Review Your Corvette Values Annually to Ensure Your Insurance Coverage Matches

We are already into March now, so using the term “New Year’s Resolution” may not be best description for reviewing your Corvette insurance, but taking the time to ensure that your coverage is in line with rapidly changing values is always something you want to do yearly. The NCM Insurance Agency has been protecting thousands of Corvette owners for 15 years, and they are ready to protect your collector car vehicle as well!

Visit the NCM Insurance Agency and Request a Free Quote.

If you’ve watched any of the big auctions from Mecum and Barrett-Jackson earlier this year, you will have noticed that our Corvette values appear to be moving higher. However, those rising values can also be a double-edged sword if you don’t have enough insurance (or the right kind of insurance policy) on your car and the unthinkable occurs. In this ever-changing landscape of collector Corvette values, one of the annual resolutions you should be making is to check and potentially update the value of you Corvette’s Insurance Policy.

One of the easiest ways 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 AutoTrader.com and 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 current Corvette prices and it’s always good to know what cars are selling for at these high-profile events. Both Mecum and Barrett-Jackson allow you to search your make and model year against past results to see the selling prices.


There are also research sites where you can get current pricing and values. The National Automotive Dealers Association (NADA) and Kelley Blue Book both offer current values.

After doing your research, if you are finding similar Corvettes selling for thousands more (or less) than where you have valued your Corvette for its insurance policy, it could be time for a review from the NCM Insurance Agency. Visit ncminsurance.com to request a quote to insure your dream machine(s).


Not only do you want to have the current value, but you also need to make sure you have the right kind of policy. The NCM Insurance Agency only writes “Agreed Value” policies which is a “promise of value” made between you and your underwriter. This is the value that you will receive if your vehicle is a total loss in an accident. The Big Box insurance companies generally offer Actual Cash Value or Stated Value policies which may sound good, but you really want to stay away from them. 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.

The NCM Insurance Agency can insure all years of Corvettes, even the new C8 Stingray, Z06, and the E-Ray as long as you meet their collector car guidelines. That generally means the vehicle is not used a daily driver and there are annual mileage tiers. The good news there is that unused mileage rolls over to the next year. These Agreed Value policies from the NCM insurance Agency aren’t just for Corvettes. You can protect all types of collector vehicles including exotics and muscle cars. NCM Insurance can even write policies that protect your investment for high-performance driving events (HPDE) and other on-track excursions.


NCM Insurance is backed by American Modern, who has been around since the ’60s and specializes in collector vehicle policies. American Modern is rated A+ by the A.M. Best Company and they have incredible resources at their disposal when it comes to dealing with a claim. The customer service aspects of their website make it easy to make a payment or manage your account.

Get piece of mind today with a free quote from the NCM Insurance Agency. We always say it’s better insurance at a better price, and you’re helping to support the National Corvette Museum in the process. Visit the NCM Insurance Agency today and Request a Free Quote today.

Source:
NCM Insurance Agency

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