Choosing Insurance Coverage for your C3 Corvette
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 donít 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.
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.
If you travel internationally with your Corvette, it's important that both you and your car have comprehensive
insurance coverage. Check with your current auto insurance provider to ensure you have all the appropriate coverage you need to travel across borders.