NCM INSURANCE

[Rhandle]

Hi Guys. I have a 1996 Grand Sport that i hardly drive. 1000 -2000 miles per year. Id like to insurer With The National Corvette Museum ins co. Has anyone had any dealings with them as far as claims. How is their service? Their underwriter ins company has bad reviews as fat as their home ins coverage but i cant find auto reviews. Any help would be appreciated. I will post on the ZR1 site also

[dredgeguy]

Check with your regular insurance company as well. I have State Farm and they started coverage of 25 year old or older collector cars a few years back with agreed upon stated value. They were far less expensive than the Museum. I think I was quoted around $800/year from the museum and State Farm was less than $200/year for same good coverage.

[bb62]

Check with your regular insurance company as well. I have State Farm and they started coverage of 25 year old or older collector cars a few years back with agreed upon stated value. They were far less expensive than the Museum. I think I was quoted around $800/year from the museum and State Farm was less than $200/year for same good coverage.

I've had both of my Corvettes with State Farm for many years, but State Farm wanted me to put historic plates on my 95 ZR-1 in order for the agreed value to be insured. This would have severely limited my ability to drive the car when I wanted to drive it. You do NOT want a stated value policy as the insurance company will value it very low after an accident. I switched to the NCM because their policy was both less restrictive (tied to absolute mileage driven) and due to rules changes in Michigan, became much less expensive.

[dredgeguy]

Yes, you need to have historic plates on the car. Every state is different but I can tell you that all of us with cars 20 years or older in Maryland put on historic plates and never any issues. No annual emissions or safety inspection and plates are far less expensive as well. Virginia is 25 years and they cannot wait! Michigan might be different but around here as soon as your car is 20 years old, historic tags are the way to go. Lady at the MVA refused to give me regular tags as I was also concerned about limited driving being enforced. She told me not to be a fool, if I was worried about being pulled over, put a damn filter in your car............your going for maintenance! Got the 92Z with 50K miles in 2012 and now have 105K and never any issues with historic plates and it is driven everyday provided not raining or snowing.

[LGAFF]

I had a glass claim with American Modern which I believe is the company actually underwriting the business. They dont use direct repair, use whoever you want, and oddly they had me get 2 estimates and told me I could use either ... even the one at a higher price.

There are some limitations on use so be sure to read the policy

[DRM500RUBYZR-1]

While I respect all owners and members and their experience, I will share the following:

1- Having directed hundreds of customers to NCM, as I always try to support the Museum, I have VERY RARELY heard of their rates being higher or non competitive with other companies for the SAME coverage. In fact, my customers repeatedly share their savings experience which is consistent with my experience with NCM for my vehicles.

2- Stated Value and Agreed Value are two entirely different methods of determining what the insured will be paid in the event of a loss. Suffice it to say that an agreed value of $50,000.00 is what you receive in the event of a total loss. There is no such guarantee in a stated value contract. While better than a regular policy method of determining value, it is NOT the same as " AGREED".
Therefore I would expect any stated value policy to cost less than agreed, because the coverages are not equal.

Be THOROUGH in your questions to your agents and in your analysis of the coverage and costs.

3- Have had a a number of customers express satisfaction with the NCM carrier's claim performance. None have shared negative stories.

4- NCM does not require antique plates. They will insure new Corvettes. The usage restrictions are comparable to other collector carriers. If you want NO limitations, go with a regular policy as that is NOT what you are getting with
collector policies which are based on those very limitations. Comparison of those two are truly apples to armchairs.

5- I will close with what I consider to be far more important than cost.
Dealing with the PEOPLE at NCM is beyond compare.
Not only are they friendly and kind, they KNOW cars.
They are great to deal with all of the time and never treat your questions like a bother.
I can give anyone money for something. But, when the experience is competent, friendly, of high quality and competitive cost, that is where i write the check.

Those are my empirical observations over many years with many customers and friends as well.
Simply sharing them with you.
:cheers:
Marty

[-=Jeff=-]

I had a glass claim with American Modern which I believe is the company actually underwriting the business. They dont use direct repair, use whoever you want, and oddly they had me get 2 estimates and told me I could use either ... even the one at a higher price.

There are some limitations on use so be sure to read the policy

I have NCM insurance on my Vette and my check goes to American Modern as I can pay them directly every year.

[Z51JEFF]

Be very wary about any insurance company that has a connection with American Modern Insurance Group. Nothing but grief when I had them years ago,never again.

[dredgeguy]

Thanks Marty,
Only hear good things about the Museum. Your information caused me to send an email to my State Farm agent and I will report his response.

[evolutionross]

Hagerty has been great, I?m on my second Vette policy with them. I haven?t had any claims though. No mileage restrictions, agreed value of $25k and it?s about $500/year


Sent from my iPhone using ZR-1 Net Registry (http://r.tapatalk.com/byo?rid=90383)

[dredgeguy]

I sent a message to my State Farm agent asking if my policy was stated value or agreed upon value. Marty's comments gave me some concerns. However, my agent came back with:



Agreed Value


When the agent recommends antique or classic car insurance based on eligibility, the insured and State Farm will agree on the value of the car. If the car experiences a covered total loss claim, State Farm will pay the agreed-upon value, rather than the actual cash value of the car as long as there is no prior damage to the car, parts have not been removed, and the car's condition has not deteriorated because of abuse or neglect.

[mlipmd]

One thing you'll have to remember about these "classic" or "historical" or "agreed value" policies is that they probably have yearly mileage restrictions on them. If you get into an accident or the car gets damaged, the first thing they will check is the odometer and if you are over the mileage limits, you're probably going to be SOL on getting your claim paid. So don't be a wise guy on driving wherever you want, whenever you want, and make sure you read the policy and understand the limitations. When I inquired from all these companies on insuring my '90 ZR-1, I was told by all of them, that in Florida, it must be kept inside a 4-walled enclosed locked garage or storage facility otherwise they would not insure it. It was for the BS reason of storm and flood protection, and it didn't matter if the facility was flooded by 6' of water as long as it was locked inside. Made no sense to me so with all the restrictions on the policies, I just put it on my regular auto policy.

[DRM500RUBYZR-1]

One thing you'll have to remember about these "classic" or "historical" or "agreed value" policies is that they probably have yearly mileage restrictions on them. If you get into an accident or the car gets damaged, the first thing they will check is the odometer and if you are over the mileage limits, you're probably going to be SOL on getting your claim paid. So don't be a wise guy on driving wherever you want, whenever you want, and make sure you read the policy and understand the limitations. When I inquired from all these companies on insuring my '90 ZR-1, I was told by all of them, that in Florida, it must be kept inside a 4-walled enclosed locked garage or storage facility otherwise they would not insure it. It was for the BS reason of storm and flood protection, and it didn't matter if the facility was flooded by 6' of water as long as it was locked inside. Made no sense to me so with all the restrictions on the policies, I just put it on my regular auto policy.

You make a very good point!
Certainly if one cannot live with the limitations of a collector car policy then it would be foolish to buy one.
If one is going to use it like a regular car, it should be on a regular policy.
Just remember however when that car has a claim, they treat it like a minivan.
They look at wholesale values with depreciation and wear and make a payment accordingly. A $50,000.00 low mile ZR-1 might be valued at $20,000.00 using "regular policy" methods.

Pick your poison.

I get to choose from 1,3,5 or 10k miles a year. with 21k miles on a 93, the answer is pretty clear.
For like $20.00 a year for a rider, I can drive it to work at least once a week.
My car is always garaged.
I carry $500,000.00 liability with $55,000.00 in agreed value and pay $260.00 a year on the ZR-1 with little to no deductibles and I am in New Jersey the worst state for insurance.
I am quite pleased with NCM!
Your mileage may vary.
:cheers:
Marty

[mlipmd]

I don't have the luxury of a 4-wall enclosed garage nor am I going to build one (which would not even be permitable where I live)- my house is 23' off the ground right on the coast raised up on concrete pilings with my 3 cars and everything else parked underneath the house, and I am not going to rent a storage facility at least 10-15 miles away to put it in and then have to drive over there every time I want to take my car out for a drive.
Everyone has trade-offs in their life.

[DRM500RUBYZR-1]

Having my beach house nearly completely destroyed by Superstorm Sandy made me an even bigger proponent of sufficient and proper insurance coverage.

Best wishes that you never have such a loss, particularly with actual cash value on the vehicles. Many New Jersey collector car owners were indeed properly compensated for cars trapped in garages during that storm.
Others were not so "lucky?".
Usage limitations and garage requirements are acceptable to me based on my usage in exchange for complete coverage.
Yes, we all have tradeoffs based on the decisions that we make or fail to make.
:cheers:
Marty

[mlipmd]

When a storm is on the way here I just bring my vehicles (cars and boats) 20 miles north to protect them in a locked up yard at my mechanics place and then retrieve them after the storm. But I won't leave my Z there full time because when I want to use it I am free to do so when it's at my house.