obtaining proper/adequate insurance

[Kevin Brooks]

Being new to the owners club of classic corvettes and having a nearly fully restored '66 327/350hp, 4sp, convertible (sn:194676S106735) with many major engine parts having "correct" casting numbers and date stamps, I would like to obtain the proper and adequate insurance. My car currently has the same type and coverage options as my modern, everyday vehicle. I am concerned that the insurance coverage would not even come close to what I paid for the car, nor cost of repair, much less any 'marketable' valuation. How should I go about obtaining the correct insurance coverage - I have several sources as advertised in the NCRS Driveline - but all indicate a vehicles value, which I don't know and which is highly subjective, to say the least. Do I need to have my car judged by NCRS, etc? If so, I would have to wait until the next local/regional meet, what about until that happens? I currently drive less than 1500 miles per year (this year 3 excursions, ~150miles, due to bad weather and road conditions), and keep the car locked and garaged.
Any advice appreciated. Member #42260.

[Don Barnes]

Contact Haggerty, Grundy or another Company

Go the websites of the Classic insurance and get a quote from them and go with the one that suits you,BUT make sure the policy is for agreed upon value of your car.I went with Haggerty. Don

[Rick A.]

Re: obtaining proper/adequate insurance

1st, got an appraisal of what the car is worth - this will give you a value that you can then shop insurance for

2nd, as suggested, check out the various "classic car" insurers - HAGGERTY, GRUNDY, AMERICAN COLLECTORS INSURANCE, LELAND WEST, PARISH HEACOCK - many others on the web you can do a GOOGLE search on

3rd, as suggested - make sure you get an AGREED VALUE POLICY! This cannot be emphasized enough - this is where you and your agent both agree on a figure that your car is worth, and in case the car is totaled or stolen, that is the value that you will receive-no hassle. Your premium is therefore based upon that figure.

FYI - personally, I have ACI for my 1963 Z06 - I pay $715/year, and have 2500/year mileage restriction - I have NO DEDUCTIBLE for anything; have towing; have up to $500 breakdown clause, etc.

[Don Becker #41636]

Not to pry...

...but curious as to how much an agreed upon value policy would cost...

Say I agreed upon 10k (I into C3's, forgive me ), how much would something like that cost?

[Jean C.]

Re: Not to pry...

Don, go to Grundy's website, enter your car details, the amount you want to insure it for and you get an immediate on-line quote. Their insurance is quite reasonable.

As mentioned in other notes in this thread, you must be sure of the difference between "agreed value" and "stated value". You probably want "agreed value" insurance where the payoff on the car if totally destroyed is the actual amount for which you insured the car...not a depreciated value as is the case with "stated value."

You also must be sure that for your State of residence, the insurer actually writes "agreed value" policies. I once had an insurer tell me that most assuredly the insurance written by their company on collector cars was definitely "agreed value." Then in the course of our conversation he noted that I live in Texas and then told me that policies written for Texas residents was actually "stated value." Oops! Different states, different insurance regs? Go figure.

Best regards,
Charlie

[Don Becker #41636]

Re: Not to pry...

Thanks Charlie!

BTW, I do know that insurance can vary from state to state.

Here in Ohio the state minimums are low, but in Kentucky, they're double, and so is the insurance payments!

[Dennis Voiro]

Re: obtaining proper/adequate insurance

I've had American Collectors for many years. Recently I did a sanity check and priced coverage with three of the larger collector insurance companies and found the prices vary significantly for agreed value coverage. AMI gave me the best price followed closey by Haggerty. I based agreed value on what I see in the market and the condition of my cars. Make sure your minimum liability amounts are appropriate and check for any value added items like spare part coverage, towing , etc.

[John H.]

Re: obtaining proper/adequate insurance

I have J.J.Grundy for past three years. Original owner 72.
My car's interior caught on fire while in a auto repair shop.
Shop stoned walled me from the get go. They refused everything.
Grudy was very cooperative in settling my damages with me.
I have used American Collectors Insurance 20 years ago.
I can only state that Grundy's cost for 25k coverage is about $250 per year.
I have another vehicle with them which causes my total bill to be a higher
amount for the 2 cars, etc..
You will need a apprasal to actually secure coverage. Along with pictures
inside and out. The more the better.
They claim that I had was settled very well, even thought the detailed
account was a little more forgiving to me than I WOULD HAVE EXPECTED.
That's a whole nother story. Big John