To get or not to get collector's Ins!

[Mike2500]

Hello fellow Vetter's? I am considering collector’s insurance and wondered if anyone here has it on there car and if I could get some insight on the idea from those of you who have it. I only drive my 82 about 3,000 miles maybe a year and it stay in the garage but if something happened to it I would want it covered regardless for the best top dollar other than what full coverage offers.

Thanks
Mike

 

[Hib Halverson]

Hello fellow Vetter's? I am considering collector’s insurance and wondered if anyone here has it on there car and if I could get some insight on the idea from those of you who have it. I only drive my 82 about 3,000 miles maybe a year and it stay in the garage but if something happened to it I would want it covered regardless for the best top dollar other than what full coverage offers.

Thanks
Mike

Over the years, I've had three different vendors of "collector's insurance". Generally, it's a great bargain but there typically are restrictions on how you can use the vehicle.
1) Pleasure use only, no round town errands and no business use
2) Must overnight in a locked garage unless your on an overnight pleasure trip. Some car ports are accepted on a per case basis and at extra cost.
3) Annual mileage restriction
4) Track use not covered.

Right now, I have ins. from American Modern which I purchased though the NCM Insurance Agency. I just switched to NCM after a price search found the Museum's insurance to be less costly than the came ins. carrier's offerings through a different agent. We insured four Vettes for about $1500 annually.

For more info call 877.678.7626 and ask for Bobbie Jo Lee.

 

[Red Vette]

Hib is correct, the National Corvette Museum offers the best insurance for the collector cars and it appears yours qualifies. They do not allow errands and the Corvette cannot be a daily driver, but you can drive it to work twice per week. They have several tiers of mileage that would fit your case. I seriously looked into it and would have purchased it, but when my Corvettes are not in storage, I use them as daily drivers and run errands. You can increase the mileage above the amount you choose if you are going to make a trip, say to the NCM. A terrific part of the insurance is that they only charge liability once no matter how many collector cars you have insured with them. One drawwback would be how the NCM insurance affects your insurance with another company for you daily drivers. You should call the NCM and get a quote over the phone. Adam Boca is the other contact for insurance. Some of the members of my Corvette Club have purchased and save a lot of $$$.
Barrett

 

[Tom Bryant]

I haven't checked the NCM but I have Haqerty on our Corvettes and other collector cars. I have been on with them for 5 years and my rates have not gone up at all. Some others have seen rate increases. It could be because of where they live or some other factor they didn't share. I saw a Grundy commercial on "My Classic Car" last night that said they are extending your collector car insurance to your daily drivers also, all on the same policy. It's the same deal with only one liability premium that covers all of your cars(collector and drivers)so your rates for the daily drivers would be lower. It might be worth looking into.

Keep in mind that your homeowners insurance may be discounted because you have your cars there too. Removing the cars may cause an increase in your other insurance.

Tom

 

[Yoda]

Mike

Considering all that has been said so far,, you need to KNOW what the insured value of you car will be...

Here is a page that pretty much explains the difference between.... "Actual Value" ~ "Agreed Value" ~ "Stated Value" Value... Insurance

I have Hagerty on our 1981 with an "Agreed Value" of $23,000. I am not aware of any mileage restrictions, but I know using it as a daily driver is a :nono (as if I would :eyerole)... and it is VERY reasonable. Without looking up the exact cost, I think it is under $300 a year

Our '03 Anniversary is insured with our other vehicle and homeowners.. State Farm...

Bud

 

[Mike2500]

I have USAA and they go through American Collectors Ins. And for 20,000 insured it was 199 a year. So I am doing some looking around thanks to all the great help I have been given, So thanks for all the help!