Insurrance Alternatives

[tims210]

I know there are quite a few threads on insurance in here but I wanted to make a new post so I can be up to date on any attractive insurance options. I have a Backdraft built in 2012. I put on 200 miles a year max. Car has only 2000 miles on it now. I'm currently insured through Midwest Classic/American Modern. No complaints with them or my broker. Never had a claim either. Me and my car reside in NJ but vehicle is registered in MT. I pay over $700 a year and feel the use I get doesn't warrant the price. I have a spotless driving record, own a home, car is stored in my garage and I'm at respectable age from an underwriting standpoint. They also won't honor stated value policies either. I'm not comfortable with that because it's the insurance company's decision to tell me what my car is worth. This makes me more nervous given the fact that Cobras represent a very thinly traded market. I think we all know that claims aren't in our best interest for the most part. I approached Grundy, Hagerty, etc. a while back and they originally quoted me almost half the price. When they found out it wasn't an "original" Cobra the price went up. I've also been told that being registered in MT and residing in another state plays a factor. This vehicle is only a pleasure driver. I'm not looking to commute with it but don't want to get denied a claim if I stop to use a bathroom or grab a cheeseburger. Any guidance you folks can give me is greatly appreciated.

Thanks

[spdbrake]

I'm guessing the Montana registration is 1/2 the factor. Montana is #3 for the most accidents per 100k people. https://www.nwitimes.com/autos/the-m...4071634.html#2

And NJ where you live is #1 for the highest rates on the nation.
https://www.iii.org/fact-statistic/f...auto-insurance


I have Midwest Classic as well but underwritten by Infinity. Stated value was not an issue and runs approx $380 a year here in TX.

[twobjshelbys]

Montana is used to avoid taxes. Many states are heavily cracking down on it.

You will never be able to insure your Backdraft for MORE than it would cost to build a new one with the same specs.

American Modern is where my GT is insured and the rates WENT DOWN!!!

[Ron61]

I have both of my Cobras with American Modern and they are both insured for the dam California coverage plus an agreed value on both but the original NASCAR Cobra could never be replaced as they only made a few of them to sell so they could be certified to race in NASCAR back then. And for all of that I pay only a little above $100 more a year then you stated you pay and they have always been really nice when I talk to them about something.

Ron

[desgros@vtlink.]

For over 25 years I have been with Hagerty both for my current ERA Slabside as well as several restored military vehicles and trailers that I own. Always outstanding service, never a problem with claims and affordable rates.

John
ERA Slabside #3010 289 BRG

[DanEC]

Originally Posted by tims210

I'm currently insured through Midwest Classic/American Modern. No complaints with them or my broker. Never had a claim either. Me and my car reside in NJ but vehicle is registered in MT. I pay over $700 a year and feel the use I get doesn't warrant the price.

Thanks

Wow - that's really high for Midwest. Must be your location or absent resident status. I pay about half that or less through Midwest in Arkansas. I did insist on a $1,000 deductible however. If Midwest is unable to give you a stated value policy in Montana then I would be beating the bushes to find someone who can.

[twobjshelbys]

No matter what and who you insure with, your rate will be determined by your address. My daily driver insurance in Vegas has been a moving target since we moved here, but given the rate increases on homeowners and umbrella I'm expecting a 25% rate increase for auto. I'll do the shopping thing AGAIN! I no longer automatically renew I always rate search.

[twobjshelbys]

Originally Posted by DanEC

Wow - that's really high for Midwest. Must be your location or absent resident status. I pay about half that or less through Midwest in Arkansas. I did insist on a $1,000 deductible however. If Midwest is unable to give you a stated value policy in Montana then I would be beating the bushes to find someone who can.

He does not reside in Montana, he's in New Jersey. The car is registered in Montana to avoid taxes. Pure and simple. No other reason.

[Mark IV]

Originally Posted by tims210

I put on 200 miles a year max. Car has only 2000 miles on it now

Drive it. 200 miles per year is not even a tank of gas!

[DanEC]

Originally Posted by twobjshelbys

He does not reside in Montana, he's in New Jersey. The car is registered in Montana to avoid taxes. Pure and simple. No other reason.

Yeah - I understood that. He was pretty clear on his situation.

[eschaider]

I don't know, but I suspect registration in one state and garaging in another could be a contributing factor to the pricing you are seeing. The idea that an original Cobra, that is easily 10x the value of a replica, would insure for half the premium of the car with the replacement factor that is 1/10 the original's replacement value doesn't sound right.

I think that Midwest is trying to communicate with you through insurance premium pricing rather than words.


Ed

[MKS427]

I would definitely recommend a declared value policy. Grundy 70K $900/year in AZ.
AND, I would highly recommend driving it more.

[twobjshelbys]

Originally Posted by eschaider

I don't know, but I suspect registration in one state and garaging in another could be a contributing factor to the pricing you are seeing. The idea that an original Cobra, that is easily 10x the value of a replica, would insure for half the premium of the car with the replacement factor that is 1/10 the original's replacement value doesn't sound right.

I think that Midwest is trying to communicate with you through insurance premium pricing rather than words.


Ed

I suspect it has more to do with New Jersey and his city as the garage location than the remote registration. It's just expensive there.

[DanEC]

Received my renewal today for 2019 and it increased roughly $30 to $719 for my 66 Vette, 67 GTX and ERA. So there do seem to be some market increases this year.

[ront49]

Originally Posted by DanEC

Wow - that's really high for Midwest. Must be your location or absent resident status. I pay about half that or less through Midwest in Arkansas. I did insist on a $1,000 deductible however. If Midwest is unable to give you a stated value policy in Montana then I would be beating the bushes to find someone who can.

I'm in northwest Arkansas ... Been with Grundy for several years although I've not had a claim (knock on wood), I'm satisfied with their policy and pricing...Car could only be insured for current value, actually what I paid for it. Full coverage with $500 comp and collision. $267 annually. 2004 Backdraft

[snapier]

I also have Midwest Classic (underwritten by Infinity) and live in a rural area in between Syracuse and Ithaca NY with agreed value and pay around $385 a year.

[MCoop]

I have Midwest Classic for my Superformance and I reside in southern NJ. Agreed value and I drive 2500 miles annually. I pay $700.

[Lou1119]

Originally Posted by MCoop

I have Midwest Classic for my Superformance and I reside in southern NJ. Agreed value and I drive 2500 miles annually. I pay $700.

I also have Midwest Classic got my Superformance. Same coverage as you and I pay $750 in The Socialistic Republic of California.

[FWB]

I'm resurrecting a year old thread to further the insurance discussion. I have had infinity/collector classic from Midwest Classic also for the past 13 years. this weekend i got a letter from the parent company stating they will no longer be doing business in PA and are recommending policy holders move to Hagerty. looking for alternatives to Hagerty. i see someone above has Grundy, any other carriers?

[spdbrake]

I got the same letter. When I called though they renewed me for 2020. Next Jan I'll have find a new company.