Insurance Problems

[Midwest Classic]

Originally Posted by olddog

As far as home built verses factory roller, I see both sides. Yes there are idiots among us, but they are not the majority. Cobra kits can vary widely, but most are well designed and mostly require getting the bolts propperly tightened. I really doubt there are many accidents due to poorly assembled kits. Equally I would bet there have been a few factory assembled cars with some mistakes. I doubt this is a huge factor one way or the other.

Unfortunately the data given is too small a group to be statistically useful. Only seven claims out who knows how many insured Cobras.

Approximately 10% of our book of business is from Cobra owners but yet we see more activity from them in claims, above $10,000, than the other 90% of all other clients we insure. There is an obvious problem and I am trying to get a grasp on how to fix it before another Cobra market so no thanks to the industry. Sure there will always be someone out there to write the cars if one carrier leaves but the more carriers that walk away from them the more the next carrier is going to consider to follow suit. Keep in mind Companies are in the business to write business not look for ways to avoid it.

[lucforce]

Originally Posted by Midwest Classic

Approximately 10% of our book of business is from Cobra owners but yet we see more activity from them in claims, above $10,000, than the other 90% of all other clients we insure. There is an obvious problem and I am trying to get a grasp on how to fix it before another Cobra market so no thanks to the industry. Sure there will always be someone out there to write the cars if one carrier leaves but the more carriers that walk away from them the more the next carrier is going to consider to follow suit. Keep in mind Companies are in the business to write business not look for ways to avoid it.

Did you research the data? You stated that you did not wish to do so. Is this you largest individual covered auto model? As of yet you have still only posted results of ONE quarter's claims. Remember the four claims that started this thread.

You have yet to provide us with any reasonable data to back claims of anything. If you want to issue words of warning of "higher risk," please provide data sets. Otherwise, you are simply stirring up the nest.

[Midwest Classic]

I don't remember stating I did not wish to research anything. This is by far NOT our one largest insured model. Corvettes and Mustangs far our rank the Cobra numbers in my office with the exception of claim numbers. I don't think you read the entire thread as I did mention about three years of claims. What got my attention is the one quarter with four large claims all from Cobra owners.

I am not stirring up anything, I have the numbers and shared them to prove why I felt there was a concern. I guess you missed the part about Hagerty also not writing Cobras due to past claims history. I suppose I could drop an email to the VP that I work with from the Company but then I would be bringing it to their attention and I don't think that is something that most owners would like.

If you are trying to push my buttons, sorry not going to happen. If I saw problems with Corvairs I would be contacting Corsa to let them know there was a problem. You obviously have not read the threads where people have made suggestions on what to do to help tighten things. These are car owners that appreciate their cars and the fact that someone is trying to help them. Read the entire thread from start to finish, nobody, with the exception of yourself, has thought I am trying to stir something up. Have a great day

[lucforce]

Originally Posted by Midwest Classic

I don't remember stating I did not wish to research anything. This is by far NOT our one largest insured model. Corvettes and Mustangs far our rank the Cobra numbers in my office with the exception of claim numbers. I don't think you read the entire thread as I did mention about three years of claims. What got my attention is the one quarter with four large claims all from Cobra owners.

I am not stirring up anything, I have the numbers and shared them to prove why I felt there was a concern. I guess you missed the part about Hagerty also not writing Cobras due to past claims history. I suppose I could drop an email to the VP that I work with from the Company but then I would be bringing it to their attention and I don't think that is something that most owners would like.

If you are trying to push my buttons, sorry not going to happen. If I saw problems with Corvairs I would be contacting Corsa to let them know there was a problem. You obviously have not read the threads where people have made suggestions on what to do to help tighten things. These are car owners that appreciate their cars and the fact that someone is trying to help them. Read the entire thread from start to finish, nobody, with the exception of yourself, has thought I am trying to stir something up. Have a great day

I am acknowledging that I have read your response. Additionally...I shall leave no further responses to your comments. Take that any way you wish as I am simply seeking evidence of the "issue."

[olddog]

Originally Posted by Midwest Classic

Approximately 10% of our book of business is from Cobra owners but yet we see more activity from them in claims, above $10,000, than the other 90% of all other clients we insure. There is an obvious problem and I am trying to get a grasp on how to fix it before another Cobra market so no thanks to the industry. Sure there will always be someone out there to write the cars if one carrier leaves but the more carriers that walk away from them the more the next carrier is going to consider to follow suit. Keep in mind Companies are in the business to write business not look for ways to avoid it.

Robbin,

I agree that your numbers show there is problem, however 7 claims is not enough data to give us a useful statistic as to what factors of ownership are contributing to the accidents (in my opinion).

[Midwest Classic]

As an insurance agent this is what I see. I need to do a better job at underwriting the risk when I have 10 claims in 3 years each more than $10,000 (and most were a lot more) and 7 of these are Cobras. I went to this Forum for thoughts and ideas and they have been great. I could not have asked for more information provided by the people on this site.

I had a Company pull out of my office because we had a bad loss ratio due to hail storms, straight line winds, and tornados. I could not control these claims but the Company did not care, it cost me personally about $15,000 a year in loss of revenue. I don't want to run into the same problem with Collector Car business as I have a lot more to lose. I am just going to be a little more careful and cautios on the owner vs experience vs horsepower as many have state on the site.

[Cobrabill]

O.K.-now where do you draw the line at vehicle types that need a special license?

[fsstnotch]

Originally Posted by Cobrabill

O.K.-now where do you draw the line at vehicle types that need a special license?

Hmmm... good question. You really can't limit HP because then we'd all make a loophole and all car manufacturers would go back to underrating their HP numbers.

Maybe make a KIT license? But then... would cars like the BDR, SPF, etc fit into the KIT catagory?

I got the best idea yet... RESPONSIBLE DRIVERS! haha We are all adults! Unfortunately, that will never happen!

Josh

[Naumoff]

Originally Posted by Cobrabill

O.K.-now where do you draw the line at vehicle types that need a special license?

We don't.
Everyone should take a car safety driving course.

[imagine2frolic]

I have read this thread, and there are lots of suggestions. I think the only one will be for people to use COMMON SENSE. Seems like few use it anymore. You have to crawl before you can run. I think the most enlightning thing typed so far is from the track guys. They vent that urge to drive hard on the track, and take responsibility for what happens.

There are millions of cars on the road, and ACCIDENTS are going to happen. There are just to many variables going on when you drive. You can't fix STUPID, and some behaviours are just plain stupid. I was lucky when I was very young I owned a Tiger. In my stupidity I never got a ticket, caused someone else, or myself harm.

A lot of suggestions here are asking for Big Brother to step in, and control our behaviour. We need to control our own.The car is a beast, and the urge to drive it that way will be impossible for some to resist. An insurance company should cover an accident, but not STUPID.

[lucforce]

Byron,

I like what you are saying, but there is no way my local dmv could get me in and out in an hour. It takes 4-6 just for them to take a picture!

[fsstnotch]

I lived in Japan for a couple years. let me tell you... They have some VERY rigorous drivers training/tests before they can even get a license!! Given Japan's population per area, there should be accidents all the time.. but there are not! I seen very few accidents while I was there.. most were caused by americans! haha But the ones that were not, they were younger guys mostly in very souped up cars meant to go very fast or drift!

I hadn't thoguth abotu the fact that you have to have the insurance before the registration. So yes, the insurance should enforce the driving courses before insuring. If the driver refuses, either they get no insurance or they have rediculous rates. I know I was 21 when i was first going to buy a GSXr 750. Until I looked at the insurance quote! It was like $600/mo for full coverage on a loaned bike. by the time I added the loan payments and the insurance, I could have bought a vette or something! And that quote was no tickets, no accidents!

I agree... make the owner resonsible!!! If we had responsible owners, we wouldn't be having this conversation.

[Smoking Cobra]

Here in Ct you need insurance to register any car. Also to register your Cobra or any other Roller/Hot rod you have to TRAILER the car to dmv for a complete inspection. They are very serious about making sure your car is safe to drive. VERY few pass the first time, most take 2-3 visits. I realize this does not m ake a safe driver, but does make sure the car is safe to drive.
And yes it's a nightmare to go thru. No way would i want dmv to run a safe driver program.
joeg

[jdog]

Do you do Lambo's?

http://www.local6.com/news/13872989/detail.html

jdog

[fsstnotch]

I was wondering more about Ferrari's?
If you do a search on google for "wrecked Enzo" you get so many pics it's kind of sickening! Given the number of Enzo's made.. are there any left?! haha How would an insurance company recover from this?


Utah


Or how about a konigsegg CCX?

[Cobrabill]

http://www.liveleak.com/view?i=79e_1187577635


sigh..............................

[Johnnyquest]

I don't care what the ages are that were mentioned earlier on the claims. The amount of seat time in one of our Cobras and the overal cabability of the driver says it all.

A couple years ago I had a guy come by to possibly buy my second Cobra. He even commented he wasn't that great of a driver but asked why I didn't let him drive

I classify myself as a good driver, but not overly confident. I don't drive at night because of the deer in my area. I love my car and treat it with respect.

I'm curious how many do the once over like I do:
1. Check tire pressure
2. Lights, horn, etc.
3. Belts
4. Fuel, oil, antifreeze

My heart still jumps everytime I drive it, you gotta love it.

JQ


By the way Dick Smith could probably have out driven me in an Escort

[Midwest Classic]

The lady driving the Cobra had problems from the beginning, she could not even find reverse. I agree with you JQ about the seat time and I think we will be doing something like that very soon with our rating, giving the current rates to people that have owned for a minimum of two years and a higher rate to those that have less than two years. We might give the better rate if they have taken a driving course but we are still a little undecided on that.

The only thing that some questioned was the age of the driver vs. claims and they were really all over the place as far as ages go.

Robbin

[olddog]

Originally Posted by Midwest Classic

The lady driving the Cobra had problems from the beginning, she could not even find reverse. I agree with you JQ about the seat time and I think we will be doing something like that very soon with our rating, giving the current rates to people that have owned for a minimum of two years and a higher rate to those that have less than two years. We might give the better rate if they have taken a driving course but we are still a little undecided on that.

The only thing that some questioned was the age of the driver vs. claims and they were really all over the place as far as ages go.

Robbin

As I recall the data you gave was mixed on time of owner ship. You (or someone) first used 18 months, and the majority of claims had owned longer than 18 months. I don't know if 2 years would change the outcome.

You never did get the data on hp levels. My small block car will not break the tires loose in 1st gear at WOT from a rolling start. Sure I could dump the clutch, if I chose to, and set the tires up in smoke. My point is that my car simply does not have the power to get away from you like the video of the lady.

If you raise my rates on this tiny amount of data based mostly on opinion and very little on data, I guess I am free to shop elsewhere.