track insurance
#16
Originally Posted by A930Rocket
I just wish somebody would offer DE Ins for SC residents.
Hell, I'm paying $1000 a year just for street insurance for my '87 911 Turbo and I'm 47 with no tickets, only drive it about 3000 miles a year and it's a 3rd car. State Farm is KILLING ME!
Hell, I'm paying $1000 a year just for street insurance for my '87 911 Turbo and I'm 47 with no tickets, only drive it about 3000 miles a year and it's a 3rd car. State Farm is KILLING ME!
#17
Originally Posted by A930Rocket
I just wish somebody would offer DE Ins for SC residents.
Hell, I'm paying $1000 a year just for street insurance for my '87 911 Turbo and I'm 47 with no tickets, only drive it about 3000 miles a year and it's a 3rd car. State Farm is KILLING ME!
Hell, I'm paying $1000 a year just for street insurance for my '87 911 Turbo and I'm 47 with no tickets, only drive it about 3000 miles a year and it's a 3rd car. State Farm is KILLING ME!
__________________
Larry Herman
2016 Ford Transit Connect Titanium LWB
2018 Tesla Model 3 - Electricity can be fun!
Retired Club Racer & National PCA Instructor
Past Flames:
1994 RS America Club Racer
2004 GT3 Track Car
1984 911 Carrera Club Racer
1974 914/4 2.0 Track Car
CLICK HERE to see some of my ancient racing videos.
Larry Herman
2016 Ford Transit Connect Titanium LWB
2018 Tesla Model 3 - Electricity can be fun!
Retired Club Racer & National PCA Instructor
Past Flames:
1994 RS America Club Racer
2004 GT3 Track Car
1984 911 Carrera Club Racer
1974 914/4 2.0 Track Car
CLICK HERE to see some of my ancient racing videos.
#18
Originally Posted by VB997
Matt,
I renewed my policy with Laurel last week, so I know they are still in the business. Dave Empringham (racer) is the rep...great guy, extremely responsive.
I renewed my policy with Laurel last week, so I know they are still in the business. Dave Empringham (racer) is the rep...great guy, extremely responsive.
#20
Originally Posted by DrJupeman
He sells DE insurance yet works with race teams? Does he do race insurance?
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.
#21
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).
#22
Originally Posted by DrJupeman
He sells DE insurance yet works with race teams? Does he do race insurance?
#23
Originally Posted by A930Rocket
I just wish somebody would offer DE Ins for SC residents.
Hell, I'm paying $1000 a year just for street insurance for my '87 911 Turbo and I'm 47 with no tickets, only drive it about 3000 miles a year and it's a 3rd car. State Farm is KILLING ME!
Hell, I'm paying $1000 a year just for street insurance for my '87 911 Turbo and I'm 47 with no tickets, only drive it about 3000 miles a year and it's a 3rd car. State Farm is KILLING ME!
#24
Originally Posted by 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).
#25
I have very important information everyone should hear!!!
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.
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.
#26
Message for the moderators>>>
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!
Thank you and good luck to everyone!
#27
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 $$ premiums for policies that they are stating will be serviced. I have a bad feeling that issues may arise if claims are filed.
Steve
2003 996
they said that they aren't notifying their policy holders at this time, as the policies are still valid.
It may be me, but something doesn't necessarily sound proper about their handling of this. Many of us have had $$ 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
#28
American Collectors
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.
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.
#30
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.
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.