Insurance industry negative on replica Cobras?!?

[RedBarchetta]

My insurance carrier (Allstate) agreed to insure my Superformance so long as I provided to them a professional appraisal supporting the replacement value (it came it at "$50K before taxes and licensing"). A basic policy through them (good driver and multi-car discounts applied) came to just over $600 annually. Reviewing other threads here, I knew I could do much better.

So I call Leland West. "I'm sorry. We don't cover replica Cobras, only the originals."

I just called Hagerty. "I'm sorry. We cover many kit cars and replicas, but we don't cover any Cobras unless they are originals."

My frantic response: "B-B-But this car is NOT a kit! It's a manufactured car!"

It didn't matter. They simply told me that they (Hagerty) just don't cover Cobra replicas. Damn.....

Is this the beginnings of a trend? So many kits out there now that few will be willing to insure them for their appraised value?

Short of buying a Hemmings Motor News and checking their classified ads, what are my options? And, BTW, the local State Farm Insurance folks INSISTED to include my wife on the policy (since she is a licensed driver in the household). She has two fender benders on her current record, so my premium was going to be @#$@&d up through them.

-Deano

[Randy Resetar]

Try Voyager classic insurance out of Texas
The number is 1-800-342-4444. ..RR

[davidlee]

Deano,

I know your anguish, I have a Backdraft that will be ready shortly.I have only been able to get quotes from two companies, the first is Condon and Skelly 800-257-9496 and the second is Collector Car Insurance 800-787-7637. No one else would touch them. I got a phone quote from Grundy but then they sent me a letter saying the would not write it.

My other autos are covered by my business fleet and they could not place my Cobra either.

I hope this helps,

David

[clayfoushee]

Nationwide covered mine with a faxed appraisal and photos, for actual cash value, per the appraisal. Of course, homeowners, umbrella, all cars and everything else is with them. Wasn't an unreasonable premium either with a clean driving record.

[casaleenie]

Lots of info regarding insurance in the archieves.... Lots of possibilities discussed and phone #'s. Should make for a nice afternoon of reading.

[RedBarchetta]

Originally posted by casaleenie


Lots of info regarding insurance in the archieves.... Lots of possibilities discussed and phone #'s. Should make for a nice afternoon of reading.

Al, been there...done that. I think you missed the point of my thread, which was that there are truly several classic auto carriers out there that FLAT OUT IGNORE the replica portion of the industry. I'm curious to here reaction/inputs from many of those that have dealt with this issue, or anticipate having to deal with it.

[RedBarchetta]

Originally posted by davidlee

Condon and Skelly .......Collector Car Insurance

David, thanks!

C&S quoted $479 on $1K deductible comp/coll and $569 on $500 deductible. Policy is $100K liab, $100K uninsured motorist and $5K medical. My driving record is clean and the wifey would sign a waiver.

FWIW, the comp/coll coverage @ $500.00 deduct. is $0.96 for every $100.00 of coverage. So a $50K policy comes in at $480 just for the comp/coll. @ $1000.00 deduct the factor is $0.78, or $390 for the comp/coll. I'm posting this because I think it's good information for others to know.

Waiting on e-mail response from CCI.

[Zoom This]

Allstate insured your car? That's a switch since they would not insure my new SPF and sent me off to Hagerty insurance which was not in the business of insuring replicas. I wound up with American Classic at $701/year with a $500 deductible and $300k for collision and comp. The thing that gets me though is the limited mileage of 2500/year. How are the rest of you guys handling insurance policies with limited mileage?

[coyled]

For 600.00 per year, I would use allstate. If you ever have a claim, they are more likely to cut a small check(50k) then try to look for a way to weasil out of it like I have seen smaller Insurance company's do. This is one area wher the big name might mean something. Just my .02. Scott

[RedBarchetta]

Originally posted by RedBarchetta

Waiting on e-mail response from CCI. [/b]

They came in at $473 ($1K deductible).

I am starting to agree with the "Allstate" stability suggestion. I've done everything they've asked me to do (private appraisal), so they would least likely play hardball if worse came to worse (so logic would tell you, anyway).

The old adage "You get what you pay for" certainly must apply to auto insurance as well?!?

[Chris Mulvihill]

I have my 302 EFI FFR insured with State Farm for $730 a yr. ($500/$300) w/a $500 deductible and no mileage restrictions. It is insured for replacement value, $31,000. They also have my 2000 Jeep and homeowners. All are covered under a $1 Million umbrella (I highly recommend this option).
I'm single living in downtown Chicago w/one major wreck in the Jeep (not my fault) last year.
My rates seem very reasonable to me.

[Quentin Z]

I would stick with Allstate as well. You'll also probably at least get 7,500 miles. I've got my '57 T-bird insured with Great American - Classic Collectors. The premium is only $192 a year for a stated value of $25K, but the milage is limited to 2,500 or 3,000, and I cannot attest to their claim service as I've not needed it (KOW). Allstate said they would insure at an appraised value as if it were a new car with that value, but the premium was signifigantly more. Also, several years ago, I had an accident that nearlly totalled another car. They paid the $10K claim without batting an eye. They were very professional and a pleasure to deal with.

[RedBarchetta]

Originally posted by Chris Mulvihill


All are covered under a $1 Million umbrella (I highly recommend this option).

I have it, thanks! That's the added bonus with Allstate; if I get into a situation where the car is a disaster, and it's my fault and I'm getting sued, then the umbrella protects me.

[clayfoushee]

Agree the umbrella is a great idea. Got $3M from Nationwide for $900-something a year. They had no issues with the Cobra whatsoever. It's also smart to stick with a big company, as several others have noted. They're not nearly as likely to squabble at claims time.

[flipper35]

Wawenesa in San Diego will insure them in CA. They just started about 18 months ago. They will send an appraiser. We pay about $1400 a year total for a Chebby Cavalier, a Durango, a 911 and the Cobra valued at $40k.

[roadsternut]

flipper35,
I have wawanesa insurance. They insure my home and two cars. When I inquired about insuring a cobra replica with them, they said they do not insure kit cars or replicas, period. I made this inquiry with them about 1 month ago. So, I would assume you insured your cobra with them at the time when they still insured them? I then asked them if they would insure say, a '72 Detomaso Pantera with a purchase price of $35,000. They said they would but the insurance would be based on the car's depreciated value from its 1972 new retail value. The lady said wawanesa does not provide classic car insurace, so they would not insure the car based on the current purchase price of $35,000.
It is indeed getting harder and harder for the "classic car" enthusiasts to live their dream.

[jhl1963]

Gentleman, I spoke with my Haggerty agent about insuring a Cobra (I have 2 cars with him) and he said he would insure cobras that he considers replicas (i.e. era/Kirkham/Shelby/Contemporary) as they are typically owned by collectors but some of the other brands that might be unsafe due to too much power or cars that are bought by people as an alternative to a Ferrari he would not. Long story short, sometimes it pays to speak with an agent rather than direct and depending on your specific car they may do it.

Jordan

[DC COBRA]

DEANO

I just recently got my Backdraft, checked with my insurance company SAFECO. They said no way .

Called Voyagers 972-712-8000 ext 212 Craig Price quoted me a 50000.00 policy (agreed value) 5000 miles yearly with clean record for 987.00.

Called American Collector 856-779-7212 was quoted same basic policy but wiyh 2500 miles yearly for 677.00 yearly.

Called Northeast Classic Insurance 800-866-6440 talked with Mike Smith, he quoted me with same policy with 3000 miles yearly for 373.00, 6000 miles yearly for 471.00.

I live in Texas around the Dallas area, don't know if that makes any difference or not. Guess who I am going to use????

DON

[casaleenie]

Originally posted by RedBarchetta


Al, been there...done that. I think you missed the point of my thread, which was that there are truly several classic auto carriers out there that FLAT OUT IGNORE the replica portion of the industry. I'm curious to here reaction/inputs from many of those that have dealt with this issue, or anticipate having to deal with it.

Red,

I wasn't confused with your posting regarding insurance..
The situation regarding obtaining hasn't changed much over the past two years. It's hard to get from some insurers and impossible from others...
This issue was discussed on this forum in great detail about this time last year. There was talk about forming some kind of association to allow replica cars to meet minimum quality inspections and make the insurance industry aware that we were policing our own ranks... The idea was to do the same thing that the Hot Rodders did in the past, gain respectability..

I'm sure someone can put you onto that thread regarding the insurance question...Ed Combs was the one to spearhead the initiative...

regards,

[capfel]

I did my insurance through Condon & Skelly and they did a Metlife policy for $500,000/$300,000 $1 coverage, $40,000 agreed value, for $496. It's only a 2500 miles per year allowed but was advised that they'd allow more milage if I called later if more is needed. I'm located in CT.

I required the high limits to fit under a $1000,000 umbrella.

Haggerty advised that they don't write policies anymore on Cobra's because of some significant claims. Seems as though too many people are buying inexpensive replica's (probably 302's) and using them as their primary vehicles, or driving them recklessly.

It's up to us to drive responsibly to turn the insurance industry's opinion back favorably.

Chuck