C8 Insurance Discussion and Other Insurance Tips

[gone]

Since this was started on another unrelated thread, I thought I'd set up a thread dedicated to C8 insurance.

Here's my experience:
1. my insurance is a group policy with Security National/Meloche Monnex
2. I was able to get an estimated quote w/o a VIN on a C8 convertible. I didn't mention the 2 LT package with its additional safety features but I did tell them the car would have an enhanced factory security system. I discussed 2 options with my insurer:
----$1,349/year with $1 million PL/PD (liability), $1,000 deductible for both collision + comprehensive, no glass coverage (I declined it), replacement cost coverage included (so if C8 written off in accident, I get a brand new C8 convertible as a replacement rather than the actual cash value of the written off C8) and of course the SEF 44 family protection or uninsured motorist coverage
----$1,437/year with same as above except $250 (lower) deductible for comprehensive. So lowering that one deductible would cost me another $88
3. note: the premium remained unchanged regardless of whether the vehicle cost (including gst) was under or over $100,000
4. once I have a VIN, I can get the actual quote
5. for those like me who plan to park the car for 6 months (around October 31 to April 30) I get a 38% credit and maintain comprehensive coverage (fire, theft, vandalism) on the car while parked

A few tips:
6. best to get all your insurance with one insurer if possible since you'll get a discount for multiple policies
7. I've shopped vehicle insurance before and found cheaper options however I get home insurance from the same place and anywhere else charges me LOTS more for home insurance, so I still do better overall with my current insurer when insuring all vehicles and my home with them
8. I've found it cheaper to pay for my own windshield replacements and windshield replacement businesses usually give you a cheaper price if they know there's no insurance making payment. Or get glass coverage initially then when you've made your first claim, cancel it. Otherwise you pay it all back (and more) in the subsequent premiums. Check it out yourself by asking for quotes
9. When I have a VIN and call back to insure the car, I'll mention not only the security system but also the 2LT trim, to see if the additional safety systems like blind-spot monitoring, reduce my premiums. Or perhaps by then my insurer will have trim levels in its system and different rates for them (?). This is my first Corvette so other Corvette owners should know if the trim level matters
10. consider getting a minimum of $2 million or $3 million liability coverage. People with severe injuries are getting higher awards these days and you want to ensure you're protected. In Alberta, the minimum required vehicle insurance limit is $200,000 but I don't know anyone who gets only that. Most people these days seem to have at least $1 million
11. if your insurer will only provide you with a maximum of $1 million or $2 million liability coverage on your base policy(s), then purchase an "umbrella policy" which covers all your insurance policies (vehicle, home, ATV, etc.) and increases the liability limits on all. So for example, if your base policy for your vehicle is $1 million and that's the most your insurer will give you, then buy a separate "umbrella policy" with additional limits of $2 million, thus giving you total limits of $3 million on your vehicle. That same increased liability limit will also apply to your other insurance policies. As well, it's really beneficial if you're in a serious car accident where your injury claim is worth (for example) $3 million and the at-fault driver only has $1 million in liability limits. You'll collect his/her $1 million and then collect the other $2 million from your own insurance company under the SEF 44 endorsement. So the "umbrella policy" not only gives you added protection by raising your liability limits, but it also raises your own SEF 44 endorsement limits by the same amount so you've got additional personal coverage if you're seriously injured and the "bad guy" who injured you, doesn't have enough insurance to pay your claim. I think my annual premium for the "umbrella policy" is less than $200. Most but not all insurers sell "umbrella policies".
12. the amount of coverage you get, depends upon your personal circumstances and how well you sleep at night, so what I've indicated in these "tips" is simply general advice.

Hope this helps.

 

[Rebby]

Since this was started on another unrelated thread, I thought I'd set up a thread dedicated to C8 insurance.

Here's my experience:
1. my insurance is a group policy with Security National/Meloche Monnex
2. I was able to get an estimated quote w/o a VIN on a C8 convertible. I didn't mention the 2 LT package with its additional safety features but I did tell them the car would have an enhanced factory security system. I discussed 2 options with my insurer:
----$1,349/year with $1 million PL/PD (liability), $1,000 deductible for both collision + comprehensive, no glass coverage (I declined it), replacement cost coverage included (so if C8 written off in accident, I get a brand new C8 convertible as a replacement rather than the actual cash value of the written off C8) and of course the SEF 44 family protection or uninsured motorist coverage
----$1,437/year with same as above except $250 (lower) deductible for comprehensive. So lowering that one deductible would cost me another $88
3. note: the premium remained unchanged regardless of whether the vehicle cost (including gst) was under or over $100,000
4. once I have a VIN, I can get the actual quote
5. for those like me who plan to park the car for 6 months (around October 31 to April 30) I get a 38% credit and maintain comprehensive coverage (fire, theft, vandalism) on the car while parked

A few tips:
6. best to get all your insurance with one insurer if possible since you'll get a discount for multiple policies
7. I've shopped vehicle insurance before and found cheaper options however I get home insurance from the same place and anywhere else charges me LOTS more for home insurance, so I still do better overall with my current insurer when insuring all vehicles and my home with them
8. I've found it cheaper to pay for my own windshield replacements and windshield replacement businesses usually give you a cheaper price if they know there's no insurance making payment. Or get glass coverage initially then when you've made your first claim, cancel it. Otherwise you pay it all back (and more) in the subsequent premiums. Check it out yourself by asking for quotes
9. When I have a VIN and call back to insure the car, I'll mention not only the security system but also the 2LT trim, to see if the additional safety systems like blind-spot monitoring, reduce my premiums. Or perhaps by then my insurer will have trim levels in its system and different rates for them (?). This is my first Corvette so other Corvette owners should know if the trim level matters
10. consider getting a minimum of $2 million or $3 million liability coverage. People with severe injuries are getting higher awards these days and you want to ensure you're protected. In Alberta, the minimum required vehicle insurance limit is $200,000 but I don't know anyone who gets only that. Most people these days seem to have at least $1 million
11. if your insurer will only provide you with a maximum of $1 million or $2 million liability coverage on your base policy(s), then purchase an "umbrella policy" which covers all your insurance policies (vehicle, home, ATV, etc.) and increases the liability limits on all. So for example, if your base policy for your vehicle is $1 million and that's the most your insurer will give you, then buy a separate "umbrella policy" with additional limits of $2 million, thus giving you total limits of $3 million on your vehicle. That same increased liability limit will also apply to your other insurance policies. As well, it's really beneficial if you're in a serious car accident where your injury claim is worth (for example) $3 million and the at-fault driver only has $1 million in liability limits. You'll collect his/her $1 million and then collect the other $2 million from your own insurance company under the SEF 44 endorsement. So the "umbrella policy" not only gives you added protection by raising your liability limits, but it also raises your own SEF 44 endorsement limits by the same amount so you've got additional personal coverage if you're seriously injured and the "bad guy" who injured you, doesn't have enough insurance to pay your claim. I think my annual premium for the "umbrella policy" is less than $200. Most but not all insurers sell "umbrella policies".
12. the amount of coverage you get, depends upon your personal circumstances and how well you sleep at night, so what I've indicated in these "tips" is simply general advice.

Hope this helps.

Great info thanks a lot.
Wondering are they treating this as your primary vehicle. I already have insurance on a primary vehicle and have coverage for my 55 Chevy. Was hoping that this might be my 3 rd insured and driving less than 3k per year.
Did you specify the number of km you would drive it yearly?

 

[gone]

Great info thanks a lot.
Wondering are they treating this as your primary vehicle. I already have insurance on a primary vehicle and have coverage for my 55 Chevy. Was hoping that this might be my 3 rd insured and driving less than 3k per year.
Did you specify the number of km you would drive it yearly?

They asked and I told them I anticipated around 10,000 to 15,000 (maximum) km/year, based upon what I'd done for mileage on a previous "summer-only" vehicle I had. I also said I'd be driving only the one vehicle for about half the year, since whichever of the 2 vehicles I don't drive, will sit on top of a 4-post lift in my garage with only comprehensive insurance on it. So I suppose that makes it my "primary vehicle" when in use. You may have different insurance issues in Ontario, compared to me in Alberta, since different Provinces have different insurance regulations.

Be careful how you answer their questions: if you're in an accident and then they find out you purposely misinformed them at the start to obtain a lower premium, the insurer will have grounds to deny your claim. So honesty is always the best policy.

One of the main things insurers worry about when someone has multiple vehicles, like you with 3 (soon adding a C8), is whether there are unlicensed or underage drivers in the same household who might be using an extra vehicle(s) as their own. So you may have to sign a declaration about who will use each vehicle, depending upon who else lives with you. Good luck!

 

[JCWP]

Since this was started on another unrelated thread, I thought I'd set up a thread dedicated to C8 insurance.

Here's my experience:
1. my insurance is a group policy with Security National/Meloche Monnex
2. I was able to get an estimated quote w/o a VIN on a C8 convertible. I didn't mention the 2 LT package with its additional safety features but I did tell them the car would have an enhanced factory security system. I discussed 2 options with my insurer:
----$1,349/year with $1 million PL/PD (liability), $1,000 deductible for both collision + comprehensive, no glass coverage (I declined it), replacement cost coverage included (so if C8 written off in accident, I get a brand new C8 convertible as a replacement rather than the actual cash value of the written off C8) and of course the SEF 44 family protection or uninsured motorist coverage
----$1,437/year with same as above except $250 (lower) deductible for comprehensive. So lowering that one deductible would cost me another $88
3. note: the premium remained unchanged regardless of whether the vehicle cost (including gst) was under or over $100,000
4. once I have a VIN, I can get the actual quote
5. for those like me who plan to park the car for 6 months (around October 31 to April 30) I get a 38% credit and maintain comprehensive coverage (fire, theft, vandalism) on the car while parked

A few tips:
6. best to get all your insurance with one insurer if possible since you'll get a discount for multiple policies
7. I've shopped vehicle insurance before and found cheaper options however I get home insurance from the same place and anywhere else charges me LOTS more for home insurance, so I still do better overall with my current insurer when insuring all vehicles and my home with them
8. I've found it cheaper to pay for my own windshield replacements and windshield replacement businesses usually give you a cheaper price if they know there's no insurance making payment. Or get glass coverage initially then when you've made your first claim, cancel it. Otherwise you pay it all back (and more) in the subsequent premiums. Check it out yourself by asking for quotes
9. When I have a VIN and call back to insure the car, I'll mention not only the security system but also the 2LT trim, to see if the additional safety systems like blind-spot monitoring, reduce my premiums. Or perhaps by then my insurer will have trim levels in its system and different rates for them (?). This is my first Corvette so other Corvette owners should know if the trim level matters
10. consider getting a minimum of $2 million or $3 million liability coverage. People with severe injuries are getting higher awards these days and you want to ensure you're protected. In Alberta, the minimum required vehicle insurance limit is $200,000 but I don't know anyone who gets only that. Most people these days seem to have at least $1 million
11. if your insurer will only provide you with a maximum of $1 million or $2 million liability coverage on your base policy(s), then purchase an "umbrella policy" which covers all your insurance policies (vehicle, home, ATV, etc.) and increases the liability limits on all. So for example, if your base policy for your vehicle is $1 million and that's the most your insurer will give you, then buy a separate "umbrella policy" with additional limits of $2 million, thus giving you total limits of $3 million on your vehicle. That same increased liability limit will also apply to your other insurance policies. As well, it's really beneficial if you're in a serious car accident where your injury claim is worth (for example) $3 million and the at-fault driver only has $1 million in liability limits. You'll collect his/her $1 million and then collect the other $2 million from your own insurance company under the SEF 44 endorsement. So the "umbrella policy" not only gives you added protection by raising your liability limits, but it also raises your own SEF 44 endorsement limits by the same amount so you've got additional personal coverage if you're seriously injured and the "bad guy" who injured you, doesn't have enough insurance to pay your claim. I think my annual premium for the "umbrella policy" is less than $200. Most but not all insurers sell "umbrella policies".
12. the amount of coverage you get, depends upon your personal circumstances and how well you sleep at night, so what I've indicated in these "tips" is simply general advice.

Hope this helps.

Man, it sure is cheap in AB vs here - crazy - insurance costs are the least of our expenses though, I would argue. I bought a 5 yr. replacement cost insurance when I bought my car - was not cheap - and, in hind sight, not sure I would have done again; basically, because I do not drive that much - only 14,000 km right now. Here you have to buy PLPD from state owned ICBC; however, collision can be bought from, at least, 3 other companies. Thanks for posting - most of this is known. Windshield through comprehensive - come to my house and do the replacement - do not remember the deductible?

 

[gone]

There's 2 types of glass coverage: from regular wear and tear driving (that's separately paid for) or from vandalism. The latter is covered under "comprehensive" so even after I've declined regular coverage for glass, I'll still get a replacement windshield if some drunk decides to go "Tiger Woods" on my windshield with a golf club.

 

[JCWP]

There's 2 types of glass coverage: from regular wear and tear driving (that's separately paid for) or from vandalism. The latter is covered under "comprehensive" so even after I've declined regular coverage for glass, I'll still get a replacement windshield if some drunk decides to go "Tiger Woods" on my windshield with a golf club.

I am covered partner!!

 

[nKuch]

Man those numbers would be a dream for me. I'm 23 and paying $320 per month for insurance right now. Completely clean insurance, no tickets/claims. 1 mil liability, $1k deductible, low kms per year.

 

[JoeyBats]

Man those numbers would be a dream for me. I'm 23 and paying $320 per month for insurance right now. Completely clean insurance, no tickets/claims. 1 mil liability, $1k deductible, low kms per year.

You gotta pay to play! 40 yrs ago I paid $360 a month insurance and my car payment was $296. Good times, hahaha

 

[tyho]

Insurance premiums are based on risk and actuarial projections. Younger drivers tend to have more MVA's due to less experience and unfortunately less foresight for some. The yearly mileage driven is also part of the risk. More mileage equals greater chance of an accident. Type of vehicle, sports car vs. mini van and driver's record taken into account. Location and value can also be a consideration. Many factors to consider when they're charging a insurance premium. The size of the insurer's wallet and number of customers will also determine how much we pay to play. And of course, can't forget previous at fault claims. Enjoy your ride.

 

[Gilles27]

Man those numbers would be a dream for me. I'm 23 and paying $320 per month for insurance right now. Completely clean insurance, no tickets/claims. 1 mil liability, $1k deductible, low kms per year.

Good thing you paid $51000 USD for it getting you on the back end!

 

[carbuff]

Man, it sure is cheap in AB vs here - crazy - insurance costs are the least of our expenses though, I would argue. I bought a 5 yr. replacement cost insurance when I bought my car - was not cheap - and, in hind sight, not sure I would have done again; basically, because I do not drive that much - only 14,000 km right now. Here you have to buy PLPD from state owned ICBC; however, collision can be bought from, at least, 3 other companies. Thanks for posting - most of this is known. Windshield through comprehensive - come to my house and do the replacement - do not remember the deductible?

@JCWP

Hi JCWP,
Interesting post.

Who are the 3 companies in BC that offer private insurance?
Because Belair is leaving the business. So they are done.
Family Insurance has been gone for a while (I think).
BCAA? Do they offer private insurance?
Who else is left?

And who sold you a 5-year replacement cost policy? I may want to look into that.
And who comes to your house to do (replace or fill?) a windshield? Not mine.
I must have the wrong insurance broker.....

Cheers,
Carbuff

 

[ta-kid]

Intact is still in BC

 

[GogglesPizano]

I'm with a professional association group policy. I was with melloche prior to my current provider.
Virtually the same coverage you've listed here including the 5 year new car protection. I have 2 million liability on a 3LT HTC.
$1000 deductible.
$1636 /yr
They also have our home insurance as well as four other vehicles.
Through the Co-operators

 

[GogglesPizano]

Meant to quote netsinahs original post

 

[carbuff]

Intact is still in BC

Thanks for the lead. So I went on the Intact website, once I read your post.

But for British Columbia, they show RV and boat insurance ONLY.

Are you sure they offer car insurance in BC? Are you insured with them? Possibly now discontinued, just like Belair?
(With Belair, existing insured are only grandfathered in till their current policy expires. Then they are gone.)

 

[ta-kid]

Yes I am insured through them for all my cars.Sold through HUB insurance branches.Did not hear of any changes but maybe with the ICBC changes coming they may not be there for me next time?

 

[canadiansteelman]

Since this was started on another unrelated thread, I thought I'd set up a thread dedicated to C8 insurance.

Here's my experience:
1. my insurance is a group policy with Security National/Meloche Monnex
2. I was able to get an estimated quote w/o a VIN on a C8 convertible. I didn't mention the 2 LT package with its additional safety features but I did tell them the car would have an enhanced factory security system. I discussed 2 options with my insurer:
----$1,349/year with $1 million PL/PD (liability), $1,000 deductible for both collision + comprehensive, no glass coverage (I declined it), replacement cost coverage included (so if C8 written off in accident, I get a brand new C8 convertible as a replacement rather than the actual cash value of the written off C8) and of course the SEF 44 family protection or uninsured motorist coverage
----$1,437/year with same as above except $250 (lower) deductible for comprehensive. So lowering that one deductible would cost me another $88
3. note: the premium remained unchanged regardless of whether the vehicle cost (including gst) was under or over $100,000
4. once I have a VIN, I can get the actual quote
5. for those like me who plan to park the car for 6 months (around October 31 to April 30) I get a 38% credit and maintain comprehensive coverage (fire, theft, vandalism) on the car while parked

A few tips:
6. best to get all your insurance with one insurer if possible since you'll get a discount for multiple policies
7. I've shopped vehicle insurance before and found cheaper options however I get home insurance from the same place and anywhere else charges me LOTS more for home insurance, so I still do better overall with my current insurer when insuring all vehicles and my home with them
8. I've found it cheaper to pay for my own windshield replacements and windshield replacement businesses usually give you a cheaper price if they know there's no insurance making payment. Or get glass coverage initially then when you've made your first claim, cancel it. Otherwise you pay it all back (and more) in the subsequent premiums. Check it out yourself by asking for quotes
9. When I have a VIN and call back to insure the car, I'll mention not only the security system but also the 2LT trim, to see if the additional safety systems like blind-spot monitoring, reduce my premiums. Or perhaps by then my insurer will have trim levels in its system and different rates for them (?). This is my first Corvette so other Corvette owners should know if the trim level matters
10. consider getting a minimum of $2 million or $3 million liability coverage. People with severe injuries are getting higher awards these days and you want to ensure you're protected. In Alberta, the minimum required vehicle insurance limit is $200,000 but I don't know anyone who gets only that. Most people these days seem to have at least $1 million
11. if your insurer will only provide you with a maximum of $1 million or $2 million liability coverage on your base policy(s), then purchase an "umbrella policy" which covers all your insurance policies (vehicle, home, ATV, etc.) and increases the liability limits on all. So for example, if your base policy for your vehicle is $1 million and that's the most your insurer will give you, then buy a separate "umbrella policy" with additional limits of $2 million, thus giving you total limits of $3 million on your vehicle. That same increased liability limit will also apply to your other insurance policies. As well, it's really beneficial if you're in a serious car accident where your injury claim is worth (for example) $3 million and the at-fault driver only has $1 million in liability limits. You'll collect his/her $1 million and then collect the other $2 million from your own insurance company under the SEF 44 endorsement. So the "umbrella policy" not only gives you added protection by raising your liability limits, but it also raises your own SEF 44 endorsement limits by the same amount so you've got additional personal coverage if you're seriously injured and the "bad guy" who injured you, doesn't have enough insurance to pay your claim. I think my annual premium for the "umbrella policy" is less than $200. Most but not all insurers sell "umbrella policies".
12. the amount of coverage you get, depends upon your personal circumstances and how well you sleep at night, so what I've indicated in these "tips" is simply general advice.

Hope this helps.

I’m with TD Meloche Monnex Insurance as well for my vehicles and house. I found their coverage was good and I also topped up liability with the umbrella policy. You can also get an extra discount if your an University Alumni. I have a 67 Mustang Fastback that I found Haggerty Insurance was the cheapest to insure with. TD Meloche Monnex was too expensive for the vintage Mustang and coverage was not as good.

 

[DavidWG]

Since this was started on another unrelated thread, I thought I'd set up a thread dedicated to C8 insurance.

Here's my experience:
1. my insurance is a group policy with Security National/Meloche Monnex
2. I was able to get an estimated quote w/o a VIN on a C8 convertible. I didn't mention the 2 LT package with its additional safety features but I did tell them the car would have an enhanced factory security system. I discussed 2 options with my insurer:
----$1,349/year with $1 million PL/PD (liability), $1,000 deductible for both collision + comprehensive, no glass coverage (I declined it), replacement cost coverage included (so if C8 written off in accident, I get a brand new C8 convertible as a replacement rather than the actual cash value of the written off C8) and of course the SEF 44 family protection or uninsured motorist coverage
----$1,437/year with same as above except $250 (lower) deductible for comprehensive. So lowering that one deductible would cost me another $88
3. note: the premium remained unchanged regardless of whether the vehicle cost (including gst) was under or over $100,000
4. once I have a VIN, I can get the actual quote
5. for those like me who plan to park the car for 6 months (around October 31 to April 30) I get a 38% credit and maintain comprehensive coverage (fire, theft, vandalism) on the car while parked

A few tips:
6. best to get all your insurance with one insurer if possible since you'll get a discount for multiple policies
7. I've shopped vehicle insurance before and found cheaper options however I get home insurance from the same place and anywhere else charges me LOTS more for home insurance, so I still do better overall with my current insurer when insuring all vehicles and my home with them
8. I've found it cheaper to pay for my own windshield replacements and windshield replacement businesses usually give you a cheaper price if they know there's no insurance making payment. Or get glass coverage initially then when you've made your first claim, cancel it. Otherwise you pay it all back (and more) in the subsequent premiums. Check it out yourself by asking for quotes
9. When I have a VIN and call back to insure the car, I'll mention not only the security system but also the 2LT trim, to see if the additional safety systems like blind-spot monitoring, reduce my premiums. Or perhaps by then my insurer will have trim levels in its system and different rates for them (?). This is my first Corvette so other Corvette owners should know if the trim level matters
10. consider getting a minimum of $2 million or $3 million liability coverage. People with severe injuries are getting higher awards these days and you want to ensure you're protected. In Alberta, the minimum required vehicle insurance limit is $200,000 but I don't know anyone who gets only that. Most people these days seem to have at least $1 million
11. if your insurer will only provide you with a maximum of $1 million or $2 million liability coverage on your base policy(s), then purchase an "umbrella policy" which covers all your insurance policies (vehicle, home, ATV, etc.) and increases the liability limits on all. So for example, if your base policy for your vehicle is $1 million and that's the most your insurer will give you, then buy a separate "umbrella policy" with additional limits of $2 million, thus giving you total limits of $3 million on your vehicle. That same increased liability limit will also apply to your other insurance policies. As well, it's really beneficial if you're in a serious car accident where your injury claim is worth (for example) $3 million and the at-fault driver only has $1 million in liability limits. You'll collect his/her $1 million and then collect the other $2 million from your own insurance company under the SEF 44 endorsement. So the "umbrella policy" not only gives you added protection by raising your liability limits, but it also raises your own SEF 44 endorsement limits by the same amount so you've got additional personal coverage if you're seriously injured and the "bad guy" who injured you, doesn't have enough insurance to pay your claim. I think my annual premium for the "umbrella policy" is less than $200. Most but not all insurers sell "umbrella policies".
12. the amount of coverage you get, depends upon your personal circumstances and how well you sleep at night, so what I've indicated in these "tips" is simply general advice.

Hope this helps.

Thanks for a good comprehensive piece on insurance. I have very similar coverage ($1000 deductible, & full replacement value) in Ontario (including the extra umbrella coverage which is very inexpensive and covers home and other vehicles) for a similar price (around $1400/year) although I have added a rider for a rental vehicle if mine is laid up due to an accident. It is only about $40 a year and worth it to me as we don't want to be without a second car. Had that happen when my 2017 GS was written off when another C7 driver lost control on the Tail of The Dragon in 2018 and broadsided us. Had to get by with one car for quite some time while new C7 was ordered. There is a limit on rental costs but it would have helped us a lot. Another item to note when reducing coverage during the storage period. I have to tell my insurance broker that I want to "Suspend" my coverage except for comprehensive/fire/theft. Otherwise an inexperienced agent last year took off all my coverage and then started a new policy just for the comprehensive coverage. This changed my policy so that the insurer looked at it as if I only had one vehicle and boosted my premium on my Audi SQ5 significantly. Finally got a more experienced person at the brokerage and they straightened it out but lots of paperwork back and forth.

 

[gone]

Thanks for a good comprehensive piece on insurance. I have very similar coverage ($1000 deductible, & full replacement value) in Ontario (including the extra umbrella coverage which is very inexpensive and covers home and other vehicles) for a similar price (around $1400/year) although I have added a rider for a rental vehicle if mine is laid up due to an accident. It is only about $40 a year and worth it to me as we don't want to be without a second car. Had that happen when my 2017 GS was written off when another C7 driver lost control on the Tail of The Dragon in 2018 and broadsided us. Had to get by with one car for quite some time while new C7 was ordered. There is a limit on rental costs but it would have helped us a lot. Another item to note when reducing coverage during the storage period. I have to tell my insurance broker that I want to "Suspend" my coverage except for comprehensive/fire/theft. Otherwise an inexperienced agent last year took off all my coverage and then started a new policy just for the comprehensive coverage. This changed my policy so that the insurer looked at it as if I only had one vehicle and boosted my premium on my Audi SQ5 significantly. Finally got a more experienced person at the brokerage and they straightened it out but lots of paperwork back and forth.

Good advice. My rental ($5,000.00 limit, which is plenty) is built into my existing policy, so I guess everyone needs to question their insurer/broker as to whether extra insurance is needed for a rental situation. I also "suspended" my insurance on the C8 while it's parked and I had to sign an agreement verifying I wouldn't be driving it at all. Oddly enough, I'm forced to pay the full premium for the C8 and it's only when I "unpark it" in the Spring that I get a refund for everything except comprehensive, fire and theft. A nice "cash grab" for the insurer who gets the use of my money for 6 months...

 

[DavidWG]

Good advice. My rental ($5,000.00 limit, which is plenty) is built into my existing policy, so I guess everyone needs to question their insurer/broker as to whether extra insurance is needed for a rental situation. I also "suspended" my insurance on the C8 while it's parked and I had to sign an agreement verifying I wouldn't be driving it at all. Oddly enough, I'm forced to pay the full premium for the C8 and it's only when I "unpark it" in the Spring that I get a refund for everything except comprehensive, fire and theft. A nice "cash grab" for the insurer who gets the use of my money for 6 months...

Must be an industry standard as I have the exact same restrictions. If rather than "suspend" coverage you cancel the full policy on the Corvette and then start up a new policy consisting of the reduced coverage only you then get an immediate refund but it is about 25% less than taking the "suspend" route and as I mentioned earlier they then consider you to only have a single vehicle thus substantially boosting your premium on your other fully covered vehicle. Insurance companies are like any business, in it to make money and like banks they can find many ways to extract their pound of flesh. That being said I am not about to invest in their stocks as they have not been great performers, even for conservative investors, over the past 5 years. Much better to invest in the big banks.