Who are you all using for your Cobra Insurance?
 

Ok, I know this subject has been brought up several times before but who are you guys using for your insurance on your Cobra?

I had Insurance the past year with Dan Hardiman. I had no calims, no tickets no changes in value and my premiums went up @ $1,000.00. not to $1,000.00 but a $1,000.00 increase in premium amount. That is obsurred. I will not be railroaded like that. So my insurance is soon to expire.


I only put @1,400 miles on the car all year. At this rate I will let the damn thing set in the garage and rot.

My insurance on the F250 , The Cadillac and the Pace trailer are with Prudential now. I have a companion policy with all the life insurance policies for each of us. I was told I needed to move my other cars to him, Ok so I let him give estimates for the truck the Cadillac and my Pace trailer. Here are the actual numbers folks no BS here this is reality.

The policies are for the same coverage 100/300 deductables are the same, give or take nickels.

Vehicle................Prudential................. Dan Hardiman
2001 F250.............704.00.....................1023.0 0
1999 Cad STS........638.00.......................972.00
2000Pace trlr.........250.00.......................512.00

Policy fee.......................00...................... ...75.00
Surcharge......................00................. ..........1.00

Total:..................$1,592.00................. ..$2,583.00

That is a differance of $991.00 more FOR THE SAME COVERAGE.

What's up with these numbers. Almost a thousand dollars more for the same coverage, same deductables, same everything. Notice these numbers do not inclede the Cobra.

The Cobra last year was set valued at $60,000.00 and the premium was $555.00 this year the estimate was. $1,443.00 that is an exact "INCREASE" of $893.00. FOR THE SAME COVERAGE.

Oh By the way it was pointed out that if I paid the extra $991.00 more FOR THE SAME COVERAGE on my other cars that my Cobra Insurance would only be only $286.00. That is $1,157.00 less "FOR THE SAME COVERAGE" from the same company.

Surely I pissed off the Insurance company by NOT haveing a claim last year. That is the only reason I can think of for my insurance to go

"UP A THOUSAND DOLLARS A YEAR"

So any how I am in the market for new Cobra Insurance.

Hey Dan, I am not trying to piss you off. I am just stating the facts. I cannot afford a thousand dollars a year increase in premiums. At that rate I would be paying ten thousand dollars a year for Cobra insurance real quick.

BTW: My driving record is good and no claims.

What gives??

Ferrari Killer
Steve Parks

:JEKYLHYDE

Parish Heacock. Contact Jennifer Veldhoven at 1-800-274-1804. I pay $430/yr for $100 deductible valued at $40k.

I posted this as a reply for you in the wrong place
 

Click the link to be taken to what I wrote. Sorry bout this -

http://www.clubcobra.com/forums/show...threadid=13525

I find this troubling. I spoke with Dan yesterday about insurance for my SPF. I was quoted what seemed to be a very reasonable rate. I was told about the 7500 mileage limit and the required additional insurance business within 12 months. However, if American National's goal is to quote me cheaply on the SPF, get me to move my other vehicles over, then jack up the rates 12 months hence, I'm not too excited.
I'll talk to Dan next Monday when he returns. Honestly, I've heard nothing but good things about Dan Hardiman from multiple sources so I'll reserve judgement until we speak again.

Thanks for sharing this Steve.

Scott

Hey ,
Don't get me wrong Dan is a nice guy and he has done what he said he was going to do. He took my money and provided me with insurance for one year. Just like he said he would.

But he did not tell me my premiums would go up $1,000.00 after the first year.

Hey I am not pissed at Dan, if he doesn't want or need my business then I can find someone else to give my hard earned money to.

I just don't understand why the same insurance coverage is so much differant from one company to the next. I mean give me a break a "thousand dollars" DIFFERANCE.

"FOR THE SAME COVERAGE.

And it makes no since to me why the other cars are a thousand dollars more per year. My goodness it seems someone needs a thousand dollars for something..........

NOT GETTING IT FROM ME

WHO ELSE ARE YOU ALL USING.
I will do a little survey and report who will do what coverage for what price. I will get quotes for the same coverage from various companies and report back here for the world to see.
I will use 100/300 with 500 deductable and a $60,000.00 car. That is the coverage I have now and wish to replace.

Help me out with who to include in this survey.

Ferrari Killer
Steve Parks

I also use Parish-Heacock. 3000 miles/year. Does not cover track racing. No deductible . My CSX is insuranced for its full value.
The rate for a year is 639.00. Insurance company they write for is Great American.

Stu

Can't go wrong
 

Give Parish Heacock a call.
That's who I use.
Great rates!

Steve,

I actually use State Farm. Its a little higher per year (bout $1000 for total coverage) but its covered just like any of my other cars

100/300/100, no milage, stated value of $60,000....They just had to inspect it to make sure and the insurance guy is a car nut loved the car.

It may be a little more than most but from past history with SF I am not going to have to doink around over price and I have yet to hear how anyone insurance on a car goes through.

Have you seen if Prudential will cover you? SF would only because we have been with them as a family for over 20 years.

Happy Hunting :)

Matt:3DSMILE:

Steve,

Call Jennifer at Parish Heacock. End your pain my friend.

State Farm
 

Steve,

I have coverage with State Farm. $550/year for full coverage and $50K agreed replacement value. I have my home and other vehicles witht hem as well. Have had the same rate for goin on 3 years.

Jim:3DSMILE: :3DSMILE: :3DSMILE:

Used to use Parish, but they dropped me about a year ago due to late renewal (was living in another country at the time). Thought it was harsh, but the rates were great when I was with them. A long time ago, they gave me a great discount for installing a fire "system" (had to be plumbed to the engine compartment). Was good enough to cover most of the cost of the fire extinguisher system.

Now I use Hagerty (who writes for Cigna). Rates are quite good still.

State Farm folks -- what do you use for vehicle info? I spoke with my State Farm agent (have my house and other car there) and they told me that I have to get the car appraised and then they'll quote, but rates will be "high" they said. :(

I had to have an appraised for my loan anyway and State Farm wanted to have their guy review it for $60K...he just looked and said...cool got to get a couple of pics...427? ok worth $60 :)

It is expensive for me but worth every penny of it.

Like I said its probably $1000/year but 100/300/100, 500 deduct

Matt

Cobra Dude. according to the insurance rep I talked to at Hagerty, re your Hagerty Insurance reference: Hagerty NO LONGER writes insurance on ANY brand of Cobra replica and has now included with policy renewals (for those already covered) a strict NO RACE, no competititive speed event exclusion to coverage. Current covered / insured folks are 'grandfathered', but no NEW Cobra replica customers. I also have Hagerty covering my SPF, just got my renewal with the now included NO RACE etc exclusions. Strange since Hagerty was bought out by State Farm 12 or more months ago and SF will cover the rep's but Hagerty will not. They stated as their reason "too many claims/very high incident ratio' etc. Their cost to me on my SPF is more for that car than the combined total of my two other classic cars wich together are valued at far more than my SPF. However, I do not track/race/drag strip my SPF so will stay with them. Bill

I have my insurance agent doing mine. Its like 500 a year additional to my other cars and I have unlimited mileage.

Good Luck.

Hi. I am using Great americian Insurance Company of New York and I live in California so I have triple the coverage that is normally required. All I don't have is towing and I have both Cobras on the policy and I pay $775 dollars a yrear for both of them. I have never had a claim but they have been very friendly when I did callin about a possible claim. I have a 1965 Comet that I drive every day and it is insured with State Farm with the very same coverage and they charge me over $ 400 dollars a year just for that and I drive it less than 5,000 miles a year.

I also use a company who writes through Great American. It's around $500-600 a year. $500 deductible, no racing coverage, 5,000 maximum mile per year, value $40,000, I think I put less than 2,000 miles on it last year, man I need to get out more:(

State Farm
 

At first I had a problem getting insurance with State Farm two years ago. My agent told me that State Farm was no longer insuring race cars like the Cobra. When I told them that my FFR was on their computer system with the previous owner, I got them to roll over the coverage to me since I've been with them for the past 15 years. I also had to get my FFR appraised ($35K), and my coverage is for 100/300/100, $30K car value, and $1000 deduct, at $460 a year with limited mileage (3K per year).

CAVEAT EMPTOR
 

HEY STEVE,

I'VE HAD MY CARS INSURED WITH HAGERTY CLASSIC INSURANCE FOR SEVERAL YEARS. I DON'T BELIEVE THE BASE PREMIUM HAS CHANGED AT ALL IN THAT PERIOD OF TIME.

www.hagerty.com

1-800-922-4950


MY MOST RECENT PREMIUM WAS: $2650.00 FOR THE FOLLOWING COVERAGES.

** EXCALIBUR COBRA, VALUE: $ 45,000.00

** ERA COBRA, VALUE: 65,000.00

** ERA GT-40 VALUE: 95,000.00

** HAULMARK CUSTOM 20' TRAILER 9,500.00

WHAT I LIKE MOST ABOUT THE HAGERTY POLICY IS: NO WEIRD RESTRICTIONS, NO LITTLE GAMES, NO HIDDEN SECRETS, NO DEDUCTABLES.

NICE PEOPLE TO DEAL WITH.

HAVING SAID ALL THAT - - - I HAVE SOME "MAJOR" CLAIMS WITH THEM RIGHT NOW BUT I DON'T EXPECT ANY PROBLEMS. IF ANY PROBLEMS ARISE YOU CAN BET THAT I'LL POST THE STORY.

THE ABOVE NUMBERS ARE APPROXIMATE BECAUSE I'LL BE DARNED IF I CAN FIND MY POLICY. IT'S AROUND HERE "SOMEWHERE" - - BUT - - THEN AGAIN, EVERYTHINGS AROUND HERE "SOMEWHERE".

Y'ALL HAVE A REALLY GREAT DAY,

BLACKJACK

A lot of you guys are ex Military. Check your eligibility for USAA insurance. A Cobra replica to them is just another car. Older cars pay a higher premium based on horsepower of the original stock engine if it's over 300 HP. My 351 was originally rated as 195 HP, so it's not considered a performance vehicle. I pay about $1200 annually for 3 cars including the Cobra.

Of course if I go racking up tickets, that number goes up.

Just another Veterans Benefit, eh!?

the way insurance companies work is they take your premiums (after the broker's cut) and invest it.

you may have noticed the stock market charts slanting down and to the right lately. Depending on how good an investment job your insurance underwrited was doing, your insurance premiums will need to rise to cover any loses they may have suffered in the market. It's basically a zero-sum game. As long as they're making money in the market, the annual increase in premiums can be held down. Once the loses start mounting though, the only place to regain the assets needed to cover projected and actual claims is by raising premiums (or cutting costs, which some of them have done as well).

I'd personally be worried about this insurance company covering your assets. They do fail and go bankrupt.