Insurance Questions????

[Roadster]

Originally Posted by cvette98pacecar

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]

Originally Posted by 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

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......

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.............

[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$