Almost 3 weeks ago I posted in a thread that my 74 would be leaving me and going to a new owner. A young 22 year old adult bought and paid for it on the 8th of November and when we went to transfer the title into his name and get him his antique tag he ran into a gliche which is still not resolved as of today. The state wouldnt let him tag this car without him having an insurance policy and because of his age he wasnt able to get a policy that had a stated value. He has worked at this for going on almost 3 weeks now and it looks like he is going to have to put the car in to his grandfathers name so he can get a stated valued policy. Just doesnt seem fair for someone his age to have to do this. He paid me cash for the car, owns 3 other vehicles that are in his parents name and has been driving since he was 16 without any accidents. Well hopefully tomorrow we can get this transaction completed but I think its going to be to late for him to get any driving time this year. It will take between 2-3 weeks to get his tag and it looks like snow may be here this week. Ive already explained to him that once there is salt on the roads the car has to stay inside until spring!
Looking forward to bringing him to Carlisle next summer to meet some of you and become part of this family!
(I'm not a traitor, just sharing the hobby of corvette ownership with the younger generation!)lol
Vette(s): #1-1974 L-48 4spd Cp Med Red Metallic/Black deluxe int w/AC/tilt/tele./p/w-p/b/
Am-Fm/map light National/Regional/Chapter NCRS "Top Flight"
#2-1985 Bright Red/Carmine Cp.L-98/auto
Member: NCRS, NCRS Texas, Corvette Legends of Texas
I remember way back when, when I had the 1st '72..a convertible we had rebuilt from a wreck. Insurance for a 17 year old driver was INSANE! Had to ahve a co-signer at that. In the end, they were right to be concerned....wrecked it twice, and then had to get rid of it.
Apparently, the problem is with getting a specific type of insurance, in this case. I assume he is looking at Collector/Classic car insurance w/stated value? Not that it matters, but still....their point of view is that "it is a young feller with a Corvette, so he's obviously gunna be rippin up the streets, and being careless. Too much risk, but thanks for stopping by."
Could he not get a regular policy just to obtain the title transfer, then try to locate insurance with a stated value?
____________________________________ Joel Adams C3VR Lifetime Member #56 My Link
Way back in 1984 I was ready to buy a 1980 vette. I remember the monthly payments would have been $350. Good money at the time for a car but I was working many more hours than full time and could afford it. Until I tried to get insurance. I had a speeding ticket that was a couple of yrs old and the insurance was $2700...for 6 months. Would have cost me more for insurance than the car.
Now at the ripe old age of 50 the yearly insurance bill costs me about what half a months would have been then.
Dave C..........My mantra: I can not be bought!! Long and short term leases available.
In the words of Zora Arkus-Duntov "Is your seat belt fastened? Alright, Let's go"
Sorry for not updating this earlier in the week. We finally got the transfer completed on Tuesday night. The car had to be put into his grandpa's name as well as the insurance. Im not sure how thats gonna work but he wont be driven anymore this winter as we had a ground covering of white stuff and the state emptied the salt supply onto the roads!
He ended up with Hagerty ins and i dont know if its a policy in his name or his grandpa's name.
I just hope it all works out for him. Hes a good young man, at 22 he should be able to get ins coverage in his own name.
I have Hagerty and two years ago I called them to find out if my 23 year old daughter could drive the vette to OC for the vette weekend while I drove the other one. I was told that was no problem/ I just wonder what restrctions there really are on our policy's. So many different story's about how, when, distances, who and what time of day they can be driven. Then theres how it must be stored as well. I wonder if we really own these cars!
Well I am down to one vette now. Oh and a Dodge as my new project! I'll always be a vette owner but I plan on racing a Dodge! LOL. Hey, I think its gonna end up Red! Thats gotta find a small soft spot in 90% of all vette owners hearts dont it?
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