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post #1 of 20 (permalink) Old 09-20-2019, 01:18 PM Thread Starter
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Insurance

What's everyone paying for insurance and the value stated?

I use State Farm and i'm thinking I need to change. My premium is due Oct 9th and Id like to make a change by then.

I pay @600 a year but on 25K. It needs to be increased and id rather do this all at once.


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post #2 of 20 (permalink) Old 09-20-2019, 04:21 PM
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Originally Posted by FFR3247 View Post
What's everyone paying for insurance and the value stated?

I use State Farm and i'm thinking I need to change. My premium is due Oct 9th and Id like to make a change by then.

I pay @600 a year but on 25K. It needs to be increased and id rather do this all at once.
I know premiums vary by state and even location within states but as an FYI I too am with State Farm---agreed (not stated, there is a difference) value of 35K, all the same liability, comp and uninsured motorist coverage as our daily drivers for under $200 per year. It's our least expensive vehicle to insure.

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post #3 of 20 (permalink) Old 09-20-2019, 04:36 PM
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OK...

As several have commented, give Robbin Terry, at Midwest Classics, a call. I have a MK-II that has about the same stated value for about 2/3 of what you stated for a premium. It will vary as JKleiner pointed out so give him a call to see.

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post #4 of 20 (permalink) Old 09-20-2019, 08:10 PM
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$444 with Midwest Classics. I've been with them for 15 years, no idea if this affects the price, but it has gone up and down just a little bit over the years.

I don't recall the yearly mileage limit - 3,000 maybe? I think it's insured for $50,000.

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post #5 of 20 (permalink) Old 09-21-2019, 06:37 PM
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Just got the bill for the Cobra from Grundy .Agreed replacement value.Unlimited millage.Fire, theft, collision ...$257.00 for the year
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post #6 of 20 (permalink) Old 09-21-2019, 08:24 PM Thread Starter
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Mine sounds a tad high then. I’ll check around.

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post #7 of 20 (permalink) Old 09-21-2019, 10:50 PM
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X2 for Midwest and Robbin. I have agreed value of $40k (will raise it once jkleiner adds me to his schedule and paints it), full tort, collision etc.... 6000 mile per year limit but itís not intended to be a daily driver to work. They even worked with me to increase the limits so no gap for my umbrella. Price is much less that what you quote below (Iím in pa). Like everyone said it varies though depending on factors I will never know. If you insure as a daily driver then price will be higher I would think.
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post #8 of 20 (permalink) Old 09-21-2019, 11:50 PM Thread Starter
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I’m lucky if I get 500 miles a year.

Thanks for the info

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post #9 of 20 (permalink) Old 09-22-2019, 12:02 PM
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post #10 of 20 (permalink) Old 09-22-2019, 03:04 PM
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I just obtained insurance from State Farm on my 11 year old MK3.1 project.

I valued it at $40K, and was shocked when they said my 6 month premium was $130.

We do have, and have had, our home and auto insurance through State Farm for
35 years - not sure how much that may have played into it.

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post #11 of 20 (permalink) Old 09-25-2019, 04:50 AM
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Quote:
Originally Posted by OSU Cowboy View Post
I just obtained insurance from State Farm on my 11 year old MK3.1 project.

I valued it at $40K, and was shocked when they said my 6 month premium was $130.

We do have, and have had, our home and auto insurance through State Farm for
35 years - not sure how much that may have played into it.
Did you tell your agent the car was a 1965 Shelby cobra or did you tell him it was a 2008 factory five replica of a 1965 Shelby cobra? It makes a heck of a difference in price.

Jim

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post #12 of 20 (permalink) Old 09-25-2019, 09:46 AM Thread Starter
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It’s listed as a 65 on insurance card but I’ll verify that. It’s been with them for @15 years

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post #13 of 20 (permalink) Old 09-25-2019, 01:26 PM
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I told them it is a Factory Five replica of a 65 Cobra.

Told the State the same as I applied for tag and title.

Interestingly, the State of Oklahoma adopted the Factory Five number as the state-issued VIN number ... just got that paperwork back in the mail from them yesterday.
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post #14 of 20 (permalink) Old 09-25-2019, 02:25 PM
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Itís listed as a 65 on insurance card but Iíll verify that. Itís been with them for @15 years
Thereís the potential problem. They think theyíre insuring an actual 1965 classic vehicle. When in reality they are insuring a modern recreation. Most agents donít know how to classify and insure a replica. When they insured my FFR, it was listed as a 2009 replica and was priced accordingly.
The only thing that could go wrong is if there is a claim and some alert claims rep realizes that your vehicle has been mis-classified. Potential decline of claim. But State Farm probably wonít catch it. Best case scenario, youíve been saving a lot of $$ on your insurance bill.

Jim

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post #15 of 20 (permalink) Old 09-25-2019, 03:52 PM Thread Starter
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It’s listed as a 65 on insurance card but I’ll verify that. It’s been with them for @15 years
There’s the potential problem. They think they’re insuring an actual 1965 classic vehicle. When in reality they are insuring a modern recreation. Most agents don’t know how to classify and insure a replica. When they insured my FFR, it was listed as a 2009 replica and was priced accordingly.
The only thing that could go wrong is if there is a claim and some alert claims rep realizes that your vehicle has been mis-classified. Potential decline of claim. But State Farm probably won’t catch it. Best case scenario, you’ve been saving a lot of $$ on your insurance bill.

Saving? Looks like I’ve been paying a bunch more than the others here

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post #16 of 20 (permalink) Old 09-25-2019, 03:59 PM
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Originally Posted by NiceGuyEddie View Post
$444 with Midwest Classics. I've been with them for 15 years, no idea if this affects the price, but it has gone up and down just a little bit over the years.

I don't recall the yearly mileage limit - 3,000 maybe? I think it's insured for $50,000.
I just checked my plan with midwest. 625/yr , 3k miles/yr , valued at 72k which I need to revisit that because the original value 7 years ago was 50k.


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post #17 of 20 (permalink) Old 09-25-2019, 04:39 PM
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The last year I owned my car was 2017-2018 and I was with Robbin and Midwest. They are underwritten by Infinity insurance. Insured value was about $40K, which was increased a couple of thousand every year or two I was with them. Cost was about $365/yr with mileage limited to 6K miles per year. You could increase the yearly mileage if needed for a increased premium. The new owner was charged a higher premium than I had been paying when the car was first in CA and later in AZ. The new owner returned the car to CA. When I moved the car from CA to AZ, I was surprised to see that the premium was not reduced. The formula for determining the premium must have a lot of factors, as similar value builds can have significantly different premiums, even with the same company.

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post #18 of 20 (permalink) Old 09-25-2019, 04:59 PM
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When it comes to insurance, make sure that you have in writing that you have an "agreed" value vs a "stated" or "book".

Agreed: Both parties agreed on the value of the car. If the car is totaled, then that price is paid out.

Stated or book: Once the car is totaled, the insurance company looks up the value of the vehicle. For custom cars, this can back fire on you. If you have a MK1 and the insurance company paying out looks up Cobra values, they might only find Superformance cars for sale and pay you $60+k. The opposite might also happen. Again, for custom cars, never use this method.

One more thing. If you have not done so, get a professional appraisal. It should be 10+ pages with lots of details and from a company that will go to court for you. This way, if the accident is not your fault and you have to fight a different insurance company, you have documentation of the car before the accident. My appraisal is over 40 pages long with lots of details and photos.
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post #19 of 20 (permalink) Old 09-27-2019, 05:27 PM
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When it comes to insurance, make sure that you have in writing that you have an "agreed" value vs a "stated" or "book".

Agreed: Both parties agreed on the value of the car. If the car is totaled, then that price is paid out.

Stated or book: Once the car is totaled, the insurance company looks up the value of the vehicle. For custom cars, this can back fire on you. If you have a MK1 and the insurance company paying out looks up Cobra values, they might only find Superformance cars for sale and pay you $60+k. The opposite might also happen. Again, for custom cars, never use this method.

One more thing. If you have not done so, get a professional appraisal. It should be 10+ pages with lots of details and from a company that will go to court for you. This way, if the accident is not your fault and you have to fight a different insurance company, you have documentation of the car before the accident. My appraisal is over 40 pages long with lots of details and photos.

Exactly! You want Agreed!

Stated lets you pay a high premium for a beautiful replica for years and then they get to pay out for a crappy old kit car.

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post #20 of 20 (permalink) Old 09-27-2019, 06:33 PM
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I’m in the same boat with OSU cowboy, State Farm, long time customer, both my roadster and Coupe at agreed value,($60k for the Coupe and 40k for the roadster. I think there’s a mileage limit but only $130 ea for 6 months. I’m happy with that, my truck is near $350 for 6 months!

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