What Insurance Company do you use

[patrickt]

Originally Posted by DougD

I hope you never have to use your Cobra insurance. Without an agreed value policy, you will be nearly defenseless. Leaving the value determination to the company, after the fact, is simply assuring yourself that there will be a fight, and that you will be paying for it. Better line up your attorney now, and start collecting similar sales info. Good luck finding Cobras just like yours for comparables. A FFR is the same as an ERA, isn't it? A Kirkham looks just like a CSX. Same values, right? Oh, boy, are you going to be pissed. "All I need to do is....."

This is absolutely, 100%, without a doubt, the God's honest truth. And any time we have an insurance thread on here, I always harp about having your personal umbrella specifically tied to your underlying collector's car policy or whatever you have carrying the liability coverage on your Cobra. Nowadays, if you kill somebody, or just hurt them badly, you're looking at a seven figure liability. And if you don't think the umbrella carrier that you have over on your daily driver and house is going to try and duck out from under your Cobra's liability after you've flipped it and ripped the head off your passenger, you're dreamin'.

[DanEC]

Originally Posted by jhv48

Your car is only worth what it is worth at the time of the accident. No more, no less. If my cobra is totaled, it will be valued at whatever similar cars have been sold for in recent sales. State Farm would survey similar sales and then submit a bid to me. If I don't agree with their valuation, all I need to do is provide additional evidence to support my valuation.

Seems fair to me.

As pointed out, this is exactly what you don't want on an antique, collector or special interest car. It may seem fair now - but when you try to settle on that basis you will in all liklihood be in for a major shock. Not good.

[niceguy]

Another vote for Ronin at Midwest

[jhv48]

Originally Posted by DougD

I hope you never have to use your Cobra insurance. Without an agreed value policy, you will be nearly defenseless. Leaving the value determination to the company, after the fact, is simply assuring yourself that there will be a fight, and that you will be paying for it. Better line up your attorney now, and start collecting similar sales info. Good luck finding Cobras just like yours for comparables. A FFR is the same as an ERA, isn't it? A Kirkham looks just like a CSX. Same values, right? Oh, boy, are you going to be pissed. "All I need to do is....."

I have used it many times. Including one totaled vehicle. I stand by my previous statement. No problems.

If you choose the wrong company, be prepared for a fight. Mine has always been smooth as silk. Sorry you chose the wrong company.

[Tim7139]

Originally Posted by jhv48

Your car is only worth what it is worth at the time of the accident. No more, no less. If my cobra is totaled, it will be valued at whatever similar cars have been sold for in recent sales. State Farm would survey similar sales and then submit a bid to me. If I don't agree with their valuation, all I need to do is provide additional evidence to support my valuation.

Seems fair to me.

In the real world, this is what be termed a fantasy.
Youd be well advised to study up on what a stated value policy represents........to you.

[DougD]

Originally Posted by jhv48

I have used it many times. Including one totaled vehicle. I stand by my previous statement. No problems.

If you choose the wrong company, be prepared for a fight. Mine has always been smooth as silk. Sorry you chose the wrong company.

So you've totaled a Cobra? On what vehicles were the many claims? Cobras?

I've actually used State Farm in the past. I agree - good company. But a Cobra replica is a whole 'nother animal.

[patrickt]

It doesn't matter who the carrier is, if it's not easy to value, then you need to have it spelled out up front. The same way as if your wife lost one of her five carat diamond earrings. You say the pair is now worthless, the insurance company says you've only lost half the value of the set. You don't need an advanced degree in this stuff, just use common sense... and spell it out up front.

[jhv48]

I actually have experience in this arena.

After years of handling claims for accidents, stolen and totaled classic and exotic vehicles, not once did I ever have a client that looked at the payoff check and didn't thank me.

Each and every one was fearful and ready to do battle before their vehicle was valued. And the few that were not initially satisfied were asked to provide documentation that supported their estimate. Upon presentation of legitimate documentation, their values were adjusted accordingly.

It may be your baby and take you two years of hard labor to painstakingly assemble it, but, when all is done, it's still only worth what someone else will pay you for it. That $150,000 Mercedes is only worth $120,000 the minute you drive it off the dealer's lot, and that's all you're going to get from your insurance company if you wrap it around a guardrail on the way home. Basic economics.

And, in the case of the diamond earring example above, the lost diamond earring would be replaced with a like diamond earring subject to the policy deductible. If unable to match the other earring, then you would be asked to surrender the other earring and you would be reimbursed for the pair. Happened all the time. Even to my wife.

If you are that fearful of your insurance carrier, maybe it's time to switch carriers. Sometimes cheapest isn't necessarily the best.