Not Ranked
I had 3 cars insured thru Hagerty for years , then several years ago they grandfathered Cobra's already covered but reduced liability to state minimums - which where i was equalled about zippo . At the same time they stopped handling NEW cobra replica applications .
They told me they had high claim payout ratios on Cobra replicas and one where a cobra went out of control, drove into a house, killed one ( or two - dont recall ) people , totalled the car and did serious damage to the house . Their payout on that claim was in the millions as all covered inclusions got max'd out . Hence, no more Cobra replicas .
Another carrier told me that cobra replicas accounted for about 4% of his total portfolio but accounted for nearly 40% of their claims prior year . therein is your answer - simple biz decision . One way to attempt to max your earnings is to minimize your expenses - highest most costly type of vehicles get the axe , and Cobra replicas fit that category ! Insurers are not in this biz for exercise, but rather to make money. In a down economic environment their outside investment opportunities are usually less too, hence stricter controls on what they insure .
One by one others started raising rates, dropping Cobra replicas, requiring stiffer guidelines/policy deducts etc etc . the trend will continue .
I had to switch from Hagerty to someone else due to their revised Cobra policies . Clean record- no tix , several years of ownership history, no claims . Hagerty said ' leave the other two with us ' . naw, whoever covers the cobra gets the other 2 cars as well .
My SPF costs more to insure by itself than my other two cars combined which in total are valued higher than the SPF . You know why that is !! if not, start over and read this again .
It gets harder and harder to insure these things , and will continue that trend . One carrier told me of their Cobra replica claims , the vast majority were owned less than one year and were higher horsepower engines - ie,driver inexperience with high power to weight vehicles . Hence, some insurers will not cover you unless you can show you have driven ( not owned, but DRIVEN ) your Cobra for 1 or 2 years while insured with someone else !!
Good luck in your effort . B
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