Insurance Problems

[Midwest Classic]

To all Cobra Owners,

I have considered posting something about Cobra Insurance for quite some time and after looking at the last loss report I think now is the time. I own an insurance agency, Midwest Classic Insurance, that specializes in collector cars including Cobras. During the past three months my loss reports do not look good when I review them. During the past three months we have paid out $122.391 in claims with our clients. Of this amount $116,262 was paid to Cobra owners, that is 95% of all losses in the past three months were Cobra related.

Why am I telling you this, because if Agencies like myself want to have the freedom to continue writing Cobras at a good price for clients then we need to collectively help clean up the claims problems. If your local clubs will pass on information to owners about being careful when driving these four wheel rockets it may help. If loss ratios do not get better on this line of business then I can see Agencies, just as Hagerty has encountered, not writing these in the future. I currently get a lot of referrals from Hagerty to write Cobra Insurance and I hope we can continue to do so.

I am sure I will hear a lot of negative comments like "that's what people buy insurance for" but what Companies have to show is a profit and when you can drop writing coverage on one particular vehicle, like a Cobra, in contrast to the 100's if not 1,000's of other car models out there not having claims, I think they might just do that.

In closing please let club members know they need to be safe when driving their vehicles to not only keep good insurance rates possible but to be there for there families and friends as well.

Thank you,

Robbin Terry
Midwest Classic Insurance
www.cobrareplicainsurance.com
robbin@midwestclassicins.com