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Thread: Cobra Insurance

  1. #1
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    Cobra Insurance

    Please could I make a plea via Admin to secure this post as a new 'Sticky' for Cobra Insurance.

    It is a regular topic that comes up at various times of the year and I can't help but feel that it would be of benefit to members if we could post our questions and findings under one thread, that could over time provide a valuable history of insurance for our cars. Almost along the lines of "What did you do to your Cobra today", but focussed on insurance.

    For example, I have just renewed my insurance and with a bit of digging around, plus focussed discussions with the Broker, I have just saved nearly £100 over last years premium. With that came some decisions over cost v cover. At the end of the day I'm happy with the deal I got and will post the findings in a bit.

    Doubtless there are others who have managed something similar, then others who have possibly been stuffed, for whatever reason(s).

    I realise that there will always be the ongoing debate of insurance cost variance from region to region; level of cover required; Agreed Value or no Agreed value; S&DP v Track use etc etc. - But, at the end of the day, hardly a month goes by without a new Thread being created about 'Cobra Insurance': Maybe now we could capture all of those questions and experience in one place.

    Thanks.
    Robin.

    No longer hard-topped, but still relatively soft-centred...



  2. #2
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    I do agree Robin. So who you with now?



    Andy

  3. #3
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    And how much ? If this thread is going to work well we need all the details really. Mine is due in a couple of months will be happy to post my results. At the moment I pay about £190 for agreed value £26,000 and 3,000 miles with Hagerty.
    Martin

    351W 416.7 HP and 466.8 ft-lbs

    Running Mega Squirt and Edis 8


  4. #4
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    With rebuild costs rising Tinka, do you think £26k is enough??
    BIG TONE


    Mercedes SL owner, definitely NOT a kitcar owner like you lot!


  5. #5
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    Quote Originally Posted by tonym View Post
    With rebuild costs rising Tinka, do you think £26k is enough??
    If it got that badly damaged I would think twice about what to do if that was not enough regarding rebuilding, replacing or saying goodbye to Cobras.
    Martin

    351W 416.7 HP and 466.8 ft-lbs

    Running Mega Squirt and Edis 8


  6. #6
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    It has been suggested to me that agreed value is not such a good idea. The theory being they charge you a bit more for it, the value of our cars is going up and in the event of a total loss the agreed value is what you get, however the replacement cost could be considerably more. If you have all the photos, reports etc you require for agreed value but don’t have agreed value insurance come a claim you should be able to claim sufficient money to replace your pride and joy. Thoughts?

    Simon

  7. #7
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    As values have gone up over the years I have increased the agreed amount that my Cob is covered for, agreed value insurance is "paying" for the agreed value, in other words some one like Hagerty will agree the increase in value covered if you pay a bit more too cover it, as long as you are not stupid and suggest it is worth a lot more and they agree with the valuation they should be happy.

  8. #8
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    Quote Originally Posted by corn plaster View Post
    I do agree Robin. So who you with now?
    Andy
    Quote Originally Posted by TINKA View Post
    And how much ? If this thread is going to work well we need all the details really. Mine is due in a couple of months will be happy to post my results. At the moment I pay about £190 for agreed value £26,000 and 3,000 miles with Hagerty.
    Sorry for delayed response. I have had to do some chasing around to clarify the actual cover I am going to receive for the coming year so staved off posting until resolved. Are (some of) these Insurance companies just generally incompetent or do they do it on purpose?

    Follow-up coming...
    Robin.

    No longer hard-topped, but still relatively soft-centred...



  9. #9
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    Having problems posting everything in one go, so splitting into separate bits:

    Anyway, for the past few years I have arranged my Cobra insurance with a well known agent/broker - and actually they have always acted promptly and professionally, with the policy being provided by KGM. Well this year my agent wanted a bit more money. It wasn't outrageous but enough for me to make some calls.

    First up: Adrian Flux - Well I thought I'd give it a go for a laugh. They quoted me nearly £70 cheaper for similar cover and actually 1000 more miles and a smaller excess. HOWEVER when they sent through the quote it read DAX POJERIRO. OK, an easy mistake I guess, but even when I corrected them, no response. Doesn't bode well should I have to make a real claim I thought!

    Next up: A Plan (Motor Direct). Some of this Forum's members have used this broker before so I thought I'd try them. They instantly came in nearly £100 cheaper than my current policy. HOWEVER on receipt of the Proposal there were numerous errors, including my belief of which Endorsements should apply, especially as the company selected by them to provide the policy was.....KGM (the same as my current insurance).

    My previous insurance had included numerous endorsements including windscreen damage/replacement, limited mileage and extended foreign use. Also included was a 'Garaging' endorsement, allowing me to park my car out in the open if away on holiday etc. There was also an endorsement covering the car at 'Rallies', i.e. car shows and events etc. Finally I had always had an 'Agreed Value' applied. The A-Plan Proposal appeared to be lacking on the Garaging, Rallies and Agreed Value front, so I contacted them and (with some perseverance) got the A-Plan representative to go and check with KGM why this was the case, especially as KGM had included these features on my current insurance (albeit it with a different broker).

    A-Plan came back the next day to confirm that 'Garaging' and 'Rallies' would be included (no extra cost). But KGM had advised them that their policy does NOT provide for Agreed Value and that my current policy should never have had this endorsement included in the first place. Well as it turns out, the Agreed Value that I had set with my previous broker had since been surpassed by way of general increases in car values, so actually the current Market Value of my Cobra is highly likely to exceed the Agreed Value I would have used anyway.

    More to follow...
    Last edited by cobrap; 25-03-16 at 09:36 PM.
    Robin.

    No longer hard-topped, but still relatively soft-centred...



  10. #10
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    ...So then, I have chosen A-Plan for my Cobra insurance this year. (Nearly) all of the documentation has been delivered, though I still await the actual Certificate of Insurance.

    I have to say that I don't normally read through all of my Insurance Schedules with a 'fine tooth comb', but I have become increasingly suspecting of suppliers of insurance who may choose to exploit any opportunity to refuse to pay out in the event of a claim, due to missing or inaccurate details being held on file.

    I hope that this is of help to members. I hope that I have done the right thing, though obviously I hope that I don't need to make a claim.
    Oh and I also appreciate that the companies mentioned above are far from the be all and end all of perfectly good insurance providers. It's just that for the age of my Cobra (2006), I am limited in terms of the providers who will consider covering my car.
    Robin.

    No longer hard-topped, but still relatively soft-centred...



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