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Originally Posted by nevermind65
Maybe we all need to put some of these numbers into perspective.
First, a few simple questions.
1) How many Cobras do you insure? Is it 50, 100, 200?
2) You stated in your original post that you were looking at a 3 month average. What was the yearly pay-out over say the last 5 years?
I don't mean these questions as a "put me on the spot" type of thing, but most insurance companies are notorious for twisting percentages in their favor to increase rates, drop coverage on a vehicle they don't make ENOUGH money on, or avoid a hefty pay-out in the future.
Thank you for all the information throughout this thread. If nothing else, it opened my eyes a bit.
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I really can not answer your question about how many we insure. We have been insuring a lot more in the past three years than the prior twenty-seven I have been insuring vehicles. We do not track how many of a particular vehicle we insure but I do know that Cobras are becoming the larger part of a single style vehicle we insure, if that makes sense.
When I looked at numbers I originally looked at my last quarterly report and then we went back and looked at the past three years at all claims over $10,000. That is where the Cobras really showed up.
Keep in mind I am not the Company, I am an agency. We get paid two different ways. The first on commission so the more we write the more I make, the second on contingency which is if we have a good loss ratio we can generally get an override on the total book. I am wanting to continue writing Cobras but as a profitable part of the book of business. If the Company would stop writing Cobras, I lose. That is the reason I started the thread just to get some ideas and make people that own the cars aware of what I see,
could be lurking in their future.
There is no number twisting done on my part, just information I wanted to pass on to any interested party.
Thanks for the response and questions.
Robbin