Insurance industry negative on replica Cobras?!?

[RedBarchetta]

Al, thanks for the clarification. I appreciate it!

Don, thanks for posting your quotes. I get the feeling that some of these agents hear "California" and the eyes roll upward. LOL. Whatever.....that quote from Northeast is about the floor on what I've seen so far. For an extra $125, I get the satisfaction of big-time Allstate and my $1,000,000 umbrella in case I lose control and take out a few light poles, etc.

[StephenC]

Insurance? I still face that prospect once I get the engine in. I think a few more high payout, high publicity insurance claims and lawuits and we won't be able to afford the insurance from those companies that will still be crazy enough to offer it. But, here's a different spin on this issue.

It's not the cars that cause the problems, it's us, the drivers. As a retired state trooper/crash investigator, I can attest to the fact that the VAST majority of crashes are caused by operator error. In fact, Michigan troopers have a "legal" term for it. It's called DWHUA (it stands for Driving With Head Up *ss). Most crashes are the result of DWHUA.

Put an inexperienced driver behind the wheel of an over-powered, 90" wheelbase, rocket on wheels and then call it an "accident" when he crashes? Nope, that's the inevitable. When an event is expected, it's hard to consider it an "accident". What's amazing is that these tragic events don't happen more often.

Insurance? If we, as drivers, don't get our act together and be more responsible, there will be a day when we won't be able to get it at any affordable price. Our beloved little cars will become little more than trailer queens and garage ornaments.

Hope I'm wrong.

[Don]

Had no problem obtaining comprehensive and liability insurance from Allstate, with multiple vehicles.

On the Cobra, have a stated/agreed upon value policy and had to submit photos. A few times since, I had to confirm the Cobra was used for occansional driving and not as daily transpotation.

Only exception is the 1969 AMX which is with JC Taylor on an antique auto policy for comprehensive, liability is with Allstate. JC Taylor also required photos and limited mileage, not used for daily transportation

[Jack21]

USAA, if you qualify for USAA Insurance, insures your Cobra replica like it's any other car. Wih a '60's - '70's sports car, it's based on HP. The HP of the original engine in its factory supplied
configuration was over 300 HP, you pay a "High Performance" premium surcharge, along with oher rate determining factors. But it's not any big deal.

What we have protecting he insurability of our cars is the age, maturity, and respect we, as builders/owners have for these cars.

Ultimately, we may have AARP as the only place we can get insurance on these 35 year old cars, because most of us are over 50.

[clayfoushee]

I guess I don't understand what the hoopla and consternation is about. As I said above, and many others have said, with a clean driving record, it's pretty easy to get insurance from either Allstate, Nationwide, or other large companies....especially if your other policies are with them. It took me all of one 5 minute phone call to my agent, a fax of the appraisal, and one e-mail with pictures of my car attached for a reasonable actual cash value policy. Just talk to an agent, and not someone on a 1-800 number, they know what to do.

However, StephenC makes a very good point: if you DWHUA in a Cobra on the street, you're exposing all of us to difficulties in the future.

[maxrpm]

This came from one big Ins. co. "The reasons for the Ins. Carrier Industrys unwillingness to underwrite Cobras is the recent upswing of Cobras being mass produced in an assembyline fashion. We believe the numbers of Cobras being purchased by person(s) lacking the skill or training necessary for safe operation, compounded with the willingness of Cobra owners to track race and street drive their cars has lowered the uniqueness while elevating the riskworthiness of this type of car. We also believe the owner of a Cobra replica(mass produced or homebuilt) is willing to use it under conditions that owners of original 60's era muscle/sports cars would not. The recent escalation of claims for racetrack related injuries and losses in conjunction with the "one-vehicle accident" claims has risen dramatically within the past five years." They also went on to say they felt the Cobra is considered to be a high risk vehicle the same as a new high perf. Corvette or other similar sports car being mass produced because of the "crash-collect-replace" syndrome that mass production brings. They also went on.. something about vehicle impact safety, airbags and uh....people like to steal 'em. They did mention that with a certificate of completion from a prominent driving school (Petty or similar) they would reconsider, and that was going to be a more common requirement throughout the industry in the near future, also hinting that a yearly premium would become similar to a new Vette. I do know people that have wrecked brand new cars, went out & bought the same exact car. Not Cobras, but Vettes, and other cars. I knew a person who bought a new GNX back in '87, I think it was #96 or something, it was stolen in one month and he got another new one. Don't remember the #-doesn't matter.
Me, I got my car insured through....ready?
...1-800......GEICO -3 years ago, so I don't know if they still do Cobras. I brought an appraisal & the car to their driveup photo location, filled out agreed value($45,000!!) $800yr prem. unlimited miles. No crazy stipulations- (no driving after dark except under a full moon during leap year...)It's who I have other vehicles with also. They like to see what you drive & how you drive. I was just actually thinking of changing carriers but now I'm alittle uneasy. Seems like things have changed in 3 yrs?
I'm getting a sinking feeling reading this thread...

[G.R.]

Red,
I have had Allstate coverage on my cars, trucks, boats,homes, life, health, and even had my business insurance through them before I sold it, for almost 28 years now. When I bought our SPF they insured me at "full boat" coverage for about $900 a year, 2 drivers, clean records, no claims other than a couple of broken windshields--they still limited my mileage to 2500 a yr.

By "full boat" it was zero deductible, max comp/liability, required uninsured/underinsured coverage required here in WA and agreed on replacement value for a 53k car. Insurance for these cobras is a weird thing to deal with.

My only complaint is that I have a neighbor about 10yrs older than me(I'm 55), has had several rods, is a NHRA, and NSRA member,that bought a new street rod, a complete glass '34 Ford" built and assembled by a well known CA street rod shop, BB Chevy with all the goodies, somewhere in the neighboorhood of 525+hp--valued at 63.5K-- his insurance is also Allstate -- pays $485 for the same coverage, no mileage restriction--called my agent and asked whats up with that according to him hot rods, street rods, muscle cars, and ant/coll cars are viewed differently than the Cobras because of NhRA and NSRA---they don't insure high dollar cars like Ferrari, Lambos or original CSXs--even a Kirkham or "new" CSX is catagorized as a "kit car"--why? delivered to owner sans running gear ie no engine/trans. Yet if I were to build a street rod from say Speedway supplied parts for some reason it isn't a kit---confusing logic but that's the way it is.
If I were you I'd go stay with Allstate, especially if you have other insurance through them--$600 sounds good to me

[maxrpm]

G.R.
That was exactly my beef! Why do other kit cars- 32 fords and the like which can be bought in the same semi- built kit form as Cobras have different rules. What about my buddy's pristine original GTO that gets drag raced at e-town nearly every weekend but his collector ins. is $120yr? And another friends show quality tubbed, chromemoly chassis, '55 chevy valued $95Gplus pays same as me?What I was told was it's the ins. companies view that a replica cobra has become a high risk vehicle because Cobra owners are more apt to actually USE their cars due to the ease(??) of replacing a destroyed or stolen one.
I wonder...there's 9000 or so clubcobra members they say, correct? Forgive my ignorance but couldn't one of you more educated types let me know why couldn't we as a whole set out to get our own insurance for cobras only? I've heard of large commercial trucking companies doing something like this, haven't I? Or was that in a dream?
Damn insurance companies- at least Jesse James wore a mask when he robbed you
Ed

[bill32]

If you are getting it insured in California for only $600 per year that is very good. I don't understand how you could find any insurrer that would be "much better" on price. I am paying $538 from AAA for agreed value of $30K, no mileage or use restrictions, and that is for much higher limits on liability.

[flipper35]

roadsternut, Try talking to Caryll DeSilva (not sure on the spelling) she is the most knowledgeable.

[rdorman]

It all seems to vary month to month, company to company state to state, by what year it is registered, etc, etc, etc. Probably moon phase and planet alignment as well

I have read many posts about insurance over the last couple of years and one trend I beleive I am seeing is a reduction in the number of companies that will write them along with an increase in rate and restrictions.

When I got my insurance in Ohio I called my agent. He insures EVERYTHING else and has for many years. Couldn't touch it. Said he would have to turn me over to an underwriter to see if there was anything they could do. I then called my old insurance company, picked an agent out of the book, no relation with them at all. He got me no restrictions, agreed upon value (at a pick 'up the phone' replacement value), full coverage with good limits and all at a rate that would make your jaw hit the floor. A fraction of the lowest numbers I recall reading in this thread. All he wanted was for me to bring the car by so he could take some pictures of it.

I have the policy, the underwriters 'policy' (don't recall the official name), have read them front to back and have had others do the same. Some others have also signed with him and the deals have been comparable.

I am not looking to rub it in. What I am suggesting is that you shop around, read ALL the fine print and do get 'agreed upon value'.

SEMA has a new wing that represents the interests of people like us and I recall hearing of other organizations that have spread there wings to the point where it will include our cars. I wonder if they can help?

Rick