How do you insure your corvette?

[IH2LOSE]

Here is a link to a discution last year

http://www.corvetteactioncenter.com/forums/showthread.php?t=66228&highlight=agreed

 

[JohnZ]

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. Peace......

I don't think we have any philosophical differences on this issue, as you pointed out in one of your posts in the previous discussion we all had many months ago (link that Larry posted). The only point I'm making is that based on MANY conversations both on-line and off-line, and face-to-face conversations with owners at many major events, with MANY Corvette enthusiasts, there are LOTS of them who have "stated value" policies which they THINK provide the same type of coverage as "agreed value" collector policies. As we both know, that's not the case, but THEY don't know that; all they really have is ordinary ACV coverage with a cap that protects the insurer. Tough to find out about that distinction after your car has been stolen when you didn't know the difference ahead of time and the adjuster offers you Kelley book value for your car.

 

[67HEAVEN]

Although I was unhappy writing the cheque (er....check ), I willingly pay a lot of money for AGREED VALUE coverage, and I'd like to publicly thank Larry (IH2lose) for twigging me to the terminology differences.

Approximately CA$3,400.00 per year for approx. CA$150,000 Agreed Value and full liability coverage - no mileage or use restrictions - had to prove that I have other vehicles insured for daily use, however - also, required the installation of a monitored (fire and burglary) alarm system for my garage.

This company only insures classic cars, so my other vehicles are with another company.

 

[corvetjerryd]

"The proof is in the payout"

I switched my coverage from my regular car insurance to American collectors in March of this year......Then in September I had my first and only insurance claim in 36 years of driving.....It was a single car accident in my Corvette(of course)..ad ...After I notified them I was contacted and updated at least 4 or 5 times the first week and totally amazed at how fast they sent an adjuster to my house to asses the damage and within just 4 wks. of the accident I had a very fair settlement check in my hand.....I just can't say enough about the professional way they handled the whole situation....If they don't drop me I will have American Collectors insurance forever......They made a believer out of me.......

 

[oceangal]

after all this insurance talk I think I might just take my vette off the road and just reregister next year, that now seems like the less expensive option. I was in an accident last October and I am still waiting for a hearing to defend myself ( i was cut off by a flatbed and didn't feel 50% at fault) anyway I have like 5 more months to wait til I get the hearing (14 - 18 mos wait time)but in the meantime my insurance has doubled. For 2o years I have never had an accident and no speeding tix that I can recall so I had a perfect record and very affordable premiums...

 

[John Ulrich]

On Friday I received a call from my agent saying my Insurance company will not continue to issue my 1 million umbrella coverage because they will not cover vehicles with separate collectors policies...ie my Vette & motorcycle have agreed value policies thru Hagerty Ins. Funny this company has accepted my checks for three years now. They apparently accept the Progressive policy I have on another motorcycle.
She's looking into it and has Progressive working a quote for the Vette & cycle ($300 a year now)...fat chance equaling that!!!

The "What you should know link" has a section 3 that covers this. I'll have my agent email this to the company to answer.

Later,
JU

 

[IH2LOSE]

As quoted from the leyland west web site

A few unethical insurance agents will tell you not to obtain a separate collector car policy because their auto policy or personal umbrella/excess policy will not allow it. This is misleading and simply not true. There are two key provisions these policies may require of a collector car policy:

1. <LI type=1>The limits of liability coverage provided by the "Collector Car" policy must be the same or higher than those provided by the everyday auto policy.
2. The insurance company issuing the policy must be "A" rated.

I have yet to see an auto or umbrella/excess policy requiring you to insure all of your automobiles with one insurance company. If necessary, ask the agent to show you where their policy states you cannot secure a separate auto insurance policy for your "Collector Car."
Don't hold your breath.

Hagerty is still an A rated company I wonder why they would ask for the change

A while back I had a simular call, But my agent was suggesting I bring all of my insurances to one of his underwrighter because he was having troubles with the umbrella covering the collector cars and snowmobiles.

I explained to my to my agent I would be shopping for a different home and auto policy with an umbrella that would not give me troubles. The next day he called me back and said he was able to pull some strings and its no problems. He also said in reviewing my policy he noticed I was missing a claim free credit he some how over looked and would aplly that to the policy.

As soon as he heard the agreed value coverage on the collector car was the most important and I would change the regular home and auto policy with the umbrella to another underwrighter,his tuned changed and it wasnt a problem after all.

Good Luck and its great to see folks understanding what coverage they have.

 

[Gary42]

How is your C3 insured? What do you pay per year?

I went through an insurance broker in my local Corvette club. The policy is through Chubb, but is somehow actually with Grundy. (I guess that's an insurance subcontract.) Full coverage for an agreed value of $25,500 is costing me $200/yr., unlimited mileage.

I originally tried going through the company with which I had my daily driver insured, State Farm. I only stayed with them a short time just to drive the car off the dealer's lot. It occurred to me a couple of weeks later that they might only be covering me for blue book value...which, on 1972 vehicle would be nothing. When I called to inquire about the details, they stalled and stalled. I got the message quickly that they would not pay the car's true value should I be in an accident. I left them in a hurry.

A lesson for all you new classic Vette owners: don't be so excited about driving your car that you forget to ask these important questions of your insurance agent!

 

[rodesmg]

i want to thank (whiteknight) for that link on ins, i found out, that we had only a stated amount, from state farm, just got off of the phone with hagerty, and now ins for agreed amount. thanks alot. by the way i'm new to the board. live in wisconsin have two cars 76L48 &78 midget owned the vett for 10 yrs and the mg for 14yrs rodesmg

 

[IH2LOSE]

i want to thank (whiteknight) for that link on ins, i found out, that we had only a stated amount, from state farm, just got off of the phone with hagerty, and now ins for agreed amount. thanks alot. by the way i'm new to the board. live in wisconsin have two cars 76L48 &78 midget owned the vett for 10 yrs and the mg for 14yrs rodesmg

Excellent for a couple of reasons

1- You learned the differance between agreed value and every thing else they call it

2-you did something about it and your now properly insured for a collector car.