insurance

[hartprods]

does anyone have a referral for insurance. got stuck lumping it onto my normal policy and i know i am paying too much....thoughts ?....
you can contact me off line if necessary. thanks very much for your time in advance.
stan hart
214.546.7694
stan@hartprods.com

[Fraser]

For what its worth I here these guys do a good deal @ $350

http://www.classiccarinsurance.com/

[SSSammy]

Here is my response to an earlier inquiry ...

Originally Posted by SSSammy

Bus: 903-597-5700
or 888-281-6341

American National Life Insurance Company
2737 S. Broadway Ste. 100
Tyler, TX 75701

He's insuring more Cobra Replica's in TX than anybody, I think. You will have to list at least one daily driver with them to get the coverage on your speciality car. But they have the best price and the most liberal mileage requirement that I was able to find.

He will also work with you on the description of your car for the TX I.D. Card so you can get it correctly titled .. see the separate thread here on that. For instance, your insurance card needs to say 1965 Ford Replica on it somewhere, so you can qualify for the inspection waiver, so you don't need modern emissions, etc.

Sam

[cman46]

Check out Condon & Skelly. You can insure up to 40K agreed value on vehicle with no appraisal. One can get an online quote. 7500 allowed pleasure driving miles per year. condonskelly.com One can insure only the Cobra. Colin

[patrickt]

Remember to have your Umbrella policy specifically reference your separate underlying Cobra policy. Really big deal. Huge deal. Don't screw up on it.

[tgitchel]

Originally Posted by patrickt

Remember to have your Umbrella policy specifically reference your separate underlying Cobra policy. Really big deal. Huge deal. Don't screw up on it.

Can you elaborate on that some, Patrick? What would be a scenario where this would come into play?

[Bob In Ct]

I'm always scared to death with the insurance thing. I'm never sure the company I'm with would really pay if the need arose. Has anyone ever really collected on the full agreed value?

Bob

[patrickt]

Originally Posted by tgitchel

Can you elaborate on that some, Patrick? What would be a scenario where this would come into play?

Most car liability policies (that cover your legal liability if you hurt someone else) have reasonably low coverage limits, say $100,000 or maybe $300,000. Most people that have enough money to buy a Cobra also have decent insurance, and that includes an Umbrella policy that covers liability above and beyond that $300k or $500k that is in your base policy. The Umbrella policy may cover as much as two million or even five million dollars of liability -- and the premium is not very expensive. It can be in the neighborhood of a hundred or so dollars per million dollars of coverage, depending. But, and here's the BIG BUT, your underlying coverage must meet the requirements of the Umbrella policy and your Umbrella carrier must know about the underlying coverage and risk. Here's the worst case scary scenario: Let's say you have wonderful, fully encompassing automobile insurance on all your regular cars and have a five million dollar umbrella policy to boot, all with GladHands Insurance. Then you go out and buy your new SPF Cobra and get an "Agreed Value" policy from "Classic Cobra Insurance" for what you paid for the car and you never really bother looking at the other coverages. Let's say the liability coverage on that policy is $250k. Then one day, while showing off, you plow your Cobra in to a couple of bystanders, killing one, injuring the other, and disfiguring your female passenger. You call up all of your insurers and GladHands tells you "we never knew about that Cobra, plus the policy from Classic Cobra didn't meet our requirements to begin with -- so, SORRY, you ain't covered." You're then basically SOL as Classic Cobra Insurance tenders their coverage of $250k, exits, and says "you're on your own now, boy." You then go bankrupt and lose everything. Moral of the story: You must make sure that your Umbrella policy is also tied to your Cobra. Don't play "hide the ball" with your insurance carriers. Get everything out in the open with them and have them confirm, in writing, that you're fully covered. This is extra, extra important when you have more than one insurance company (like when the Umbrella carrier is a different carrier than your underlying policies). Most businesses (and some people) have multiple policies, and multiple carriers, and that's where their independent insurance agent comes in to help keep everything straight, make sure everything is covered, and to make sure that the policies complement each other and that you don't have any gaps in your coverage. Right now, if you're running around in a Cobra with less than a couple of million dollars of liability insurance your just playing Russian Roulette, IMO. Make sense? BTW, I'm sure there are some insurance agents on this forum that can chime in with a horror story or two.

[Gunner]

Originally Posted by cman46

Check out Condon & Skelly. You can insure up to 40K agreed value on vehicle with no appraisal. One can get an online quote. 7500 allowed pleasure driving miles per year. condonskelly.com One can insure only the Cobra. Colin

I have C&S (sort of - the actual insurance is MetLife and the broker is Barlow, but C&S is in there somewhere). $60k agreed value with no appraisal, although I did have recent sales documents to support the figure.

Under $400 a year.

[Gunner]

Originally Posted by patrickt

Remember to have your Umbrella policy specifically reference your separate underlying Cobra policy. Really big deal. Huge deal. Don't screw up on it.

Anyone who doesn't have an umbrella policy with everything below it referenced is tap-dancing on a land mine. It's incredibly easy to blow past basic policy limits these days, and even someone well-set can get wiped out by one accident, or even collateral association with an accident.

A million-dollar umbrella costs about $100 a year. No excuse for not having one.

[Bobcat]

For what it`s worth ... my umbrella and all other cars are with State Farm and the Cobra is with Robin at Midwest Classic . I did as Patrick said and made sure State Farm knew about the Cobra , gave them a copy of the Dec. page and made sure the limits were what I had on my other cars . Should also point out that I gave State Farm every chance to insure the Cobra , but they refused to write an agreed value policy and we even talked directly with the underwriters in Jax .
Long story short , State Farm doubled the premium on the umbrella because I went with another company on the Cobra .... even though they wouldn`t write the policy I wanted . I was told it was a penality for not insuring the Cobra with them ! I`m in the process of having everything I have with them shopped around now.
Also make sure they understand ( on the umbrella ) , the car is classified as an antique or classic ... it effects your rates .

[tgitchel]

Thanks for the clarification Patrick, et al.

[Z-linkCobra]

This thread brings up a question I have. Who does appraisals on kit cars. I looked around a bit online and found one here in Texas, but he wants pics of the car and wants to know how much YOU think its worth...that doesnt seem right to me. I have never had a car appraised so I wouldnt know. I would like to have mine appraised when its done...where do I take it?

[patrickt]

Originally Posted by Z-linkCobra

This thread brings up a question I have. Who does appraisals on kit cars. I looked around a bit online and found one here in Texas, but he wants pics of the car and wants to know how much YOU think its worth...that doesnt seem right to me. I have never had a car appraised so I wouldnt know. I would like to have mine appraised when its done...where do I take it?

It depends on what you want to do with your appraisal. If it's just to satisfy your own curiosity about what your car is worth, some of the more experienced guys at your local Cobra club can probably do that -- it's not particularly hard; and they'll do it for free. If you're trying to do something more (like satisfy an insurance company or you plan on depreciating it as an asset somehow) then you need someone with credentials. You might ask around at your local Cobra club or touch base with the International Automotive Appraisers Association http://www.auto-appraisers.com/Navigation%20Page.htm and get a couple of references for your locality. Interview a couple, and then go with one. If you do that though, you'll need to "help him" with his appraisal so that you're satisfied, and he's satisified as well (meaning he can defend his appraisal if need be).

[Z-linkCobra]

Thank you Patickt. We dont have a Cobra club down here...There is only 2 in the valley, one day will be 3 when mine is done. Mainly for insurance purposes as well as my own curiosity.

Thanks again
Gene

[jwoodard]

One of our members here in Dallas does appraisals, Jay Nordstrum. He posts on CC as Jayscobras. I realize Dallas is a long way from Edingburg, but Jay attends the annual Texas Cobra Club gathering in the Austin area in March each year. Maybe you guys could get together then? Just a thought.

[SMOKNAC]

I went with Barow Insurance.

[4RE KLR]

Stan,

I am an insurance agent in Texas and I would be more than happy to talk to you about writing your coverage on a stand alone policy with very reasonable rates.

Give me a shout.

Steven.Parks@American-National.com