Originally Posted by grant_jr
Greetings fellow board members,
My name is Milton and I have been on these board for a few months now and am about to my my first e30 purchase.
I have read up a lot about the car and have even gone out to see the one I will be purchasing, my only problem is finding and insurer that will insure a 20 year old vehicle...
I have spoken with a few companies but the rates are just weird, more than what I used to pay with a newer model vehicle...
So please, if you spare two seconds and let me know who you are dealing with, it would be greatly appreciated.
Hi Milton, Sorry I didn't respond sooner, I've spent the last few days in and around the labour and delivery wing of NYGHospital and since coming home have not had a lot of time to check in here. I'll be back in the office full time as of Sept 10th.
Originally Posted by Lang75
I would suggest you shop arround with various direct wirter's such as Belair, TD, etc, and do a few inquiries with some insurance brokers as they deal with multiple insurers, but do charge a small surcharge on the premium for their service. Hockeyfan27 on here is a broker.
Direct writers are usually not as accommodating, though some may not take issue with an older car. I am a broker and work with a few companies that have no limits on the age of a vehicle.
Insurance brokers are paid much like real estate agents; by the seller, not the buyer. I have heard of some brokerages charging a service fee, usually when arranging a high risk policy where the commission rate paid to the broker is much less, but generally that is not common practice. My office does not charge an additional service fee regardless of the policy type.
FYI: Rule is: brokers must provide full disclosure of the commission rate paid by the company to the broker. Generally you can find this on their webpage. Ours is: http://www.brokerforce.ca/qry/page.taf?id=151
Originally Posted by InfiniteDice
They specialize in making you 'broker'.
Currently I get my bank account adjusted on a monthly basis by the Dominion of Canada General Insurance company.
Really the rate I pay isn't horrible but consider that when I first had insurance (1st car with no insurance history and I was 26) it cost me about 122 a month in Ottawa. This went DOWN for the following few years, I think it was just over 100$ before I moved to Quebec. There I used Desjardens and I payed for the entire year (1st year around $900, second year around $500 and the last year I was in quebec I payed $380...)
Then I move back to Ontario and the best I can get was $89 a month. It has gone up small increments every year and currently it's $104 a month. Who knows what they'll charge me next year. $104 is for the BARE BONES minimum insurance I can get, and i drive under 5km a day.
I called and asked "hey how come my buddy who is roughly the same age as me, has 2 drivers, has the same 0 convictions as me - pays about $128 for his 2010 Hyundai - with full coverage?"
I get pissed off from time to time and attempt to look for other insurance and the rates are laughable Royal Bank wanted over 3k! For minimal insurance.
I suggest you find a broker that deals with Dominion or Desjardens and move as far from Toronto as possible. If you are young you're screwed. Also ask them if they discount for paying the entire year up front.
I work with Dominion. They are a good company and often competitive with their pricing.
InfiniteDice, makes a good point. Most companies charge an additional 3%(flat rate) to finance the monthly payments of your policy. Paying in full will almost always save you some $$. Some companies will waive that fee if you have property insurance with them as well. (you often will get a multi-policy discount as well, typically 10-15%) If paying in full isn't an option, there is also often an installment plan where you can pay in 2, 3, or 4 installments and the fee is much less. Dominion, however, charges the full 3% for any of their plans if you don't pay up front.
Scam or not, whatever your opinion, auto insurance is a necessary evil. When I quote my own policy the range in price differs by over $3000. The trick to not paying too much is to find the right 'devil' to sign a deal with.
If you'd like a quote, feel free to PM me.