If you have coverage through a standard insurance market or generally one that also writes your regular car insurance you could have a problem with a total loss. Most companies insure these cars on a stated amount basis and this is probably the worst way to insure one. I teach seminars on how to insure the cars and that is generally my opening line at the seminars.
We insure Cobras and other collector cars on an agreed value basis. As far as I am concerned this is the best way to insure them. With an agreed value coverage you at least know what you will get with a total loss. Our policy also has an inflation protection in there so you could really be paid more than you insured it for, and we have done that.
In most states you can figure the Cobra insurance would be about $10.00 per $1,000 value with no deductible or about $8.00 per $1,000 value with a $250 deductible. Add to this number about $70 for the liability and you have your annual cost. An example of a $50,000 Cobra would be $570 with no deductible or $470.00 with a $250 deductible.
Give us a call at 1-888-271-4000 or email me at
robbin@midwestclassicins.com. We have a website at
www.midwestclassicins.com.
Good luck with your insurance needs but you might as well insure the car correctly, it is a big investment.
Robbin