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.

You can find an X5 around these parts selling in the 3k range fairly regularly. How do you think I got here :D

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.

You better stop that kind of talk before the insurance companies get any more ideas :D

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.

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. :thumbup:

Same here, 25% reduction from SF.

This year house went up and cars went up. We are just out of sync as always on the east coast.

:( 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.

Same here. We got a rebate on our car insurance last year.

Not much discount for commercial auto insurance, unfortunately.

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.