Insurance Question

[RockBit]

My ERA is being delivered tomorrow. I called my insurance agent to get some coverage for the car. He said he cannot get coverage until it is a registered, drive able vehicle. He also said it cannot be covered by my homeowner policy.

I would like to have some insurance on it while I build it. Does anyone have any ideas?

Thanks!

[DanEC]

Call Robin at Midwest Classic Insurance. They insure many Cobra replicas. They insured my ERA while I was building it. The insurance is held by Modern Insurance who is the actual policy holder behind many collector car insurers. I used to have American Collectors insurance until I bought my ERA. They wanted a crazy annual premium for it so I went to Midwest. But - insurance availability does vary State by State so you just have to check with them and see if they can cover you.

[505stang]

you can also try Grundy even though it is not registered as long as you have an MSO. I believe parent company is Philadelphia indemnity. They insure mine and are very reasonable.

[PaulProe]

I had State Farm write a rider on my homeowners policy to cover mine during the build process. A good agent will know how to do this. If he doesn't, you don't have the right agent.

They'll insure about anything, it is almost pure profit.

Paul

[RockBit]

Thanks for the suggestions. I'll follow up tomorrow with Midwest Classics and Grundy's, and let you know how it turns out.

Paul - I asked my agent that very question. Can't we add a rider to the homeowner policy to cover the car while I build it. No, he said. I probably don't have the right agent as you suggest.

Thanks everyone!

[Brastic]

One more thing. When you finish your car, get a professional appraisal. This will cost some money, but in the end you will end up with a 40 page document on your car with the items in the build listed. This way if you are in an accident and it is not your fault, you can just the other insurance company the report. For a couple hundred dollars(maybe more), you know that you have something to fight the other company on. Do not wait till after the accident.

[ACHiPo]

I'd never thought of that, but it makes a whole lot of sense.

[YerDugliness]

I looked to see if there was an "insurance" board on the forum and didn't find one, so hopefully this is the right place to ask about this issue.

I was recently forced off the road and the resulting foray through the ditch and over another intersecting road left my replica useless without considerable repairs. I did not have comprehensive, but don't think I need it, since IMHO the accident was caused by the other party.

My insurance company does not see it that way, but they made their determination before I had a chance to provide input to the sheriff's deputy who wrote the accident report. There is now a new accident report and I doubt that they have even cared enough to order a copy.

Doesn't matter, though...they want to roll over and pay and I absolutely do NOT want that. I want them to refuse to accept responsibility and force the other insurance company to pay for the damages to my car.

They won't.

So...other than filing a complaint with the state's insurance regulatory agency, is there anything I can do to fight this? Could a lawyer file anything to stop the insurance company from paying until this is resolved to the satisfaction of ALL parties?

Not surprisingly, it's my opinion that the insurance company isn't trying to protect ME, it looks like they are trying to protect themselves...which I believe is the wrong attitude since they sell INSURANCE!!!

Any ideas? I'm not unwilling to fight the long fight and would gladly sign on with an attorney if the courts might offer any alternatives to just paying through the nose and then raising my rates through the roof!

Cheers? Hell NO, not for State Farm

Dugly

[twobjshelbys]

You remember what Jim croce said, right? Tugging on superman's cape and spitting into the wind, etc? It's not worth it to them. Your attorneys fees will far exceeded any premium increase. They will see to that by stretching it out.

[DanEC]

I would check to see if there isn't some way that you can request to file a police report if they did not get your side and statement of the events. Also what type of relationship do you have with your State Farm representative? Usually they are local in your community (at least around here). I use them for my DD insurance (but no way for my old cars/Cobra) and I would feel pretty comfortable going down to her office and giving her my piece of mind for anything like this - if I ever need to.

If none of that meets with any success I suspect you may have to consult a lawyer. But of course you will have to weigh if the potential gain is worth the expense and pain.

[patrickt]

Unless you have something that looks like this:

The Company shall not compromise any claim hereunder without the consent of the named insured.

in your policy, the authority to settle claims is usually reserved to the insurer. And you usually only find consent to settle clauses in professional liability policies, like medical malpractice policies (not auto policies). Take a moment, read your policy, and see if you can find something that, instead, looks like this:

The Company, in its discretion, has the right to investigate, negotiate and settle any suit or claim.

One way or another, the answer is in your policy.

[jhv48]

Yer Dugliness,
First of all, comprehensive insurance covers fire, theft or vandalism to your vehicle. Collision coverage covers damage to your vehicle by you or another party subject to your deductible. Liability coverage will pay for damage to another person or property if the accident is determined to be your fault. So, if you didn't have comprehensive coverage, it would have no effect on this claim. If, you mean that you have no collision coverage, then you're responsible for all repairs to your vehicle in the event of an accident and your insurer, since they had no loss due to your accident not being covered, has no dog in this fight (unless another vehicle is involved and damaged and you are deemed at fault by both the accident report and your insurer) They cannot represent you to get your vehicle repaired if there is no pay out. THEY have no loss to recover.
So, your only recourse is to get ahold of the accident report and evaluate it to see if you have a case against the other driver. If so, then your first recourse is to file a claim with the other party's insurer. If they refuse to accept liability, then you can file against the other driver and either take them to small claims or, if damage is more than $5000, call an attorney.
And, if the accident is in fact your fault, suck it up, accept responsibility and move on.


And, why in the heck are you driving a cobra without comp or collision coverage?

[Ron61]

One other thing that won't have any bearing on this. Get a dash cam. I always have mine on when I am driving my Cobras and the insurance companies out here are encouraging people to get them for their daily drivers. Also always check your policy and ask the company just what is covered and what isn't. I have a full value replacement on both of mine but the way prices keep going up that wouldn't replace either of them.

Ron

[ACHiPo]

Originally Posted by DanEC

I use them {State Farm} for my DD insurance (but no way for my old cars/Cobra) and I would feel pretty comfortable going down to her office and giving her my piece of mind for anything like this - if I ever need to.

What's your reason for not insuring your specialty cars with State Farm? I got a quote from them and it was quite reasonable (same high deductable as my DDs).

[jhv48]

I insure mine with SF too. Never a problem.

[DanEC]

Originally Posted by ACHiPo

What's your reason for not insuring your specialty cars with State Farm? I got a quote from them and it was quite reasonable (same high deductable as my DDs).

It's never good to make generalizations - Buuttt, in general I don't think a lot of State Farm representatives understand the collector and antique car market. I think some of them get as confused over Agreed Value and Stated Value as most of us do since they seldom deal with this on most new and slightly used car insurance. It's mostly specialty companies that deal with antique and collector car coverage and insuring for an agreed-upon amount.

You want Agreed Value. Unfortunately I've heard stories (a number of them on the Corvette Forum) where the State Farm agent told them they had Agreed Value policy - only to find out after a close reading (or loss) that it was really a Stated Value policy.

I believe you can get a State Farm Agreed Value policy but they are not available in every State - and then you have to find an agent who actually understands the difference in the two policies.

If you can find a State Farm agent who can really write you an Agreed Value policy at a rate you like, then there's no reason not to go with it - beyond just the usual likes and dislike for individual carriers.

[PNJSNAK]

State Farm has a policy called "Antique and Collectible" policy where an agreed upon dollar amount is what you are insuring.
They require pictures and require info on where the vehicle is garaged.
They also require the representative to verify the information.
I have had this insurance sine 2002.
There are the usual restrictions about mileage and use.
I have towing and glass knit as well.
Very reasonably priced as well.
I can not say that it is available in all states, but yes in Ohio.