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 7Likes
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Post By Mongoose930
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Post By cadtdi
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Post By patrickt
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Post By twobjshelbys
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Post By patrickt
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Post By Cobranut
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Post By hazards280
11-08-2024, 11:15 AM
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CC Member
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Join Date: Jan 2021
Cobra Make, Engine:
Posts: 24
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Not Ranked
Cobra Insurance
Hey, all!
I finally purchased a Cobra replica (Unique) and have been working with my insurance company to get it insured.
So far, Hagerty is running around $641/year (2500 miles annually). I contacted MidWest Classics and got a quote through American Modern for $344/year (3000 miles annually).
All coverage appears to be the same other than with Hagerty there is a $70 annual to join their club.
With Hagerty there has been a lot of back-and-forth and I am still waiting on approval.
What has been others experience with Hagerty and/or American Modern?
Thanks!
.chris
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11-08-2024, 12:21 PM
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CC Member
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Join Date: Jan 2011
Cobra Make, Engine: Hi-Tech
Posts: 738
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Not Ranked
I would call Robbin Terry at Midwest Classic Insurance:
Robbin R. Terry, CIC
POB 229, 110 So 5th Street
Auburn, IL 62615
888.271.4000 (phone)
217.438.3347 (fax)
Office Hours 8:00-4:30 CST Mon-Fri
www.midwestclassicinsurance.com
He is well known on this site and represents American Modern, Hagerty, and American Collectors.
I have not had to submit a claim, but I have been working with Terry for almost 15 years and have no complaints. |
11-08-2024, 12:30 PM
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CC Member
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Join Date: Jan 2011
Cobra Make, Engine: Hi-Tech
Posts: 738
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Not Ranked
Oh yes, and congratulations on your new Cobra!!
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11-08-2024, 01:16 PM
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CC Member
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Join Date: Jan 2021
Cobra Make, Engine:
Posts: 24
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Not Ranked
Robbin is the person I contacted, very responsive and helpful!
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11-08-2024, 01:18 PM
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CC Member
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Join Date: Jan 2021
Cobra Make, Engine:
Posts: 24
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Not Ranked
Thanks! Lets see if the picture uploads....
.chris
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11-08-2024, 01:59 PM
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CC Member
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Join Date: Jan 2009
Location: Las Vegas,
NV
Cobra Make, Engine: Shelby CSX4005LA, Roush 427IR
Posts: 5,627
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Not Ranked
American Modern...
__________________
Cheers,
Tony
CSX4005LA
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11-08-2024, 05:24 PM
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Half-Ass Member
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Join Date: Jun 2005
Cobra Make, Engine: ERA #732, 428FE (447 CID), TKO600, Solid Flat Tappet Cam, Tons of Aluminum
Posts: 22,025
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Not Ranked
Quote:
Originally Posted by twobjshelbys
American Modern...
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With an umbrella policy on top. And the fatter the better.  |
11-08-2024, 06:06 PM
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CC Member
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Join Date: Jan 2009
Location: Las Vegas,
NV
Cobra Make, Engine: Shelby CSX4005LA, Roush 427IR
Posts: 5,627
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Not Ranked
Umbrellas typically have to include all vehicles including daily drivers. Prices go up if all vehicles and home aren't with same company
__________________
Cheers,
Tony
CSX4005LA
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11-09-2024, 06:00 AM
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CC Member
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Join Date: Apr 2009
Location: Little Rock area,
AR
Cobra Make, Engine: ERA Street Roadster #782 with 459 cu in FE KC engine, toploader, 3.31
Posts: 4,533
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Not Ranked
Another vote for Robbin Terri and Midwest.
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11-09-2024, 07:49 AM
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CC Member
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Join Date: Nov 2007
Location: Clayton,
IN
Cobra Make, Engine: ERA 838
Posts: 1,130
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Not Ranked
Another for Robbin.
Also, small fender bender last year and American Modern paid with minimal drama.
John
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11-11-2024, 06:49 PM
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CC Member
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Join Date: Jun 2020
Location: Midland,
MI
Cobra Make, Engine: Unique
Posts: 19
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Not Ranked
I have a stated value policy for my Unique under Auto-Owners Insurance. They simply asked its value and applied the coverage to the policy.
I was coming from Grundy, which had mileage limitations and a higher yearly premium.
Finding that I could bundle the Cobra with our other vehicles, remove the mileage limitation, and save money was a no brainer.
I had a copy of a recent appraisal and offered to send it to them, but they declined.
__________________
1964 Unique 289 FIA - 351W, 4 Speed TL
2015 Toyota 4Runner TRD Pro - Daily Driver
2022 Jeep Wrangler Rubicon 392
Last edited by hazards280; 11-11-2024 at 07:13 PM..
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11-11-2024, 06:52 PM
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Half-Ass Member
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Join Date: Jun 2005
Cobra Make, Engine: ERA #732, 428FE (447 CID), TKO600, Solid Flat Tappet Cam, Tons of Aluminum
Posts: 22,025
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Not Ranked
Quote:
Originally Posted by hazards280
I had a copy of a recent appraisal and offered to send it to them, but they declined.
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And why do you think they did that? |
11-11-2024, 08:18 PM
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CC Member
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Join Date: Mar 2000
Location: Virginia, USA,
VA
Cobra Make, Engine: Genuine original Unique MotorCars 427 S/C, with a Genuine original Ford 427 Side-oiler.
Posts: 312
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Not Ranked
Stated vs agreed value
Quote:
Originally Posted by hazards280
I have a stated value policy for my Unique under Auto-Owners Insurance. They simply asked its value and applied the coverage to the policy.
I was coming from Grundy, which had mileage limitations and a higher yearly premium.
Finding that I could bundle the Cobra with our other vehicles, remove the mileage limitation, and save money was a no brainer.
I had a copy of a recent appraisal and offered to send it to them, but they declined.
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F.Y.I.
"Stated Value" means NOTHING when it comes to paying a claim. 
It is simply used to set your premium.
Read your policy's fine print, and you'll find that they'll pay actual cash value UP TO the stated value.
"Agreed Value" is an insurance contract with a value AGREED upon by both parties, and they will pay the agreed amount in the event of a total loss.
__________________
David
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11-13-2024, 03:09 PM
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Half-Ass Member
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Join Date: Jun 2005
Cobra Make, Engine: ERA #732, 428FE (447 CID), TKO600, Solid Flat Tappet Cam, Tons of Aluminum
Posts: 22,025
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Not Ranked
Quote:
Originally Posted by patrickt
And why do you think they did that? |
Hint: They would have said and done the same thing even if your estimated car value was triple what it was.  |
11-17-2024, 05:53 PM
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CC Member
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Join Date: Jun 2020
Location: Midland,
MI
Cobra Make, Engine: Unique
Posts: 19
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Not Ranked
Quote:
Originally Posted by Cobranut
F.Y.I.
"Stated Value" means NOTHING when it comes to paying a claim.
It is simply used to set your premium.
Read your policy's fine print, and you'll find that they'll pay actual cash value UP TO the stated value.
"Agreed Value" is an insurance contract with a value AGREED upon by both parties, and they will pay the agreed amount in the event of a total loss. |
This is helpful, thank you.
I went back and read through my insurance documents, and it was set to an "Agreed Value" in the declarations. I will give them a call this week and see if I can get any more detail on how they would treat the valuation in the instance there was an accident.
The fine print states that - "One or more automobiles showing in the enclosed declarations are insurance on an agreed value basis. In accordance with your policy's provisions, total losses will be settle on the agreed value of the automotive at the time of the loss as advised by "AV" in the declarations."
__________________
1964 Unique 289 FIA - 351W, 4 Speed TL
2015 Toyota 4Runner TRD Pro - Daily Driver
2022 Jeep Wrangler Rubicon 392
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