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It is hard to believe it is the middle of March and car show season is here! It has been a long winter, and I am sure that your Corvette or collector cars are ready to get out and stretch their legs!
Many of you may have standard auto insurance on your Corvette or collector cars, but are you really covered if you were to have a loss? What I mean is, what will you get paid if you have a total loss? Most standard auto insurance carriers have a modified collector car program, that write insurance in the form of Stated Value/Amount or even Actual Cash Value. We only write Agreed Value insurance. What do all of these terms mean? Most insurance agents who do not write collector cars daily do not know either!
Stated Value or Stated Amount: This says that the insurance company will pay UP TO the stated amount. This gives your insurance provider a way to get out of paying the amount your Corvette/Collector car is truly worth!
Actual Cash Value: means the value of the car at the time of the loss, think book value, in other words RUN!
Agreed Value: We agree on the value of the car before the policy is written and just as long as you are within the terms of the policy, this is what you will get paid. No questions asked!
Unfortunately, most standard auto agents are unaware of this policy language. They will insist that if you have a total loss, the car is stolen then you will get the stated amount. This is absolutely not the case!
The NCM Insurance Agency, operated by the National Corvette Museum, wants to save you money and offer better coverage. If you have any collector car, street rods, exotic cars, modern muscle, kit cars, etc we want to Protect Your Passion!Â
If you are interested in learning more about our coverage please click here and visit the NCM Insurance website for a quote.