Canadian Insurance Recommendations Needed

Inniswhe · 11-23-2007, 06:34 AM

I am looking for recommendations for an insurance company in Canada. I am in PEI but am searching for companies that insure in Canada. I recently bought an 84 911 Carrera and am looking to insure as an occasional car. I am 37 with a clean driving record.

Please make recommendations and approximate rates if you have any info.

Thanks

Ross

Christien · Christien's Garage

That's a difficult question to answer, because insurance differs drastically from province to province, and I don't think there are too many people from PEI here. Your best bet is to talk to an insurance broker and see what kind of rates they can get you. For comparison, for my 72 911 I had a policy with Economical that was about $2000 a year, with a $500 deductible. That was for full coverage, about $160/month. In the winter I drop it to just fire and theft and it's about $15 a month. I just got a new policy through Dominion General for about $1450/year or $120 a month. My rates are a bit higher than some other people - I've only had a continuous policy for about 3 years now, and I've got a couple speeding tickets on my record.

Hope this helps.

Inniswhe · 11-23-2007, 09:22 AM

I am looking for those companies that specialize in the classic car type insurance for the occasional driver cars. I know there are some out there. I just need names so I can contact them to see if they will insure on PEI.

blur911 · 11-23-2007, 04:54 PM

Quote:

Originally Posted by Inniswhe

I am looking for those companies that specialize in the classic car type insurance for the occasional driver cars. I know there are some out there. I just need names so I can contact them to see if they will insure on PEI.

http://www.lant-ins.ca/

Inniswhe · 11-23-2007, 08:28 PM

Thanks Blur911, that is the company I was looking for , and they sell their policies through one of the main insurance firms in PEI

Porsche_monkey · 11-24-2007, 06:34 AM

Lant is very restrictive in how you use your car. They also require an appraisal. Other than that they are fine.

Inniswhe · 11-24-2007, 12:31 PM

Are there any less restrictive companies out there with reduced rates ?

My insurance rate from my current provider is only $500 /yr so it is not bad but people have told me I can get coverage for half that amount.

I guess that may be the catch . What sort of restriction will there be typically with these special insurance policies?

imcarthur · imcarthur's Garage

Lant allows the 19A (??) schedule which is that they will pay up to the appraised value in the event of a write off. Most companies will not & will only pay out a devalued amount. Check carefully.

Ian

Christien · Christien's Garage

$500 a year is pretty damn good. People that are getting rates half that I'm sure are with Lant, and sure, the restrictions are why it's so cheap. 5K km/year limit, only weekend cruising, no autocross and certainly no track, no coverage at work, parking lots, shopping malls, etc.

I've had the form 19 with both Economical and now with Dominion - I wouldn't go any other way.

Inniswhe · 11-25-2007, 02:32 PM

Forgive my ignorance but what is the form 19?

Thanks

hpaulb · 12-05-2007, 12:28 PM

I use Lant for my 69 Firebird and 87-924S. The posche appraised at 8000 is only $187 per year for full insurance. The only restriction I can remember is I can't drive it to any store or to work but how would they know if I never make a claim from there.

Christien · Christien's Garage

Form 19A is the agreed value form - it means that in the event of a write-off or theft the insurance company will pay out the agreed value, no more, no less. They require an appraisal, usually, although I've heard of companies in the past that will just tie agreed value to premiums, so the more you want to pay per month, the more coverage you get. I can't remember who/where/when I heard this, though, so I can't confirm. Might have even been american.

Form 19 is the limit the ins. co. will pay - that of the the appraisal or that of current market value. There is a HUGE difference. My new policy came with just the 19, even though it was supposed to be the 19A, so I emailed the broker immediately, who said they'll fix it. I just hope nothing happens to the car (fire or theft) between now and the new form being issued.

Paul, Lant would never know if you drove it to a store or work, but I think they say no stores, malls, etc. because that's probably where a lot of insurance claims come from - fender benders, stray grocery carts, keyings, etc. so basically you'd have no coverage in a parking lot.

The FIRST DAY I had my new-to-me 911, we stopped at the drug store on the way home. Some guy parked to the right at the same time and yep, you guessed it, hit my door with his as he opened it. I was livid, but he had his young son with him, and there was no damage, so I let it go.

imcarthur · imcarthur's Garage

Quote:

Originally Posted by Christien

I can't remember who/where/when I heard this, though, so I can't confirm.

From the PCA-UCR site: Link

"I am frequently asked about automotive appraisal reports and how they relate to actual payouts by insurance companies in the event of a loss. The answer is that there are two possible outcomes, depending on which endorsement you have on your automobile insurance policy. An "endorsement" is like an attachment to your standard policy. Most policies have two or three endorsements attached to them.

1. In the first case, the insurance company/agent/broker will call the customer and request that an "Automotive Appraisal Report" be sent in. It is stated that if the Report is not produced the insurance policy will be discontinued or not even issued in the first place. Once the report is received by the insurance company/agent/broker, the insurance policy will be amended/issued with a policy endorsement known as "OPCF 19". The purpose of this endorsement is to limit the liability of the insurance underwriter. In other words if the vehicle is valued at $40K it means that in the event of a total loss the insurance company will pay out anywhere up to $40K. It does not mean that they will pay $40K. They can, and will, pay half that amount or even less if they feel they have some justification. The value of this endorsement (OPCF 19) is primarily to the insurance underwriter, although it does serve the secondary purpose for the insured of being part of the required paperwork that is necessary for issuing the policy.

2. In the second case, an "Automotive Appraisal Report" can be used more to the benefit of the insured. In this case the insured will use the report to obtain a valued auto endorsement to their policy, known as "OPCF 19A". This endorsement states the value of the vehicle and it means that a vehicle valued for $40K, to use the previous example, will be paid out at $40K in the event of a total loss.

In summary, I always recommend that appraisal Reports be used as the basis to obtain an "OCPF 19A" endorsement. The only catch here is that many insurance underwriters do not offer that particular endorsement as part of their product offerings. You may have to shop around to find a broker/agent that can arrange a policy with the endorsement. Just a hint, "LANT and Co. Insurance Brokers," who advertise in the "Provinz" can do so."

Ian