Many good points and its refreshing to see Robbin (an industry memeber) gathering information and giving us some warning. But...
Loop Holes...Loop Holes...Loop Holes Everyone knows what insurance companies do with loop holes. Drive to the store in your Cobra on the third Friday of the month with another car as an option...no coverage..sorry Charlie, no can do.
Insurance companies do two things very well. First, they write policies and collect premiums. Second, they avoid, delay, and deny claims. Way too many lawyers involved here and way too much fine print with too many loopholes. If you don't think insurance companies utilize loopholes, poll any resident on the Gulf Coast that went through Katrina and filed a claim with State Harm.
All Cobra drivers and enthusiasts are not created equal. I have been to Skip Barber Racing School twice. Once in 1982 where a little known Michael Andretti attended with Papa Mario, and second last year for a refresher since I was buying a big block Cobra. I have zero at fault accidents in 42 years of driving. One claim where my insurer paid out (stolen Z-28 in 1970). Tickets? There have been a few but my insurance company turned on the electric milker and was rewarded handsomely with these little "revenue enhancers".
I have been driving sports and high performance cars all my life... Austin Healy (first car), Tiger, AC Bristol, Vettes, an E-type or two, Maserati, the required Porsche, Lotus blah..blah..blah. At 58 and with slightly slower reaction times however, I know that a big block Cobra is literally in a league all its own and deserves some additional respect. Therefore...the second Barber outting last year.
Give enthusiasts like me a REAL insurance policy without loopholes and ridiculous limitations.
Realistic Limitations I drive the car on public roads I'm covered...period. Give me a 5,000, 10,000 or 15,000 per year mileage option. No coverage for track or comp. damage. As Barber would say "That's Racing!"
Realistic Deductible Give me a $1,000, $5,000 or $10,000 option for (not at fault) comp. and collision If its my fault, however, I pay too. Maximum coverage for an at fault accident $50,000 or 50% of the damage. That will keep everyone diligent and on the same team. Anyone that has the time to file a $2.00 claim should not be driving a Cobra. These are Yugo infiltrators that run up everyone elses rate.
Required H.P. Vehicle Control School Anyone that owns any high performance vehicle owes it to himself and others to know how to control it under all circumstances. Keep in mind, these cars are excellent for avoiding accidents too, if you know (have been taught) how to throw them around a little.
Get the manufacturers and clubs involved big time. Make the insurance provider a "participation" company which pays dividends to their insureds for profits rather than to shareholders. Cap the payout. If you are involved in a serious accident while drunk or drag racing...you have bigger problems than increasing premiums and the insurer should not be paying through the nose for your mistakes. These claims are no "accident". AND...no loopholes are necessary. Maybe not the policy for everyone, but for enthusiasts like me... where do I sign and send my check?
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