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Old 04-29-2013, 01:39 PM   #16
noid
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I called them, they offered 1900 (160 month) if I would ensure for the whole year (liability), but for just the summer It would be $3990/yr ($333 month).

So if I got the yearly coverage at 1900 and then canceled it when I put the car away in storage they would hit me with a $2000 back-fee.

TD Insurance Meloche Monnex is quoting $280

Last edited by noid; 04-29-2013 at 01:42 PM.
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Old 04-29-2013, 01:44 PM   #17
Robb
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If it's not a daily driven car, why not just get classic car insurance ?
I have my 1990 CRX insured for $206 per year.

Dont cancel the insurance, just leave fire and theft on it when you dont use it.
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Old 04-29-2013, 01:47 PM   #18
noid
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Quote:
Originally Posted by Robb View Post
If it's not a daily driven car, why not just get classic car insurance ?
I have my 1990 CRX insured for $206 per year.

Dont cancel the insurance, just leave fire and theft on it when you dont use it.
I'm not 25 yet and I don't have a DD, atleast not under my name or policy.

They wont do fire and theft because its over 15 years, thats what they said anyways.
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Old 04-29-2013, 01:50 PM   #19
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Originally Posted by noid View Post
I'm not 25 yet and I don't have a DD, atleast not under my name or policy.

They wont do fire and theft because its over 15 years, thats what they said anyways.
Age has nothing to do with getting classic car insurance, you have to be fully licenced for 10 years, and prove that you have an insured daily driver in your name, and dont have any major tickets.

My suggestion is to just insure it for $1900 and be done with it.
There's no way around it. Just be happy you got insurance for a 25+ year old car. Most companies wont touch it because it's too risky for them ( old cars not safe)
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Old 05-03-2013, 04:30 PM   #20
hockeyfan27
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Originally Posted by ericdalinda View Post
if an insurance company decided not to pay your claim its either that you did not have coverage for said incident. Many cases of insurance fraud and they found out about it. Why in gods name will YOUR broker step in to pay a $700,000 claim when the insurance company is not covering you.

your broker will not be doing that.

is this all what your broker is telling you that he has "power" to "talk to" those insurance companies?


and brokers dont have any SWAY AT ALL...literally nothing... there might be the off hand chance he might know 3 adjusters out of the 45 or so that are out there for the companies that he represents. but the adjuster is not going to put his job on the line because hes friends with a guy in sales.
Direct writers and agents are going to insist that insurance is "black and white". I won't say they are entirely incorrect as, from their side of the business, I'd imagine that is generally how it goes. Eric, you'd be forgiven to assume a broker works under the same binary system. Fact is, the broker's world is a little more grayscale. (source: I've been a broker for 10 years)

I agree that some rules are written in stone. However, there are others that have room for interpretation. In instances where those apply, I see a great advantage in having a knowledgeable, neutral advocate in your corner to weigh in when need be rather than depending exclusively on an employee who is on the payroll of the same company cutting the claim payment cheque, to treat you properly.

The sway we have is not who we know but what we know.

In my office alone I have hundreds of examples of our "sway" changing the outcome of claims to the benefit or our clients and we are adding more every day. This list is literally, ENDLESS...

For an auto claim; I've argued against the fault determination rule applied to a loss and had an at fault claim changed to a not at fault. It saved my client $15K over the course of the next few years. I didn't personally know the adjuster, she didn't owe me a favour, but I knew the other determination rules that could be considered and had an example of a similar claim where that same adjuster used the rule I felt should apply.

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to each his own.. a broker works like a real estate agent, he gets paid when you pay the company of course the jacked up rate because you didnt shop your self.
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Often insurance brokers deal with insurance companies that only deal with brokers. Those companies reduce their overhead cost by not dealing with the customer directly.
As Noid points out; BOTH direct writers and broker channel insurance companies 'pay' for customer service staff; either through payroll or commissions. This doesn't mean one will always be cheaper then the other. I'm certainly not saying brokers are always the cheapest. It goes both ways.

It's also worth mentioning that a majority of companies only do business through either brokers or direct/agents. few do both. Also there are roughly 3 times as many broker channel companies. So if you aren't calling brokers, you are missing out on 3/4 of the quotes available to you.

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It is also no secret that brokers get special rates because of the volume they drive to the insurance companies.
Regardless of the volume from any one brokerage, the rate offered by company XYZ would be identical from brokerage to brokerage. Legally it has to be or companies get fined. (for personal lines, commercial is a different animal)

Sorry for the hijack, just wanted to clear up a few misconceptions.
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Old 05-03-2013, 04:47 PM   #21
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Originally Posted by ericdalinda View Post
if an insurance company decided not to pay your claim its either that you did not have coverage for said incident. Many cases of insurance fraud and they found out about it. Why in gods name will YOUR broker step in to pay a $700,000 claim when the insurance company is not covering you.
I never said they would pay it, I said they would make sure the insurance company paid it if they were liable.

Unfortunately this is not the only reason they don't pay claims. Not so much in auto insurance but disability insurance. The ins company is betting that they have more money than you to fight it in court. Brokers know the rules, and an ins company is less likely to try to take someone to court who knows the law.

Plus I needed to take my car out one day last fall after I took the liability off it. Called my broker, he put liability on it for 2 days, *on the weekend*. Not likely that will happen with some internet ins company.

Now I have to admit I have a great relationship with my broker, I've dealt with other brokers who would not have done that. But in life it pays to get to know certain people. Bank managers, and insurance brokers to name a few.
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