Classic Corvettes are highly collectible and often become the
pride and joy of their owners. Corvette owners often spend years restoring
these cars back to original showroom condition. Owners spend years
collecting parts, travelling all over the country to swap meets and Corvette
salvage yards looking for that correct 'date coded' part for their cars.
It is important to make sure that your insurance coverage reflects all the added
expense of locating and acquiring these rare parts that make the car the
valuable asset that you cherish.
Many insurance companies offer coverage for your car, but they
don�t offer a 'stated value' insurance policy that allows you to include the
expenses incurred during the restoration. Also, as the owner they do not
allow you to choose where your car will be repaired nor do they indicate the
quality of any parts that may be required during the accident repair. In
other words, your classic Corvette most likely will be treated the same as
any 10 year old car should a claim arise.
Researching the Correct Insurance for your Classic Corvette
To insure that your car has the level of coverage that
protects your investment, you need to consider an insurance company that
understands and appreciates the thousands of hours and the thousands of dollars
that has gone into making your beautiful Corvette the car that it truly has
become. The specialty companies understand the differences between an
original NCRS Corvette and and a daily driver. You can acquire a
classic car insurance policy that allows you the option to purchase the
additional coverage to compensate you for the expenses incurred during the
restoration of your car. In other words, these companies understand that
your '68 427ci C3 convertible (like the car in the picture above) is worth the
$100,000 that you have invested in it.
Also, classic auto insurance companies understand that
Corvette owners are usually older and take extra precautions to protect these
cars. This translates into much safer risks for the insurance company.
Because of the requirement that the vehicle not be a daily driver, insurance
premiums reflect considerable money savings.
Most classic car insurance companies use what the industry
refers to as an 'agreed value'. This simply means that the insurance
company requires you to have a professional appraisal conducted on your car.
The appraiser is normally one approved by the insurance company and the
appraised value determines the maximum amount of coverage that you can obtain
for your car and this becomes the 'agreed value' by the company and yourself.
Should your car be totally destroyed, the insurance company will reimburse you
the 'agreed value' on your policy.
There are other questions that you may want to ask of your
agent and I have listed some of these below.
1) Is my car protected all year around?
2) Am I insured while driving outside the country?
3) Is there a mileage restriction?
4) Who can drive my car and what is the age restrictions?
5) What happens if my car is damaged while parked at a car
show?
6) Am I able to choose my own repair shop?
Many of the popular classic car insurance companies can be
located online and most have the capability to provide you with an instant
quote. As the owner of a classic Corvette you understand the value of your
car. In order to protect your investment you want to find the best
coverage you can at a reasonable price.
