Insurance

[Jerry Clayton]

Since there was so much hub-bub raised along these lines recently---please post what you have for coverage and any special conditions----IE--storage/off driving season similar to boats, limited milage/distance from home and along the same lines, if appropiate, any special registration conditions such as Illinois antique vehicle(which did severely limit distance and occasion)

Mine is still under build and will be more a competition vehicle so will not be licensed altho I will probably title it.

On my wife's 1934 ford, we carry full coverage, un/underinsured on others, typical collision, libility and comprehensive---

[tcrist]

I have State Farm as my insurance provider for home and auto's.

Cobra replica has 35K agreed value full coverage, 5K mile limit and is to be shown at least once per year. Of course all I have to do is tell them what car show it was in. I do not have to prove it.

Will have to check on the instances that were brought up on that other thread that was closed. Although I do all of my own work and will not let anyone drive it but me.

[joyridin']

One of the issues I ran into with insurance when you file a claim with your own company is where they want the repair work done and what parts are going to be used. State Farm some years ago had a huge lawsuit as they were using "aftermarket" parts to repair vehicles because they were cheaper. The aftermarket parts, as claimed in many cases, were far inferior or didn't meet specific standards. I ran into this situation with Nationwide when I had a Subaru SVX. I hit a car in front of me and put a claim in. The car sat for close to 3 months as they claimed they could not find parts. I had to pay for a rental after the first month (it got worked out). One of the issues was the hood. I found 2 new ones in the USA without a problem. Simple Internet search. The reason the car was sitting is because a new one was VERY expensive and they were looking for a used hood and other used parts.

Even my insurance now through Erie states they can use a suitable replacement part if the original is not available. Having a Cobra insured under this type of policy could prove to be a big issue if they consider something like that Roush engine to be comparable to say a Ford crate engine. Be sure you know what your policy states.

[rokfor]

State Farm, no limitations at all, $40 a month.

Rob

[jhv48]

Being in the insurance business, this "gotta have new parts" issue always hits a nerve.

If you own a 10 year old used car and need a body part replaced due to an accident, insurers are obligated to restore your car to the condition it was in prior to the accident. Replacing your used, 10 year old, body part with a brand new part is not "like for like". It is actually returning your car to a better condition than it was before the accident. No insurer has that obligation. If they can find a "used" body part from another car and then install it and paint it to your satisfaction, who cares? The repairs are guaranteed for the life of the car so if there is ever a problem in the future, it will be remedied at no expense to you.

[Bannon]

Grundy Worldwide. Not Grundy. Stated $465 a year for agreed value of $60k for my Superformance if titled as a 1965 with no mileage limitation. If it gets titled as the year it was made 2007 the it is $967 for the same car. Still much cheaper than what I got from Hagerty who wanted $1500.
Funny I had my first one insured through State Farm back in 2003, no issues. Now they seem to have forgotten what a Replica is and have not even called me back to give me a quote..

[joyridin']

Originally Posted by jhv48

Being in the insurance business, this "gotta have new parts" issue always hits a nerve.

If you own a 10 year old used car and need a body part replaced due to an accident, insurers are obligated to restore your car to the condition it was in prior to the accident. Replacing your used, 10 year old, body part with a brand new part is not "like for like". It is actually returning your car to a better condition than it was before the accident. No insurer has that obligation. If they can find a "used" body part from another car and then install it and paint it to your satisfaction, who cares? The repairs are guaranteed for the life of the car so if there is ever a problem in the future, it will be remedied at no expense to you.

So what happens when somebody takes out a Cobra? How does the insurance company go about fixing it assuming it has maybe 5k miles and the car is 10 years old? Will they shuck out $10k (or more) for a new all aluminum engine if the block is ruined?

I don't think the issue was replacing with new parts. I thought the issue was related to replacing with inferior parts. In many cases, I would much rather have a used part than a new part popped in Vietnam or somewhere.

[elmariachi]

American Modern through Robbin Terry at Midwest. I think my premium is ~$400/yr for a $60k stated value policy. AMIG has a very impressive financial history (publicly-traded). In their annual report they boast that a fast claim resolution process co tributes to their portability. I like that in an insurance company.

[jhv48]

Originally Posted by joyridin'

So what happens when somebody takes out a Cobra? How does the insurance company go about fixing it assuming it has maybe 5k miles and the car is 10 years old? Will they shuck out $10k (or more) for a new all aluminum engine if the block is ruined?

It would be returned to the same condition it was in prior to the accident. Aluminum Roush engine destroyed, aluminum Roush engine replaced. Like for like. If the body is damaged beyond repair, then a new body will be installed. If a used, original body is available, and I seriously doubt that they exist, it would be prepped, painted and installed.

Just because your car is in an accident doesn't mean you are going to end up with a totally brand new car. You will end up with a car that is just as good as the one you had or possibly better. That's their obligation to you.

[Don]

Regarding replacement or used parts, correct or ?

If sourced as new or used, parts manufactured from other than OEM supplier or purchased from a non USA supplier, the quality, fit, thickness of metal etc., is and/or may not be the same quality as the original parts. Bought a non OEM replacement panel for a truck, the cost to fit exceeded the additional cost of the OEM part. Would not want used electronic parts, such as in air bags.

" The repairs are guaranteed for the life of the car so if there is ever a problem in the future, it will be remedied at no expense to you."

Every insurance company, without exception, will guarantee used parts for the life of the car and no hassle, especially after the owner selects the repair shop and did not use the repair shop suggested/recommended by the insurance company/adjustor ? Seems the out for the insurance company is the quality of work performed by the repair shop.

[joyridin']

Originally Posted by jhv48

It would be returned to the same condition it was in prior to the accident. Aluminum Roush engine destroyed, aluminum Roush engine replaced. Like for like. If the body is damaged beyond repair, then a new body will be installed. If a used, original body is available, and I seriously doubt that they exist, it would be prepped, painted and installed.

Just because your car is in an accident doesn't mean you are going to end up with a totally brand new car. You will end up with a car that is just as good as the one you had or possibly better. That's their obligation to you.

I do not think anybody is expecting a brand new car. I used the engine as an example due to the fact it would be used and probably have wear and tear on it. I was curious if they would replace it with a new one, or tell you they can only cover it for "X" amount of dollars, leaving it up to you to decide if you want to pay the extra money for a new exact replacement engine.

[bret a ewing]

Originally Posted by jhv48

Being in the insurance business, this "gotta have new parts" issue always hits a nerve.

If you own a 10 year old used car and need a body part replaced due to an accident, insurers are obligated to restore your car to the condition it was in prior to the accident. Replacing your used, 10 year old, body part with a brand new part is not "like for like". It is actually returning your car to a better condition than it was before the accident. No insurer has that obligation. If they can find a "used" body part from another car and then install it and paint it to your satisfaction, who cares? The repairs are guaranteed for the life of the car so if there is ever a problem in the future, it will be remedied at no expense to you.

I believe OEM-used will probably not be an issue in this case. The question I would have would be if the good-used (NOT repaired-used) is not available, would the replacement be re-popped foreign junk or NOS/OEM new.


The argument hit home if it was your '65 K code.

The bottom line would be to ask these questions before you sign on to a policy.

.....ah nevermind.

[mreid]

USAA home, auto, life.

[4RE KLR]

Originally Posted by jhv48

Being in the insurance business, this "gotta have new parts" issue always hits a nerve.

If you own a 10 year old used car and need a body part replaced due to an accident, insurers are obligated to restore your car to the condition it was in prior to the accident. Replacing your used, 10 year old, body part with a brand new part is not "like for like". It is actually returning your car to a better condition than it was before the accident. No insurer has that obligation. If they can find a "used" body part from another car and then install it and paint it to your satisfaction, who cares? The repairs are guaranteed for the life of the car so if there is ever a problem in the future, it will be remedied at no expense to you.

Also being Licensed in the State of Texas in the Insurance Business:
EXACTLY!

When you buy your auto policy most insurance companies will allow to you opt for NEW PARTS in the case of an accident if the car is two years old or newer.

YES!
All companies are different in thier policies and procedures.

YES!
It cost more.

___________________
Ferrari Killer
Steve

Must Sell Right Now

.

[4RE KLR]

If your car is an older and a used part can not be located, a new part will be used to repair the auto. Again YES all policies are different.

If replacement parts (new or used) cannot be located at all. Well... dont you think the car would be totaled? ??? (You could buy back the salvage and fix it yourself)

Actually the best advice ANY agent could give ANY client is for him to
READ THE POLICY, and better yet UNDERSTAND THE POLICY. If you don't understand what your are reading call your agent. That is what you paid him for.

As far as the original question. You all need to be aware that many insurance companies are starting to decline to insure replica cobras. Not all replicas but replica cobras, due to the number of losses that are being experienced in the industry.

Yes, insurance companies are in the business of taking the risk for the loss. But just like you, if you continue to loose money on a specific thing your doing you'd stop doing it....

___________________
Ferrari Killer
Steve

Must Sell Right Now

.

[Got the Bug]

Originally Posted by elmariachi

American Modern through Robbin Terry at Midwest. I think my premium is ~$400/yr for a $60k stated value policy. AMIG has a very impressive financial history (publicly-traded). In their annual report they boast that a fast claim resolution process co tributes to their portability. I like that in an insurance company.

I've seen a lot of positive comments through the years regarding Robbin Terry at Midwest Classic Insurance, and I wanted to give Robbin two thumbs up as well.

I previously had a policy written by Infinity insurance that kept creeping up (they increased the mileage and the agreed upon value without consulting me).

I contacted Robbin and he suggested a few changes that reduced my annual rate on a policy written by American Modern. Robbin is very service oriented and quickly responds to all inquiries.

[itstock]

Originally Posted by Bannon

Grundy Worldwide. Not Grundy. Stated $465 a year for agreed value of $60k for my Superformance if titled as a 1965 with no mileage limitation. If it gets titled as the year it was made 2007 the it is $967 for the same car. Still much cheaper than what I got from Hagerty who wanted $1500.
Funny I had my first one insured through State Farm back in 2003, no issues. Now they seem to have forgotten what a Replica is and have not even called me back to give me a quote..

Worldwide here too, through Philadelphia ins. $370 for $55k agreed. What I really like about this policy is the inflation protection, automatic annual 4 percent increase in agreed value with no premium increase.

There isnt much in the way of limitations compared to normal insurance.

[bulletbrown]

A growing problem that most insurance companies they are not telling there policy holders is or will they tell Carfax . Once they record there famous " accident reported" your car has been devalued and you do not know it . No permission is needed for them to cost you thousands of dollars. Ask about diminish value insurance , watch them squirm.

[bret a ewing]

No insurance company wants to acknowledge the diminished value issue, I believe the cost is real, but try to get it added on to the subrogation.
Isn't the object to "become whole"?