FFCars.com : Factory Five Racing Discussion Forum - Reply to Topic
Thread: Insurance Reply to Thread
Title:
Message:
Trackback:
Send Trackbacks to (Separate multiple URLs with spaces) :
Post Icons
You may choose an icon for your message from the following list:
 
 
 

Register Now



In order to be able to post messages on the FFCars.com : Factory Five Racing Discussion Forum forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










  Additional Options
Miscellaneous Options

  Topic Review (Newest First)
09-27-2019 07:33 PM
MauiKarl 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!
09-27-2019 06:27 PM
Avalanche325
Quote:
Originally Posted by Brastic View Post
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.
09-25-2019 05:59 PM
Brastic 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.
09-25-2019 05:39 PM
Alan_C 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.
09-25-2019 04:59 PM
luey2009
Quote:
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.
09-25-2019 04:52 PM
FFR3247
Quote:
Originally Posted by FFR5452 View Post
Quote:
Originally Posted by FFR3247 View Post
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
09-25-2019 03:25 PM
FFR5452
Quote:
Originally Posted by FFR3247 View Post
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.
09-25-2019 02:26 PM
OSU Cowboy 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.
09-25-2019 10:46 AM
FFR3247 It’s listed as a 65 on insurance card but I’ll verify that. It’s been with them for @15 years
09-25-2019 05:50 AM
FFR5452
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.
09-22-2019 04:04 PM
OSU Cowboy 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.
09-22-2019 01:02 PM
CraigS X3 for Midwest.
09-22-2019 12:50 AM
FFR3247 I’m lucky if I get 500 miles a year.

Thanks for the info
09-21-2019 11:50 PM
CFranks 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.
09-21-2019 09:24 PM
FFR3247 Mine sounds a tad high then. I’ll check around.
09-21-2019 07:37 PM
Real time recon Just got the bill for the Cobra from Grundy .Agreed replacement value.Unlimited millage.Fire, theft, collision ...$257.00 for the year
09-20-2019 09:10 PM
NiceGuyEddie $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.
09-20-2019 05:36 PM
CRZN 427
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.

Regards. Rick.
09-20-2019 05:21 PM
JKleiner
Quote:
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.

Jeff
09-20-2019 02:18 PM
FFR3247
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.

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 
For the best viewing experience please update your browser to Google Chrome

 

Welcome to FFCars! The representations expressed are the representations and opinions of the FFCars.com forum members and do not necessarily reflect the opinions and viewpoints of the site owners, moderators, Factory Five Racing, Inc. or Ford Motor Company. This website has been planned and developed by FFCars.com and its forum members and should not be construed as being endorsed by Factory Five Racing, Inc. or Ford Motor Company for any purpose. "FFR", "Factory Five", "Factory Five Racing", and the Factory Five Racing logo are registered trademarks of Factory Five Racing, Inc. FFCars.com forum members agree not to post any copyrighted material unless the copyrighted material is owned by you. Although we do not and cannot review the messages posted and are not responsible for the content of any of these messages, we reserve the right to delete any message for any reason whatsoever. You remain solely responsible for the content of your messages, and you agree to indemnify and hold us harmless with respect to any claim based upon transmission of your message(s). Thank you for visiting the FFCars.com Forum dedicated to Factory Five.