Classic Car Insurance: The Elusive 1983 Corvette
Most classic car enthusiasts by now have heard of the sinkhole that occurred in early February 2014 and damaged 8 of the classic and antique Corvettes on display at the National Corvette Museum in Kentucky. Fortunately, no people were present at the time that the sinkhole happened. Luckier still, the official insurance agent for the museum says there is no coverage concerns regarding the incident. Michelle Montgomery, director of quality control, said that they had tailored coverage to fit the needs the museum, adding that the value of the vehicles are based on appraisals the museum obtains regularly and insured to an agreed amount in the policy.
Although the vehicles affected will be restored to their full monetary value, car enthusiasts and museum employees are glad the situation wasn’t any worse, given the unique and rare cars they have on hand. In fact, client services manager and claims manager Phyllis Milliner says that some of the most valuable cars they have were spared from the sinkhole, even though they were only feet away. One of these vehicles that seems to be particularly fortunate is the 1983 Corvette.
If you are asking yourself, “What 1983 Corvette?” you aren’t alone. There has been a general consensus amongst those who know the Corvette’s history that there was no 1983 model. This model year Corvette was never actually released to the public, as it featured so many advances that it would have taken too much time to validate and go through the government-approval process. Over 40 1983 Corvettes were actually made, however they were all either destroyed, or repurposed for the 1984 model year; all except for the one in the National Corvette Museum.
The museum’s communications coordinator Bob Bubnis speculates that it would have been catastrophic had the only existing 1983 Corvette been lost in the sinkhole. He said that after the sinkhole, the vehicle was safely removed from the area as soon as people were able to safely get into the Skydome. People are calling this unique vehicle a “legend” that will keep living on as the years go by.
Whether you own a classic Corvette or any other type of classic or antique car, it’s important to protect it financially with the right type of Classic Car Insurance Coverage. At Condon Skelly, we know how exciting it can be to start a classic car collection. We’ve been helping our customers protect their classics with affordable, industry-leading insurance coverage since 1967. We’re a group of collectors, enthusiasts, and professionals who specialize in insuring all types of collector vehicles. For more information, please contact us today at (866) 291-5694.