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]

Originally Posted by 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.

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.

Marty

[-=Jeff=-]

Originally Posted by 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

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


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