Insurance in Jersey

turnpike boy · #1 (**permalink**) 12-23-2002, 04:26 AM

Hoping that maybe the Jersey crew can feed me some info. Just about done with assembly of the Unique (just seats left) and called American Classic to check up on insurance. Everything is dandy until they find out about my 22 yr. old with 6 points on his license...and sort of living at home still (he gets his mail there). Uh oh - problem. Not sure why, but this is an insurance co., after all...Anyway, can you guys give me some lead-in on other ins. co's that are around and not quite so anal? And, yes, moving out is the preferred option. Maybe for me.

Bill Wells · #2 (**permalink**) 12-23-2002, 05:14 AM

my experience with under 25 yr old drivers living at home , see what your insurance carrier says about the following options :
(1) you sign a waiver that excludes him as a driver (as well as anyone under 25, which most co's require anyway).
(2) usually they want to make sure that any live at home driver under 25 has a car registered in their name for them to drive (less temptation to drive something else). a friend bought a 63 impala and put it in his son's name, car didn't run , but it fit the requirement..or get them one that runs, a beater mobile.

either or both might swing it your way.... its worth a try as most other insurance co's will have similar restrictions and son with 6 pts is indeed a liability for YOU. b

turnpike boy · #3 (**permalink**) 12-23-2002, 05:37 AM

Yep. And yep. This outfit requires a signed waiver that anyone with less than 10 years driving experience cannot operate the car, that all license-age occupants of the house have their own vehicle and insurance (the 22 yr old has both), and evidently that I offer up the family jewels as unreturnable collateral. Gotta love kids...good thing I was never like that - HAHAHA

mrmustang · #4 (**permalink**) 12-23-2002, 06:04 AM

Check with American Collectors Ins Co in Cherry Hill, NJ.....

Bill S.

klayfish · #5 (**permalink**) 12-23-2002, 06:43 AM

I'd also check around with other companies, including American Collectors and/or Great American Insurance.

Just a word of caution (I sound like a broken record). Do NOT lie on the application and say that your 22 year old son doesn't live there if he does. And if you do sign the exclusion waiver, he can NEVER drive the car at all, even for a quick spin around the block. If he does, and has a loss, you will not be covered. No questions asked. Be careful.

Best of luck.

Steve

turnpike boy · #6 (**permalink**) 12-23-2002, 07:07 AM

Ah, integrity. No, I won't lie about it - plainly not worth it. American Collectors is who I've been talking to; being they are in-state, and being that NJ has some of the wierdest ins. actions on the planet, it followed suit that they were the ones to go to. Oh, well...time to kick the kid out anyway. Klayfish, will check Great American - do they have a website?

Roscoe · #7 (**permalink**) 12-23-2002, 07:10 AM

I hear the Marines are looking for a few good men!!

Roscoe
http://www.priveye.com/sounds/hardon.wav

klayfish · #8 (**permalink**) 12-23-2002, 07:36 AM

I know most people are honest, but as a fraud investigator, I can't tell you how many normally inoccent people commit fraud.

As for the website, you know, I should know the answer to that, seeing how I work for them and all. But I had to double check. It is www.greatamericaninsurance.com Click on the auto insurance link, then follow to collector car insurance.

Steve

turnpike boy · #9 (**permalink**) 12-23-2002, 07:42 AM

Thanks, KF. Roscoe, he's been there - got his DD214's last year, wound up needing knee surgery so outdedoyougo. Better that than Navy surgeons. Can't bring myself to shove him out on Christmas eve..gonna have to wait a day or so.

Bill Wells · #10 (**permalink**) 12-23-2002, 08:26 AM

turnpike boy...when ya shove him out make sure the keys and coil wire to the snake are locked up..ehhehe..b

John Simpson · #11 (**permalink**) 01-10-2003, 09:12 AM

Just recieved notice from Parish/Great American that my priemium is going up 80%!!! Needless to say they wont be doing business with me.

I looked into Grundy, They dont do Cobra Replicas, so they are out..... So, Where do the rest of you Jersey guys get your coverage?

Roscoe · #12 (**permalink**) 01-10-2003, 09:16 AM

Check with American Collectors Ins Co in Cherry Hill, NJ.....

http://www.americancollectorsins.com/

Roscoe

Ed Rynex, Jr. · #13 (**permalink**) 01-10-2003, 12:10 PM

AVAILABILITY of INSURANCE all venues
I am no expert - well hell yes I am - 37 years in the P&C business.
Here is my 2cents on the issue.
Hemmings Motor News has several advertisers who offer collector car insurance nationwide. All of these companies are MGAs (managing general agents) They have fronting contracts(pay to use the insurance companies contract/paper/policy) with the insurance company they "represent". Behind the scene is an off shore(uaually Bermuda) carrier owned and operated by the MGA that carries their risk on a primary basis. Their risk or exposure is then reinsured. The MGAs are in control to the extent allowed by the fronting carrier.
As a result of 9/11 the reinsurance market took a big hit and their losses have found their way back into the primary rate structure. But there has been added to the equation the reluctance of fronting companies to continue in these relationships because of uncertanties of the financial strenth of the MGAs and their(the MGAs) reinsurance treaties. To combat their concerns the insurance companies have tightened the requirements to do business which includes the underwriting standards they impose on the MGAs as well as the cost of the use their paper. This is on top of the increased costs of reinsurance being charged to the MGAs. What does this all mean to us - it equates to tighter underwriting standards(meaning some of us will not qualify for coverage under some programs) and/or the costs of coverage will or has dramatically increased.
You should all become familiar with some of the factors that will effect your chances of obtaining insurance ie. driving record/experience, age of driver(s), value of your vehicle and its horse power and as realestate people say location location location and now even your credit history. Some of these factors you cannot change some you can. Some you can control- be a safe driver. Is it time for that young adult in your home to spread their wings?? it could help your insurability.
Check with the usual speciality car sources for coverage but also consider your current carrier perhaps your agent or broker has an underwriter who may have an appetite for the risk you represent.

As Klayfish points out do not lie or misrepresent information on your application or on any insurance document not only could it effect your coverage but you could be subjected to criminal
prosecution.
On a related insurance issue - auto theft- I have noted over the past year several posts about stolen Cobras. We are a close knit wide spread group. Whether we own a cobra or want to own a cobra at some point we are the victim/customer base of those who would steal a Cobra. We all need to keep our eyes and ears open to prevent the theft of our cars and to help recover stolen Cobras. When you sell, take precautions to get your money and when you buy make sure it is a legitamate title and sale. If it is stolen you do not own it - it will be returned to the rightful owner-you lose your money. Our Cobras are distinctive not just another white VW Jetta in the crowd.
Current insurance situation is not your/our fault. Excuse my ramblings-To much information - Snow, cold and darkness are not good - I should be driving my car.

I am jealous of those of you who are able to drive your cars now. My baby is asleep under its blanket in the garage waiting to be fired to life with the first signs of spring(is the sun out?)
See you all in Carlisle or Columbus or where ever the fair weather takes me. Not a racer or a waxer just a driver.

ERACER