Great value on Cobra insurance

[rdorman]

OHIO ONLY.

I talked with my agent and he said he would be glad to help with your insurance needs. Well, what agent wouldn't. I have 'Agreed Upon Value' insurance through State Farm at very low rates. So check it out yourself and make you own call! He again said that it would be around $100 every six months for a clean driving record for about $50,000 in coverage. I think the difference is only about $6 per $10,000. I am getting the policy from the underwriter this week. If you have any detailed questions, I may be able to help. Otherwise, Matt has always been helpful and responsive.

State Farm Insurance
Matt Simonds
4612 North High Street
Columbus Ohio, 43214
(614) 262-6700

By the way, the guy really likes Cobras, he even came to the fling and last time I was in his office he was using a DVSFII coffee mug.

[b]

[rbray]

Wow!
Maybe I should move to Ohio!
If your agent has knows of any State Farm agents in Kentucky that can offer the same rates I would love to do business with them.

[bnewell]

Hey, thats great new Rick!! My policy is in effect with Condon & Skelly until April, but I will keep your agent in mind.

Funny, I checked with my State Farm agent when I was in the process of looking for cobra insurance and they wouldn't touch it. Although I believe my local agent was just too lazy to check into it.

Brian

[rdorman]

Also, I have no restrictions. (double checking when the policy gets here). Matt read the policy and he only saw a restriction for when the car is rented, leased or used as basically a limo or cab. No mileage restrictions or proving that the car is not primary transportation or proving that you have owned the car for so long with insurance (seat time with another insurance company).

I am double checking the policy since just in case something should happen at DVSFIII, I want to be sure of coverage. I asked a lot of questions before I took a policy with Matt and have seen no indication that it is anything but what it appears, a good deal.

[bnewell]

Let us know what other info. you find out.

Brian

[rdorman]

I know we have a few people in here that know a lot about insurance. I have with me my policy, decleration and endorsements. So ask away!

Albert Schafer just signed with Matt. He said it was 600% less then the next best quote.

Seems to good to be true.

[bonyhadi]

The reason State Farm is so competitive is that they base their loss expirence over their entire book of auto business. Most specialty companies have a smaller more exclusive base of business, the Cobras are dumped in with Ferrari's, Cord's, Hot Rod's. Frankly the chances of having a Cobra claim is higher and they stand out like a sore thumb.

Now, in watching State Farm rates posted on this site I note that there is a wide range
of quotes. All based on driving, loss records,
number of cars insured.

It does not take an expert to explain this, just good common sense, at it all becomes crystal clear.

Only cavit, make sure the company knows hey are insuring a COBRA kit car/replica and
not some 65 Ford 2 door, or a 65 Ford Mustang. Make this error, have a giant claim and you will find yourself base assed naked
and uncovered with a return of premiums paid.

[rdorman]

Good info and definiatly things to keep in mind. My agent definiatly knows what he has insured. They photographed the car for underwriting, and where told. Plus the insurance is Agreed Upon Value. The exclusion on the policy decloration states this. My policy states the year as titled and Cobra.

[flipper35]

I was givin a great rate by Wawanesa. They just started insuring Cobra's, but the woman's husband I dealt with used to own an original in the early 70's and have been shopping for a kit so they are familiar with the industry. I had to send receips and they want an inspector to look at it. I can't blame them for wanting to see what they are insuring. They also insured it for more than I think it is worth. VERY nice people to work with.

BTW: All three cars full coverage $1100.00 per year.

[bonyhadi]

Brent,

Key verbage is : agreed upon value.
Get that and all is slick, otherwise have an
accident and watch depreciation schedules
come into play.

If you have a good driving record, no kids
in the household driving pool, good personal credit, no other insurance claims, your rates
should be manageable.

[flipper35]

Bony,
Sorry I didn't specify, it is agreed upon value, but they came up with the value first and it was more than I would have stated.

Having a wife under 25 doesn't help, but with 2 relatively new cars and the 95 Cobra replica, 1100 annual isn't bad. And it is treated as just another car as far as mileage/driving restrictions.

The only thing I worry about is should something happen when I have DOT autocross/road race tires.

I have at least 15.8 years before any kids in the driving pool.

BTW: My boss is very fond of your avitar.

[casaleenie]

Talked to Matt Simonds over the last two days and I'm a believer.
I'm on my way to Fla. to pick up FIAFREDS car and I got the proof of insurance via the fax early this a.m..
Rdorman is correct on this... My agreed upon value was a little less then rdorman's so my premiums were even lower then his..
I ran my other cars past Matt but they came back pretty close to what I am paying at Nationwide.
I checked with everyone else and the best I could do was $544. with a $5000. deductible.. My butt...
Really don't know what else to say about it other than the fact that I saved a ton of money... You guys in Ohio give him a call.
thanks again Rick.
al schafer

[Cal Metal]

Rdorman:

I am not sure what you mean by checking the policy for your attendance at the DVSF, but if the implication is that State Farm will cover you for any racing activities, they won't. This includes auto crossing, as well, despite the fact there is no wheel to wheel competition. My suggestion is that you might want to join SCCA and by participating in their sanctioned events, they will provide liability limits up to $5,000,000.

[bonyhadi]

cal is 110% on the money, make sure the sanctioning, sponsor
organization and your umbrella has your butt and kid's inheritance
covered....damn serious biz.

[MY 401K]

Try looking up Grundy. Their rates were reasonable with no limitation on mileage and they insure replicars/kits of all models of cars.

This is the insurance co. that I use:

American Collectors Insurance Co.
P.O. Box 8343
498 Kings Hwy. N.
Cherry Hill, NJ 08002-0343

Phone 800-360-2277

The only stipulation is a 2,500 mile limit per year which I don't even come close to. It's definitely worth a call. John

[racer24]

Have State Farm Ins. on my cobra . 5,000 mile limit, no racing of any kind, no drivers under 25 male or female with stated agreed value. Goes under limited use antique/classic. I never come close to the mileage. Insurance is under $90 every 6 months here in Peoria,IL . Check your mileage limits , maybe Ohio does not have the same restrictions.

Rich

[rdorman]

My policy is very much the same as yours except there is no stated limit to the mileage.