Stolen Cobras (My insurance comp.))

[patrickt]

Originally Posted by dcdoug

So enlighten us - what's the legal definition of unattended?

There can be 50 different answers to that -- ok, with DC make that 51. But it basically means you can't leave it parked somewhere without someone being there with it. Now does that mean that if you left it in your driveway one night instead of pulling it in to the garage that you lost your coverage? Probably not, but maybe. I don't know what "must keep it within eyesight" means, though. That's a pretty wiggly condition to put in an insurance policy.

[patrickt]

Originally Posted by RodKnock

Patrick, I've read my policy and there is no such "unattended" provision. Graph that, baby!

Very good. Now, do you also have an agreed value on the car? And do you have a hefty umbrella policy that *specifically* references that funky classic car policy you have on the Cobra? There was a very recent $50M judgment handed down in California for a brain damaged med student. Tractor trailer hit him, I believe.

[RodKnock]

Originally Posted by patrickt

Very good. Now, do you also have an agreed value on the car? And do you have a hefty umbrella policy that *specifically* references that funky classic car policy you have on the Cobra? There was a very recent $50M judgment handed down in California for a brain damaged med student. Tractor trailer hit him, I believe.

I'm don't work in the insurance industry, but let's just say I think I'm good. You NEVER know with 100% certainty with any insurance policy.

Insurance companies always want to deny coverage if there's a way. Like Mr. Incredible's day job in The Incredibles, before he got fired.

[patrickt]

Well I won't bug you about it. Having that umbrella policy is the biggest deal. Having your Cobra disappear and the insurance carrier stiff you is going to hurt, but not ruin your life. Gorking out a kid, when it's your fault, and your insurance carrier stiffing you on the defense coverage would be an absolute nightmare.

[SKINNEDR]

Originally Posted by mpanten

why wont you state which insurance company? If true others might be able to double check their policies.

Liberty Mutual...
Now that I think about it, I would believe that is a local requirements and not Liberty Mutual National Policy..
Not sure...
Dex...

[snakebitekit]

Originally Posted by Maricopa

I leave mine all the time. Sometimes at night outside of clubs, in store parking lots, etc. and have never even had my sunglasses or hat taken out of it. Never heard of one stolen here in AZ.

That's because we are open carry state.

[patrickt]

Originally Posted by RodKnock

I'm don't work in the insurance industry, but let's just say I think I'm good.

Here's the blurb I mentioned in my previous post.




Source: The National Law Journal, October 5, 2009, Page 11

[Double Venom]

Deleted original post ... Darwin post of the year. Don't know what I was thinking about!

DV

[RodKnock]

I'm probably missing something here, and I know insurance has many facets, but the original thread was about a Cobra being stolen, which would be covered under the comprehensive portion of a car policy. You seem to be moving the thread over to discuss the liability portion of a car's policy and complicating it with the fact the plantiff in this case may or may not have been collecting from two potential defendents and/or their employers and the employer's carriers.

Yes, we should have solid and large insurance policies and we should all have umbrella policies that are solid and large as well. Agreed. Too much insurance is a good thing.

[patrickt]

Originally Posted by RodKnock

I'm probably missing something here...

No, you're not missing anything. That blurb was just to give you an idea of the size of some of the verdicts that have been coming down in the last few years. There are people on this forum, driving ERAs, Kirkhams, Shelby's, that have a nice agreed value on their car BUT are carrying, maybe $500k of liability coverage, making them woefully underinsured. I harp on that every chance I get. But what's scarier is that there are guys on this forum that have their insurance for their regular cars with ABC carrier, and have a nice fat umbrella with ABC carrier, but then get a specialty policy on their Cobra with a different carrier and never make sure that their umbrella applies to their Cobra -- they never even think about it. I harp on that every chance I get too.

[RodKnock]

Yes, the awards can get big when there are deep pockets like potentially the defendants in the case you mentioned. One thing is that it's just not feasible for an individual to get insurance much above the $5MM, maybe $10MM, in terms of umbrella policies. Insurers just aren't handing out policies like that everyday and they're very expensive. Also, many or most plantiff's lawyers will look to deep pockets, since they get paid on contingency, thus individuals may escape the wrath.

I agree though, your Cobra, all your cars for that matter, if possible, should be insured under the/an umbrella policy or insurance, though that would require your main car and/or home insurer to underwrite the special insurance for your Cobra to be included, which may or may not happen. Then companies like AAA and State Farm will have to charge more premium to the insured in order to cover the special insurance policy issued for your Cobra from Haggerty, for example.

[patrickt]

Originally Posted by RodKnock

I agree though, your Cobra, all your cars for that matter, if possible, should be insured under the/an umbrella policy or insurance, though that would require your main car and/or home insurer to underwrite the special insurance for your Cobra to be included, which may or may not happen.

No, it does not have to be expensive. In fact, it shouldn't be expensive (and it usually isn't). You have two options: 1) Have your insurance agent (or if you're doing it yourself, then you do it) contact your umbrella carrier and ask them "does this umbrella policy cover my Cobra that is insured with this policy here with ACME Classic Cars?" or 2) Add your Cobra to the liability portion only of the underlying auto policy for which the umbrella sits above. If right now you're running your Cobra out on the streets of CA and all you've got for liability is the face amount of your classic car policy you're taking a terrible, terrible risk. But, like I said, I won't bug you about it.

[RodKnock]

It shouldn't be expensive, though it may. I have no idea. However, I bet it has "primary wording", which means the classic car policy is drained first, before it starts to drain the other policy.

You're not bugging me. My insurance is okey dokey, but thanks for caring.

[dcdoug]

I just pinged my insurance agent and it's easy to add and cheap to do as long as the liability coverage is at least as good as that on my primary car. The classic car policy is the primary, backed up by the umbrella policy. I think I may also increase my umbrella policy amount, which my insurance agent very much liked to hear.

Pat: I am sure he has already put your vig in the mail.....

[RodKnock]

Originally Posted by dcdoug

Pat: I am sure he has already put your vig in the mail.....

Please don't encourage him. His head is already too large for the room.

[REAL 1]

Gee, if you always have it in your sight who needs insurance for theft?

Another insurance company provision to eliminate all risk for themselves while guaranteeing 100% premium profit.

[patrickt]

Originally Posted by RodKnock

... I bet it has "primary wording", which means the classic car policy is drained first, before it starts to drain the other policy.

That's fine, just so long as your umbrella covers you.

Originally Posted by RodKnock

Please don't encourage him. His head is already too large for the room.

Come now. The way I look at it, I get grace for helping you.

[RodKnock]

Originally Posted by patrickt

Come now. The way I look at it, I get grace for helping you.

That's great, but when can you start helping me?

[UncleDenny]

One year ago I tried to switch ins. to Hagerty and was told they don't insure kit Cobras anymore. I have Met Life and they require it to be stored in a locked garage. When parked I use a club on the steering wheel and install the tonneau cover. Also turn off the keyed battery isolator switch which I painted flat black and blends in with the carper.

[patrickt]

Originally Posted by UncleDenny

... I painted flat black and blends in with the carper.

Clever idea. There is certainly no shortage of carpers on this forum.