NCM INSURANCE

[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]

Originally Posted by 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.

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.

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.

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.