Insuring Your Vette - A Brief Overview

Insurance. It's one thing that you need to drive your Corvette. But,unlike gasoline, it's the one item required under state laws so you canlegally do it.

A lot of you remember how difficult it was to get insurance for aCorvette back in the '60s and '70s, especially if you were under age 25.If you could get coverage at all, the premiums for the most basiccoverage tended to run as much-or even more-than the monthly paymentsyou made to GMAC, or whoever you financed it with. Which is why, formany years, you had to be of a certain age, or a certain wealth, to beable to own a Vette and not worry (much) about the cost of insuring it.

Nowadays, there are specialty insurance companies whose products includeinsurance that Vette owners can live with very easily-especially "AgreedValue" insurance.

"Agreed Value" insurance is where you and your insurer agree on yourcar's value, and that's what they'll pay (the car's full insured value)in the event of a loss-especially in the unlikely event the car istotaled. That differs from conventional automobile insurance, which paysthe depreciated "book value" of the car at that point in time,regardless of how much you paid for it way back when, or how much moneyyou put into it since you bought it. And it differs from "Stated Value"coverage, where the insurer only pays up to the stated amount on thepolicy.

There are some important considerations when getting "Agreed Value"coverage for your Vette. One is mileage. Many of these policies haveannual mileage limits, as well as restrictions on the type of drivingyou can do. However, many insurers can raise the mileage limit, for anadditional fee, if you're looking at going on any long-distance tours(like Power Tour), or if you're going across the country to a big showlike Corvettes at Carlisle or Mid America's Fun Fest. They may have ageand driving-experience minimums for everyone who's going to be drivingthe car. Also, the insurer will likely want to have an appraisal of yourcar, so they can determine if the value that you and they agree on isdoable. They'll also require that you have a "regular" car or truck foryour daily driver, that you keep your Vette in a lockable garage whenyou're not driving it-not a problem for most Corvette owners-and thatthe driving records of those who'll drive the car(s) that they areinsuring be free of major violations like DUI/DWI, and be relativelyfree of speeding tickets.

When you're shopping for coverage, there are some things that you'llwant to discuss with your potential insurer. That includes: Will my carbe covered when it's in a shop away from my garage getting restorationor other work done to it? Would I be able to insure stuff likerestoration and/or "take off" parts that I keep in the same garage as myVette (as well as parts cars)?

What's the best way to shop for "Agreed Value" coverage? Start by askingyour fellow Vette enthusiasts who they've picked for their coverage,what kind of coverage they have, and how many miles can they drive ayear with that policy, etc. If they've had good experiences with theircurrent insurer, they'll let you know in a hurry!

Next, contact those insurers whose ads run in Corvette Fever everymonth, like Heacock Classic. Also, fire up your computer and search for"classic car insurance." When you have a potential insurer prepare you aquote, be sure that it covers your Vette for the mileage that you wantto drive it-and ask if they can increase their mileage limits for thatonce-a-year "big trip" in it.

Getting the insurance coverage that you need to keep your Vettefinancially secure might seem as daunting as a frame-off restoration.But, thanks to "Agreed Value" coverage, it doesn't have to be!