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Cobra insurance new option
FYI The National Corvette Museum insurance company will insure kit cars with agreed upon value at very reasonable rates.
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Good to know - Corvette guys seem to really like their coverage. While on the subject has anyone else noticed their renewed rates creeping up this year? I have my ERA and 2 older cars on my agreed value policy and annual rate has gone from about $720 to almost $800 in 2 years - no other changes.
To be clearer - the portion of that on my ERA is $394/year |
Mine had gone up as well with no tickets or accidents. Robbin at Midwest found me a new insurance company and my cost went down substantially. Rumor has it that some companies had to make big payouts on cobras and were adjusting their rates accordingly.
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That rumor makes sense, with all the kits out there. Problem is the guy that drives a Kirkham is a lot different than the guy that builds a Factory Five, yet the bean counters at the insurance company lump all Cobra Kit Cars together. So a few claims can affect the cost symbol assigned to a car. (the cost symbol is based on the value of the car when a new model is introduced...20,000 car, cost symbol is 20. But if it is expensive to fix or a bunch of kids like the car and drive the losses up, the cost symbol jumps. So a $20,000 car with bad loss experience might have a cost symbol of 50, which hikes the rates) At least that was the way it was 20 years ago when I was in insurance before I got an honest job in the gun industry.
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My rate at Midwest also went up. Robbin explained about the increase in accidents, mostly single car accidents (makes sense, doesn't it?) and that they're expensive to fix. Good point about the different kits, but all expensive to fix. According to Robbin, the accidents are rarely just a minor fender bender - usually considerable damage or totaled. I'll have to speak with him about this new company mentioned above.
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When I first tried to insure my ERA (still incomplete) about 3 years ago, my current company, American Collectors, wanted a boat load of money to cover it. They claimed something about repair parts costs as a reason. That eventually led me to Midwest and I switched my other cars to them also. |
I too was with American Collectors. Switched to Infinity with better coverage and lesser rates.
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I was with Midwest and Modern was the underwriter. Robbin switched me to Classic Collectors and my insurance went down. I did drop from unlimited miles to 6,000 a year. However, before I decided to drop the mileage the rate from Classic Collectors was still over $200 lower than Modern's quote (which had increased by about $80).
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Thanks for the valuable info guys, really do appreciate it.
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I'm with Robbin
last May I wrecked my Cobra. They paid the $45,000 agreed value plus (they called it inflation adjustment) $2754.36. They deducted $250 for my deductible and paid for the tow truck. Mailed me a check for $47504.36 I'm very happy with Robbin Terry and Infinity Dwight Frye |
Sorry to hear about the accident but glad to hear about the good experience with Robbin. Surprising to hear they paid above the agreed value. :)
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