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  #13091  
Old 01-28-2021, 03:16 PM
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I have had an agreed value policy on collector cars in the past. An agreed value policy assures you will get what the agreed on value is based on what the insurance company will accept. There are also stated value policies but they do not assure you will get the value you place on the vehicle. They will pay the cash value of the vehicle at the time of the incident. Both run up the cost of insurance cost quickly.

Most standard policies for vehicles that are only a few years old state repairs can be with used parts or non OE parts equal to the condition of the part being replaced. In that case get an estimate from a shop that won't use either and ask the shop and the insurance company adjuster to get together. They usually have a good relationship and will often work it out to your satisfaction.

It can help if you have fairly current pictures of the vehicle to show the condition prior to the incident.
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  #13092  
Old 01-28-2021, 09:22 PM
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Quote:
Originally Posted by Overboost View Post
I don't know the DOT laws in Canada but the problem here in the states is once the insurance totals a car you buy it back, you end up with a salvage certificate instead of a clean title. Resale is virtually nothing.

Not sure that matters on a 20 year old BMW but still... I would need $10K to walk away from my X5. Or my E46 for that matter.

What the hell could any of us get that is this fun to drive for the $3K insurance would want to give us.
You can find an X5 around these parts selling in the 3k range fairly regularly. How do you think I got here

I'm not sure how it all works with the title being salvage or rebuilt or whatever we have here in Canada, but like you said we're talking about a vehicle that has little value in the insurance world and not that much interest in the real world. This would be a scenario where you want your car back because the insurance wouldn't agree on the higher value so you're either getting very little, or very little AND your car back.
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  #13093  
Old 01-28-2021, 09:27 PM
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Quote:
Originally Posted by Happy View Post
Hahaha... You definitely want to avoid the “political forum” then. I think we may be having group therapy in our own personal asylum over there. LoL..



I would be so frustrated if I had to salvage my E53!

I had a situation one time where a teenage girl nearly killed my family and I. My car was destroyed. Fully customized. The Insurance agency wanted to pay out $5200. I told them 10 grand, or no deal. They put up a fight, took awhile to settle. But, I finally got my money. So believe me, I know how difficult it is to deal with insurance firms.

I definitely believe the risk of operating a motor vehicle has skyrocketed. People on their phones, running red lights, road rage, you name it.

I would definitely not accept low blue book for my E53.
You better stop that kind of talk before the insurance companies get any more ideas

My insurance has gone up 30% in the last year so I called to complain as to why my rates keep going on and the value of my car keeps going down and got everyone's favorite excuse "Covid"

"right, so we're on quarantine and nobody is driving anywhere"

"Well sir we regularly reevaluate risk blah blah blah" translated to english that means since we have mandatory insurance here in Ontario, we can charge whatever we want and the gov is in on it with us"

Commie Canada is riiiiiight around the corner people...
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  #13094  
Old 01-28-2021, 09:57 PM
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Quote:
Originally Posted by c-bass View Post
You better stop that kind of talk before the insurance companies get any more ideas

My insurance has gone up 30% in the last year so I called to complain as to why my rates keep going on and the value of my car keeps going down and got everyone's favorite excuse "Covid"

"right, so we're on quarantine and nobody is driving anywhere"

"Well sir we regularly reevaluate risk blah blah blah" translated to english that means since we have mandatory insurance here in Ontario, we can charge whatever we want and the gov is in on it with us"

Commie Canada is riiiiiight around the corner people...
State Farm insurance gave me a rebate because of COVID. No one is driving here as much so our insurance companies gave us a break.
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  #13095  
Old 01-28-2021, 10:31 PM
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Quote:
Originally Posted by Overboost View Post
State Farm insurance gave me a rebate because of COVID. No one is driving here as much so our insurance companies gave us a break.
Same here. I'm with USAA and they keep giving me money back. Makes sense - with so many people staying at home, there has been a substantial drop in all insurance claims. When they first started doing it, in spring 2020, I thought they were tyring to do their own economic stimulus program.

Separate from the car insurance, I got a voicemail from them out of the blue last summer - "we've audited your homeowner's claim from ... determined we neglected to ... so you'll be getting $2,xxx direct deposited to your USAA bank account ... no need to do anything. Thanks for your service." It's like they were on a mission to figure out ways to give us $$.

Really.
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  #13096  
Old 01-28-2021, 11:00 PM
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Quote:
Originally Posted by Overboost View Post
State Farm insurance gave me a rebate because of COVID. No one is driving here as much so our insurance companies gave us a break.
Same here, 25% reduction from SF.
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  #13097  
Old 01-29-2021, 10:14 AM
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This year house went up and cars went up. We are just out of sync as always on the east coast.
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  #13098  
Old 01-29-2021, 10:27 AM
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Quote:
Originally Posted by Overboost View Post
State Farm insurance gave me a rebate because of COVID. No one is driving here as much so our insurance companies gave us a break.
Thanks for rubbing it in everybody

This is one of the many "perks" of living in Ontario. Our insurance industry is out of control in this country and rates can vary wildly.

For example to insure a car in Quebec it costs on average about $600-800 A YEAR!!!

I have a "5 star rating" (whatever that's good for) and I'm currently paying $209 a month. 2 years ago I was paying $129.

Realistically nothing has changed other than my cars are worth about as much as a half lit cigarette and I'm barely driving.
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  #13099  
Old 01-29-2021, 01:32 PM
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Quote:
Originally Posted by Overboost View Post
State Farm insurance gave me a rebate because of COVID. No one is driving here as much so our insurance companies gave us a break.
Same here. We got a rebate on our car insurance last year.

Not much discount for commercial auto insurance, unfortunately.
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  #13100  
Old 01-29-2021, 01:43 PM
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We got a rebate but that was one time. You can be assured that whatever discount the company got we only got a part of that.
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