Insurance

Tony Radford · #1 (**permalink**) 07-06-2009, 10:55 AM

My Allstate policy is soon to expire and I'm looking at alternative sources for insurance for my two daily drivers and the Cobra. I'm concerned about the Cobra policy, especially with the outfits that quote really low numbers - like sub $400/year. I'm paying $800/year for declared value of $40K with Allstate. When I ask exactly how the post-crash value is determined, I don't get a warm and fuzzy. It seems like determining current market value less depreciation might be a bit challenging for a replica. Is there anyway to minimize risk prior to signing on the dotted line?

snakebit99 · #2 (**permalink**) 07-06-2009, 07:29 PM

Hey Tony...long time no see! I'm still hauling the SE trailer.
Give Robbin at Midwest Classics Insurance a call. He knows Cobras & Collector Cars & a nice guy to boot.
http://www.midwestclassicins.com/
Mid $400's for stated value $35K. Limited mileage but can drive for pleasure, not limited to car shows, parades, etc. Best regards, Larry Adams

Tony Radford · #3 (**permalink**) 07-07-2009, 03:55 AM

Larry, good to hear from you. I think about you everytime I look at the SE decal rolled up her in my office. Glad to hear you're getting good service out or your trailer. I received a quote from a local Atlanta insurance broker for a policy that covers all three cars for half of what Allstate has been charging me. It would be nice to save $1,000 a year.

I drove her up to Gadsden, AL last week for a rear suspension upgrade - new springs and shocks. Wow, what an improvement in ride comfort. It's like having another kid in college, but one that never graduates!

Atlantacobra · #4 (**permalink**) 07-07-2009, 09:14 AM

Hey Tony,
I use a company called Infinty Insurance. Don't have their info handy, but I'm sure you can google it. They are cheap, yet awesome coverage. I pay about $280.00 per year for 6k miles per year. Stated value replacement.
Shoot me a PM if you need me to get you details....
Greg

fastd · #5 (**permalink**) 07-07-2009, 09:42 AM

state farm is good too; $50k agreed value, can pick miles to be driven, i.e. less than 6K, more than 10k, etc., no restrictions. I live in New Jersey and have a good agent; PM if you want his contact info.

4RE KLR · #6 (**permalink**) 07-07-2009, 10:05 AM

Too Bad your not in Texas,

I'd write it for you.

Tony Radford · #7 (**permalink**) 07-07-2009, 01:23 PM

Thanks guys. I'm inclined to go with a company that truly understands WHAT they're insuring up front. I was never asked the kinds of questions I would have expected when my original policy was written. I've been told that my current Allstate plan will likely not pay up if exercised. I've also been told that a number of the mainstream insurers would not support "kit" or "collector" cars though agents can get them written up. This new company has offered $400/year for 3K annual miles and $40K declared value after they've received detailed photos of the car and a visual inspection by their agent.

bran3b · #8 (**permalink**) 07-07-2009, 01:48 PM

I don't recall the cost but I use State Farm for agreed value and have not been let down. On 6/20 my car was hit while it was parked, the other person's insurance was less than eager to pay for the repairs so I got State Farm involved. Within a few days I had a check in hand and they were after the other company to recoup my deductible. State Farm did their inspection and offered more than $1,000 over the cost of an "average" repair in favor of a more specialized one at the shop of my choice. They also assured me that if my shop was to go over their estimated cost they would cover the difference. The whole repair should eb under $3k but the effort that they showed was more than enough to keep my business.

Atlantacobra · #9 (**permalink**) 07-07-2009, 03:11 PM

Just a thought, but the thing I liked about the insurance I'm with is that they DIDN'T ask a lot of detailed questions. With the stated value replacement put in writing, I figure they would pay out without dragging me through the mud with details. The classic "less is more" scenario. As long as the writer is AAA+, I figure I'm in good shape.