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03-27-2009, 03:58 PM
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Senior Club Cobra Member
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Join Date: Oct 2004
Location: Granite Bay,
Ca
Cobra Make, Engine: SPF GT40P-2265/393W, KMP318 (PROJECT!!!!!)/CSX478
Posts: 1,158
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Not Ranked
HELP!! State Farm with Automatic 5% Premium Increase
Well,
Today I've found out that State Farm Insurance has been hitting me was an automatic yearly 5% premium increase on my cobra (and another older car) because "they're getting older, and parts are getting more difficult/expensive to find." Never mind that my Kirkham is built entirely of new parts (excepting) the block. This is not trivial, as it amounts to in excess of an additional $100 every year (compounded every year).
My car is insured as a driver, with me as the only insured, and with a milage limitation that I've never come close to.
I would really like to keep it as a driver, so I can take it to work as weather permits. Does anyone have any suggestions? I can't use Haggerty etc, because they won't let me take it to work.
It kind of sticks in my craw, as I've had State Farm almost continuously since I got my driver's license.
Thanks for any suggestions. And, if you don't mind, call your State Farm Agent and ask them about this. My long-time agent died about a year and a half ago, and all this started as soon as the new agent took over. Seems kind of fishy. But in any case, I'd like to know if anyone else is have to put up with this? 
__________________
Ron R
"Dishwasher? I thought that was for cleaning parts!?"
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03-27-2009, 07:00 PM
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CC Member
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Join Date: Sep 2008
Location: Butler,
Pa
Cobra Make, Engine: FFR MKII 302 demon carb T-5 3link/.373gears
Posts: 7
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Not Ranked
insurance
call Robin at mid-west classics. He is a "car guy" not just another broker. Plus I did'nt want my daily cars on my policy with my cobra and other classics
Mongoose7
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03-27-2009, 07:48 PM
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CC Member
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Join Date: Feb 2006
Location: Thousand Oaks,
CA
Cobra Make, Engine: Classic Roadster
Posts: 1,367
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Not Ranked
I'm not an insurance broker or agent. With my State Farm policy I have additional coverage with an umbrella policy. If I were to go with Midstates to cover the cobra I would lose the extra coverage from the umbrella. I'm not aware of any yearly increases but now that you mentioned it, I am going to look into it. Thanks.
John
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03-27-2009, 08:18 PM
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CC Member
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Join Date: Apr 2006
Location: Winchester, VA,
VA
Cobra Make, Engine: SPF 2369; Keith Craft 427FE Alum w/614hp. & 1999 Lotus Esprit V8, 375hp
Posts: 72
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Not Ranked
I am with State Farm also, but my annual premium is only $200/yr. I insure all my other cars and home with State Farm and get all the discounts. 5% on $200 is only $10, hardley worth switching companies. I forgot to mention my State Fram Rep also owns a Cobra and we are both members of CACC. 
__________________
SPF 2369; Keith Craft 427/482FE Alum w/614hp
1999 Lotus Esprit V8, 375hp
2008 Aston MArtin Vantage
2006 BMW M6
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03-27-2009, 08:35 PM
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CC Member
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Join Date: Feb 2006
Location: Gilroy,
CA
Cobra Make, Engine: SPF 2291, Whipple Blown & Injected 4V ModMotor
Posts: 2,719
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Not Ranked
We quit using State Farm decades ago because of arbitrary increases for their take and decreases for our side of the deal. None of the 'little' changes were ever announced in advance to us and when we would discover them after the fact, their significance was always played down as incidental/inconsequential etc. This is the embodiment of the type of firm you should not want to do business with. I have no illusions about them being any different today than they were back then. Tigers don't change their stripes.
Ed
__________________
Help them do what they would have done if they had known what they could do.
Last edited by eschaider; 03-27-2009 at 08:36 PM..
Reason: punctuation
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03-27-2009, 08:42 PM
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CC Member
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Join Date: Apr 2008
Location: Carmel Ca,
Ca
Cobra Make, Engine: Former owner of Sp931
Posts: 55
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Not Ranked
Quote:
Originally Posted by Iceberg
I am with State Farm also, but my annual premium is only $200/yr. I insure all my other cars and home with State Farm and get all the discounts. 5% on $200 is only $10, hardley worth switching companies. I forgot to mention my State Fram Rep also owns a Cobra and we are both members of CACC. |
Here is a little known fact : With State Farm an agent
with a sizeable account base can take on an account that would normally not be accepted..IE Cobra as long as the customer meets certain account criteria. Rack all your insurance with the agent and if he is willing to take the risk...presto you got coverage...worked for me for years
McDoo |
03-27-2009, 09:06 PM
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CC Member
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Join Date: Jan 2002
Location: Northern California,
CA
Cobra Make, Engine: -Sold- Contemporary 427S/C # CCX-3152 1966 427 Med Rise Side Oiler, 8v 3.54:1 Salisbury IRS, Koni's.. (Now I'm riding Harleys)
Posts: 2,567
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Not Ranked
__________________
michael
A man that is young in years, may be old in hours, if he have lost no time. But that happeneth rarely. Generally, youth is like the first cogitations, not so wise as the second. For there is a youth in thoughts, as well as in ages... Sir Francis Bacon (1561-1626)
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03-27-2009, 10:15 PM
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CC Member
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Join Date: Feb 2008
Location: Jacksonville,
FL
Cobra Make, Engine: Kirkham #570 w Shelby FE
Posts: 1,009
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Not Ranked
Quote:
Originally Posted by McDoo
Here is a little known fact : With State Farm an agent
with a sizeable account base can take on an account that would normally not be accepted..IE Cobra as long as the customer meets certain account criteria. Rack all your insurance with the agent and if he is willing to take the risk...presto you got coverage...worked for me for years
McDoo
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Very true, your agent can bypass "policy". When I hit the limit where I had to get workman's comp. for my company our agent got the policy pushed through. (State farm normally will not write workmans comp) |
03-28-2009, 01:31 AM
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Senior Club Cobra Member
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Join Date: Feb 2006
Location: Quincy,
CA
Cobra Make, Engine: Unique #9159 428 FE 614HP by FE Specialties
Posts: 257
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Not Ranked
I've had State Farm for years and my car has an agreed amount policy with my umbrella added for liability. I have no mileage limit but they want me to record the excursions/events and mileage to show that I don't use it as a daily driver. I've never had any problems...my policy only went up when I raised the agreed amount to cover the engine rebuild. It only went up $30 to cover a $15,000 increase.
Tom
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03-31-2009, 09:34 AM
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CC Member
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Join Date: Dec 2003
Location: Lehigh Valley, PA,
PA
Cobra Make, Engine: Look-a-like cobra POS
Posts: 955
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Not Ranked
Geico is putting all their rates up 15% in June.
__________________
B. Ewing
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03-31-2009, 10:52 AM
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Senior Club Cobra Member
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Join Date: Oct 2004
Location: Granite Bay,
Ca
Cobra Make, Engine: SPF GT40P-2265/393W, KMP318 (PROJECT!!!!!)/CSX478
Posts: 1,158
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Not Ranked
Quote:
Originally Posted by bret a ewing
Geico is putting all their rates up 15% in June.
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Jokes on me, I have Geico too. Anybody know when USAA is planning their increase? 
I think there may be some economy of scale that I can take advantage of. Perhaps I can negotiate a better overall deal if I do some consolidating. Barring that, I just may go with an umbrella policy.
As I allude to above, I also have policies with Geico and USAA. I don't have the Cobra with either of them b/c they just won't cover it. For me, not being able to take the car to work at least some time would be a deal-breaker.
It's going to take a little while, but I'll keep everyone posted with what I find out. And, if anyone has any other recommendations, by all means, let me know.
Ron
__________________
Ron R
"Dishwasher? I thought that was for cleaning parts!?"
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03-31-2009, 10:54 AM
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Senior Club Cobra Member
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Join Date: Oct 2004
Location: Granite Bay,
Ca
Cobra Make, Engine: SPF GT40P-2265/393W, KMP318 (PROJECT!!!!!)/CSX478
Posts: 1,158
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Not Ranked
Quote:
Originally Posted by eschaider
We quit using State Farm decades ago because of arbitrary increases for their take and decreases for our side of the deal. None of the 'little' changes were ever announced in advance to us and when we would discover them after the fact, their significance was always played down as incidental/inconsequential etc. This is the embodiment of the type of firm you should not want to do business with. I have no illusions about them being any different today than they were back then. Tigers don't change their stripes.
Ed
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Can I ask who you ended up going with?
__________________
Ron R
"Dishwasher? I thought that was for cleaning parts!?"
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