Insurance, anyone have some good leads?

[ggunter]

I'm taking my car to MVA next Tuesday for title work and need to get some insurance coverage. Just got a quote from Midwest and they didn't know what a FFR Roadster was and the quote reflected it at $1130 a year. Anyone have some suggestions? Thanks

[doneeb]

I'm taking my car to MVA next Tuesday for title work and need to get some insurance coverage. Just got a quote from Midwest and they didn't know what a FFR Roadster was and the quote reflected it at $1130 a year. Anyone have some suggestions? Thanks

Mike was super easy to deal with and the insurance was around $300 per year for full value coverage -


Mike Smith
Northeast Classic Auto Ins.
800-866-6440

[Fman]

I used Robbin at Midwest classics, they insure a lot of Cobras and know all about them. I am in Go-kart right now and they still were able to come up with a plan. Robbin has been great to work with.

Office - 217-438-6235
www.midwestclassicins.com

[Papa]

Every state/locale is going to be different, so be cautious when evaluating insurance quotes others provide here. That said, you will generally do better working with a company that insures "collector" cars. Think Hagerty, Grundy, etc.. One of the forum vendors is an Insurance company (https://www.midwestclassicinsurance.com/). My insurance company (American National Insurance - formerly ANPAC) has a collector car product that I've been happy with, and other companies may as well. Look for a company that knows what the car is, and understands how you will use it. I strongly recommend a policy that provides "Agreed Value" for any total loss. Be wary of policies that are low-cost, but full of restrictions on how the car may be used. Many collector policies limit mileage, types of driving, etc.

[GoDadGo]

I'm taking my car to MVA next Tuesday for title work and need to get some insurance coverage. Just got a quote from Midwest and they didn't know what a FFR Roadster was and the quote reflected it at $1130 a year. Anyone have some suggestions? Thanks

I've got mine with State Farm and is valued at $45,000.00.
Restrictions require the car to be stored in a locked garage.
Mileage is limited to 3,500 per year.
Also, only my wife and son can drive the car because it is limited to our household family members.
Cost is just under $950.00 Annually, but it would have been about $650.00 if I lived in Mississippi.

NOTE:..Louisiana has extremely high Auto Insurance Rates because Ambulance Chasing Is A Statewide Industry!
..........."In A Wreck, Need A Check?" Is The Slogan Often Heard Down Here!

[Fman]

FWIW we use Farmers for all our cars, homeowners, umbrella, etc. and they would not insure the Cobra. They had no idea about the car or what it is. Robbin was also able to insure my car hauler for $85/yr which was a no brainer to me.

GDG, $950 seems high... at 48k value right now Midwest put me at $370/yr with 3500 miles per year. Nobody in my family can drive the car other than me or my wife but that was not a concern for me, I would never let one of my kids get behind the wheel of this car. Once my car is finished we will bump up agreed value a little.

[NAZ]

Hagerty agreed value of $95K, no limits on mileage (I don't have an odometer anyway) -- even covers me in the pit area and staging lanes but not on the actual track during competition. But they are very proud of their service, probably because of my particular car, YMMV.

[BEAR-AvHistory]

Hagerty no restriction agreed value $55,000 @ $390 a year with local agent. Guys I was prior, same agent, with stopped writing or renewing policies in 2020.

[egchewy79]

I've got mine with State Farm and is valued at $45,000.00.
Restrictions require the car to be stored in a locked garage.
Mileage is limited to 3,500 per year.
Also, only my wife and son can drive the car because it is limited to our household family members.
Cost is just under $950.00 Annually, but it would have been about $650.00 if I lived in Mississippi.

NOTE:..Louisiana has extremely high Auto Insurance Rates because Ambulance Chasing Is A Statewide Industry!
..........."In A Wreck, Need A Check?" Is The Slogan Often Heard Down Here!

was this an "agreed upon" value or an assessed value?
my state farm agent does insure classic cars and from our prelim conversations, he thinks that a policy for what i'm telling him would be around $200-$300 annually, no mileage restrictions. He himself has a 65 mustang valued around $28k and he says his annual policy is around $180. I'll need to clarify some details w/ him however.
I guess what's the benefit of the "agreed" value if the insurance co assess your car around the cost of the car or even higher?

addendum: I just realized that depreciation may be in the picture with assessed value rather than "agreed upon" value.

[edwardb]

I'm taking my car to MVA next Tuesday for title work and need to get some insurance coverage. Just got a quote from Midwest and they didn't know what a FFR Roadster was and the quote reflected it at $1130 a year. Anyone have some suggestions? Thanks

Umm... just not true. Not sure how you got that impression. They're a sponsor here and many including me have used them for years. Robbin will typically shop around and give you the best price he can find. That's what he's done for me. Not saying there aren't other options. Shop around. I'd be a little careful comparing to other locations, states, etc. There are just so many variables. Unfortunately, where I live in Michigan is one of the most expensive insurance markets in the country. But mine is still less than that.

[GoDadGo]

was this an "agreed upon" value or an assessed value?
my state farm agent does insure classic cars and from our prelim conversations, he thinks that a policy for what i'm telling him would be around $200-$300 annually, no mileage restrictions. He himself has a 65 mustang valued around $28k and he says his annual policy is around $180. I'll need to clarify some details w/ him however.
I guess what's the benefit of the "agreed" value if the insurance co assess your car around the cost of the car or even higher?

addendum: I just realized that depreciation may be in the picture with assessed value rather than "agreed upon" value.

Agreed Upon Value.

[RBachman]

I just went through switching companies last week. I ended up with American Collectors Insurance for $850 a year. This includes our "new" 42' Chevy and roadster on it with high levels of coverage and low deductible, just last week. It came to $850/year with a total insured loss of $65k each.140607140606140608140609140610

[ggunter]

I called Hagerty to a few months ago to get an idea and the guy told me $650 which I thought was reasonable. I should have bo ugh it then. I called Midwest and had to explain in detail what the car was. The guy had no idea. He said “ oh you mean like Carol Shelby” so I knew this would be bad. He ended up at $1130. I said I’ll let you know. I then called Hagerty and he knew what the car was but the first question was how much horsepower does it have. I told him 400 and he said that’s a lot of horse power for the weight of the car. I then told him cobra’s were never made with 4 cylinders. So he proceeds to interview me about my racing career of drag racing and boat racing to see if I have enough experience to handle the car. I started getting pissed but held my tongue. I ended up with coverage for $801 and an agreed price of $50k. I kind of jumped at the coverage because I’m taking the car toMVA today, but next year I’ll shop a bit more.

[ggunter]

Thanks for all the tips I copied them so I can shop next year for new coverage.

[OSU Cowboy]

All of our coverage - home, autos, umbrella policy - are with State Farm. My MK3.1 costs $160 per six months, full coverage valued at $45000 with no mileage limitations.

[edwardb]

I called Hagerty to a few months ago to get an idea and the guy told me $650 which I thought was reasonable. I should have bo ugh it then. I called Midwest and had to explain in detail what the car was. The guy had no idea. He said “ oh you mean like Carol Shelby” so I knew this would be bad. He ended up at $1130. I said I’ll let you know. I then called Hagerty and he knew what the car was but the first question was how much horsepower does it have. I told him 400 and he said that’s a lot of horse power for the weight of the car. I then told him cobra’s were never made with 4 cylinders. So he proceeds to interview me about my racing career of drag racing and boat racing to see if I have enough experience to handle the car. I started getting pissed but held my tongue. I ended up with coverage for $801 and an agreed price of $50k. I kind of jumped at the coverage because I’m taking the car toMVA today, but next year I’ll shop a bit more.

I don't get any commission :o but still not understanding what might have happened in your contact with Midwest. Their info is here: https://www.midwestclassicinsurance.com/cobras-kits. Emails to Robbin (email in the link) are typically responded to almost immediately. Even during non-business hours. Whoever you talked to wasn't Robbin. I've had a couple claims (windshield and towing) and were handled efficiently. Not saying they can't beat what you ended up with. But you should have gotten something to compare to. For my state, the policy is through American Modern. Shopped Haggerty and Grundy and both were much higher for the same coverage. My own local insurance agent (DD's, house, etc.) doesn't offer anything I'm interested in so Midwest has provided good service and rates for me over the past 10+ years.

[frankb]

I use American Family for both cars, homeowners, and an umbrella policy. My Mk4 policy is a stated (agreed upon) value, approximate replacement of parts, etc, but not finished vehicle. Cost is approx $600 per year for the Mk4, no mileage limit.

[Walt]

I also use Robbin at Midwest he was half what Hagerty quoted for the same coverage.

[Big Blocker]

I've been with State Farm for the last 18 years of the car being on the road - just added to my regular policy with a "stated value" statement (verified by a local appraisal shop). I can drive the car as much as I want to, no mileage restrictions. Cost approximately $600 per year. My agent knows that I can't drive two cars at once so he sees it as another car in a three car family (lucky me). I'm it's only driver . . . wife doesn't like to drive it (stick shift, no power steering / brakes).

Doc

[ggunter]

Insurance is a funny game. My cars, truck and home are with Liberty Mutual but I never even tried them as it seems like most insurance companies look at any performance car with a rancid eye. I guess I need to call Robbin at Midwest and see what his number is.

[H R Lucky]

Quote Originally Posted by ggunter View Post
I'm taking my car to MVA next Tuesday for title work and need to get some insurance coverage. Just got a quote from Midwest and they didn't know what a FFR Roadster was and the quote reflected it at $1130 a year. Anyone have some suggestions? Thanks



Umm... just not true. Not sure how you got that impression. They're a sponsor here and many including me have used them for years. Robbin will typically shop around and give you the best price he can find. That's what he's done for me. Not saying there aren't other options. Shop around. I'd be a little careful comparing to other locations, states, etc. There are just so many variables. Unfortunately, where I live in Michigan is one of the most expensive insurance markets in the country. But mine is still less than that.


I think the answer is that there are 2 different Midwest Insurance companys, there's Midwest Classic insurance, then there's Midwest insurance corporation.

[cobrajj]

Here's the link to Midwest Classic Insurance https://www.midwestclassicinsurance.com/cobras-kits

[H R Lucky]

I understand if you have an accident and you have "agreed value" on your collision policy they would pay you up to that value for damages.
What happens if someone hits you and it's their fault, that persons insurance would want to pay for book value of the car, would your "agreed value" policy make up the difference?
thanks.

[Scott Zackowski]

I understand if you have an accident and you have "agreed value" on your collision policy they would pay you up to that value for damages.
What happens if someone hits you and it's their fault, that persons insurance would want to pay for book value of the car, would your "agreed value" policy make up the difference?
thanks.

Excellent question!
I suspect someone on the forum knows the answer.

Also, for the military folks out there, USAA uses American Collectors as their insurer. I am in the process renewing my insurance and will see what they have to offer along with Midwest (Robin) and Hagerty.

[nucjd19]

I've been with State Farm for the last 18 years of the car being on the road - just added to my regular policy with a "stated value" statement (verified by a local appraisal shop). I can drive the car as much as I want to, no mileage restrictions. Cost approximately $600 per year. My agent knows that I can't drive two cars at once so he sees it as another car in a three car family (lucky me). I'm it's only driver . . . wife doesn't like to drive it (stick shift, no power steering / brakes).

Doc

State Farm here too. I am a pretty big fan. We had a vacation home in Gatlinburg burn down during the 2016 Wildfires. We drove to the smoldering foundation of our home and the agent had a check in her hands for us. They were great to deal with and have been since. Here is a picture of our vacation home after the fire.
https://thefactoryfiveforum.com/attachment.php?attachmentid=165073&d=1649122416 Here is the cabin rebuilt after the fire :)
https://thefactoryfiveforum.com/attachment.php?attachmentid=165077&d=1649122922
https://thefactoryfiveforum.com/attachment.php?attachmentid=165076&d=1649122920

[GoDadGo]

I've been with State Farm since I was old enough to drive.
They've insured our cars, boat, home and now our MK-4.
Those folks even insured my motorcycle when I was two wheeling it.
Everything has been insured by them since 1986.

[Alan_C]

I'm taking my car to MVA next Tuesday for title work and need to get some insurance coverage. Just got a quote from Midwest and they didn't know what a FFR Roadster was and the quote reflected it at $1130 a year. Anyone have some suggestions? Thanks

You need to contact Robbin at MidWest. He specializes in insuring these cars. His quote should be far lower than what you showed here.

Robbin R Terry
POB 229
Auburn, IL 62615
www.midwestclassicins.com
Office - 217-438-6235
Fax – 217-438-3347
Hours 8:00am – 4:30pm CST Mon-Fri

[Dewey McBride]

I'm taking my car to MVA next Tuesday for title work and need to get some insurance coverage. Just got a quote from Midwest and they didn't know what a FFR Roadster was and the quote reflected it at $1130 a year. Anyone have some suggestions? Thanks

That's strange? Robin at Midwest has been helping me for 4 years now. He knows our cars very well. I have a $50,000 agreed value and it's $450 a year. I'm in California, so I assume it would be lower in other states.

[Avalanche325]

Agreed upon value is what you want.

With stated value, you get to pay premiums on what ever value makes you feel good (Hand built one of a kind classic Cobra). Then when something happens, the insurance company can pay out on the number that makes THEM feel good (Cheap old kit car).