Insurance in Illinois

RichMusson · #1 (**permalink**) 04-30-2004, 06:33 AM

I have a question for you guys. It is about time to get insurance for my car. So I went to my State Farm agent. They insurance my house and the other cars we have etc. I was told they would issue a policy but it would be for a maximum total loss of $32,000.

Now don't this to my wife but I have more than that invested. Besides it took 2 1/2 years to build. Frankly, if it was totaled tomorrow I would want to buy a completed car. Don't get me wrong - I loved the build process and I may feel differently 'down the road' a bit. Right now I am a little tired and would want to purchase a complete car.

So, the question is what does everyone else do? Are you using speciality companies or what? Are you able to insure for the replacement value? Do they accept apprasials?

Help!
Rich Musson

casaleenie · #2 (**permalink**) 04-30-2004, 07:06 AM

What's the premium? How did they arrive at the agreed value?

Midwest Classic · #3 (**permalink**) 05-07-2004, 06:43 AM

Rich,

Hello Neighbor, I own an agency in Illinois, Midwest Classic Insurnace. We insure collector cars all over the US. We have been insuring quite a few Cobras, We write these on an Agreed Value basis, not stated amount. If a company tells you they are going to insure your car for a maximum of $32,000 they are in fact stating they are not sure how much they will pay and I know I do not want my cars insured like that.

We can offer you a $32,000 agreed value policy for $382.00 a year with no deductibles or $318.00 for the same with a $250 deductible.

If we can help you give me a call at 1-888-271-4000 or email me at robbin@midwestclassicins.com. We have a website at www.midwestclassicins.com.

Thanks for reading and I hope we can help you enjoy your car.

Robbin

Woodz428 · #4 (**permalink**) 05-08-2004, 04:39 PM

It may be because we have all our insurance,House,Business and several cars,trailer and RV. But we have Cincinatti Mutual and a value of $90,000 on the Coupe, the rates were reasonable as well. We had State Farm for everthing but the Business until we moved to a new place and built the shop on the property, they wouldn't insure us after that even though the shop insurance had been with Cincinatti fror 7 years with no claims. They said they don't do business insurance,so we switched all of it over to Cincinatti.

Midwest Classic · #5 (**permalink**) 05-08-2004, 04:48 PM

Cincinnati is a great company but they only write the vehicles on a "stated amount" basis. This means that if you have a total loss they do not have to pay you the $90,000, they only cap your policy at $90,000.

I have an insured that has his collector cars with me. He happens to be the Sr. Claims Adjuster for Cincinnati. He lives in the Northern Illinois area and has told me that Cincinnati does not insure the cars to the best need of the insured. I was also a Cincinnati agent for seven years and am very familiar with their policy. If the agent tells you that I am all wet have him put it in writing that Cincinnati will pay you $90,000 if your car is totaled. If he does this keep it, you will need it when you contact his E&O carrier.

Robbin
Midwest Classic Insurance
www.midwestclassicins.com