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carmv4
07-24-2008, 06:59 PM
I'm buying a car and want to be properly covered in the case of an accident. Ideally the insurance company would insure the car for what it's worth (way over book value). I have no problems getting an appraisal. I don't want to buy insurance and then have the company flop on me because I didn't disclose the modifications done to the car. Who has proper insurance and what company are you with?

thinair
07-24-2008, 10:52 PM
Many companies will just laugh at you if you show up with an appraisal, then they'll point to the door. It's hard to insure a modded car for it's full value.

RMPMOTORS
07-24-2008, 10:55 PM
I have all my cars insured for the proper appraised value. I am with ING..

davericher20
07-25-2008, 01:15 AM
I got mine appraised, WORTH $12,000 and that's what it's insured for.

carmv4
07-25-2008, 10:35 AM
Do you guys have all your mods fully disclosed or just have the car appraised and insured for that amount?

Sickbimmer
07-25-2008, 02:48 PM
I have all my cars insured for the proper appraised value. I am with ING..

How did that work? You think they would take a car like mine? Hows the rates?

carmv4
07-25-2008, 06:40 PM
I called ING and the person said they don't insure modified cars. I found a company that is willing to insure me for appraised value and they are aware of the modifications. I'll tell you guys who it is if they don't cancel my policy after the appraisal...which I think is unlikely but you never know. I'd rather not waste the company's and your time.

Sickbimmer
07-25-2008, 06:47 PM
I called ING and the person said they don't insure modified cars. I found a company that is willing to insure me for appraised value and they are aware of the modifications. I'll tell you guys who it is if they don't cancel my policy after the appraisal...which I think is unlikely but you never know. I'd rather not waste the company's and your time.

Keep us updated*th-up*

Jim .E.
07-26-2008, 01:53 PM
I have all my cars insured for the proper appraised value. I am with ING..

That's...odd. ING canceled my policy and now I'm with RBC.

carmv4
08-13-2008, 02:39 PM
Update:

I got my e30 appraised for $13500 taxes inc. and got it sent to my insurance broker. I was originally quoted just over $200/month (25 yr old male, clean record) when I ballparked the car value at $10000. When I got my package in the mail my rate turned out to be just over $160/month. I called the broker and it's not a mistake, the first rate was. Today I submitted the final form (OPCF 19A regarding "agreed value" - basically states that they will pay me the appraised value if anything happens). I am insured by Dominion of Canada General Insurance company through Meadowvale Insurance Brokers. The person I dealt with there is Debbie Doak and if anyone is in the same boat I was you should give her a call. She will definitely try her best to help you out. The number for Meadowvale Insurance Brokers is 9058265122. They're in Mississauga but I did everything through fax and mail.

propr'one
08-13-2008, 02:45 PM
dominion of canada is an AMAZING insurance company.

before i disclosed any of my mods, i got rear ended, front end was banged up. they gave me 700$ for my CF hood (haden't disclosed it yet, litterally got hit coming back from the bodyshop), had no problem me replacing the front end with non-oem parts (why do you think i have a m3 front, depo's, clears, etc:P) Thanks sugar daddy insurance co!


the only mod you should NEVER EVER EVER EVER EVER disclose to insurance is suspension. If you lower your front end, it will no longer meet basic safety standards (bumpers are too low) and most (95+%) of insurance companies will drop you (and flag the car)

carmv4
08-13-2008, 03:01 PM
I didn't raise my car for the appraisal pics and it's pretty low. But I totally know where you're coming from with suspension mods. In my search, everytime I mentioned "lowered" they wouldn't want anything to do with me.

propr'one
08-13-2008, 03:30 PM
I have to get my car re-appraised, just cause if something happens with it i dont wanna bicker with my insurance co. I want it appraised for about 13-14K, its a 1998 328I with rims/system/M conversion/maintenance records.

I dont think i'll have a problem.

p.s. before you start crying, i know i couldn't sell my car for 14K, and i'm not trying to.

carmv4
08-13-2008, 04:10 PM
My broker just called me and said that OPCF 19A is for classic cars and I had to sign OPCF 19 which is basically the same, just for newer cars. I'm sure some of you don't care about all the details but it's my thread and I know when I was looking for insurance if I could have found all this info in one spot it would have been nice. She also said that I need to get the car appraised every 3 years and the underwriter at Dominion digs my car :)

I paid less than $13500 for my car but I know the appraiser. I don't think your insurance company will care if your car is appraised for $14k so long as you pay the proportional rate.

mudmojo
08-13-2008, 04:41 PM
My broker just called me and said that OPCF 19A is for classic cars and I had to sign OPCF 19 which is basically the same, just for newer cars.

My friend has a really old Chevy under what I believe might be this classic car insurance. He is only allowed to drive it a certain amount per year and may never park it outside of his covered and locked garage.

Do these same rules apply for you?

carmv4
08-13-2008, 04:53 PM
Do these same rules apply for you?

A real busy day at work over here as you guys can tell. Those rules don't apply to me. The car is insured as a commuter. I can take it to work, the mall, the movies, etc. It's stored in my driveway because my garage is filled with tools, an old truck and a buttload of VW parts or else I would put it in the garage. But that doesn't matter for insurance, they know it's in the driveway. I think your buddy's classic is insured with the silver wheels policy by Lant Ins. Co. I looked in to them because the rates are ridiculously cheap but there are several criteria required to qualify (which I fail, one is have your G for 10 years) for their policies and all sorts of restrictions.

Fel
08-13-2008, 04:58 PM
Yeah, I think you're right, that's the Silver Wheel policy.... I tried that to, but I'm too young. You're not allowed to take your car to work, to any big parking lots, yadda yadda.... tons of restrictions. Really only for garage queens.

JazzM
08-13-2008, 11:30 PM
19A and 19 are totally different. The first is for appraised value guaranteeing that value or more... the second is a current value and may decrease thereafter...

Be careful what you sign...

T.

carmv4
08-14-2008, 09:33 AM
19A and 19 are totally different. The first is for appraised value guaranteeing that value or more... the second is a current value and may decrease thereafter...

Be careful what you sign...

T.

They are definitely different forms. Before I signed it I made sure to call my insurance broker and ask her why I had to sign the 19 and what would happen in case of theft, fire, accident, etc. She said that 19A was for classic cars and that if anything was to happen I would get the appraised value unless the car was in an accident and it would be cheaper to fix it.

Suks2BU
08-14-2008, 09:58 AM
State Farm ( Georgetown Ontario )
Car 1992 Ford Mustang Convertible
appraised @ $ 17500.00
If Stolen,fire,damage, beyongd repair I get a check for Apprasied Value

Details
can due
Car shows & meets
sunday nice drives
under 5000 klm a year
$35 dollars a month 6 month terms

No No's
No driving to work with it.
not to cross any borders without notice
limited klm use
any modifications to Vehicle without informing Agent will void policy and coverage

http://i243.photobucket.com/albums/ff276/armenk2000/vert1-1.jpg

http://i243.photobucket.com/albums/ff276/armenk2000/vert2-1.jpg