Collector/Exotic ins for '93's

[CO9B3RA]

Does anyone know or have reputable insurance coverage which includes
low mileage, 5000 miles, locked up in garage when not in use, etc....as
collector cars? I'm after something that is much more affordable than
everyday commuting to work, etc., more in the line of an exotic.
Thank you for any ideas in insuring my low miled Teal '93
:coolman:

 

[93Cobra#2771]

Do a search on "insurance" and you'll find a thread from a while back discussing the same thing...

 

[cobra1993svt]

You have a PM

 

[9T3SVT]

www.americanhobbyist.com

One of the guys from our forums got his 93 GT covered for 18K and it only cost him $249 a year. The rules are you have to have had your DL for 10 years, you must have another daily driver, the garage must have a lock, and you have to buy AAA roadside assistance. I got my application in the mail recently, they even have OEM parts coverage :uh oh:

 

[john chingasos]

Hagerty Insurance

I have both of my ponies with them

 

[Robert M]

I use Hea**** insurance for all four of my Cobra's. They appreciate/acknowledge that "some" late model cars have already entered "special status" of collectibility. The requirements are, verified, locked storage (garage etc.) when parked at your house, the car can not be used as daily transportation, the miles are negotiable on a per year basis. For my 93R, 95R and 00R I pay $379 ea. per year. They have ultra low miles and go to shows only here in central Fla. There miles per year is limited to 1000 (however 2000 would make no price difference) and I never get anywhere near 400 miles per year on any of the three. My 95 2-Top (convert./hardtop) Cobra is used a little more and has a 2000 miles per year cap, but that car will not get close to those miles either.

What kind of miles are you thinking of putting on your car per year? If I read your post right, your car now has 5000 original miles and is a 1993 model? If I am reading this correctly, and you are not wanting an insurance for "up to 5000 miles per year", you sound like you are in the same boat as me. Your car is a "very" occassional driver. Hea**** Ins. likes people like us.

I see that the forum has "bleeped out" part of the insurance co.'s name. That is funny. It is Hea c o c k Insurance.

Robert

 

[SVTRick]

I have STATE FARM on both my sons red cobra and my black one. Its listed as a classic. I listed the car as for show and pleasure. no mileage stipulation. they took my mileage. Ones listed at $16K and the other at $17. I m 50 and am paying $128 and $134 per half. Full coverage

 

[CO9B3RA]

My '93 Cobra has 32k miles and the 5000 I mentioned was the max/year driven miles I'd look for, though I suspect I wouldn't use them all.

Upon buying this Cobra, I originally went to State Farm as they cover my home and my principle transportation vehicle. They were adamant that
the classic insurance did not include the '93. Hmmmm!!! I'll have to hit
them up again... :bash:
:coolman:

 

[Robert M]

I have STATE FARM on both my sons red cobra and my black one. Its listed as a classic. I listed the car as for show and pleasure. no mileage stipulation. they took my mileage. Ones listed at $16K and the other at $17. I m 50 and am paying $128 and $134 per half. Full coverage

I am going to check with Sate Farm again. They used to be my car insurance provider. Then I got into specialty cars and they were not the best choice. That was quite a few years ago. I am shopping price. The miles put on my cars will still stay ultra low per year. The problem I might have is the "age issue". They might insure the 93 and maybe even the 95's as "classic", but the 2000, even though it is an R-Model, might not fit into their "classic" discription, even when that is the only area (classic and collectible) where it's value is listed in the NADA guide. I'll have to check with them.

Robert

 

[cobra186]

I have all of my insurance with State Farm including my two '93R's. They are pleasure only w/ no mileage limits etc. All they required was a written appaisal letter which was no big deal. I have them covered for $30K each and my insurance is about $500/year and I'm only 28 y/o.

 

[CO9B3RA]

When I originally talked to my State Farm agent in Dec. '04, they were not
aware of the classic encompassing 10 year old vehicles with special attributes
as low production #'s. One phone call today and now it looks as though I'm
back with SF with the Cobra. They still question the no mileage stipulation,
but at least I'm out of the $360 biannual ins. and back into something a lot
more afFORDable. :coolman:

 

[Robert M]

I have all of my insurance with State Farm including my two '93R's. They are pleasure only w/ no mileage limits etc. All they required was a written appaisal letter which was no big deal. I have them covered for $30K each and my insurance is about $500/year and I'm only 28 y/o.

Cobra186 - That is $500ea. per car, per year, right? Not $250 per car for a total of $500 per year.

Robert

 

[Robert M]

When I originally talked to my State Farm agent in Dec. '04, they were not
aware of the classic encompassing 10 year old vehicles with special attributes
as low production #'s. One phone call today and now it looks as though I'm
back with SF with the Cobra. They still question the no mileage stipulation,
but at least I'm out of the $360 biannual ins. and back into something a lot
more afFORDable. :coolman:

What did State Farm quote for your car? You were at $720 per year?

Robert

 

[CO9B3RA]

State Farm quote

Since SF was not aware of the available classic ins. for the '93, I did not get a quote in Dec. '04. My agent wasn't in today but tomorrow she expects a
call from me and will get me a quote then.
The $720 was the annual payout on the '93 for an interim ins. until I found something a LOT more affordable and not regular transpotation to and from work; being 60 and not having tickets, etc. that was FAR too expensive for a low mileage classic collector car!
:coolman:

 

[cobra186]

Robert:

Yes, its per car/per year with a $500 deductible and $100k in damages.

It use to be cheaper but this past year has gone up and probably will keep going up. They say insurance claims are high this year in my area due to hail and the heavy rains we've had the past year.... and we haven't even entered the tornado season yet!

I also get a small discount for having my home owners ins. with them and a clean driving record.

I checked with Hagerty and a couple of other specialty car ins. places and could get the 93R's covered for about $350 per year/per car with no mileage limits.....but if you read the fine print it just not worth the savings. The way it is worded you can only drive the car to a "show" or "special event" blah blah blah..... So the way I understand it and had explained to me; if I decide to drive the car to a friends house or to the gas station at anytime and get the car damaged they will not cover it. Plus you must be able to prove you were in route to an "event" when the accident occurs i.e event registration, motel reservations for event, gas bills while in route or some type of paperwork proving the route and destination. Just too much hassle and red tape for me. I would rather pay an extra $10-15 a month just for the extra "freedom"

 

[Robert M]

Robert:

Yes, its per car/per year with a $500 deductible and $100k in damages.


I checked with Hagerty and a couple of other specialty car ins. places and could get the 93R's covered for about $350 per year/per car with no mileage limits.....but if you read the fine print it just not worth the savings. The way it is worded you can only drive the car to a "show" or "special event" blah blah blah..... So the way I understand it and had explained to me; if I decide to drive the car to a friends house or to the gas station at anytime and get the car damaged they will not cover it. Plus you must be able to prove you were in route to an "event" when the accident occurs i.e event registration, motel reservations for event, gas bills while in route or some type of paperwork proving the route and destination. Just too much hassle and red tape for me. I would rather pay an extra $10-15 a month just for the extra "freedom"

I guess I better read the fine print closer for my specialty ins. But for the amount I use the cars, all three are under 800 original miles and two are below 500, I am not worried about milage restrictions, however, I am concerned that one time when I am out driving in a "non-show related" cruise, like you had mentioned, going to fuel, etc., the car could possibly not be covered. I will have to check further into this. For me, $379 per car, per year w/100/300 and $500 deduct doesn't seem so high. I have each car insured for a current market value for their condition. Of course I am going to keep "as-new" R-Models in a locked garage, so that is not an issue. I do not have time to use them very often, we have a 4 year old baby girl and another to be born on May 27, so my time is more in the "family thing" right now.

Cobra186 - Check the bottom of the Goodyear Gatorback post over on the "R-Forum". If you decide you do want an extra set of correct 93R tires, I have a new set for sale.

Robert

 

[CO9B3RA]

Az. '93 collector car mileage

Well, you guys who have their '93's insured as collector cars including unlimited miles better count yourself VERY lucky!! SF here in Az won't even
touch the unlimited miles and have their own 1000 mile ONLY policy. So, with
that in mind, SF has lost this business and, if I can find another coverage for
this '93 Cobra while getting a multiple car and home discount, I'm not on SF
roles at all. :bash:
:coolman:

 

[cobra186]

Well, you guys who have their '93's insured as collector cars including unlimited miles better count yourself VERY lucky!! SF here in Az won't even
touch the unlimited miles and have their own 1000 mile ONLY policy. So, with
that in mind, SF has lost this business and, if I can find another coverage for
this '93 Cobra while getting a multiple car and home discount, I'm not on SF
roles at all. :bash:
:coolman:

You might ask your SF agent if they offer an "agreed value" policy. Its for vehicles that are "unique" or highly modified were the insurer wants a higher dollar value or a car that is not driven as daily transportation. The rates are based solely on the amount of $$$ coverage you wish to buy. So if anything should happen to the vehicle they will pay off that amount stated on the policy.

 

[cobra186]

Robert M:
Is your insurance through ParishHeac o c k Collector Car Ins. or just Heac o c k Insurance? I noticed both of them are based in Lakeland, Fl.

The ParishHeac... place has an online quick quote for "modern classic" There mileage limit was based on 3,000 miles per year. I put in a $30,000 value for Texas and it came back with $524 per year for full coverage/$50.000

 

[Robert M]

Robert M:
Is your insurance through ParishHeac o c k Collector Car Ins. or just Heac o c k Insurance? I noticed both of them are based in Lakeland, Fl.

The ParishHeac... place has an online quick quote for "modern classic" There mileage limit was based on 3,000 miles per year. I put in a $30,000 value for Texas and it came back with $524 per year for full coverage/$50.000

It was Parish Heac o c k originally, but the Parish/Heac o c k name is no longer on my statement, just Heac o c k. It seems the collector car insurance no longer has the Parrish name attached to it, however I think Parrish is named on other types of insurance. I have not heard of a 3000 mile per year option with my cars, but I have not asked. I asked for a few more miles (2000) per year for my 95 2-Top, but I don't think that changed the yearly premium. I don't even know that I need 2000 yearly miles on that car. I bought it 4 months ago with 1980 original miles on it. I think it now has 2070 + or - miles on it. At that rate, it will take a few years to accumulate 2000 miles, but I have not removed the hardtop yet, once the convert. is used and the hardtop is stored. I think we might use it a little more. At least it has A/C, a rear seat and is more "family friendly" than the R-models. I am 46 and have 4 specialty cars with them, as well as a squeaky clean driving record. I work for the phone comp. - Verizon. I can't get too many things on my driving record or I will lose my license/job. That would not be good!

Robert