving the car, leaving only comprehensive while it is in storage.

All of the "collector" insurance companies I looked into require either that you carry full coverage for the entire year or not at all (meaning you can never drive it). For me, being able to have full coverage only when I'm driving the car works out to be cheaper than carrying full coverage year-round through a collector company.

For the Speedster, and for the L88 I recently sold, SF required me to get an appraisal for an 'agreed upon' coverage amount since it was higher than a standard Corvette of similar vintage. They had never heard of a Callaway Speedster before, but they agreed to insure it for the full amount.

I did check with Haggerty again when I got the Speedster and found it interesting that they wanted to put it in their "exotic" program. I found it interesting that the price through Haggerty for comprehensive only (never driving it) was about twice what State Farm quoted me, and with State Farm I can call my agent and put full coverage back on for a short period. Haggerty would not allow that, so in this case SF came out WAY cheaper than Haggerty.
 

Brangeta

Well-known member
Joined
Aug 2, 2005
Messages
1,767
Location
Dallas, TX
My parents and I have been with State Farm all of our lives, and it seems to be a good insurance company.

When I have my C8, I plan on loading it up with enough options and customizations (little by little over time) until it is worth about $100,000. I'm worried that it would not ultimately appraise for what I put into it, especially since C8s don't sell for what they are worth. (They typically sell for the same amount as other Camaros with bodykits and engine mods-- which is honestly about the same amount as a Camaro without mods!) It would have full-coverage for sure, and I suppose I might put it in storage for the winter, but if I stay in Texas, winter isn't an issue anyway. So I will have to see how this would work. State Farm doesn't sound like a bad choice at all.

Is Haggerty the company that insures Ferraris and Lamborghinis? I think I remember seeing an ad in the Dupont Registry for them.

I looked into it some time ago, and Geiko, in particular, would not insure a Ferrari or Lamborghini. I even talked to a representative several years ago about it. (Didn't talk to State Farm because I didn't want them to think I was getting a Ferrari when this was a hypothetical thing).

Does anyone else have anything to add? I'm taking notes! :pat
 

Peer81

Well-known member
Joined
May 21, 2003
Messages
2,497
Location
Netherlands
Corvette
'81 Black
Over here in Holland if the car is past 15 years old its a semi oldtimer and a full oldtimer for the insurance at 20 years. For a full insurance you have to let somebody estimate the value of your car ( thought is was only for semi and real oldtimers but don't know for sure). So with all the upgrades and reseeds you have of the mods (and the guy really knows if the at value to the car) he will make a report with the value he thinks is accurate. That also is why you don't want to go with the cheap spoilers etc etc because it'll be a downgrade. I think Callaway has a very good eye for altering the vette which upgrades the car (itself and the overall value).
With the report you pay a standard $.. + (for example.) 2-3% of the value is what you pay a year.

Groeten Peter.
 
T

TurboLuigi

Guest
Yep, I too have State Farm and its insured as a Callaway Corvette with a stated value of the appraisal on the car. I have all my cars covered through them and been a SF customer for over 25 years.

-Luigi
:cool
 

kruzmisl

Well-known member
Joined
Aug 26, 2003
Messages
389
Location
Leawood KS
Corvette
1989 B2K Callaway/ 1966 Corvette Coupe
Personally, I have had great luck with Hagerty, of the best kind, CLAIMS! That's when you find out about your insurance company. True, we all look at annual premium costs, but when your battery blows up!, that's when I want service without the BS. I could not be happier.
 

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