ltc

If it makes you feel any better, Massachusetts is no better.

Larry Herman

Must be the turbo, Jim. I'm paying State Farm the same amount for a brand new Boxster S.

Gary R.

I'm sure he is, but I just renewed my ACI policy a week or so ago too!

mitch236

I just renewed last month. I don't think they can cancel me until the policy runs its course. I'm going to call them now just in case but I haven't recieved any notifications at all.

RickBetterley

Hi Charlie
You asked whether Laurel offers race (in addition to DE) insurance.
The answer is yes - that is really the base of their company, and DE is an extension product. Lots less pricey for DE, I would think.

mitch236

Here's what I was told when I called American Collector's. They will NOT be writing any new DE policies. Their current customers will be able to renew though. So if you already have current DE insurance, they will not be dropping you (at least, as of now -that may change).

Seth Thomas

Correct. He sells both as his specialty is geared towards track enthusiasts of all kinds.

Seth Thomas

That is the word turbo in the description of the car. My dad had a 1996 993TT, SL600, and a Ferrari 550 with State Farm. The Ferrari insurance cost half of what the 993 and SL600 cost. That is one of the reasons he switched to USAA.

Gary R.

Thanks Mitch, I'll call them today just for my own POM.. I just had written in to add my 964 on, my guess is it isn't going to happen.

CosmosM3.2

For everyone on this forum please listen closely, especially those "insured" with Laurel DE.

For those who are currently insured through Laurel please take out your policies today. Take a look at the small disclaimer on the policy and read:

"The coverage you are requesting is from an insurance company that is not licensed in the United States of America or Canada.

This company is called a "non-admitted" or "surplus lines" insurer. This company is not subject to the financial solvency regulations and enforcements which apply to State, U.S. or Canadian licensed companies."

This statement is the complete opposite of the laws governing surplus lines insurance companies also known as E&S. E&S companies are REQUIRED to be licensed in the countries they do business in and if they are not they are breaking the law. Also, do a search on the company and the underwriting co. "Pacific Insurance Corp." neither exist as real companies or insurance companies. I am making you aware of this because of several investigations currently being conducted by the insurance fraud divisions in several states. Please understand that as a non-licensed program this is not considered real insurance and there is absolutely no guarantee of payment if you experience a loss.

I also encourage those who are currently "insured" with Laurel to call the insurance fraud department in Georgia and speak with the lead investigator, Sherry Mowell. She can be reached at 404.651.7983 and she is very eager to speak to those who have are looking for answers and are interested in helping with the case.

I'm sorry for those of you who might be disappointed in this news, but as someone of integrity who gave an oath as an insurance professional I have a duty to inform you of the illegal nature of this product.

CosmosM3.2

This might be something you would want to make into a forum alert for fraud. This program has been circulated amond several racing and auto enthusiast boards on the internet and this information needs to be broadcast. Sherry Mowell can verify the that this is in fact a fraudulant program and is not insurance. She has started different investigations in different states as past customers of Laurel have come forward.

Thank you and good luck to everyone!

smankow

I just spoke with American Collectors customer service department. At this point, they are no longer writing new policies, but will continue to service existing policies including claims, vehicle changes and additions, etc.

they said that they aren't notifying their policy holders at this time, as the policies are still valid.

It may be me, but something doesn't necessarily sound proper about their handling of this. Many of us have had $$ premiums for policies that they are stating will be serviced. I have a bad feeling that issues may arise if claims are filed.


Steve
2003 996

CosmosM3.2

I can't say for sure that there will be no issues if you file a claim with American Collectors, but I can tell you that since their program is underwritten by a standard lines insurance co. that they are backed by their state's insolvency fund and will gurantee payment if the insuring co. folds.

When the co. says the program's loss ratio is too high it means that they weren't charging enough premium for the losses they've experience. A 20% deductible is pretty typical, but 1.5% of the agreed value as the premium is extremely low. It was low to increase interest in the program. Word didn't circulate fast enough and the program has experienced a loss in revenue.

930man

somewhat glad i restarted the thread

RickBetterley

In the interest of calm, reasoned discussion, I am not so sure I agree with cosmosM3.2 about this. For insurance that no domoestic (that is, in country) insurer will offer, insureds sometimes can find an insurer from outside of the country, in this case Pacific. Prospective insureds can buy insurance from those comapnies as long as the insurer is not soliciting them in their state (which would trigger regulatory oversight; its not that simple but close enough).
While I would prefer that a household name insurer offer DE coverage - they don't (see discussion about American Collector).
I would also prefer that Laurel offer up some info in response to these concerns, and have asked Dave Empringham to comment.
Sorry for the boring discussion about insurance.