New Year’s Resolution: Review and Update Your Corvette’s Insurance Policy

This past weekend, Mecum wrapped up their mega collector vehicle auction in Kissimmee, Florida and if the Sold prices there for Corvettes are any indication, it’s going to be a good year for those with a classic Corvette in the garage.

However, those rising values can be a double-edged sword if you don’t have enough insurance on your car and the unthinkable occurs. In this ever-changing landscape of classic Corvette values, one of the New Year’s Resolutions you should be making is to check and potentially update the value of you Corvette’s Insurance Policy.

If you’re thinking you may need to up the coverage on your car, especially if has been a couple of years, here is what you can do.

The first and easiest thing you can do to determine whether or not you need additional coverage on your Corvette’s insurance policy is to look at what similar cars are being sold for right now. That’s as simple as plugging your Corvette year and model into Google and seeing what similarly-equipped Corvettes are selling for. We also like some of the large for sale sites like CarsforSale.com as they feature multiple dealers selling both classics and later pre-owned Corvette models.

The auctions are also a real-time indicator of Corvette values and it’s also good to check your car against those that have been sold through these high-profile sales events. Both Mecum and Barrett-Jackson allow you to search through past results to see the selling prices.

Finally, price guides from organizations like the National Automotive Dealers Association (NADA) provide values on an annual basis.

If you are seeing similar Corvettes to yours selling for thousands more than the value of your Corvette’s insurance policy, it could be time for a review and free quote from the NCM Insurance Agency by calling them at 877-678-7626 or visiting their website at ncminsurance.com and request a Free Quote.

The reason why keeping up with your Corvette’s values are so important is that there are several different types of insurance plans out there, and you specifically want to make sure your policy is based upon “Agreed Value” which is essentially a “promise of value” that you have made with your insurance company and it’s the value you will get if your car is a total loss. These are the policies that the NCM Insurance Agency underwrites for their customers and it is why you absolutely need an Agreed Value policy to protect your investment.

The other two types of general classic car insurance policies are Actual Cash Value and Stated Value and you want to stay away from these types of policies for good reason. Actual Cash Value is the book value at the time of the loss while Stated Value is where you think you are protected for a certain amount but the insurance company can still depreciate or find less value than what you thought you had agreed to. These are the kinds of policies often written for classic cars by the “big box” insurance companies.

While we’ve focused on classic Corvette values, the NCM Insurance Agency can also insure newer vehicles including the upcoming 2023 Corvette Z06 as long as you meet their “Collector Car” guidelines which generally means it’s not used as a daily driver and there are annual mileage limits. There are plenty of options for driving newer vehicles on a collector car insurance policy so check with them to see what they can offer.

The NCM Insurance Agency isn’t just for Corvettes! They also offer insurance for all types of collector vehicles including exotics and muscle cars. NCM Insurance can also write policies that protect your investment for high-performance driving events (HPDE) and other on-track excursions.

Several of us here at CorvetteBlogger have our Corvettes insured with the NCM Insurance Agency for the better part of the last decade. Better insurance at a great rate means peace of mind when out cruising on America’s highways – and it’s nice to know that you’re supporting the National Corvette Museum! To get your free quote for collector car insurance from the NCM Insurance Agency, visit them on the web at ncminsurance.com or call 877-678-7626.

Source:
NCM Insurance Agency