What Insurance for my 1987 Vette?
11-19-2019, 10:59 PM
#21
I based mine on my purchase price and some market research. Just guessing on my part, but I presume the insurance companies do the same; they take the VIN, so they can access the car's heritage, probably it's recent sales, etc., and I'm sure (especially in the case of NCM anyway) they have a passing knowledge of Corvette values. I gave them my #, they gave me a rate.
11-19-2019, 11:14 PM
#22
Team Owner
I based mine on my purchase price and some market research. Just guessing on my part, but I presume the insurance companies do the same; they take the VIN, so they can access the car's heritage, probably it's recent sales, etc., and I'm sure (especially in the case of NCM anyway) they have a passing knowledge of Corvette values. I gave them my #, they gave me a rate.
11-20-2019, 07:10 AM
#23
Might be worth a call to them. At one point yesterday I believe I came across as a similar question about mods, and the response was along the lines if you can substantiate the value of the mods (receipts, etc.), they can still work with you on an agreed value. My car's bone stock, so I didn't ask about that specifically. The two biggest limitations I saw in going with someone like NCM is they will not insure as a daily driver, and they do require enclosed storage, which might be a problem for some folks. FWIW, I did find them pretty candid in their answers.
11-20-2019, 07:58 AM
#24
Team Owner
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If you choose to adjust it per year, you call them and they'll raise or lower the rate accordingly.
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silverja (11-20-2019)
11-20-2019, 12:29 PM
#25
American Collectors
I have used American Collectors for more than 15 years. Agreed value that automatically increases each year at no additional cost. My '96 has an agreed value of $16,500. Very reasonable rates. Never had a claim though. My agent said he only sent one claim in over twenty plus years and they paid it full without any issues. Insuring these loved cars is a great deal for the insurers because their clients are overly protective of their cars. Not like the rest of the drivers who see things differently than us enthusiasts.
Last edited by silverja; 11-20-2019 at 12:32 PM.
11-20-2019, 01:14 PM
#26
Team Owner
You are going be taking the risk the insurance company says car isn't worth anything if you get in an accident... assuming you are on the standard ACV insurance. Typically you can get a rider for replacement value coverage, that would cover the value of a similar car in case of being totaled. However, in the case of a small accident, say you bump into mailbox with your front bumper... they still go ACV on the bumper for depreciation. So, a new bumper costs 500 bucks, this makes your car 'better' than it was so they only cover a portion of the bumper after depreciation.
Also consider... If you are really daily driving a C4 it probably isn't worth much of anything anyway simply because of the miles that would be on it.
And all of the above deals with your coverage covering your vehicle. in the case of someone else hitting you, they are liable to make you whole... different story there.
I know enough to know that I'm WAY better covered with even my 1998 corvette with NCM than I was under USAA's normal policy.
Also consider... If you are really daily driving a C4 it probably isn't worth much of anything anyway simply because of the miles that would be on it.
And all of the above deals with your coverage covering your vehicle. in the case of someone else hitting you, they are liable to make you whole... different story there.
I know enough to know that I'm WAY better covered with even my 1998 corvette with NCM than I was under USAA's normal policy.
1. ASSUMING what you say is true, there isn't much value for the insurance since they can zero the value. Does anyone know if this is even legal?
2. ASSUMING it is legal, has anyone done it just because they can? I myself have not heard of one incident personally. Now, that they don't pay you what YOU think it is worth is another story. Doing so WILL cause backlash which has to be weighed out for the insurance company. Anyone?
3. What exactly does this specialty insurance cost? So far it has been driving restrictions or it must be in a garage (not everyone has one or if they do, there are other considerations). What of the premium seeing as how they are insuring a vehicle for more than market value, some scaling might be needed.
Last edited by aklim; 11-20-2019 at 01:17 PM.
11-20-2019, 01:22 PM
#27
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My 88 costs me about $300 a year, 3K mile driving limit, agreed value is about 18K. Last year it had a 5 or 6K limit and the premium was like $550, same agreed value.
When I wrecked my 86, due to another driver, the insurance offered me $3000 despite the restoration and 15-16K in mods that were recorded in receipts. They went only by year and mileage on the chassis. My own insurance refused to do more than that, so I sued everyone and won, and thereafter refused to use anyone but NCM because they'll always **** you over.
When I wrecked my 86, due to another driver, the insurance offered me $3000 despite the restoration and 15-16K in mods that were recorded in receipts. They went only by year and mileage on the chassis. My own insurance refused to do more than that, so I sued everyone and won, and thereafter refused to use anyone but NCM because they'll always **** you over.
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silverja (11-20-2019)