Insurance Coverage and Providers

[Christopher J. Bunsey]

Hello,

Can someone please guide me in the right direction for insurance for my corvette? I want storage now, and 5k a year in driving miles. I understand there is a big difference in "ageed upon amounts" and "book value." Any help would be appreciated. I am currently doing a review on all my insurances.

Thank You~

[Jack H.]

Re: Insurance Coverage and Providers

You'll find several prior threads in the archives on insurance and they cover the water pretty well. Basically there are two types of polcies: (1) standard insurance and (2) insurance based on 'inland marine' proceedures.

With 'standard' insurance you can buy an optional agreed value rider, but it's not worth much. Why? Well, if you read the fine print in these contracts, they typically agree to pay EITHER the agreed value or the ACV (actual cash value) in the event of a total loss.

That puts the monkey on your back to constantly maintain evidence that the car was in the condition of the agreed value rider at the time of loss (you didn't remove valuable parts, allow the vehicle's condition to deteriorate, Etc.). You'll never see these policy writers asking you for periodically updated appraisals!

It's to their advantage to be able to argue the car may ONCE have been in the agreed value condition but that's 'stale' data. The ACV may well be a 'junker'
dollar amount on an old classic car...

Next, beyond having the burden of proof on your shoulders, few standard policy writers allow you to change coverage throughout the year (minimum coverage during winter storage and full coverage during prime driving season). That's one of the ways they make money...

Policies based on 'inland marine' terms, generally set a value for the asset, charge you based on a fixed rate table (so many dollars in premium per $1000 increment of coverage) and that's that. This type of policy dates WAY back to the days of sailing ships when the exact value (ship + cargo) would change as a ship sailed and visited various ports of call. Plus, if the ship was lost, there was generally NO WAY to verify what was actually on board at the time beyond the manifest filed at the last port of call.

These policies (AKA 'collectors insurance') are quite reasonably priced, but they generally have restrictions built-in (can't park the car on the street overnight, limit on the number of miles driven each year, limit on what the car can be driven for, like parades but NOT to commute to work in, Etc.).

[Christopher J. Bunsey]

Re: Insurance Coverage and Providers

Can you suggest carriers in the Ohio area?

[John H.]

Re: Insurance Coverage and Providers

Try Hagerty - www.hagerty.com - they'll take care of you with an "agreed value" policy with minimal restrictions and an excellent reputation for fair claims service.




Hagerty

[David K.]

Re: Insurance Coverage and Providers

I recommend you stay away from Grundy. I used them at first and when I had a claim (Bowling Green hail storm) they were worthless and very difficult to deal with. I never did get what I thought was a fair claim on my car so I voted with my dollars, canceled them and use every opportunity to recommend people AWAY from them. Now I am with Hagerty. No cliams with Hargerty, but those that had claims with them from the Bowling Green storm seemed satisfied.

[Kurt B.]

Re: Insurance Coverage and Providers

I have Hagerty with agreed value of $30K and was assured by Hagerty that I could drive my Corvette for pleasure even to work as long as I can prove that I have a daily commuter. There was no mileage restriction and I asked if I can drive from my home in Massachusetts to BowlingGreen Kentucky and I was again told "No Problem".
I have my Corvette and 79 450SLC insured for a total of less than $400 annually and that includes higer coverage and lower deductibles than I previously had with my local insurance company at a premium of almost $800.
Bottom line: I have more coverage at a lower cost.
Hagerty also said I can have the car repaired at the dealer of my choice (in case of a claim) not at a dealer of their choosing as my presnt insurer did.
Kurt

[D S.]

Re: Insurance Coverage and Providers

I have my '70 Corvette LS-5 convertible and '66 Impala SS396 convertible both insured through American Collectors. Total full coverage on both is $400 per year. Three years ago my numbers matching '70 small block convertible was destroyed in a garage fire and American Collectors paid the full stated coverage ($18,000) plus $1500 appreciation. Love 'em.