Wondering what insurance looks like...

Just as a follow-up, I called my State Farm rep (thx @MerlinAZ) with whom I have my other vehicles (except the Corvette) and they quoted a reasonable $980/yr, which I went with. Maybe I could have shaved a few bucks off somewhere else but I just wanted to get it done before I took possession of the car and it was getting tight. (I'll probably revisit all my vehicle insurance next year as I'll be dropping one vehicle insurance coverage as one of my kids pays for their own [yee-ha] and consolidate the Vette with the rest).

Thanks for all the great responses.

 

Good info Eric & describes pretty much what I saw between the two categories of insurance companies. To me this is a business where its really difficult to compare companies' products because the documentation is so obtuse. There's a lot of focus on "Agreed Value" which is important if the car is totaled, but the much more common case is your car getting damaged and not totaled. Then you get into endless list of scenarios and wonder if/how they're covered, like (previously mentioned) if a valet or mechanic was moving the car, damaged on a transport, what happens if you exceed the mileage cap (is your coverage reduced or voided?), will original OEM parts be used or do you have the option at your expense, who picks the repair shop, etc. A friend of mine has 5 classics in a barn garage and Grundy told them (this was several years ago) that the cars were not covered in the case of an electrical fire (so they've been with Haggerty ever since).

My coverage details from State Farm for the F430 pretty much looks like the same one-page summary as my regular cars. They did ask me the car value, and there is listed an additional "Vehicle Value" field but it doesn't specifically say "Agreed Value". I'm not even sure if it has to say those exact words and if those exact words imply some other legal meaning. (BTW I don't think it does - I think Haggerty uses "Guaranteed Value"). I did specifically ask and they told me that they (State Farm) can use aftermarket parts but I could pay the difference for original OEM parts, but thinking about how this might work in reality it feels like that could turn into a lot of long phone calls and disagreements on what quality/brand aftermarket parts they would pay for (i.e. the absolute cheapest), the cost (list price, their "negotiated cost", etc.) and the difference that I'd be responsible for.

Again the case where the vehicle is a total loss is easy; in the case of a damaged vehicle I'd love to hear from folks that feel they have a total understanding of what damage exactly is and isn't covered, how repairs would be estimated and completed (part and repair facility selection) on the process or approach they used to compare insurance companies.