81c3

Well, after a few rounds of phone tag, I was finally able to connect with Adam on the insurance he is offering. Adam put together a price of $657./year full coverage and agreed values on both my 92 ZR-1 and my 02 Z06. I saved roughly $550./year Thanks for your help Adam.

solid dobe

that sounds like a fair deal, here's to hoping you never need it.

ZRWON

"saved over $550/year".... for same or better coverage, and who was the other insurance company? I checked with Adam when this first as announced and the savings were insignificant???? Thanks

81c3

Other insurance company was American Family. With them, I was at around $50. per car, per month. $100. x 12 months is $1,200.

Coverage is: Liability 300,000, PIP 5,000, Uninsured Motorists 300,000
Deductibles on ZR-1 $250. On the Z06 $1,000.
Mileage restrictions are: ZR-1 1000 miles/yr Z06 3000 miles/yr

Agreed values are the same as what American family would pay out for total loss. A.F. would give me NADA retail value in the event of a total loss.

ZRWON

Thanks very much. I appreciated your input and understand how well Adam did for you. I have all of my things with State Farm. but the 2 ZR-1s are with their special "classic/collector program" that most all of their customers don't even know exist.
I am always looking for ways to reduce my insurance esp for the Vettes that don't get driven much.

FASTAZU

I just got a quote from Adam on my 91 ZR-1 and 82 CE just under $500 per year for both, 0 Deductible 3000 miles per year. That's what I pay for the same coverage with State Farm on just the ZR-1 with a $1000 Deductible

jrd1990zr1

I got a quote and compared it to my American Collectors Insurance. Adam was about 8% lower. I would have swithced but figure I will wait a year and see if anyone reports a problem with this new company. I was somewhat skeptical since I have little information on this new company.

BTW I am not talking about the NCM, the company underwriting the insurance.

ZRWON

I am taking the same approach. I am especially concerned about their statement, "Agreed values are the same as what American family would pay out for total loss. A.F. would give me NADA retail value in the event of a total loss."
Nada retail will not cover the cost of replacing many of our Vettes, most all NCRS Vettes, etc. My "agreed/stated value" on both of my ZR-1s was accepted by State Farm's Classic Car insurance with no problems and it was several thousand $$$ greater than "NADA retail value" last time I checked.

89onlyZ51

Be careful and check your contract! Agreed value and state value are two different animals. I don't believe State Farm does agreed value but I could be wrong. Here's the difference:

Agreed Value versus Stated Amount

Z51JEFF

Ive got an open claim with AMIG right now.As soon as it settles Ill tell all about my experience with this company.Ill be canceling my policy soon.

ZRWON

Is AMIG the insurer that Adam, Corvette Museum, is using?
What does AMIG stand for? Tks, Bill

Z51JEFF

American Modern Insurance Group and I do believe it is.

81c3

This is my statement, not "THEIRS"!! I asked American Family (my current insurer) what they would pay out if either of my cars were total loses. My 2002 Z06 has 80k miles on it, they would give me $21k for it. My 92ZR-1 has 49k on it and they would give me $24k for it. Considering what I could sell either car for, and the driver condition of both, I figured this was a good "agreed value".

If you have NCRS cars, figure out what they would be worth based on like cars and just use that figure as your agreed value. If you think its worth $40k, use that, $50k, use that......

Z51JEFF

I have agreed value of $40,000 on my ZR-1 through Hagerty.Ive got AAA on my daily driver and talked to them about transferring the Z over to AAA but nobody could give me a straight answer on value at a total loss.

Rex Ruby

I got a quote from the NCM as well and I could save about half of my current Allstate insurance for my 94 ZR1 and 93 Ruby, about $700.00.

Sounded like a great deal BUT you can not use the car for anything but pleasure. 2 - 3 times a month I go on sales and/or customer appointments in one of my vettes and the NCM insurance WILL NOT COVER that. Yea, I know I could always say I was out for a drive but I like to play the game straight. Seems like it always comes back to bite you in the azz when you don't.

Allstate has an agreed value program too that I have the ZR1 on.

HammerZR1

Please do post up. I would be very interested as I have my '91 covered through them.

Z51JEFF

Initially this is why I didnt go with AMIG for the ZR-1.Theres too many collector insurance companies out there to have to chose one with these types of limitations.When I started the policy with Hagerty I threw every scenario,no racing,I could think of and never got -cant do that- answer.Drive it to work,just not every day.Drive it to the store,just done do it everyday.I called and asked about the limitation 3 times,talked to 3 different agents trying to cross one of these guys up on an,never heard something I didnt like.I have a car as my daily driver,the Z is strictly for pleasure but when I want to drive the car,Im going to drive it.

ZRWON

WOW! I got my renewel notice today from State Farm and again as in past years they requested pictures, condition, mileage, etc...even implied that I might want to increase my "AGREED" amount of coverage as collector cars do increase in value sometimes. Sure made me happy to see the word "AGREED" in that notice

Bans25

I put maybe 1K miles on my Z a year.. I drive it to work maybe 10-15 times.. is there a collector insurance company that cover this?

xlr8nflorida

I am very familiar with State Farm's policies. They do indeed have a collector policy however its not a true "Agreed Policy" It's a Stated Policy and SF has the power in that policy. Yes, they request photos, odometer paperwork etc but at the end of the day, your stuff is on file but they still decide what is a fair price. Also, just because they suggest you increase your premium don't let it put you in a false sense of security. If you insure your ZR-1 for $30,000 you will pay a premium of X. If you insure your ZR-1 for $60,000 you will pay X+$$$$$ for that coverage and probably never see a dime of the extra coverage should you have a loss.

Don't believe me, read your Policy.

There are advantages to State Farm regarding your DMV record being pulled every year to increase your premium if you have tickets etc.

It depends on which State Farm company you are insured under (there are many subsidary companies, depending on what state your in, your driving record at the time of application etc).

Say for example in IL - State Farm Mutual or State Farm Fire & Casualty. The State Farm Mutual MVR's are never ran after the application and binding date, if they are adding a drive to the policy the MVR would only be ran on that person. A State Farm Fire & Casualty Policy would have an MVR ran every year.