Insurance problem myth???

[Russ Dickey]

I find it interesting how, when browsing these threads, everybody seems to always be worried about the insurance companies.

Did any of you guys really have a hard time insuring your cars? All it took was a 5-minute phone call to my American Family agent, and it was a done deal. And I'm 32, no kids, a few tickets, and my agent knows that I sometimes take my cars to the race tracks (or God forbid, sometimes even lay into it on the street.)

I had no problem getting insurance. My car has full coverage, an agreed value of $45K, and my rates are around $300 every six (which I didn't think was bad at all). Now my wife and I do have 4 other cars plus our house insured through him, so maybe he gave me a break. But when I told him I was buying a Cobra replica, he didn't act like it was any big deal. Maybe I've just got a cool agent.

I am interested to hear your feedback. Are my rates through the roof and I just don't realize it?

Russ

[GASKETBOY]

Russ,

I called my State Farm agent before I wrote the check for the car. He said no problem. The appraisal I got with the car said $61k so that is what he wrote it for. Took about the same five minutes yours did.

Full coverage including zero deductible glass. Runs a bit more than $700 a year.

I was 38 at the time and single. Like you, he insures my house and other cars as well.

Jeff

[cobrashoch]

What you guys are seeing are "lead in" rates. We'll see what those rates are in about 2 or three years. I'm married, 57 and no tickets for over 30 years together with no claims for that same time, and been with State Farm the last 15 years. My rates are a couple hundred more on the half. At least I can still get it. Getting tough to find any one that will write just a Cobra. I'd all so look at those replacment values written into you policys. Bet they are not stated value policys at those rates. It IS getting harder to get though.
cobrashock

[casaleenie]

I'm with State Farm and couldn't be happier.... No problems.
Super reasonable rate with no restrictions....
Agreed Value

[cobrashoch]

My stated value policy cost me that $200 every six over and above standard coverage. And Oh yes, if I didn't have my homeowers and and my wifes life ins. with them, I don't think they would carry me. And as I've said, I've had no claims. There's also no doubt in my mine that if all I wanted was a Cobra policy they would have told me to take a hike.
cobrashock

[Nuke427]

State Farm paid me in full for my totaled Cobra (my fault) and insures me on my new one. Costs me about $150 more per year, partly b/c I lost my accident free discount, and partly b/c my new one is titled as a 2003 and my old was titled as 1996. Model year makes a difference. I pay ~$700/yr. I think, my wife takes care of the books.

[TerrysSPF]

There ARE Insurance companies out there that don't want anything to do with Cobra's. I have 3 cars, the house, watches, wife's ring, etc.....all insured for over 13 yrs. with Farmer's Ins. Called my agent and told him I was thinking about getting a Cobra and he said they wouldn't touch it with a 10 ft pole!
BTW: In the past I've had a 70 454SS Chevelle, 69 Z-28, and a 67 GT-350, all insured with them.............but wouldn't do the Cobra.

[BlackBDR]

We are insured by State Farm as well. We have a 7500 mile annual limit, no tickets, no accidents, three other cars on the policy, and no drivers under 25.

Are you sitting down?, $140/ month for an agreed value of $40,000.

John and Leeann
San Diego

[rdorman]

There seems to be a varience from state to state. Even from agent to agent. Also seems to vary depending on how the car is titled. If it is titled as a sixties car they seem to cover it as a classic and therefore the rates seem to be much lower.

Here in Ohio my Nationwide agent of 15 years through which we insure everything could not touch the car. State farm insured it with NO limitations for some thing like $98.00 every SIX MONTHS!

This is AGREED UPON VALUE of $50,000. Do not get a stated value or other type of policy unless you are willing to fight with an adjuster and take a loss.

I have had that policy for nearly two years now and it has not gone up one dime.

TELL US THIS:
- What state are you in
- What is your insurance company and what is your prior relationship
- What type of policy do you have (agreed upon value, etc) and the value of the policy
- What restrictions do you have
- How is your car titled

Perhaps we can detect a pattern here.

Rick

[Cal Metal]

Part of the problem is that we don't know the history, background, ages, driving records of those who post on this forum which can obviously make for some pretty diverse outcomes when applying for insurance.

On this matter, CC members are not created equal, and the ability to obtain insurance or retain an insurance carrier can range from A to Z. Believe me, for some people, the problem is not a myth.

[Chaplin]

I had to call a few places, but found someone willing to insure it. Rate is $780/year with 3,000 mile annual limit- which for NJ I thought was pretty reasonable. After reading all the doom and gloom on this site, I expected it to be much more difficult to obtain insurance, but it wasn't really too bad.

One interesting thing that I found was that more than a few companies said that they would only insure me if I had owned the car for 2 years and had no accidents/ tickets during that time. It seems that maybe the same phenomenon occurs as with motorcycles- the first year everyone is very timid and careful until they "figure out" the car and its limits and then, the second year, the think the've got it figured out, their confidence builds, they get a little more aggressive and then wham- accident.

[Kputz]

What you are experiencing, especially with State Farm, is the reletive insophistication of your local agent and, probably, his immediate company rep. Calling various SF agents will get you either coverage or responses of laughter. Most local agents are not familiar with these cars, and until such time that the company hierarchy recognizes a problem with them, you can get various responses. The regional reps that keep their ears to the insurance industry grapevine are reluctant to insure them, unless they have all your other business as well, which is probably wise. If you are currently getting a satisfactory rate from your local guy, it's best to keep your mouth shut. It may well not last long. It's telling when the companies that know the most about the cars won't insure them at any rate.

[rdorman]

SHHHHHHHHHHHHHHH

lets be very, very quiet

I called another State Farm agent just for grins. Their estimate was three times higher. Like all things that seem to be to good to be true, I won't be surprised if I get a rate increase one of these days. In the mean time, I will enjoy my good fortune.

Rick

[Mike Holt]

Originally posted by BlackBDR


We are insured by State Farm as well. We have a 7500 mile annual limit, no tickets, no accidents, three other cars on the policy, and no drivers under 25.

Are you sitting down?, $140/ month for an agreed value of $40,000.

John and Leeann
San Diego

$1640 a year? I guess things ARE expensive in California!

The local State Farm folks here told me they would only insure mine if it was trailered to and from shows and no local driving! Oh and I had to switch all my other insurance to them!

USAA initially told me they didn't insure them and they referred me to several specialty insurance agents. I was persistant with them and since all my insurance is wiht them, they agreed to look at it again. I have it through them for $300 every 6 mos. Full coverage $30K value.

[Bob In Ct]

I think the problem is also dependent on where you live. Connecticut is probably more expensive than Kansas, the city is probably more expensive than rural areas.

Here in West Haven my 18 year old is costing me almost $2,500 to insure. He gets to drive my wife's 93 Taurus or my 85 Kcar. My total car insurance bill (not including the Cobra) is over $4,000. We have no tickets, no accidents, no anything.

Bob

[scottj]

I got the same deal with State Farm that Rick got: '65 title, 50K agreed value for $98 every 6mos. This was after they came out and took pictures and sent them to corporate. Then my agent said someone at corporate looked it over again and they wanted receipts to prove the value. I showed them 70K. Before the binder had expired they increased the premium to $1100/6mos. They said that they decided to base the premium on that of a new Vette because the receipts showed Vette suspension.