MCACN Sponsor Profile: NCM Insurance

*2022 MCACN Sneak Peek

1972 Pontiac Hurst Grand Prix SSJ

Owner: Wolf Feist, Delaware

MCACN 2022 Class of '72 Invitational Participant

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New Year’s Resolution: Review and Update Your Collector Car Insurance Policy

A few weeks ago, our Muscle Car and Corvette Nationals Title Sponsor Mecum Auctions wrapped their mega collector vehicle auction in Kissimmee, Florida and if the Sold prices there for Corvettes and Muscle Cars are any indication, it’s going to be a good year for those with a collectible car in the garage.

However, those rising values can be a double-edged sword if you don’t have enough insurance on your car and the unthinkable occurs.

If you’re thinking you may need to up the coverage on your car, especially if has been a couple of years, here is what you can do.

The first and easiest thing you can do to determine whether or not you need additional coverage on your Collector Car insurance policy is to look at what similar cars are being sold for right now. That’s as simple as plugging in your car into Google and seeing what similarly-equipped cars are selling for. We also like some of the large for sale sites like CarsforSale.com as they feature multiple dealers selling both classics and later pre-owned Corvette models.

As the auctions are also a real-time indicator of values, it’s also good to check your car against those that have gone through an auction. Mecums site also allows you to search through past results to see the selling prices through the Mecum Infonet system.

Finally, price guides from organizations like the National Automotive Dealers Association (NADA) provide values on an annual basis.

If you are seeing similar cars to yours selling for thousands more than the value of your cars insurance policy, it could be time for a review and free quote from the NCM Insurance Agency by calling them at 877-678-7626 or visiting their website at ncminsurance.com and request a Free Quote.

The reason why keeping up with your collectible cars values are so important is that there are several different types of insurance plans out there, and you specifically want to make sure your policy is based upon “Agreed Value” which is essentially a “promise of value” that you have made with your insurance company and it’s the value you will get if your car is a total loss. These are the policies that the NCM Insurance Agency underwrites for their customers and it is why you absolutely need an Agreed Value policy to protect your investment.

The other two types of general classic car insurance policies are Actual Cash Value or Stated Value and you want to stay away from these for good reasons. Actual Cash Value is the book value at the time of the loss while Stated Value is where you think you are protected for a certain amount but the insurance company can still depreciate or find less value than what you thought you had agreed to. These are the kinds of policies often written for classic cars by the “big box” insurance companies.

The NCM Insurance Agency isn’t just for Corvettes! They also offer insurance for all types of collector vehicles including exotics and muscle cars. NCM Insurance can also write policies that protect your investment for high performance driving events (HPDE) and other on-track excursions.

Better insurance at a great rate means peace of mind when out cruising on America’s highways – and it’s nice to know that you’re supporting the National Corvette Museum! To get your free quote for collector car insurance from the NCM Insurance Agency, visit them on the web at ncminsurance.com or call 877-678-7626.

And of course, you can meet and discuss your insurance needs with our good friend Adam Boca at the MCACN show. NCM is our Official Sponsor of our Class of 1967 Invitational display, and Adam and his team will have a display onsite, as he has for several years now.

We truly appreciate the continued support of NCM Insurance and our many fine Official Sponsors. We strongly encourage you to support those who support what we all do and love.

Bob Ashton

MCACN, LLC

Managing Member

www.MCACN.com

*MCACN is sponsored by Four Different Unique and Specialized Insurance Companies. MCACN Appreciates and Recommends All Four. MCACN will profile each company individually throughout the year.