Upgrade Your Corvette’s Insurance with a Collector Car Policy from NCM Insurance Agency

As you are reading this article from CorvetteBlogger, we’ll assume that you own a Corvette, and therefore, you have it insured to protect your investment. But what kind of insurance you have can determine whether you are overspending or have all the appropriate coverages for your car. As Corvette owners, we’ve seen different insurance policies for our 1966 Corvette over the years and we truly believe that our current coverage with the NCM Insurance Agency has been a perfect fit for us. Not only does the NCM Insurance Agency know Corvettes better than anyone, but it was also a much better policy for an even better price over a nationally-known brand’s standard “classic car” policy.

Find out for yourself! Get a free quote for your Corvette by calling NCM Insurance at 877-678-7626 or visit their website ncminsurance.com and request a Free Quote.

Nearly every automotive insurance company classifies collector and antique vehicles differently than the modern daily drivers that account for most of their business. Generally, vehicles that qualify for collector car insurance policies may contain specialized coverages for both classic cars (10+ years old) or antique vehicles (25+ years old), as well as modern-day collectibles that would even include the upcoming 2023 Corvette Z06. The determining factor in whether a car qualifies for a collector car insurance policy usually comes down to how you are using it.

Most collector insurance policies have mileage caps or only allow the car to be driven for certain events like pleasure cruises or club events. Your policy may also allow you to occasionally do other driving activities with it, but if the car is used for daily driving, commuting to work, or commercial use, it generally doesn’t qualify for a collector policy. Some policies may even require you to have a full-time daily driver or an enclosed and lockable storage area for your collector car.

As an insurance product, collector car policies are similar to your daily driver as they typically offer similar coverages. These would include:

• Liability – Pays for damage and injuries you cause to others, as well as offering a legal defense in case you are sued over an accident.
• Collision and Comprehensive – Covers a wide variety of problems including accidental damage to your own car, fire, flood, weather events, and more.
• Uninsured Motorist Coverage – Pays your medical bills or covers damage if you were in an accident caused by an uninsured driver.

Collector car policies may also have some additional coverages specifically for collector car owners who may require these extras. They may include:

• Spare Parts – Covers any spare parts or personal tools that you use on your vehicle.
• Restoration Coverage – Recognizes that the car is out of service while still offering comprehensive coverage. Coverage amounts can be increased as work is completed.
• Roadside Assistance and Travel Loss – Provide towing and other services in case your car breaks down while driving. Travel loss offers financial assistance if you are stranded.
• Disaster Relocation – In the case of a storm or other pending disaster, you can receive assistance to relocate your car to a safer local until the threat passes.
• Pet Protection – Some policies even provide coverage if your pet is injured in an accident.

If the unthinkable happens and your Corvette is ever totaled in an accident or other event that is covered by your insurance policy, you will file a claim and then the insurance company will send you a check for your loss. However, that amount can be very different depending on whether or not you have an Agreed Value Policy or a Stated Value Policy. While they sound similar, the two types of policies are very different:

Agreed Value is the amount that you and your insurance company have agreed to when the policy was written. If the agreed value on your Corvette is $60,000 and that is what you’ll receive (minus deductible) in the event of a loss. Stated Value features an amount you tell the insurer the car is worth, and it’s insured for that amount. In the case of a loss, the insurance company chooses to pay a lesser value of either the stated value or the actual cash value of the car at the time of the loss. You tell them it’s valued at $60,000 but at the time of the accident, they may say it’s only worth $50,000 so that is what you receive (minus deductible). Agreed Value policies are a much safer way to fully protect you and your Corvette.


Insurance companies that offer collector car insurance know that these cars are treated much differently than daily drivers as they are driven less on the roads due to mileage caps and their owners tend to take very good care of these vehicles. This extra care from owners allows insurance companies to offer collector car insurance policies for 30-50% cheaper than regular automotive insurance policies. When we moved from our previous “Big Insurance” provider with a Classic Car policy to NCM Insurance and their Agreed Value coverage, we saved hundreds of dollars per year and immediately received better coverage as a result.

Get your free quote today from NCM Insurance and see the difference they can offer. We say it’s better insurance at a better price, and you help support the National Corvette Museum in the process. Call the NCM Insurance Agency today at 877-678-7626 or visit their website and Request a Free Quote.

Source:
NCM Insurance