Insurance

[arv09]

Anyone able to use classic car insurance to lower their rates? Not planning to drive during the winter (at least 3 months) so is suspending insurance a possibility? Haven't checked with my agent yet. Wanted to see what everyone else does.

 

[XLRATING]

We first looked into that a few years ago with Hagerty & a few others. At that time you could ONLY drive the car to car shows or car related events (BG would have been ok), NO pleasure driving. That was a no go for us. We recently checked again because most classic car insurers now allow limited pleasure driving, the favorite example being "going out for ice cream." You can also pay extra to occasionally drive it to work. Mine is only a weekend driver, but when I told them I use it every weekend to go to the store, they told me that was too much & rejected me (counted as "regular use," not covered). This was from Hagerty; we submitted info to get quotes from a few others but actually called Hagerty for clarification on coverage a few times. I suspect the others would give the same result.

We have now given up on that option. Basically, if you actually want to use the car, you aren't going to be able to use classic car insurance. Unless you're going to fudge it & hope you're lucky, & based on what I've seen can happen in my job it's not worth it - it won't be good if you have a wreck & they decide it's not covered because you were doing an unapproved use.

Whatever you do, I'd recommend an Internet search to see if you can find forums, etc. with people talking about their experiences with the company. There's no way everyone will be happy, but you can get a feel for who will be decent about claims & who won't.

Just our experience - others may have had better luck. Happy hunting!

 

[Stella]

Anyone able to use classic car insurance to lower their rates? Not planning to drive during the winter (at least 3 months) so is suspending insurance a possibility? Haven't checked with my agent yet. Wanted to see what everyone else does.

My policy is through State Farm been using them my whole life. My policy is good for 9months out of the year. I also only drive during the summer,salt is a killer here in Chicago. If for some reason I want to take my car out in that three month period all I have to do is let my agent know and it's covered. The policy runs me 550 a year which I thought wasn't bad.

 

[arv09]

Thanks for the info about Hagerty. Mark was about to insure his 72 Nova through them but not now. We don't want anything where we can't drive the cars except to shows, how ridiculous is that? We don't drive them much but like to get out on sunny days even to drive around the block. I also like to drive them to my office on sunny days. Will look into State Farm to suspend coverage during the winter. We have Farm Bureau now and haven't asked yet about suspending coverage. Will let you know what they say.

 

[arv09]

BTY, had State Farm a long time ago and dropped them because excessive increases. Do I need to look at them again?

 

[mtrocket]

BTY, had State Farm a long time ago and dropped them because excessive increases. Do I need to look at them again?

Thanks for the info about Hagerty. Mark was about to insure his 72 Nova through them but not now. We don't want anything where we can't drive the cars except to shows, how ridiculous is that? We don't drive them much but like to get out on sunny days even to drive around the block. I also like to drive them to my office on sunny days. Will look into State Farm to suspend coverage during the winter. We have Farm Bureau now and haven't asked yet about suspending coverage. Will let you know what they say.

I've had good service with State Farm, without many increases that I have seen in the past few years. I just suspended my coverages, all except comprehensive, which I like to have on my cars ALL the time.

 

[HOMEGAMEROOM]

I was mulling around insurance from the National Corvette Museum (http://www.ncminsurance.com/) Yep, they sell insurance, and know how folks enjoy driving their cars around. Their quote was about 1/2 of what I'm paying through Allstate, and they have a variety of options so you won't get nervous driving your car!

 

[fcarga]

NCM insures my "collector" cars; they use American Modern Insurance Group, and they have many options
for usage and deductibles. They will insure the XLR &/or V though they apparently do/can not write in all states.

 

[XLRATING]

My best suggestion is call whoever you plan on going with & give examples of planned uses to see if they'll cover it (that's how we found out Hagerty wouldn't give the coverage we wanted), & get them to send you a sample policy (to the extent you can get anything out of how it's written). Obviously anyone can tell you anything over the phone & it's very unlikely the insurer will be bound by it, so if there's any doubt don't go with that company.

I've heard good things about NCM but they aren't licensed in my state, so I never asked for details of their coverage.

The insurance is frustrating because coverage for the XLR's costs arms & legs more than for anything else we have (including the GT500, which I would think is subject to riskier driving ), and we have clean records. Maybe part of it is the original cost of the XLR coming back to bite us, even though we bought with the great "used" discount.

 

[arv09]

Mark has been looking at NCM for his Corvette and my XLR's but is concerned because it is underwritten by American Modern and haven't read great stuff about them. Price is one thing but if I have a claim I want to know they will give good service. Has anyone had any experience with that?

 

[arv09]

This is a link to the Corvette forum where my husband has been discussing NCM insurance, http://forums.corvetteforum.com/c5-general/3348778-agreed-upon-insurance-val . Interesting that an agent responded and it looks to me like it is not covered in any parking lot and if you want to drive it out of town for an overnight trip unless a car show is involved it isn't covered either. We are asking specifically on the other forum. This is very important to us and probably to many of you too.

 

[fcarga]

If the "agent" was Adam Boca, he is the broker and NCM Insurance is his agency. It's my understading
that you are covered on occasional pleasure trips but would not be covered on a business trip unless you
had that optional coverage nor would you be covered as a traveling sales person. They want to reduce their
risk as much as possible which is why they require proof of a daily driver for you to do your errands, go to work etc.

I researched American Modern and did not find any negative feedback on their Collector car coverage claims handling.
As Adam said, their product(s) is not for everyone. If you are worried about legitimate claims handling, ask yourself
if NCM, the Corvette factory and by extension GM would accept a substandard insurance company providing coverage
for one of their flagship cars.

Anyway, good luck in your quest.

 

[05 GRAND DADDY]

How does dropping or lowering your insurance coverage over the winter months work if your car is damaged from winter storm roof collapse or like a fire. I'd be wondering if it covered???
I had a guy at a car show ask if I had my XLR is appraised for enough coverage? I never did check, but It's a very good question I insurance full replacement coverage and comprehensive for glass breakage, deer hit, and ect... By the way just to let you know the windshield replacement from a stone chip that cracked up the side was $1700.00 bucks! Because I carry comprehensive coverage it did not cost me a penny! Food for thought!! I'm 30 year customer with State Farm. Do your homework and check before you buy.


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Dan & Wendy
" 05 GRAND DADDY"

 

[Stella]

How does dropping or lowering your insurance coverage over the winter months work if your car is damaged from winter storm roof collapse or like a fire. I'd be wondering if it covered???
I had a guy at a car show ask if I had my XLR is appraised for enough coverage? I never did check, but It's a very good question I insurance full replacement coverage and comprehensive for glass breakage, deer hit, and ect... By the way just to let you know the windshield replacement from a stone chip that cracked up the side was $1700.00 bucks! Because I carry comprehensive coverage it did not cost me a penny! Food for thought!! I'm 30 year customer with State Farm. Do your homework and check before you buy.


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Dan & Wendy
" 05 GRAND DADDY"

Its my understanding that if a tree falls on your car or house fire and car gets destroyed your homeowners policy would cover it if it's on your property. Now if the car doesn't have insurance your home owners would not pick it up. Through the winter I have fire,theft,and comprehensive which would cover everything.
As for insuring for a specific amount I brought a custom motorcycle to a appraiser had them appraise it and it's insured for that amount. Now I might pay alittle more but it can't be that much cause the premium wasn't much more than what I was paying.

 

[fcarga]

Unless things have changed, you must have comprehensive coverage which can't be suspended.
This will provide coverage for your vehicle damage/loss if you have suspended liability and/or
collision coverage. It's been years since I was involved in insurance so let me know if I'm wrong.

 

[05 GRAND DADDY]

Unless things have changed, you must have comprehensive coverage which can't be suspended.
This will provide coverage for your vehicle damage/loss if you have suspended liability and/or
collision coverage. It's been years since I was involved in insurance so let me know if I'm wrong.

I know in PA you can opt out of comprehensive if you wish but I've found for the small cost of it why would you not have it added ! It covers a lot of things for the cost!



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Dan & Wendy
" 05 GRAND DADDY"

 

[05 GRAND DADDY]

Its my understanding that if a tree falls on your car or house fire and car gets destroyed your homeowners policy would cover it if it's on your property. Now if the car doesn't have insurance your home owners would not pick it up. Through the winter I have fire,theft,and comprehensive which would cover everything.
As for insuring for a specific amount I brought a custom motorcycle to a appraiser had them appraise it and it's insured for that amount. Now I might pay alittle more but it can't be that much cause the premium wasn't much more than what I was paying.

This is a weird thing with State Farm Ins. I have 52 Studebaker pickup truck in the back yard (future project street rod) because I pulled the motor/trans years ago they will not insure it and a couple years ago I had a neighbor with a dead tree next door so I pull the truck up from the area when the tree fell it would of hit the truck so I called State Farm just to check and they said it would not of been covered and once the tree fell on my property it was then my problems to remove and had to repair the fence also! At $500.00 deductible was not enough damage to use Ins. May be PA. laws are different, don't know!


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Dan & Wendy
" 05 GRAND DADDY"

 

[SrChief]

The thing to watch with State Farm is they can decide to stop insuring anything if they want. I had been a customer for 59 years and bought a new home. When I called my agent he said sorry but we are not writing any new homes in Texas at this time. Later he called and said he thought He could get me covered but I thanked him for making me look elsewhere. I had paid whatever the billed me for all those years and when I checked I found several companies that were way lee for same coverage. I changes all my policies to Allstate and am saving a lot. Before I got my XLR the Allstate agent placed my Allante and 44 Jeep with Hagery but to get my XLR under them I had to have a daily driver for each driver in the house.

 

[XLRATING]

but to get my XLR under them I had to have a daily driver for each driver in the house.

I forgot - if it's a 2000 or later model, Hagerty wants your daily driver to be no more than 5 years old. We had one that met that based on model year (right at 5). Don't know what happens if your daily driver ages up & you don't replace it after 5 years ...

 

[nerkpowers]

I have State Farm, too, and they told me that I could suspend mine for the winter months. Like Stella, my insurance is about $500 per year, actually cheaper than my Honda Odessey. I'll have to talk to my agent about keeping comprehensive. I would think it would be covered as "contents" if the house was damaged, but best to let my agent tell me.


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