There are mysteries in life that, at times, leave me scratching my head.
Take, for example, the mystery of why my Corvette has the same insurance rate applied to it as my daily driver.
While our Corvette isn’t strictly a garage queen, it seldom travels more than 2,500 miles a year. Yet, for some mysterious reason, our insurance company rates it the same way as my daily driver, that logs over 20,000 miles in the same year.
Head scratcher, to be sure.
Maybe there’s a better solution. Maybe there’s an insurance agency that has already solved this mystery for us.
Enter NCM Insurance.
National Corvette Museum (NCM) Insurance agency is one of the fastest-growing collector car insurance agencies. They focus primarily on providing collector car insurance for your Corvette or any other collector car.
As part of the National Corvette Museum, their business is Corvettes, but the NCM Insurance Agency insures any make or model considered a collector car.
To get the answers we needed, we sent straight to the source, Sam Milam, Business Development Lead and registered insurance agent for NCM Insurance.
Our discussion with Sam on a whole host of car insurance questions follows. For those who enjoy podcasts, you can listen to our conversation through this link: Sam Milam – What You Should Know About NCM Insurance.
Starting The Agency
Rod Worley – Editor – All right, Sam. Let’s cover the obvious question before jumping into what NCM insurance offers.
Does the National Corvette Museum own the agency, and why is that important?
Sam Milam – NCM Insurance – The National Corvette Museum started the agency in 2009. It began with our delivery department and insurance company coming to the Museum and saying, “We’ll pay you per that lead if that delivery customer writes a policy with us.”
Wendell Strode, our Museum CEO at the time, thought we should start our own agency in-house. So Adam Boca began this insurance agency from policy zero to what it is today.
Yes, the offices for NCM Insurance are inside the Museum, which is advantageous for us. We understand the product we’re insuring, the enthusiasts, and their passion for Corvette.
NCM Insurance Vs The Competition
Rod Worley – Editor – You’re right. It sure does make a difference when dealing with an agency that truly understands the Corvette lifestyle.
Ok. So, can you give us a general policy overview without getting super technical here? What does NCM insurance offer compared to standard auto policies, especially with regard to mileage, agreed-upon value, and such
Sam Milam – NCM Insurance – Let’s look at our insurance offering compared to your standard auto policy. We’re going to insure the vehicle under an agreed-upon value.
We will take the value for your vehicle and lock that value in for you. This locked-in value means there’s no depreciation on your car.
So whether you get in a wreck next month or five years, you’re still getting that value back for the vehicle. We also offered several mileage tiers, such as 1,000, 3,000, and 6,000 miles.
Ultimately, how you drive the vehicle drives your rate. There are also a lot of discount opportunities, whether it’s a new purchase or a car that you’ve owned for several years.
There is a length of ownership discount too. Also, there are discounts if you’re a member of a national car club like the Corvette Museum or the National Corvette Council of Clubs (NCCC). We have many options that can drive your rate lower.
Mileage Tiers Are Important
Rod Worley – Editor – Oh, that’s great that being a member of the Museum or those other clubs can lower your rate. Now that you’ve piqued my interest here, let’s talk about rates.
Is NCM insurance more affordable when comparing the same policy coverage of the big-name insurance companies? And, of course, if NCM Insurance is less expensive, how is that possible?
Sam Milam – NCM Insurance. There are many reasons why NCM Insurance can be your best option, but the biggest reason is our policies are ultimately very risk-driven. We understand that these vehicles are not your daily drivers.
We realize these vehicles are occasionally driven on cruises and taken to car shows. However, it doesn’t make sense for an insurance company to charge you the same rate as they would for a daily driver.
So, for garage queens driven less than 1000 miles a year, our premiums are very low. Even for the 6000 miles a year tier, you will be surprised at your savings.
We are very risk-driven, whereas standard auto insurance companies have one rate, a daily use vehicle rate, and they pass that flat rate along to you.
Also, large insurance companies own a large percentage of the car insurance market. So when you hold that market portion, you also take it in losses.
And if that carrier has a large loss ratio or a city/state has a large natural disaster, those rates get passed along to you. NCM Insurance has precise underwriting rules which lower your rates.
Your vehicle must be kept in a locked garage. Also, it cannot be a daily driver. And all of that comes back to the risk and the rate. And so, ultimately, that keeps that rate low for our customers.
NCM Covers More Than Corvettes
Rod Worley – Editor – Ok. The risk part makes perfect sense when you think about it that way. Sam, one question I hear a lot is, “Does NCM Insurance only cover Corvettes?”
You know, on the surface, you might think. Sure. Why would NCM Insurance cover other brands of cars? But what’s the truth here?
Sam Milam – NCM Insurance – Rod, we are very Corvette driven, but ultimately, we ensure any vehicle, whether a Ford Model T or a brand new Lamborghini. They’re all collector vehicles, and we can insure anything.
For example, we provide coverage for a Winnebago drag vehicle and a USPS mail delivery truck with two Chevy LS engines. As crazy as you can imagine, we can insure just about any collector vehicle.
Quick Claim Processing
Rod Worley – Editor – That’s good to know about NCM Insurance covering other vehicle brands. The one thing that nobody thinks about is the claim process before there’s an accident.
Probably that’s just human nature, I guess. But trust me; everybody cares about it the moment something happens.
Can you take a few minutes and walk us through the claim process and the advantage NCM Insurance has?
Sam Milam – NCM Insurance – No one expects to be in a claim situation, but ultimately, they happen. All of our claims adjusters are people who understand the hobby.
Half of our adjusters own collector cars themselves. Our adjusters understand if a claim does happen, the insurer wants it appropriately handled.
The adjusters realize this vehicle is your baby and that you don’t want it to go to just any shop for repair. So, we’ll work with you on your shop of choice and ensure a quick resolution to your claim.
Mystery Solved
One of the significant expenses we all face is our vehicle insurance. We dread making the payment and rarely use the coverage, yet the premiums continue to go up every year, which is a mystery to me.
Thankfully there’s a solution to this insurance mystery for your collectible vehicle. We appreciate Sam Milam taking the time to share his insights and answer our questions.
At least now, one of the mysteries of life has been solved.
CONTACT INFO: Sam Milam, 350 Corvette Drive, Bowling Green, KY 42101.
Phone: (877)-678-7626 or (270)-467-8848
Email: [email protected]
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