State Farm Insurance
 

I know a few of you have State Farm on the Cobra and are not under a limited policy. Mind me asking how much you pay. I need to get the car our more or Maggie is going to make me sell it, and using it to commute is about the only way! I got a quote from Midwest, and it is about 1/2 of what State Farm wants. Granted I could probably bring the State Farm down a little by only carrying comprehensive in the off season.

If by commute you mean to and from work, I don't think Midwest is going to be very agreeable to that. To and from work and running errands are two types of use collector car policys usually frown upon. I tried to add my 15k Lightning pickup to my Midwest policy but Robin said I would have to stop my weekly trips to Lowes in it. I only drive it about 600 miles per year.

Roughly $600 year

Are you referring to a Stated Value Policy? This is a limited driving policy and is based on the value put on the car. IE; 50K, etc. You must provide a list of modifications, photographs (around the car, interior, and engine bay) and other documentation to get the policy. Then provide the same on a continual basis. (cost $450 per year approx.)

State Farm in Tulsa (I also insure my house, motorcycle, and three other cars) cost me $378.00 per year with a valuation of $40K.

Robin at Classic quoted a rider that allows something like 40 drives to work. If I could get 40 commutes in, that would be a good year.

My current policy is limited to "car shows and other limited use". They said the only way to expand on that would be business/pleasure/school ordinary use, which more than triples what I am paying now, whereas Classic is a little more than double. Like I said, I can drop down to comprehensive only for the off months to make it more reasonable. Honestly, I am getting a little tired of State Farms constantly raising rates and manipulating you to adjust your deductible. Their last push on increasing the home deductible was near deceptive.

Clois, what limitations do you have for the 450?

Same here - about $50/yr.

Clois: shows, club gatherings and runs. It is a limited use policy which I have had previously on my 65 Corvette and 27 Ford Streetrod. I have been with State Farm since 1971 +/- and have my home and other daily drivers insured by them as well.

State Farm would not insure mine as a specially/limited use/stated value vehicle. They insured it as a regular, depreciating vehicle. I have Hagerty's now. State Farm has all my other policies - home, life, auto (four cars), and umbrella.

Maybe it's a Texas thang...

Is your cobra included under your umbrella? If insured with another company, State Farm usually excludes them from the umbrella unless you meet their coverage requirements and pay a higher premium. Might want to check with your agent.

My State Farm policy cost $470/year. Insured as "To work, school, or pleasure, under 7500 miles annually." $100 comp/$1,000 collision ....Bodily injury 100K/300K....underinsured 50K/100K.

Make sure they don't depreciate your car. If you have a disaster, they may only give you part of what you declared the value to be. My policy was like that. They didn't say anything until I asked. I thought it was a declared value policy.

No depreciation.....declared value. I'm insured at 30K, which is what I purchased the car at. I can raise that declared value if desired.

I still don't get it. Why are our kit cars valued any differently than the rest of our cars?

If you buy a $150,000 Porsche Turbo and subsequently total it, your insurance company will only reimburse you for the value of the car at the time of the accident, not the full retail price that you paid to originally buy it. So why do we insist that they treat our replicas any differently? They're only worth what someone will pay for them, and for the vast majority of us, that amount is less than what we originally paid for them.

If my spf is wrecked, I expect my insurance company to reimburse me in an amount equal to the actual value of the car at the time of the accident. Not what I paid for it six years ago. Same as the other cars I own.
And My insurance company will reimburse me more than I paid for my car if I can show that my car is actually worth more than that.

What am I missing here? Declared value? Stated value? Our cars are still only worth what they're worth, and if you don't trust your insurance company to make a fair determination, then maybe you should change your insurance company!

State Farm offers the choice of how to value the vehicle. I chose to lock mine, as it probably won't depreciate lower than the price I paid.

I've had auto insurance with State Farm since I was 16 - almost 40 years now, and home with them since I've owned a home - 25 years now. They quoted me about $800/year agreed value of $50,000. I went with Chrome for $700/year at $70,000 agreed value. State Farm is not in the business to insure specialty cars.

But do you have a liability umbrella with State Farm as well? If so, your cobra isn't covered under it unless you meet their coverage requirements AND pay a higher premium for the umbrella due to the fact that your cobra is insured with another company. You might have saved $100 on one end and increased your liability exposure exponentially on the other.. Not worth it to me!

No, it's not a matter of trust. Remember, insurance is nothing more than gambling -- you don't have to insure your Cobra for what it's worth, or its replacement cost. Just like gambling, you choose a number you feel comfortable with. Plus, you really don't know how much your Cobra is really worth, until you sell it, and even then you might not know (all you really know is what you sold it for).

With your ordinary daily driver, it's pretty easy to figure out what the car is worth, and what a replacement car, of like kind, would cost. And most people have to actually replace a daily driver when something happens to it so you end up with one of those two numbers. Not so with a Cobra. Who knows what my ERA is really worth. I honestly don't know. (I have that beautiful CS signature that references my exact car -- what's that worth? $10K? One dollar? It sure can't be replaced now.) I do know that to replace my car would almost certainly cost way, way more that what I could sell it for, but maybe I don't want to insure it for either of those two costs. Rather, I might just want to mitigate my exposed risk because I know a higher agreed value number will have a higher premium and I'm gambling that I'll never have a claim anyway. Sooooo, maybe I choose an agreed value of say, $45k, or $65k, knowing that the likelihood of a total loss is rather small and I'll end up coming out ahead by saving the premium... but I don't want to have it valued at $25k because that risk is just a little too great for my taste. Of course, most insurance companies won't let you insure an asset for more than it's truly worth (or is arguably worth). That's where insurance does differ from pure gambling.

Most people tend to only think of agreed value as a way of avoiding conflicts with your insurance company (and it is a wonderful method for doing that). But you should also think of it as a method of mitigating your risk on a rather unusual asset, while giving you flexibility on how you do it.

My valuation is 60K...It runs about 400.00 a year and there is no limit on mileage BUT I need to keep a mileage log of the shows, etc I take the car to and the cruises the Car Club has. It has full coverage all year...and yes I had to take pictures and submit valuation statements, etc. They ask to see my log every year or so. I have all of my coverage through State Farm...it helps to get the discounts.

Tmarina, who is your broker? State Farm just decided to raise my rates, from 450.00 to 800.00,to a fulltime driver because I put 2100 miles on the car in one year, mostly going to shows and cruises. I am trying to fight them, but so far no good. When I got the insurance in 2007 there was no mileage limit, now all of a sudden they put a 2000 mile/year limit.