How do you insure your corvette?

[Evolution1980]

I have State Farm insuring my '80 Vette, '05 Altima, '03 Victory Vegas, and my house. I get a discount for having them all with State Farm as well as every 5 years get a percentage discounted as well. I'm about due for my next decrease for my 10yr 'anniversary'. Right now, the vette is just covered at blue book, which is garbage. However, my agent said that all I need to do is take it to one of the approved appraisers and that's what they'll use for an "agreed" amount for coverage. The reason I don't have hagerty or any other specialty company is that they place too many restrictions on the where's and when I can drive my car. Ex: "You can't drive your car to work." Forget that! I work in one of the nicer 'burbs and can, at my discretion, have a nice, leisurely 45 minute drive through the back roads to get to work. A perfect time for me to enjoy my car and start/end my day of work.
State Farm places ZERO restrictions on my driving the vette. My cost on the vette is like $50/mo.

 

[blacksharkL82]

insurance

After searching and getting shafted by most insurance companies, I found AON.
Full coverage, agreed value of 16,000. with 300,000/300,000 liability. No restrictions on driving or parking or use.
Cost me $100. a year!
Progressive, 1,600.
Allstate, 1,400.
Geico, 900.
I guess, I have a good deal. What are YOU, waitng for?
All done on line and I got my package in the mail from them in 3 days.
This is my 3rd year with them. My vette, is my only car.

 

[Evolution1980]

After searching and getting shafted by most insurance companies, I found AON.
Full coverage, agreed value of 16,000. with 300,000/300,000 liability. No restrictions on driving or parking or use.
Cost me $100. a year!
I guess, I have a good deal. What are YOU, waitng for?
All done on line and I got my package in the mail from them in 3 days. This is my 3rd year with them. My vette, is my only car.

My concern is that "If it sounds too good to be true..." I'd be very leary if I ever had to file a claim. Giving an insurance company your money is easy. Getting it back can be the tricky part. But hey, here's hoping none of us ever have to enact a policy!

 

[blacksharkL82]

insurance

It is a contract.
If, one party fails to live up to the contract, the court will settle it.
Most times, if it goes to court, the big guy doesn't win.
I checked them out on Standard & Poors. They are a subsidary of a MAJOR/MAJOR, insurance co. They do pay, on time, in full. I hope I don't ever have to collect from them. I like my vette, just the way it is.

 

[akfox1]

Are you sure its an agreed value coverage,Who is it with

I know of no underwrighter that does home and normal auto and offers agrred value for a collector car. I would be interested in switching to them to keep all insurances with one company.

Mine is with TN Farmers Mutual (Farm Bureau). Yes, it is agreed value. I had to drive the car to the office and have it photographed for their appraiser, since it is an older car. After about a week, they called with a value I agreed with. Now I think I need to increase that amount due to improvements to the car, plus appreciation.

 

[JohnZ]

Liability limits of 250/500/100, PIP. ACV Comprehensive, $250 deductible on collision, Uninsured Coverage same as liabiltiy, towing.

Stated value of $125k on the 67......$328.00/year
Stated value of $50k on the 93 40th Anniv ZR1.......$348.00/year

And my insurance guy is an absolute car nut!

"Stated Value", or "Agreed Value"? There's a BIG difference!

 

[ZRGator]

"Stated Value", or "Agreed Value"? There's a BIG difference!

Here we go again..........several past posts on this

 

[Bob Bewalda]

Insurance Coverage

I also do the May to November coverage and do the full coverage the rest of the year for $240.00 per year.

 

[Shaggyvette]

I have all 3 of my cars thru Encompass. Can't get "Classic Ins." till next year for the 82 Vette. It will be at quite a savings. (now paying over $1,000 for just the Vette.) Our ins. is regulated by the state up here in Taxachusettes. lol

Dave

 

[JohnZ]

Here we go again..........several past posts on this

Had to do that - the devil made me do it!

 

[JohnZ]

Mine is with TN Farmers Mutual (Farm Bureau). Yes, it is agreed value. I had to drive the car to the office and have it photographed for their appraiser, since it is an older car. After about a week, they called with a value I agreed with. Now I think I need to increase that amount due to improvements to the car, plus appreciation.

I'd recommend that you read your policy carefully and look for the words "Agreed Value" with the $ number on the declarations page or on an endorsement, along with a definition that explains exactly what the insurer will pay you in the event of a total loss, to make sure you really do have "Agreed Value" coverage, not "Stated Value" or "Actual Cash Value" coverage.

 

[lnirenberg]

When it comes to insurance honesty does not get the best policy. I tried every major collector company for my 71 coupe and when I told them when the sun was out I might actually drive it to work the silence was deafening. I went with regular insurance by default and risked the car getting totaled by the insurance company in any major accident.

 

[ZRGator]

Had to do that - the devil made me do it!

Well, as long as you're having fun, that's the important thing.

 

[IH2LOSE]

Well, as long as you're having fun, that's the important thing.

You know I am often the one stressing to folks with collector cars they HAVE to have the "Agreed value" coverage. This topic needs to come up once a year because folks need to better understand insurance.

I personally always insure for catastrophic loss,I understand all of my coverages.

As said before its a mistake to assume your going to be paid the (stated value) I am going to have to do a search of the last thread we had as it had so much good information in it.

 

[WhiteKnight]

Here is an informative article the defines the differences between actual cash value, Stated Amount, Stated Value and Agreed value.

http://lelandwest.com/What_You_Should_Know.cfm

-steve

 

[hzl6cm]

I ensure all of my vehicles with Stae Farm. I have full coverage (100k, 300k, 100k) antique insurance on the '70 Convertible for about $60 every 6 months. I have regualr full coverage (in the 7,500 miles a year or less catagory) on the '04 Z06 for about $350 every 6 months.

Kevin

 

[JohnZ]

Here is an informative article the defines the differences between actual cash value, Stated Amount, Stated Value and Agreed value.

http://lelandwest.com/What_You_Should_Know.cfm

-steve

That's an excellent guide, and should be required reading for anyone preparing to insure a collectible car; at least half the people with our kind of cars DO NOT have the kind of coverage they think they have. If your policy doesn't clearly state "Agreed Value" and explain it, you don't have any better coverage than your neighbor has on the old Taurus in his driveway.

 

[ZRGator]

That's an excellent guide, and should be required reading for anyone preparing to insure a collectible car; at least half the people with our kind of cars DO NOT have the kind of coverage they think they have. If your policy doesn't clearly state "Agreed Value" and explain it, you don't have any better coverage than your neighbor has on the old Taurus in his driveway.

JohnZ, I'm not inclined to get into any kind of bitter debate with you here but I would disagree with your assessment.

First part of your sentence is correct, I believe, up to the semi colon. After that you seem to make an unsubstantiated guess as to the level of knowledge of people with "our kind of cars."
The second sentence I completely disagree with in that I don't know how you can say that if I have my car insured for a stated amount of, say, $K, the coverage is no better than that on an old Taurus which is covered on an ACV basis.There are subtle differences which make me feel much better insured than the guy with a Taurus.
Having said that, I anticipate a response from you. But, as hard as I wanted to just let this whole thing go, I feel you probably have some bad experience in your history which has formed your opinion and I realize I won't change that. It still all centers around a comfort level with your understanding of what you have, how well protected you are (with liability, also for I am fond of saying, "Do you just want to keep your tags or do you want to keep your house, too?") and doing the necessary homework on your coverage as you might do on correct info on a restored car.
It would also appear that the writer of the article referred to has had burned, also. There are statements in the article to which I might take exception but the core of the information is essentially correct. I'm just happy that I might be one of the "better Agents she refers to, as I am involved in the hobby and advise accordingly.
Peace......

 

[IH2LOSE]

ZRGator.

You know how I feel on this,I get contacted my email or pm by a couple of members each time I post on one of these "agreed value" topics, This post is no different.

Yes there are plenty of folks who do not understand insurance or its wording and what its meaning is.

In my buisness I always lay out a Pros & Cons spreadsheet to help a consumer make an educated decistion,This way he is not purchasing what I would purchase ,but actually what would fit his lifestyle or needs better.

If we were to go thru the pros and cons of "Agreed Value" coverage over NON agreed value coverage on a collector car used as a collector car there are no cons.

My own agent has a collector car and was insured with ACV coverage untill I was able to explain to him the difference.

My biggest problem is that some poor guy with a collector car is out thinking his car is insured for 20,30,40, thousand or higher insurance only to find out in a loss he is not going to be paid enough to fix his car proper,unless he is able to prove its value in todays market,Now his is trying to negceate with a highley trained insurance adjuster who normally gets rewarded for keeping his adjusted losses at a minimum. And the collector car guy is just starting to under stand some of the insurance lingo of
"like quaility part"
"national average labor rate"

I could go on but I wont.

 

[jdp6000]

After searching and getting shafted by most insurance companies, I found AON.
Full coverage, agreed value of 16,000. with 300,000/300,000 liability. No restrictions on driving or parking or use.
Cost me $100. a year!
Progressive, 1,600.
Allstate, 1,400.
Geico, 900.
I guess, I have a good deal. What are YOU, waitng for?
All done on line and I got my package in the mail from them in 3 days.
This is my 3rd year with them. My vette, is my only car.

I would be carful with the cheaper coverages. Ask some questions. I have a low premium policy as well. I pay about $280 per year under classic Car coverage. Its full coverage 2m liability, comp and collision. But i can not drive the car on a regular basis (i.e. to and from work), leave it unattended for an extended period, etc. Most classic car policies have numerous restrictions, everyone should check with there company.

These lower premium policies are not meant for daily drivers. They are know as "Weekender policies".

Jim