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HELP!! State Farm with Automatic 5% Premium Increase
Well,
Today I've found out that State Farm Insurance has been hitting me was an automatic yearly 5% premium increase on my cobra (and another older car) because "they're getting older, and parts are getting more difficult/expensive to find." Never mind that my Kirkham is built entirely of new parts (excepting) the block. This is not trivial, as it amounts to in excess of an additional $100 every year (compounded every year). My car is insured as a driver, with me as the only insured, and with a milage limitation that I've never come close to. I would really like to keep it as a driver, so I can take it to work as weather permits. Does anyone have any suggestions? I can't use Haggerty etc, because they won't let me take it to work. It kind of sticks in my craw, as I've had State Farm almost continuously since I got my driver's license. Thanks for any suggestions. And, if you don't mind, call your State Farm Agent and ask them about this. My long-time agent died about a year and a half ago, and all this started as soon as the new agent took over. Seems kind of fishy. But in any case, I'd like to know if anyone else is have to put up with this? :( |
insurance
call Robin at mid-west classics. He is a "car guy" not just another broker. Plus I did'nt want my daily cars on my policy with my cobra and other classics
Mongoose7 |
I'm not an insurance broker or agent. With my State Farm policy I have additional coverage with an umbrella policy. If I were to go with Midstates to cover the cobra I would lose the extra coverage from the umbrella. I'm not aware of any yearly increases but now that you mentioned it, I am going to look into it. Thanks.
John |
I am with State Farm also, but my annual premium is only $200/yr. I insure all my other cars and home with State Farm and get all the discounts. 5% on $200 is only $10, hardley worth switching companies. I forgot to mention my State Fram Rep also owns a Cobra and we are both members of CACC.;)
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We quit using State Farm decades ago because of arbitrary increases for their take and decreases for our side of the deal. None of the 'little' changes were ever announced in advance to us and when we would discover them after the fact, their significance was always played down as incidental/inconsequential etc. This is the embodiment of the type of firm you should not want to do business with. I have no illusions about them being any different today than they were back then. Tigers don't change their stripes.
Ed |
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Here is a little known fact : With State Farm an agent with a sizeable account base can take on an account that would normally not be accepted..IE Cobra as long as the customer meets certain account criteria. Rack all your insurance with the agent and if he is willing to take the risk...presto you got coverage...worked for me for years McDoo |
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I've had State Farm for years and my car has an agreed amount policy with my umbrella added for liability. I have no mileage limit but they want me to record the excursions/events and mileage to show that I don't use it as a daily driver. I've never had any problems...my policy only went up when I raised the agreed amount to cover the engine rebuild. It only went up $30 to cover a $15,000 increase.
Tom |
Geico is putting all their rates up 15% in June.
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I think there may be some economy of scale that I can take advantage of. Perhaps I can negotiate a better overall deal if I do some consolidating. Barring that, I just may go with an umbrella policy. As I allude to above, I also have policies with Geico and USAA. I don't have the Cobra with either of them b/c they just won't cover it. For me, not being able to take the car to work at least some time would be a deal-breaker. It's going to take a little while, but I'll keep everyone posted with what I find out. And, if anyone has any other recommendations, by all means, let me know. Ron :) |
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Can I ask who you ended up going with? |
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