!!!!! Insurance Question>>>

[ZR1Vette]

Most standard automotive insurance companies (meaning non speciality insurance companies) will simply insure a ZR-1 as a C4 with qualifiers (mileage, mileage driven per year etc etc)... considering the ZR-1 value is higher (in some cases MUCH higher) than a standard C4 what do you guys do for insurance? Companies like Hagerty Insurance won't cover a ZR-1 since does not meet the age requirement.

[tccrab]

I use American Collectors, they know what a ZR1 is. It is a "Stated Value" policy.
There are conditions, must be stored in a locked garage, must be a second car, not daily driven, mileage restrictions, blah, blah blah. Cost runs about $400 a year.

TomC
"Crabs"

[FU]

We use Infinity Insurance on all the Z's.
The 91 is $ 590 a year 5K miles and 40K value.

[IowaZR-1]

Companies like Hagerty Insurance won't cover a ZR-1 since does not meet the age requirement.

Have had my '93 insured with Hagerty for 4 years now.:-D

[ZR1Vette]

Have had my '93 insured with Hagerty for 4 years now.:-D

Hmmm... Hagerty told me they would not insure the ZR due to it not being 25+ years old...only insure classics/antiques :dontknow:

[FU]

Try this one also Michael : http://www.americancollectors.com/

[ZR1Vette]

Good info guys :handshak: I am now in discussions with both American Collectors Insurance(so far extremely nice and helpful) and Infinity/Classic Collectors Insurance.

Thanks all

[z proud]

I have Grundy ins 26k agreed value 400.00

Stated value is the lesor of stated value or acv(book)

[-=Jeff=-]

I had a policy with Hagerty too, but decided to go the State Farm route..

I know there is a difference between agreed and stated value policies, but the book value is much higher than I paid for my 90

but Hagerty does do 1990 Corvette ( considered Exotic I think)

[PhillipsLT5]

You want "agreed value"

[-=Jeff=-]

You want "agreed value"

Right.. but for me and to save a bit of $$ right now, I have stated value with State Farm

[ZRGator]

I have been involved with this question many, many times before on other forums regarding my '67 and my '93 Z. First, to set the record straight, I am a State Farm agent with 30+ years on the job. State Farm, at least in Maryland, has what they call a Stated Value policy but I submit it is an Agreed Value policy. Copy of Maryland Endorsement is listed here:

6171AG ANTIQUE OR CLASSIC MOTOR VEHICLE
This endorsement is a part of your policy. Except for the changes it makes, all other terms of the policy
remain the same and apply to this endorsement. It is effective at the same time as your policy unless a
different effective date is shown for the endorsement on the Declarations Page.
This endorsement is issued by the STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY
of Bloomington, Illinois, or the STATE FARM FIRE AND CASUALTY COMPANY of Bloomington,
Illinois, as shown by the company’s name on the policy of which this endorsement is a part.
In consideration of the premium charged for your policy, it is agreed that:
1. COVERAGE UNDER SECTION I – LIABILITY
– COVERAGE A AND SECTION
II – NO-FAULT – COVERAGE P APPLIES
ONLY WHEN YOUR CAR IS USED IN EXHIBITIONS,
CLUB ACTIVITIES, PARADES
OR OTHER FUNCTIONS OF PUBLIC INTEREST
AND OCCASIONALLY FOR
PLEASURE AND BUSINESS.
2. SECTION IV – PHYSICAL DAMAGE
COVERAGES
a. Limit of Liability – Comprehensive and
Collision Coverages
This provision is changed to read:
The limit of our liability for loss to
property or any part of it is the lower
of:
1. the actual cash value; or
2. the cost of repair or replacement.
You and we agree that the actual cash
value of your car is the vehicle value
shown on the declarations page
unless:
1. your car has been damaged;
2. parts have been removed
from your car; or
3. your car’s condition has
changed due to abuse or neglect
after the vehicle value
shown on the declarations
page was agreed to and prior
to the loss.
If any of these events have occurred,
the agreed upon actual cash value is
the vehicle value shown on the declarations
page reduced by the decrease
in the value of your car due to such
damage, the removal of parts and
damage caused by the abuse or neglect.
Any deductible amount that applies is
then subtracted.
The cost of repair or replacement is
based upon one of the following:
1. the cost of repair or replacement
agreed upon by you and
us;
2. a competitive bid approved
by us; or
3. an estimate written based
upon the prevailing competitive
price. The prevailing
competitive price means
prices charged by a majority
of the repair market in the
area where the car is to be
repaired as determined by a
survey made by us. If you
ask, we will identify some
facilities that will perform
the repairs at the prevailing
competitive price. We will
include in the estimate parts
sufficient to restore the vehicle
to its pre-loss condition.
You agree with us that such
parts may include either parts
furnished by the vehicle’s
manufacturer or parts from
other sources including nonoriginal
equipment manufacturers.
Any deductible amount that applies is
then subtracted.
2 6171AG
b. Settlement of Loss – Comprehensive
and Collision Coverages
This provision is changed to read:
We have the right to settle a loss with
you or the owner of the property in
one of the following ways:
1. pay the agreed upon actual
cash value of the property as
determined above in exchange
for the damaged
property. If the owner keeps
the damaged property, we
will deduct its value after the
loss from our payment. The
damaged property cannot be
abandoned to us;
2. pay to:
a. repair the damaged
property or part, or
b. replace the property or
part.
If the repair or replacement
results in betterment, you
must pay for the amount of
betterment; or
3. return the stolen property and
pay for any damage due to
the theft.
The Settlement of Loss provision for
comprehensive and collision coverages
incorporates the Limit of Liability
provision of those coverages.
If we can pay the loss under either
comprehensive or collision, we will
pay under the coverage where you
collect the most.
When there is loss to your car, clothes
and luggage in the same occurrence,
any deductible will be applied first to
the loss to your car. You pay only
one deductible.
c. The following is added:
Coverage for Spare Parts
We will pay up to $500 during the policy period
for direct and accidental loss of or damage to
spare parts which are owned by you and in
your possession. Spare parts means equipment
designed to be used with vehicles of the
same make and model as your car.
Chief Executive Officer

The highlighted section changes the standard auto policy to reflect the changes outlined here. State Farm's definition of a classic car is one over 10 years old, maintained by a hobbyist or collector and is of limited production and/or historical interest.

My coverage on my '93 Z has liability limits of 250/500/100, PIP, Comprehensive w/$100 deductible, Collision w/$500 deductible and Uninsured Motorist limits equal to the liability. The Stated Amount is $50K, cost is about $214.00 every six months. I have declared an annual mileage of 5,000 miles and drive my Z to work just about every Friday.

I have always tried to explain to all of my friends on all of the forums, "You can buy enough insurance to keep your tags, or you can buy enough insurance to keep your house." Pay attention to your liability limits, guys.

Open for questions and the inevitable comments now.

[thethrillofspeed]

Hagerty insures my 90 ZR1 as an exotic agreed value. They insure my 85 as a collector agreed value, but not the ZR1. The exotic is more than the collector rate.

[Hammer]

I am getting ready to insure both Z's throught the National Corvette Museum. Call Adam Boca 1-877-678-7626. Insurance is through AMIG.

300k Liability
100k Uninsured
100k Underinsured
$1000 Medicial
Towing

#473 Modified (Exhaust, Chip & Open Lid)
Value $28,000
No Deductible Comp and Coll

#458 Modified (Exhaust, Chip & Open Lid, Alum Flywheel and Short Shifter)
Value $20,000
No Deductible Comp and Coll

Both at $433 a year

[Adam Boca]

Great chatting with you Michael!

John, I should have an answer to your questions soon....Thanks for throwing our name out here...

Jeff, call me up and we can see what the price will be...

Thanks all!

Adam Boca
NCM Insurance Agency
877.NSUR.NCM

[Z51JEFF]

Hmmm... Hagerty told me they would not insure the ZR due to it not being 25+ years old...only insure classics/antiques :dontknow:

Ive got Hagerty on my 91 with no problems,Ive also got Leland-West on my 64 Nova and Im getting a load of bull$hit from them right now.About a month ago my Nova got smacked by a public bus,I figured Id get my insurance to give me a hand with it so it would speed up the process,wrong.It took them 11 days to get an appraiser to look at the car,the guy drove 2 hours to estmate the damage only to find out Leland-West couldn't give me an estimate because they didn't have info on old cars,Collector insurance and they didn't have info for old cars?My problem in all this was years ago I put the value on the car at $4,000 so thats what they are going off of.The car was parked for 2 years and just got the car back on the road.The estimate is $2600 at a shop rate of $75 an hour,Leland-West wants to total the car,not gonna happen,Im getting your typical insurance run around.I thought Leland-West would take care of this and get reimbursed from the bus company.Now I get to do the insurance mambo with the bus company.Leland-West is a broker for American Modern Insurance Company.I wont be renewing my policy.The bright side in all of this,I almost took my Z out that day.

[Z51JEFF]

Great chatting with you Michael!

John, I should have an answer to your questions soon....Thanks for throwing our name out here...

Jeff, call me up and we can see what the price will be...

Thanks all!

Adam Boca
NCM Insurance Agency
877.NSUR.NCM
When my policy with Hagerty is up next year I was going to look into this for my Z then the above happened with one of my cars insured with AMIC,no thanks.

[HAWAIIZR-1]

I am getting ready to insure both Z's throught the National Corvette Museum. Call Adam Boca 1-877-678-7626. Insurance is through AMIG.

300k Liability
100k Uninsured
100k Underinsured
$1000 Medicial
Towing

#473 Modified (Exhaust, Chip & Open Lid)
Value $28,000
No Deductible Comp and Coll

#458 Modified (Exhaust, Chip & Open Lid, Alum Flywheel and Short Shifter)
Value $20,000
No Deductible Comp and Coll

Both at $433 a year

John,

Thanks for sharing. I had no idea that NCM offers insurance and I'm going to look into this; if it benefits the museum too, then I also want to support the NCM too. I'll call Adam.

Aloha!

[rhipsher]

I've had Leland west for the last 2 years on the beast. God forbid I ever have to use it. I'm gonna shop around next year. I haven't heard the best things about them.

[jonszr1]

John,

Thanks for sharing. I had no idea that NCM offers insurance and I'm going to look into this; if it benefits the museum too, then I also want to support the NCM too. I'll call Adam.

Aloha!is there a milage attachment to the policy?

[bobbyhi]

I think the base is limited to 3K per year. If you pay more you can probably get more miles.

[Z51JEFF]

I've had Leland west for the last 2 years on the beast. God forbid I ever have to use it. I'm gonna shop around next year. I haven't heard the best things about them.

The thing with Leland-West,when all is said and done Leland-West wouldn't have been out a dime with full reimbursement from the responsible party.Leland-West is only a broker for American Modern Insurance Company,the same company Ive been getting the run around with and the same insurance company being offered through the NCM.