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Kirkham Motorsports

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  • 1 Post By Mongoose930
  • 1 Post By cadtdi
  • 1 Post By patrickt
  • 1 Post By twobjshelbys
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Old 11-08-2024, 12:15 PM
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Default 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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Old 11-08-2024, 01:21 PM
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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.
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Old 11-08-2024, 01:30 PM
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Oh yes, and congratulations on your new Cobra!!
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Old 11-08-2024, 02:16 PM
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Robbin is the person I contacted, very responsive and helpful!
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Old 11-08-2024, 02:18 PM
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Thanks! Lets see if the picture uploads....

.chris
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Old 11-08-2024, 02:59 PM
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American Modern...
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Old 11-08-2024, 06:24 PM
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Quote:
Originally Posted by twobjshelbys View Post
American Modern...
With an umbrella policy on top. And the fatter the better.
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Old 11-08-2024, 07:06 PM
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Umbrellas typically have to include all vehicles including daily drivers. Prices go up if all vehicles and home aren't with same company
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Old 11-09-2024, 07:00 AM
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Another vote for Robbin Terri and Midwest.
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Old 11-09-2024, 08:49 AM
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Another for Robbin.

Also, small fender bender last year and American Modern paid with minimal drama.

John
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Old 11-11-2024, 07:49 PM
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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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Old 11-11-2024, 07:52 PM
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Quote:
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I had a copy of a recent appraisal and offered to send it to them, but they declined.
And why do you think they did that?
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Old 11-11-2024, 09:18 PM
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Exclamation Stated vs agreed value

Quote:
Originally Posted by hazards280 View Post
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.
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.
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Old 11-13-2024, 04:09 PM
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Quote:
Originally Posted by patrickt View Post
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.
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Old 11-17-2024, 06:53 PM
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Quote:
Originally Posted by Cobranut View Post
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."
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