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Requesting guidance on insuring a Cobra
Hello to all across Club Cobra!
I would greatly appreciate your counsel on how to insure a Cobra in the U.S. But here is my additional requirement - I want to insure my two sons on the car. Both have clean driving records but neither has 10 years of driving experience. The lack of 10 years driving experience proved to be a deal breaker with Hagerty. At any price, much to my surprise, even with me in the car at all times, as if back in the days of supervised driving with a learner's permit etc. The Hagerty rep stated this restriction applies to all Cobras due to excessive HP etc. I am in the market for a Cobra for my entire family to enjoy. Hagerty was my first choice to insure the car but Hagerty is no longer an option. So, has anyone been successful with insuring their cars with other providers for a policy that included drivers in their households that are under 25 years old? This challenge is causing me to re-consider whether such a purchase still makes sense for my family. Or at least the timing of this purchase, which has already been a long time coming. So your insights and experience will be greatly appreciated. Thanks, Brian |
Try the Barrett Jackson insurance. They used to do the AIG Private Client Group but their brokerage has added a couple of other sources.
I suspect the underage drivers is going to be an issue everywhere. And if they do the price shock will also make you reconsider your choice. |
Try calling Midwest Classic Insurance, Auburn IL (888) 271-4000. They specialize in classic, special interest, and antique vehicles. I'm inclined to agree that you're either going to be unable to get insurance for your kids to drive the Cobra or the cost will be far above what you want to pay. Personally I would not allow kids under 25 to drive any hi-hp car, it doesn't take much to make a bad decision ....
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My cobra is insured by State Farm and any licensed driver (no matter their age or relationship to me) can drive my car at the existing policy limits.
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Cobra's and young males, still living at home, do not go together well. Cobra's and young males who are now living on their own, still have a very high risk factor associated with the young male driving the car.
To understand the problem all you have to do is search YouTube for videos of owners who bought Vipers, GT-40's, 03/04 SVT Cobra's, Z06 Corvettes, Hellcats and similar cars who crashed their cars within a half mile of the dealership after picking up their new land based missiles. |
Erie insured mine for a specified dollar value. I have all of my family vehicles and home through them. I just gave the VIN and about $50/mo extra.
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Email Robbin Terry at Midewest Classic Insurance. I read about him in these Cobra forums and reached out when we moved states last year. He did a great job AND saved me a ton of money based on the quotes I was able to get.
robbin@midwestclassicins.com is his email. |
I have Heacock Classic part of AIG. Agreed value policy. No driver under 25 permitted to drive.
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Even insurance companies know better ... |
I have mine with American Modern, they also insure my 1955 Thunderbird.
Better rates the Hagerty, |
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Statistically males under 25 account for a disproportionate percentage of accidents. It's not always blatant speeding either. Cobras do not respond like a modern sports car and I've witnessed young drivers get the begeebers scared out them when the car reacts. Difficulty finding insurance is the Universe telling you to just wait or pass. |
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I know my State Farm agent would do an agreed upon value. For my Talladega they wouldn't do it based on pictures since it's unrestored. They would work with an appraisal. No mention of age restriction. She didn't like it when I mentioned Hagerty as she really wanted all my business.
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I heard that State Farm is going into partnership with Haggerty sometime this year to insure all of their classic vehicles.
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When I bought my Cobra in 2009 Hagerty wasn't taking any new Cobras. They had too many losses (fatal and near fatal injuries) and considered them too risky to cover at all. That's when I went with the AIG insurance (that eventually became the Barrett Jackson branded carrier). AIG had a good deal if you had a mix of older cars (the Cobra was considered older) and newer (I had a 2008 08 Barrett Jackson Shelby GT) and the rates were ridiculously low). Sounds like they've at least opened it up with restrictions.
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Hagerty balked at first until i started pulling cars i had ridden in (not driven ) back in the seventies and eighties?
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Updating the thread
Just wanted to thank everyone that has responded to my question in the original post regarding options for insuring members of the household under age 25.
To recap, my umbrella policy provider requires all household members be included on every auto policy. Your state might also require it as mine does. I will update the thread as I learn more. So that members facing similar circumstances in the future have additional resources. Per multiple recommendations above, I started with Robbin Terry who was both responsive and helpful. But he quoted me the same thing I was already hearing from Hagerty, which will not offer a policy for anyone under 25. I have moved on to State Farm, as suggested above. My application is currently being reviewed by their underwriting dept. And I will likely be contacting Progressive next. I will continue to update the thread with progress, or lack thereof. |
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Second, while you want to be the "cool dad", is it really smart for you to offer a 2,300lb, high powered, loaded weapon such as a Cobra replica to your children without first sending them to a high performance driving school first? Something like this: https://www.skipbarber.com/courses/3...chool-formula/ Why a Formula car for instruction, simple, because it has the same handling characteristics as a Cobra replica. No computer controls, great track car, capable of spinning out without much input from whomever is behind the wheel, no matter their previous skill set. I think you get where I'm coming from. Bill S. |
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AMIG American Modern Insurance Group has some of the best prices. I just had to make a claim, I got rear ended, I sent them pics and an estimate, and they said good to go just need a pic of the VIN from the shop. Also, they will cover newer "classics" with restrictions that saved $1100/year on the wife's GT350 with declared value.
I used Grundy to insure my unfinished kit, most companies won't. I kept them for 4 years, no complaints, no claims. |
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