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Old 04-02-2008, 12:30 PM   #1
Wingking
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Insuring a 23yr old car, with a less than perfect record



I'm 28 years old, and my current insurance provider will be cancelling me as of May 1st 2008.
I have 3 convictions in 3 years.
1 Speeding,
1 driving in Public Transport lane (between certain hours, not allowed 3:30pm-5:30pm)
and,
1 failure to update my license information after I moved.

all within the span of 3 years.

So, with that said my current provider is going to drop me as of May 1st,
I plan on cancelling with them PRIOR to that date, in order to *try* and not have a "cancelation" on my insurance record.

my quesiton is for those in Ontario...
What kind of rates are you paying FOR YOUR E30 bmw...I don't care about your moms toyota corolla, or your dads cousins X5...

I just want to get an idea of what you folks are paying for, for your E30...
mine is a 1985 and I seem to be actually having trouble finding insurance providers that will ACTUALLY insure it...

thoughts?
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Old 04-02-2008, 12:34 PM   #2
Thadose
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try RBC insurance 1 877 749 7224
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Old 04-02-2008, 12:42 PM   #3
T.Dot_E30
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i find that alot of insurance companies are not wanting to insure older cars when opening a new policy.

But if you already have insurance on another (probably newer vehicle) it's just a matter of a phone call to have it added.

Yet you pretend to be a new person asking for a quote, and they magically don't insure older vehicles.
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Old 04-02-2008, 01:02 PM   #4
jstalin
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I doubt you'll find anyone to insure you, so I wouldn't get too hung up on premiums.
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Old 04-02-2008, 01:07 PM   #5
Wingking
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Quote:
Originally Posted by jstalin View Post
I doubt you'll find anyone to insure you, so I wouldn't get too hung up on premiums.

Stallin, why would you insist that I won't find a reputable company that will insure me?
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Old 04-02-2008, 01:16 PM   #6
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Stallin, why would you insist that I won't find a reputable company that will insure me?
Who cancelled you, the broker or the insurer? I'm assuming you were cancelled for a reason other than the 3 tickets in 3 years. Most people are cancelled for misrepresenting themselves or breaking the law, not for a few tickets.

Generally, when an insurance company cancels you, nobody else will touch you. They have special companies that deal in high-risk insurance but it's incredibly expensive.
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Old 04-02-2008, 01:25 PM   #7
Wingking
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Quote:
Originally Posted by jstalin View Post
Who cancelled you, the broker or the insurer? I'm assuming you were cancelled for a reason other than the 3 tickets in 3 years. Most people are cancelled for misrepresenting themselves or breaking the law, not for a few tickets.

Generally, when an insurance company cancels you, nobody else will touch you. They have special companies that deal in high-risk insurance but it's incredibly expensive.
The insurer is canceling, not the broker persay.

If I had any other reason, or anything else to declare I would of done so-
these were the reason dictated on the letter that was sent to me-
I called them up, and they indicated that they have strict ruled in terms of holinding onto a policy holder...
I find 3 strikes in 3 years quite acceptable imo...
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Old 04-02-2008, 01:35 PM   #8
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All I can say is good luck, it's very difficult to underwrite cancelled clients.
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Old 04-02-2008, 01:37 PM   #9
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All I can say is good luck, it's very difficult to underwrite cancelled clients.

If I cancel the insurance policy, PRIOR to the indicated cancelation date- will I still be listed as a 'canceled client' do you figure?
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Old 04-02-2008, 01:39 PM   #10
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when is your scheduled renewal date? do you perhaps mean that they are not renewing your policy that expires may 1st? that is NOT a cancellation and will not be on your record as such. insurance is essentially a one way contract. you have the option of terminating insurance coverage. they are obligated to fulfill their side of the contract, namely insuring you according to conditions agreed apon, until policy expiration, unless there are legitimate reasons to terminate coverage, ie insurance fraud, misrepresentation of material facts on insured person/vehicle, missing 2 monthly insurance payments. if you have indeed be cancelled mid-term, you've done something much worse than the three tickets.

Last edited by europrince; 04-02-2008 at 01:45 PM.
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Old 04-02-2008, 01:53 PM   #11
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when is your scheduled renewal date? do you perhaps mean that they are not renewing your policy that expires may 1st? that is NOT a cancellation and will not be on your record as such. insurance is essentially a one way contract. you have the option of terminating insurance coverage. they are obligated to fulfill their side of the contract, namely insuring you according to conditions agreed apon, until policy expiration, unless there are legitimate reasons to terminate coverage, ie insurance fraud, misrepresentation of material facts on insured person/vehicle, missing 2 monthly insurance payments. if you have indeed be cancelled mid-term, you've done something much worse than the three tickets.
Europrince, you're bang on.
They are not going to renew me- hence, I figure that a cancelation.
my renewal date is May 1st.
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Old 04-02-2008, 01:53 PM   #12
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Quote:
Originally Posted by Wingking View Post
If I cancel the insurance policy, PRIOR to the indicated cancelation date- will I still be listed as a 'canceled client' do you figure?

Doesn't matter, it will go down as a cancellation. But as per europrince said, make sure this is indeed a cancellation and not simply a non-renewal (which won't affect you at all). It just seems drastic to cancel over 3 relatively minor tickets
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Old 04-02-2008, 02:02 PM   #13
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If its a non-renewal, you have nothing to worry about, other than paying more to another insurer, perhaps a high risk insurer.

Jstalin, this will not go down as a cancellation. They are not renewing the policy, not cancelling it. They are fulfilling their end of the contract until the expiry date.


Here is your proof:
http://www.insurance-canada.ca/consi....php?uaskus=16


Case closed

Last edited by europrince; 04-02-2008 at 02:06 PM.
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Old 04-02-2008, 02:06 PM   #14
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You only have 2 moving violations, only 1 of them being serious, the not updating info isn't a big deal they won't even count that as a ticket. The HOV ticket I'm not sure, but I think it's not important either, I think they'll see you as 1 violation, IIRC.

I had a great broker in Newmarket, for Allstate, i got a great deal, saved about 1500$ a year. I completely forgot his name though. If you search past posts of mine regarding insurance I gave out his number a few times.
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Old 04-02-2008, 02:12 PM   #15
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I don't like the last sentence in the link I provided, where they said that you'll pay higher premiums because you're "non-renewed". That's nonsense. My buddies who work in insurance told me the following. I only remember it in layman's terms. All insurers have to submit a document to the government with their insurance parameters. Most mainstream insurers have similar parameters. If you don't get renewed, its because your risk has exceeded their parameters, ie. too many tickets or accidents. Since most mainstream insurers have similar parameters, if you can't get insured by one, you can't get insured by most of them. You have to go to a high risk, or facility, insurer, such as Perth. They take on more risk in their book of business. You're paying them for the risk, not some 'non-renewed' status.
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