Insurance Questions????

[Roadster]

Right now I have the ZR-1 and the 74 insured with American Modern Insurance. I was reviewing my policy, as it is up for renewal this month. Although the premium is reasonable for the coverage that I have, there are quite a few restrictions on this policy as I would imagine on other policies as well.
My first question is, have anyone found or has a policy that allows more "fun" with the vehicle to participate in certain events, other than just driving and car shows?
And does your policy allow for you to take a trip overnight, or many nights and not be present with the vehivle 100% of the time, as in parking in the hotel lot, or such?
Thanks for any info, as I may change companies to allow for more "freedom" with my vehicles.

[We Gone]

Have Hanover for homes, land & cars no restrictions of any kind on any of my cars.

[Kevin]

I'm with the NCM and while I have millage restrictions and can't drive my zr-1 to work, I can with my mustang, I asked them about a road trip to canada/carlise and they had no issues with it other then worrying about my going over millage.

[cvette98pacecar]

My first question is, have anyone found or has a policy that allows more "fun" with the vehicle to participate in certain events, other than just driving and car shows?
I have the NCM as well, the restrictions are what you choose.For instance my Aerobody has 3k miles a year while my Ruby has 6K, The 03 Pacecar has 6K and can used to go back an forth to work once a week.
And does your policy allow for you to take a trip overnight, or many nights and not be present with the vehivle 100% of the time, as in parking in the hotel lot, or such?
Pretty much most insurance companies dont want you to use your collector car to go to the mall or a grocery store, In other words everyday use.
Thanks for any info, as I may change companies to allow for more "freedom" with my vehicles.

Call Adam or Bobbie Jo at the NCM, You will be happy
__________________

[Mystic ZR-1]

Check with Adam Boca at the NCM. I'm very happy with my insurance thru them.
Lots of options. They know what a ZR-1 is, a big plus!

[Z06scentair]

Grundy 17 cars insured with no restrictions to overnights as long as its a carshow.

[Roadster]

Thanks for the replies.....if I go with State Farm that I have the 82 and our other car with, then can use anytime or anywhere. With American Modern, mileage is limited right now to 1000 miles on the 74 and 4000 miles on the ZR-1, so cost is low, compared to State Farm. Will check out NCM and others, main concern is if we go away overnight or a weekend, want to be able to stay at a place overnight and still have coverage.

[cvette98pacecar]

Thanks for the replies.....if I go with State Farm that I have the 82 and our other car with, then can use anytime or anywhere. With American Modern, mileage is limited right now to 1000 miles on the 74 and 4000 miles on the ZR-1, so cost is low, compared to State Farm. Will check out NCM and others, main concern is if we go away overnight or a weekend, want to be able to stay at a place overnight and still have coverage.

I have State Farm for my Corvette that I dont drive and my daily drivers.
"They wont give you an agreed value"

[nelson007]

I switched all my cars last week to NCM and was able to save about $1800.00 a year. Thanks to Doug for informing me about them.

Nelson007

[Kevin]

if you're a member of the ncm you can save ~10% on your insurance with them. The registry also has ~25% off at the NCM if you aren't a member. A single membership is less the $40

[Roadster]

I have State Farm for my Corvette that I dont drive and my daily drivers.
"They wont give you an agreed value"

I never asked, my daughter works for an agent, so she will find out tomorrow. ....I think it would have to be listed as classic or antique for that type of coverage from them...
will be making calls tomorrow for sure.....

[Roadster]

Sounds like alot of members are also happy with the NCM insurance. ...

[JFFerner]

I think there might be a misunderstanding about insurance terms and the manner in which they are disclosed. For those who have concern with American Modern Ins. please be aware that (I'll use my policy as an illustration) on page 2 of the documents headed as "Collector Vehicle Specified Coverage Endorsement" Item M, sections 1.,2., and 3. are inclusions, you're covered for travel to and from hotel, overnight stay,parades, etc. as long as these are truly events for your car.Sub items 1. sub a.,(1) through (5) you are not covered for use as your principal means of transportation, or as a substitute for your principal nor to or from work or school, nor for business or commercial use. I phoned American Modern this morning. spoke to a gentleman named Arman and he confirmed that which I stated here. Please check your own policy and contact American Modern at 800 678 5173.
And so it goes......Jim

[Kevin]

Talked with Adam at the ncm and his response was "Of course there would be coverage. Some other companies we know are pretty restrictive, but with ours you are fine..."

[Z06scentair]

I think there might be a misunderstanding about insurance terms and the manner in which they are disclosed. For those who have concern with American Modern Ins. please be aware that (I'll use my policy as an illustration) on page 2 of the documents headed as "Collector Vehicle Specified Coverage Endorsement" Item M, sections 1.,2., and 3. are inclusions, you're covered for travel to and from hotel, overnight stay,parades, etc. as long as these are truly events for your car.Sub items 1. sub a.,(1) through (5) you are not covered for use as your principal means of transportation, or as a substitute for your principal nor to or from work or school, nor for business or commercial use. I phoned American Modern this morning. spoke to a gentleman named Arman and he confirmed that which I stated here. Please check your own policy and contact American Modern at 800 678 5173.
And so it goes......Jim

This is correct in most collector car/agreed value policies.

Just a friendly reminder to compare prices on different companies as they can vary significantly.

Case in Point.

The 90 ZR-1 through Hagerty for yearly coverage. The premium with an agreed value of $30k was $779.00 including liability. ~1000 miles per year.
Grundy quoted an exact carbon coverage for $217 per year including liability.

NCM will not insure North Carolina so I do not recommend them!

[JFFerner]

My yearly premium for $100k/$300k liability & collision/comprehensive is $450 with a car value of $25k and utilization of 6,000 miles.

And so it goes...Jim

[USAZR1]

My yearly premium for $100k/$300k liability & collision/comprehensive is $215 with an Agreed Value of $25k and 3,000 miles/year.

[Roadster]

Rather than multi-quote everyone, a great big thanks for all of your info and clarifications on insurance terms, very much appreciated......:-D:cheers:

Spoke to my daughter earlier today and State Farm's collector or antique policy is limited in mileage and no pleasure overnight stays, so that is out.
We are not far from the Jersey Shores, and go down quite often either overnight, weekends or a week every September. We can take the 82, but the interior is still not complete. Would like to use the ZR-1 on these trips, and not have to worry about coverage for overnight stay at motels, etc. And I would be in the same situation when the 74 is finished.
Jim, thanks again for explaining the terms with American Modern, reading that policy makes my head spin.
From all of your replies, it seems like Kevin has the answer I am looking for with the NCM insurance, will be checking that out further.
Again, my overnight stays with the 74 and 94 are my main concerns, as the 82 has full coverage being that it is my"dd".
Now to call Adam @ NCM.............:-D

[Roadster]

Ok, really very confused right now......as maybe I was missing something, in that American Modern Insurance is the underwriter for the NCM!!!
So it appears that I can't use the ZR-1 for anything other than a pleasure ride and for car and show events....period......
No overnight stays, no vacation trips, store trips are a no-no....according to my agent who is up in CT,

Just spoke to Adam @ NCM, great guy tells me I have a little more flexability than what my agent said. But no more than one overnight stay for pleasure trip, unless car related such as Carlisle, Bowling Green, etc., etc. No errands, stores, etc.

So my other alternative is to just get full coverage from State Farm and be done with it, as there would be no restrictions, could use anytime, anywhere, day, night, overnight, vacations, errands, etc., etc.......
Of course I could only enforce the State Farm policy 6 or maybe 9 months a year and let it sit in the garage for the winter, as I wouldn't be driving it anyway. Alot to think about, and this thread did just that.
Again, thanking everyone for their replies...............

[Kevin]

Tom.

In my talking with Adam both in email and in person you can stop at the store to get something as long as it's a secondary stop. so if you're out and realize you need milk that's fine. If you're heading out to go to the store only then no. The trade off is you have significantly lower premiums. I've seen Adam on the zr-1 net looking for parts for customer cars. I'm very happy with them so far as I never really used the car as a daily driver anyway. I added a car to my policy and saved something like $600/year

I have my zr-1 insured for something around 22,000$ and my mustang is around 12,000$

[Mystic ZR-1]

Agreed value is the biggy here.
Roll your ZR-1 into a ball with regular
car insurance and maybe get a check for $5k after fighting
with them. To them it's just an old Chevy...

[Z06scentair]

Ok, really very confused right now......as maybe I was missing something, in that American Modern Insurance is the underwriter for the NCM!!!
So it appears that I can't use the ZR-1 for anything other than a pleasure ride and for car and show events....period......
No overnight stays, no vacation trips, store trips are a no-no....according to my agent who is up in CT,

Just spoke to Adam @ NCM, great guy tells me I have a little more flexability than what my agent said. But no more than one overnight stay for pleasure trip, unless car related such as Carlisle, Bowling Green, etc., etc. No errands, stores, etc.

So my other alternative is to just get full coverage from State Farm and be done with it, as there would be no restrictions, could use anytime, anywhere, day, night, overnight, vacations, errands, etc., etc.......
Of course I could only enforce the State Farm policy 6 or maybe 9 months a year and let it sit in the garage for the winter, as I wouldn't be driving it anyway. Alot to think about, and this thread did just that.
Again, thanking everyone for their replies...............

Call Grundy and be done!

Another plus for Grundy. Friend of mine built a 66 resto car over a 10 year span.

Second time around the block yeilded such results. Grundy paid off in less than two weeks no questions asked.

We will not talk specifics here, but we'll just say it was enough to purchase 3 as new zr-1's.

[Kevin]

I cross shopped the two and the ncm was less with about the same restrictions. I can drive my mustang to work twice a week if I wanted too. You can do the same with the vette of you wanted but you have to have that written into the policy

[nelson007]

Doug I declared high on a couple of my C1's,due the low mileage (60 fuley-4200 miles) They asked for some pictures and some documentation and they approved all of them.
Did you have to submit pictures?
Nelson007

[Kevin]

4 one of each side of the car. Sent them via email

[Mystic ZR-1]

If I remember correctly, front, back and both sides were required
They were also concerned about a lockable garage so I
sent a picfure of that too but they didn't ask for that

[Roadster]

Tom.

In my talking with Adam both in email and in person you can stop at the store to get something as long as it's a secondary stop. so if you're out and realize you need milk that's fine. If you're heading out to go to the store only then no. The trade off is you have significantly lower premiums. I've seen Adam on the zr-1 net looking for parts for customer cars. I'm very happy with them so far as I never really used the car as a daily driver anyway. I added a car to my policy and saved something like $600/year

I have my zr-1 insured for something around 22,000$ and my mustang is around 12,000$

Kevin,
Thanks for the additional info, appreciating the explanations....But still doesn't solve my wants to use the ZR-1 also as a true pleasure car with overnight stays and vacation time if desired. I guess I am looking for a semi daily driver policy with low mileage and no restriction on where I can go. They don't seem to exist at all. Of course wouldn't want to leave the car unattended, but if your down the shore, you don't have any choice but to do just that.
So I will be talking to State Farm and find out how they would pay for any claim that may be encountered regardless of what it is, being listed as a regular type policy 9 months of the year.
I also did call Grundy, and they also have restrictions on where you can and can't leave the vehicle.....

We shall see what SF has to say......the saga continues........:)

[Roadster]

Agreed value is the biggy here.
Roll your ZR-1 into a ball with regular
car insurance and maybe get a check for $5k after fighting
with them. To them it's just an old Chevy...

That I'm not so sure of, I think my daughter did mention at one time, that State Farm would look at the market to see what the current prices of the insured vehicle is selling for to determine the value of said vehicle. I will verify this one way or another with SF, as this may be the only way to go to fit my wants and needs.

[edram454]

Grundy 17 cars insured with no restrictions to overnights as long as its a carshow.

Grundy also. I can drive it anywhere but work. No mileage restrictions at all. I cant race in sporting events etc... It is an agreed upon dollar value full coverage just cant be a everyday driver or race car.

ed ramos #3028

[Roadster]

Update.....

I have decided to go with State Farm with a regular policy just like my 82 "dd" and other family vehicle. Verified what would transpire if the ZR-1 would ever encounter anything. Was reassured that although not stated value as in their collector insurance policy and the coverage I had, that they know the value of the vehicle, and would make it right.
I can now drive anytime, anywhere.....to the store, down the shore, stay overnight, a weekend, a week, well you get the idea.
Yes, it is more expensive that what I had, but to me it is worth it, as I feel I can enjoy driving the "Beast" even more then before.......:-D:dancing

[8cam]

I have State Farm too, but then I drive mine all the time, everywhere. I've been with them since I was 16...which was a long time ago, so the cost is really reasonable and I'm covered no matter what I do. I've talked to my agent, and he says they know exactly what the ZR-1 is and have it valued accordingly. I've never had a problem with them, and the very few claims I've made have always been handled well.

FWIW I have Hagerty on the 308 and also very happy with them. They do "guaranteed value" not agreed, which means I can insure it for just about any value I want and simply pay the appropriate premium. If something ever happened, they just pay the insured value no questions asked.

[cvette98pacecar]

I have State Farm too, but then I drive mine all the time, everywhere. I've been with them since I was 16...which was a long time ago, so the cost is really reasonable and I'm covered no matter what I do. I've talked to my agent, and he says they know exactly what the ZR-1 is and have it valued accordingly. I've never had a problem with them, and the very few claims I've made have always been handled well.

FWIW I have Hagerty on the 308 and also very happy with them. They do "guaranteed value" not agreed, which means I can insure it for just about any value I want and simply pay the appropriate premium. If something ever happened, they just pay the insured value no questions asked.


Likewise, 31 years now with State Farm and I have had no issues. I just do not like the fact that they wont give me an agreed value.

[Roadster]

Likewise, 31 years now with State Farm and I have had no issues. I just do not like the fact that they wont give me an agreed value.


From what I understand, you can get agreed value with State Farm, but you have yo switch to their collector car policy in order to do so, and there are restrictions as mentioned earlier.
Again a few more $$$ for me, so I will take my non-restricted ZR-1 out for a ride today and run some errands and not have to worry where I am going...
A good feeling for sure......

[Paul Workman]

Update.....

I have decided to go with State Farm with a regular policy just like my 82 "dd" and other family vehicle. Verified what would transpire if the ZR-1 would ever encounter anything. Was reassured that although not stated value as in their collector insurance policy and the coverage I had, that they know the value of the vehicle, and would make it right.
I can now drive anytime, anywhere.....to the store, down the shore, stay overnight, a weekend, a week, well you get the idea.
Yes, it is more expensive that what I had, but to me it is worth it, as I feel I can enjoy driving the "Beast" even more then before.......:-D:dancing

Boy-yo-boy... Maybe just a bad experience with my (former) State Farm agent, now a decade ago too, but I'd NOT trust SF (or use them since) to cover my wheelbarrow unless it were written in the contract! And, that's goes for any insurance company, I'm sure.

BTW, apparently something changed at the underwriter level, or so it seems. Before last spring, Hagarty (sp?) and the NCM, and one other (name escapes me) made it a point to inform me they had revised and relaxed their policies with regard to mileage and other restrictions (going to the grocery store was mentioned a couple times, and OK as part of another trip.) Did anyone else experience that, or was it just my (ahem...) maturity milestone that resulted in more leniency? :o

[Franke]

Always get it in writing. A salesman/agent word for it doesn't work for me. Someone above them calls the shots when it comes time to pay out.

[Roadster]

I understand everyone's concerns, I know the owner of the agency personally, and my daughter has worked for him the last 17 years. No, we dont get special treatment or anything like that, but an honest answer(s) to any concerns that we may have.
As mentioned you have to do your homework before making any decisions. I've been with SF since '89 and have never had any problems or misunderstandings with any claims that have ever been presented, and there have been very few, very few if that.
The purpose of this thread was and is to make all of us aware of what is out there and what the best policy is for our particular needs are for our driving desires.
As with any company, we can all have or had a bad experience at one time or another.

[8cam]

BTW, apparently something changed at the underwriter level, or so it seems. Before last spring, Hagarty (sp?) and the NCM, and one other (name escapes me) made it a point to inform me they had revised and relaxed their policies with regard to mileage and other restrictions (going to the grocery store was mentioned a couple times, and OK as part of another trip.) Did anyone else experience that, or was it just my (ahem...) maturity milestone that resulted in more leniency? :o

Hagerty is definitely a little more lenient, which is one reason I like them. They expect you to actually drive the car, have some fun with it, and yes treat it like a normal car within reason. They don't have specific mileage or destination restrictions, but they do require that you have other cars for daily driving, the covered car is in a locked garage, and you use reasonable judgement when driving a collector car - i.e. don't leave it unlocked in the 'hood.

My SF agent says they will do agreed value, but it requires several good pictures, an appraisal by their approved appraiser-person, and you do have to switch to their collector policy which has a lot of restrictions. It was too restrictive for me, more expensive than Hagerty, and at the end of the day it's still an agreed value is not what I wanted. With my Hagerty policy, I pick the value which is important to me - my 308 is a rare bird, nearly irreplaceable, and market value is a bit higher than the norm, so standard valuations don't really apply.

[edram454]

I have plenty of experience with state farm. I had my cars and my home and anything else insured with them for years. when hurricane andrew came they did pay up eventually. it was not nearly what my neighbors got but they decided to steal. I eventually had to leave them a few years ago because my car policies where going through the roof despite having no accidents and multi car deductions. they cancelled by home owners insurance and every other florida resident was also cancelled.

there collector car insurance is expensive. I have grundy. i can go anywhere i want except... cant take it to work as daily work transportation... cant race it at race tracks... that is it. If I were to retire, I can drive it 10000 miles a day anywhere I want everyday and it would never be a problem. I have the freedom to go anywhere but race it at a race track. If I take it to a race track and I crack it up, I pay. I can live with that. I have unlimited miles. I have a AGREED UPON VALUE!!! State Farm will pay you pennies on the dollar trust me. they will depreciate your car to the point that what you get would not buy a yugo. Caveat emptor.

ed ramos #3028

[Roadster]

Hey guys, in all due respect if you want to bash or complain about certain insurance companies with bad experiences, then please start another thread. This thread is not to single out anyone company for their past performances, either good or bad. But again, too let everyone know about the differences of different types of policies. Do your homework and then decide. Remember what works for me may not work for you and vice versa. Just because someone doesnt get paid on a claim what they feel they should have, doesnt mean that they will value your item the same as theirs, as every situation is different.
whatever you decide to do, just do your homework, and go with who you feel is the right company for your needs..

[WARP TEN]

At my agent's recommendation I recently switched from Met Life (sorry Lee) to a company called Crestbrook (part of Nationwide) for all of my insurance. One reason I switched is that I wanted Agreed Value coverage on my '95 ZR-1. Others like Met wanted appraisals. Crestbrook did not need anything from me (although my agent may have sent pictures he has) and did Agreed Value on all three of my cars, (ZR-1, '10 BMW 535 and '14 BMW 328). Total annual premium $2089 for all three; $639 for ZR-1. Total for everything (house, etc) less than Met Life.--Bob

[KILLSHOTS]

Grundy, current agreed value of $20K (which I need to increase), total premium is $260 per year. Seems pretty cheap to me.

[edram454]

Grundy, current agreed value of $20K (which I need to increase), total premium is $260 per year. Seems pretty cheap to me.

The best deal period. Unfortunately if someone states his or hers experiences with insurance companies some people call that bashing or trashing talking other companies. I had a family member who was a 33 year employee (executive)for a big SF insurance company so I talk from experience. The most important thing one must look for is that the company has a history of stability and A AGREED VALUE POLICY. Nuff said. Caveat Emptor.

ed ramos.

by the way, I have my insurance with the same company for the same amount at the same price.:neutral:

[LGAFF]

At my agent's recommendation I recently switched from Met Life (sorry Lee) to a company called Crestbrook (part of Nationwide) for all of my insurance. One reason I switched is that I wanted Agreed Value coverage on my '95 ZR-1. Others like Met wanted appraisals. Crestbrook did not need anything from me (although my agent may have sent pictures he has) and did Agreed Value on all three of my cars, (ZR-1, '10 BMW 535 and '14 BMW 328). Total annual premium $2089 for all three; $639 for ZR-1. Total for everything (house, etc) less than Met Life.--Bob

Met is not a collector car company.....we used to handle the claims for Condon and Skelly prior to the owners selling. At the time Condon and Skelly had the most liberal policy around; they even covered racing if it was a club event. In the time we handled we never denied a claim for use.....

[Roadster]

The best deal period. Unfortunately if someone states his or hers experiences with insurance companies some people call that bashing or trashing talking other companies. I had a family member who was a 33 year employee (executive)for a big SF insurance company so I talk from experience. The most important thing one must look for is that the company has a history of stability and A AGREED VALUE POLICY. Nuff said. Caveat Emptor.

ed ramos.

by the way, I have my insurance with the same company for the same amount at the same price.:neutral:

yes that "some people" is me and only for the reason, is that I was not looking for the good , bad, or indifferent of insurance companies regarding claims in this thread.......that being said, I feel based on the info and recomendations here, that I have made the best decision for me. If a claim should happen in the future and they try to lowball the amount, then that is something I will have to deal with.
When I spoke to the other agents, who are well respected in their field, there was a "gray" area about what would and would not be covered when the said vehicle(s) are in use. I was not satisified with their answers and hence the reason to put the ZR-1 on a regular policy. It could have been a regular policy with any insurance company, not just SF, and I am sure they all have their "quirts".
I disagree with An Agreed Value Policy if you are using the vehicle as I intend to use it, simply because it is not available for the type of use I want.. For you, with the vehicles that you own and the way that you use them, then that is the correct policy for you.....
And also to quote you "Nuff said"......:D I just couldn't resist......:)

[Roadster]

Forgot to mention, with full coverage and full tort and if I take the Z out of service for 2 or 3 months during the winter, (which I intend to do), the yearly cost will be under $1000, which is worth it and fine by me.:-D:-D

[hiperf406]

I just got my quote from Grundy $460 for an agreed value of $32k. My run in with the light standard ($13500) a couple yrs ago didn't raise my rate a lot & they told me to take it anywhere I wanted to. Great service !!

[Roadster]

I just got my quote from Grundy $460 for an agreed value of $32k. My run in with the light standard ($13500) a couple yrs ago didn't raise my rate a lot & they told me to take it anywhere I wanted to. Great service !!

Yed, that is great, but taking it anywhere and staying overnights other than car events is another. I haven't found another type policy other than a regular policy that will allow overnight stays or vacations ..

[edram454]

I just got my quote from Grundy $460 for an agreed value of $32k. My run in with the light standard ($13500) a couple yrs ago didn't raise my rate a lot & they told me to take it anywhere I wanted to. Great service !!

Great deal and a great price for a guaranteed 32k replacement value. As long as you are pleasure driving...you can go wherever you want. It cannot be for work or daily transportation,, it must be kept in an enclosed building.... cannot be raced. You can go the a race track but cannot race the car. Other than that, you can go anywhere and have unlimited miles. It is for those who have pleasure cars that this policy is designed for. Congrats.

ed ramos #3028:dancing