Insurance Providers

[Joel Falk]

Sorry this is not a strictly technical question and I hope it is not outside the board's boundries of allowable discussion threads.

Now that I've found the car I want to purchase, I am interesting in hearing everyone's thoughts on good insurance providers for your Corvette.

Do you typically insure through your regular insurer or do you go through someone who "specializes" in classic or antique cars? Any pitfalls or things to watch for (I've heard I need to insist on "agreed value" coverage, what about others)?

Can anyone make a recommendation on specific providers?

Thank you for any thoughts.

Joel

[John H.]

Re: Insurance Providers

Joel -

In short, if your Corvette is worth more than the Kelley bluebook says it is (and most are), you need a "collector" policy with "agreed value" (NOT "stated value") coverage to protect your investment. Any other type of policy (like the one on your daily drivers) will leave you out in the cold and at the mercy of the insurer's depreciation/valuation/market formulas in the event of a total loss.

These "agreed value" policies are written by several firms that specialize in collector cars (Hagerty, Grundy, J.C. Taylor, etc.), and all have some level of operating restrictions in order to minimize the insurer's risk exposure in exchange for VERY reasonable rates, and may require photos or an appraisal. In the event of a total loss, they send you a check for the "agreed value", period - no haggling, negotiating, fighting with claims adjusters, arbitration, etc.

[Michael Jones]

Re: Insurance Providers

Joel:

You asked for recommendations on specific providers. I've used Hagerty for years and am completely happy with them. I've had two claims both of which were expeditiously and courteously handled with a smile. I was allowed to choose the repair shop which was an expensive Corvette specialist. And unlike my Allstate policy on my regular cars, my rates did not go up. Also there is zero deductable at a low rate.

I'm sure the other firms that John Hinckley mentioned offer similar service.

Good luck,

Mike

[Tom S.]

Re: Insurance Providers

Joel
I use Haggerty's , I have had no claims but the people are very good to deal with. They will take your estimate of value, and do not restrict your mileage as much as some insurers do,I will stay with them unless I have a problem.I also think that you will find the premium is much lower than adding a second car to your existing policy. I think mine is very reasonable.

tom Stanton #41491

[Mark H.]

Re: Insurance Providers

If you like to drive your Corvette to work, out to dinner, or otherwise leave it unattended when not locked in a garage, you might explore an agreed value rider on a traditional policy. cost is higher and an appraisal is often required, but the added flexibility can be important to some.