Like a daily driver, the Roadster will require motor vehicle insurance. Minimum coverage requirements vary by state, and a preliminary review can be accomplished by visiting the appropriate state department or registry of motor vehicles. In general, you will need liability, personal injury, uninsured motorist, and collision/comprehensive coverage on the value of the Cobra itself. In most cases, the insurance levels carried on daily drivers should provide a guide for Roadster limits.
Roadster insurance departs from regular car insurance in a few important aspects:
Most classic/antique car and replica policies have annual mileage limits, like 1,000 or 2,000, do not cover “timed event” racing or other “off-road” excursions, and may restrict routine use like commuting to work. Like regular daily driver coverage, deductibles range from $500 to 1000, but can be set differently if desired (although often this is not cost-effective).
A Roadster policy should match your daily driver coverage for bodily injury (BI) and property damage (PD) liability, medical payments, and uninsured motorist (mandatory in some states). Some specialty policy insurers will require matching coverage as well as proof of daily driver insurance. Expect to pay less than $100 per year for this category of coverage (unless very high liability is desired, you have a terrible driving record, or drivers under 25 years of age are listing as covered drivers).
Comprehensive and collision coverage is based on the explicit maximum value of the Roadster and, depending on the deductible level, ranges between 0.6% to 0.8% of this stated amount. For example, $30,000 maximum value coverage with a $500 deductible should cost around $200 annually (state costs can vary considerably, however, and your location may be more or less expensive than this average, based on March 2009 data). Using this example, total policy cost would be around $300 per year. If higher mileage limits (say 5,000 annually), low (say $0) deductible, and high liability coverage is needed, the cost may be substantially more depending on your location.
If frequent racing is planned, the Roadster may not be insurable under the type of policy described above. Targeted race coverage is available but extremely expensive as the cost mirrors the increased risk of damage and/or injury. Do not race your Roadster unless you can afford a total financial loss including liability and medical claims.
In most cases, arrange Roadster insurance before proceeding to state motor vehicle registration. Most policies will not cover a partially completed vehicle or the raw kit itself, but will insure a running yet-to-be painted (gel coat) Roadster.