| Do you have a classic Corvette that your drive | | | | Another benefit of the collector's policy is you can |
| very seldom? Are you sure that if your vehicle | | | | choose the repair shop that will fix your damaged |
| was totaled or stolen that you would get the full | | | | car and ensure you receive original parts. Original |
| vale of the vehicle? Let's consider the different | | | | parts are not as important on a newer car, but |
| types of insurance available for your sports car: | | | | for a collector's car they add so much value. Most |
| standard insurance policies and collector's policies. | | | | standard insurance policies do not understand this, |
| With a standard insurance policy, you are paid the | | | | and simply use generic parts to repair the vehicle |
| Actual Cash Value or Retail Value of your vehicle | | | | and do so in "their" repair shops. |
| upon total loss or theft. If your car is damaged in | | | | These specialty brokers sometimes offer a third |
| an accident, they will pay for you to have it fixed | | | | variation, though. You must be weary of the |
| up to the Actual Cash Value amount. If the | | | | "Stated Amount" collector's policies. Under these |
| amount of damage exceeds the Actual Cash | | | | policies, you state the amount of coverage |
| Value, they will simply write you a check for the | | | | needed for your vehicle. What the insurance |
| Retail Value and consider your claim settled. The | | | | company actually covers is the lowest of these |
| problem with this on collector's cars is that they | | | | three figures: "stated amount", cost to repair |
| have such a wide range of values, and you will | | | | (without exceeding "stated amount", or "actual |
| almost certainly not get the full value you would | | | | cash value". The last one is where you can lose a |
| need to replace your vehicle. | | | | large amount of money. The "actual cash value", |
| Enter your second option, a collector's policy. | | | | as stated earlier, is usually what a typical vehicle |
| These policies are sold by specialty brokers and | | | | would cost to replace, and this number is usually |
| offer a clause called "Agreed Value". This value is | | | | much lower than your "stated value". |
| stated in your policy, and is agreed to by the | | | | Total losses and thefts do occur, and you need to |
| insurance company and you. If your policy states | | | | ensure you are adequately covered. If you have |
| the agreed value is $25,000, then upon theft or | | | | a newer Corvette, you should be fine utilizing a |
| total loss you are compensated with a $25,000 | | | | standard coverage policy, but if you drive a |
| check from your insurance company. These | | | | classic, make sure you cover yourself properly. |
| collector's policies have certain stipulations, such as | | | | Look into a collector's policy. |
| the vehicle must be garage kept, driving | | | | Remember, if you own a collectible Corvette, |
| infrequently (typically less than 5,000 miles per | | | | insist on your insurance coverage being for the |
| year), driven very infrequently by youthful | | | | "Agreed Value", otherwise you may be out a |
| drivers, and you must have a very good driving | | | | large sum of money, in addition to your vehicle, if |
| record. | | | | you suffer a theft or total loss. |