Insurance Help Please

[Jefe]

Farmers. I can add up to $50k in modifications, over $10k they want proof/description.

I have seen numerous claims where they look up market value on the car for a payout and then add on the modifications coverage to the settlement. No questions asked once the coverage is on there

 

[gt500shopping]

GRUNDY no longer has a mileage restriction

I called and verified tonight :banana:

Really?

So I can insure my 03 cobra coupe, full coverage, with no restrictions on how much I drive it....for sub $500 a year?

Uhhh sign me up?

 

[huffed98snake]

F Geico....no offense, but you should have expected that to happen.

NO ONE should be keeping their terminators on standard insurance anymore....you will NEVER get anything near what the car's actual value is based on how insurance policies work

Everyone should put their cobra's under specialty insurance, it's MUCH cheaper too
Track insurance is offered, but its $$$$$$ and not worth it for anyone but a full time racer.

Track insurance went through a change here recently. Anymore, about the only track insurance you can get will cover you while AT the track but not ON the track. Look up Bill Lutz over on the Bullet. He'll give you the straight scoop.

Oh and yes, F Geico. Try getting your car fixed right if you ever have an issue.

Farmers. I can add up to $50k in modifications, over $10k they want proof/description.

I have seen numerous claims where they look up market value on the car for a payout and then add on the modifications coverage to the settlement. No questions asked once the coverage is on there

This is the part you need to be careful with on these cars. Market value will be determined by Edmunds, KBB, etc. Those type of market books show a significantly smaller value on these cars than what they actually sell for these days. Ex. An extremely low mileage Termi might sell for 28-30k, but only books out to around 15-16k. Insurance is going to go with the 15-16k value, then add the covered mods.

 

[CobraBob]

Time to move to specialty car insurance.

Collector Vehicle Insurance - Grundy Worldwide

If you have put a lot of money into mods, this is definitely the way to go. Or another collector car insurance company like Grundy. You'll save a lot of money plus get coverage on all those mods. There have been a number of threads over the years discussing the benefits of collector car insurance. A big plus that the '03-'04 Cobra qualifies.

 

[boost4me]

Great info guys, thanks!

 

[ajt9229]

Check out American Collectors or Hagerty. American Collectors gave me the best quote. I am getting ready to switch my car to a collectors car insurance. I am still deciding which one to go with.

Insurance for Collector Cars and Collectibles | American Collectors Insurance

Hagerty Insurance - Fueling the collector car hobby through insuring and supporting the classics

I called American And they gave me a good price going to switch to them when I bring it out of storage

 

[BMR Tech]

Trust me when I say this, Grundy is the way to go for Collectors Ins.

I have experience with all the companies mentioned in this thread, and will only use Grundy from now on.

 

[VNMUS03]

GRUNDY sounds like the way to go.. I have encompass and my annual rate is 1750. I'm 23 with one speeding ticket, what do you guys recommend?.. I live in the Central Valley, it's my dd and sees about 9k miles a year. 04 cobra at 72k miles currently.

 

[01Jes]

I have Grundy but they specifically state you must have a daily driver. The cobra must only be driven for leisure purpose only. I pay $325 for 25K coverage per yr.

 

[IA Shelby]

Trust me when I say this, Grundy is the way to go for Collectors Ins.

I have experience with all the companies mentioned in this thread, and will only use Grundy from now on.

Grundy is less expensive for what appears to be similar coverage. The key word is appears.

Look at the true AV (actuarial value). They are a good company but know your coverage when it comes to liability and coverage limits for uninsured. The biggest catastrophic event you could be faced with is not the loss of the car.

Maybe not as big of deal when you are 23 but a much bigger deal if you are 33 or 43.

 

[boost4me]

Grundy is less expensive for what appears to be similar coverage. The key word is appears.

Look at the true AV (actuarial value). They are a good company but know your coverage when it comes to liability and coverage limits for uninsured. The biggest catastrophic event you could be faced with is not the loss of the car.

Maybe not as big of deal when you are 23 but a much bigger deal if you are 33 or 43.

Totally agree, at 35 with wife, kids, and a pretty decent nest egg building, I need good liability coverage... My quote with Grundy was for 300K liabilities across the board. Going to switch to them Monday or Tuesday and drop the lizard all together.

I actually found it to be cheaper with progressive for my Expedition. So with pleasure I will be dumping the lizard all together!

 

[dom418]

Be careful of Grundy, yes they are the cheapest but read the fine print on what hobby use includes. I think they only cover the car when driven to and from a car show, no errands, overnights etc. They are now owned by Philadelphia Insurance Company. Once that happened they weren't the same, I can never get a hold of anyone at the office.

I payed a little more but now have Hagerty. Much better customer service and insurance is one of those things where you don't want to skimp out on. It isn't until you need them that you realize there's a problem. You get what you pay for guys. I pay $600 a year with a $28k replacement value.

Type in Grundy reviews. Jim Grundy actually explains what happened if you scroll down.
http://www.ripoffreport.com/r/grund...e-you-a-quote-take-your-money-and-then-527801

 

[boost4me]

Can anyone corroborate this?

I'll tell you right now... Hagerty is NOT going to happen... they were astronomically higher.

 

[dom418]

I snapped a pic of my old Grundy policy. Sorry for the crappy pic but read where it defines what a "collector vehicle" is.

Just know what and where you are covered. This article is a good read btw on collector insurance.
Is Your Car Really Insured? a review of classic-car insurance

 

[boost4me]

interesting...

I checked a couple boxes on the policy that states I use the car errands, as a secondary car, back up transportation.

 

[dom418]

Well maybe things changed over the last 2 years but that was my old Grundy policy. Good luck and let us know what you decided to do.

 

[87poopstang]

I wrote a tread about this a month or so ago. American collector A+++ go w them . I pay $495 a yr w more ins. BC I told them it has mods

 

[Shelbyman]

will they cover me on the track also?[/QUOTE]

Thats soooooooo funny....on the track BUT I will tell you that a friend of mine totaled his Backdraft Cobra at Willow Springs...suspension failure...rolled it a few times...lucky to live...........and get this since it was a driving education event and not a race per se State Farm paid the claim. I was totally shocked to say the least. After hearing that I called Hagerty and asked them if I would be covered in the same type of situation.....:lol:....when the laughter died down they said politely....NO!!!

 

[whitedevil95]

ok well I called and went to grundy.com again and wow what a savings this time. for $30,000 coverage it will cost me $400 a year.

What kind of deductible is that?

 

[MTBSully]

Are all of you guys 25+? When i first bought my cobra I looked into a few of these companies and iirc they all said you had to be 25. Maybe that was just hagerty though