Antique Vette Insurance Question

[Don Z.]

I am sure this has been asked before.
Both my auto policy and my antique police are coming due shortly. ( 2 different companies). I was approached by my personal auto company asking if I would consider adding my '66 Vette to my personal policy, that a savings could be had and maybe even some better coverage. The only major difference I am told would be the "Agreed Value" vs "Stated Value". They would provide an appraiser to see if my value I place on the Vette is accurate and as long as I keep the Vette in top condition as it is now and in case of a total accident, the stated amount would be paid.
My question...do others have their old Vettes on their personal policies and is this a good idea OR is the majority have on antique policies.
I have just never thought about putting the Vette on my personal policy.
Appreciate any comments.
Thank You

[Dennis O.]

Re: Antique Vette Insurance Question

This is from Hagerty's site :

"An Agreed Value policy (which is the same as Hagerty’s Guaranteed Value policy) guarantees the policy will pay the full insured amount of the vehicle – with no depreciation – in case of a covered total loss. A stated value policy (sometimes called stated amount or maximum limit of liability) does not promise upfront to pay this stated amount. In the event of a covered total loss, it may pay less than the stated amount, as the insurer has the right to pay the lesser of your collector car’s depreciated actual cash value (ACV) or its replacement cost. Also, many insurers that offer stated value policies require periodic appraisals to substantiate the insured amount, adding cost and inconvenience to the client."

[Rick A.]

Re: Antique Vette Insurance Question

Don - contact Adam Boca at the National Corvette Museum, who is a NCRS member and frequently drops in to the TDB. You can help keep the lights on at the NCM!

[Paul S.]

Re: Antique Vette Insurance Question

I run a collison shop ( do restorations as a sideline). I would "trust " hagerty or any of the specialty insurance companies with classic car insurance, way before i would "trust" any of the major insurance companies . Alot of agents from the major insurance companies may talk a good story, on classic car insurance but remember, that isn't thier specialty and they may misinform you since they aren't that familiar with old cars and values and coverage issues . Remember you never know how good your insurance is till you need to use it . I have hagerty , had one claim and it was a good experience.

[Duke W.]

Re: Antique Vette Insurance Question

USAA refers members with "collector cars" to American Collectors via a joint marketing agreement they entered into some years ago. As previously stated, most "collector car" insurance companies offer policy features that the majors usually don't offer, and USAA decided to refer this specialty business to a specialty company.

I've never made a claim on my American Collectors policy, but the coverage is excellent and the rates very reasonable.

Duke

[Harry S.]

Re: Antique Vette Insurance Question

Don - contact Adam Boca at the National Corvette Museum, who is a NCRS member and frequently drops in to the TDB. You can help keep the lights on at the NCM!

They have my vote!

[John S.]

Re: Antique Vette Insurance Question

I used to have American Collectors and switched to Chubb. Same price and Chubb has no restrictions on where you can drive your car. As an example I can drive to the beach, leave my car and go for a walk. Anything happens and I am covered. Many collector car insurance policies would not cover that situation. Same price and no worries!

[Jim D.]

Re: Antique Vette Insurance Question

I used to have American Collectors and switched to Chubb.

I've never heard of them but went to their site and got a quote. The premium for the same coverage as I have with American Collectors was almost double. I think I'll stay where I'm at.

[Rick A.]

Re: Antique Vette Insurance Question

Just did a quick quote check for Chubb on my 1967 Camaro / 2015 Z06 and almost $1000/year MORE than what I have with NCM!

[John S.]

Re: Antique Vette Insurance Question

That's funny. I just paid my Chubb bill. Covers these three car with agreed values listed for a total of $960 per year.
1965 original fuelie agreed value 80k
1967 Duntov sb car agreed value 60k
1966 restomod El Camino agreed value 25k
My previous American Collector policy for just my 67 with same agreed value was $490 dollars. Before we added my son's El Camino 2 years ago it was 600 something which I thought at the time was a great price.

[Rick A.]

Re: Antique Vette Insurance Question

May be funny, but the truth - put same agreed values and Maryland ZIP code for NCM policy in the Chubb quote tool and like I stated almost $1000 more!

[Ed S.]

Re: Antique Vette Insurance Question

I agree with Duke. I found American Collectors to be great..... and, if by chance you are a USAA member be sure to give them your USAA member #. Once they found out and confirmed that I was a USAA member the service went from great to fantastic. It appears that they value USAA referrals.

[Don Z.]

Re: Antique Vette Insurance Question

Thanks to everyone for their comments. I called my personal insurance this AM and told them thanks for the offer but will stay with my antique policy which happens to be American Collectors. Been with them since I bought my 1st Vette in 1994. Have not had to make a claim and hope I don't need to.
Thanks Again

[John H.]

Re: Antique Vette Insurance Question

Thanks to everyone for their comments. I called my personal insurance this AM and told them thanks for the offer but will stay with my antique policy which happens to be American Collectors. Been with them since I bought my 1st Vette in 1994. Have not had to make a claim and hope I don't need to.
Thanks Again

Good call. You don't want any part of a "stated value" policy - it isn't any different than the standard auto policy you have on your daily driver, and only protects the insurer, not the insured. Many folks don't know that difference, and are seriously under-insured.

[Rick A.]

Re: Antique Vette Insurance Question

USAA recommended ACI a number of years ago and that is who I insured 1963 Z06 with. When NCM started offering insurance checked with Adam Boca and switched as policy was about $500/year cheaper. Have been with NCM ever since.