Be more attentive with your insurance than I have been..........

VelocityYellowRules!

VelocityYellowRules!

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This will certinaly go down as one of the more unsettling afternoons in my life. I was just paying my vechile insurance and being a farmer there are a lot of vehicles, 3 grain trucks, 3 pickup trucks, the SER, my 16' trailer and the Z06.

At least I thought the Z06.

When I was collecting the pinnk slips to put them in my vehicles I notices no Z06. But I looked in my files and found the copy of the pink slip from April 17to May 8, but not from May 8 onward.

Now I have to confirm when I go the car (which of course is not parked here) that I indeed don't have from from June 8th to Nov 8th but...........have I been driving all this time without insurance?

Wow.

So I called the insurance company and they don't have any idea what happened. They have the requst for a quote but claimed they didn't have a copy of the bill of sale. I told her I faxed this from Vancouver plus I have a copy of the pink slip from 04/17 to 05/08. Suddenly the faxed bill of sale appears in my file.

And of course now they want me to pay for the previous period!

My question is, of course, had I had an accident would they have covered me or left me hanging?

Obviously too many damn vehicles around here.

But just just an FYI for you all to be attentive and don't assume the insurance company doesn't make mistakes!

Cheers,

Garry
 
Do I believe them and should I pay??

This is what my insurance company just sent me.............by the way, what do you guys pay for full coverage in your part of the country??

Cheers,

Garry

"Hi Garry
I have added the Corvette onto your May 06, 2012 renewal and the cost is about $586.00, for the full 6 month term. (Sorry about that miss but it seems it didn't catch the renewal as I added it just a few weeks before) Be assured that we would have covered any losses during that time! I'm thinking that you should not pay us anything until you put the Corvette on Parking coverage next week. That will slightly reduce the premium for this present term.
Again, my apologies for the mix-up!"
 
Wow Garry you sure do lead an interesting life to say the least .
 
Its your insurance brokers job to get coverage on your vehicle and a pink slip in your hand. Someone did not do their job and regardless of what your local broker is telling you about covering you anyway...........BS.........as it would of been out of their hands and you can be sure the actual insurance company would not cover you.
 
Good afternoon Manny,

It seems like my life is full of mistake after mistake and if others can learn and not get caught like I have in some things then it gives some value to those things that I have experienced. Some people don't like to talk about their mishaps but why let pride get in the way of maybe saving some other individual from encountering a few of the brick walls I have. I know it hurts, they needn't do likewise.

With the insurance the the situation was that I had the car insured from the moment I left Vancouver. No issues there. And they even issued me my proper pink slip for the remaining few weeks of that 6 month insurance period.

The problem for me is that the insurance company never included it with my other 10 plus vehicles and as the policy is already pretty high I never noticed that it was not higher be $600 nor when I removed the new pink slips and went around from vehicle to vehicle to put them in the glove boxes that the Corvette one was missing.

Saddest of all, and myabe just being sceptical, I can't say at this point had I been in an accident that the insurance company would have taken the high ground and covered me despite what they say in their email. You hear of too many instances where clauses and fine print are used by insurance companies to avoid honoring policies and I'm not sure what legal ground I would be standing on if I'd have taken them to court.

So if I can save some other person and prompt them to double check their insurance situation, maybe someone could avoid a real wreck. Imagine being in a situation of both losing the car and then having personal liability to boot! UGLY!

Cheers,

Garry
 
Good afternoon Somebody,

That is what I sadly suspect. I'd hate to think my broker would lie to me but it is the position I think that I would have found myself in..........who wants to rebuild their finances both after a divorce and a lack of car insurance following an accident!

Cheers,

Garry
 
full coverage $1,184.00 for the year
full coverage $592.00 for 6 months

Keep in mind I only have 05 6L all most stock
Does age matter 36
London On
 
Good evening Maddox,

That is interesting that they are so close outside of one being a Z06 and the other not. I was actually surprised at the cost since my Sentra SER is $373 for 6 months, I expected that the Z06 was going to be a lot more than just another $200.

I also get a vechile discount for the number of vehicles I insure with them.

I'm 47, divorced. Oddly if you are or have been married in your life it lowers your insurance premium for some reason. And of course speeding tickets and claims as well but I think I'm clean in that department.

It would be interesting to hear from others in different provinces what they have to pay and for what type of car..........

Cheers,

Garry
 
VelocityYellowRules! said:
Good evening Maddox,


It would be interesting to hear from others in different provinces what they have to pay and for what type of car..........

Cheers,

Garry
Click to expand...

I pay 87 a month in Ontario. 1997 C5. 26 year old male. No tickets. I get a multi line discount, referral discount and loyalty discount. 1000 dollar deductibles full coverage.

I remember when I first bought the car when I was 20 its was over 300 a month.
 
Insurance

Out here in B.C. we have gov't insurance. My 2002 roadster is $700 for 6 months, and I have a totally clean record for at least 20 years now. To store the car with full coverage is only $120 for 6 months. But when I owned a taxi in Vancouver it was $15,000 per year, from the same gov't insuance. It's the super high PL and PD coverage that makes it so high.
 
Good morning from snowy Alberta!

$300 a month is a lot for ownership of car but that you're paying now is decent enough.

I do find it odd that the insurance costs for the C6 Z06 are not as crazy as I had first expected. I had considered that it might be something in the $3500 range and was really surprised when it was about half that amount for the year.

I'm actually sort of stunned that a taxi would be that expensive but then maybe taxi's like commercial truckers pay more due to the time spent on the roads and the location of the work, airports, busy city centers etc. Obviously I need to tip better next time I take a taxi.............

As some of you may know, I have a lot of stories and I actually have an interesting taxi one too!

When I was in Sasaktoon or Winnipeg a few eyars ago to give a talk at a conference I sat in the front seat and had a nice talk with the driver, and as seems to be my habit got into my life story re cancer, divorce, unemployment and parenting. At that time I was in a major depression over the loss of time that I was not with my son and my fears on how what his mother and I were doing was going to affect him in his life. I was so surprised when we reached my hotel and I went to pay the fare and he told me that he was not going charge me, that I had suffered enough in my life for any man and that I needed some good things to happen for once. I was really touched and while I told him that I appreciated his kind gesture I was not yet destitute yet. He told me firmly that he would not take my money, to use it to buy something for my son and then drove off. I remember this encounter and maybe this is how God was trying to tell me that better times lay ahead for me. But my faith in humanity was boosted that day let me tell you.

You know Keith, I would hate to call my broker a lier, but I just can't see the circumstances under which they would have covered me if I'd have had an accident. Certainly there is no doubt that they dropped the ball by not having my new insurance renewal sent out to me with my regular batch or even on its own afterward. Odd that a computer system can't integrate a new policy three weeks or so before the renewals were getting sent out. But then again I can't excuse that I was not paying attention when I went around with the pink slips to put them in the cars.

The only thing possible I can think of and this does not seem to be the case without being able to look at the pink slip which I will not be in a position to do until Monday, is that I was under the impression that rather than just paying for the three weeks remaining on the current 6 month period, I thought I'd paid for the 3 weeks plus the next 6 months at that time. But I don't think my CC statements show a payment like this - I did look.

So I am very nervously left to conclude that I did indeed not have coverage for the past 6 months or rather still don't have coverage since the policy isn't over until Nov 8th. You just hear how insurance companies look for any loophole to viod your policy or to have a clause to not cover you for whatever situation you are in and this one would be too easy "Oops, you actually don't have a paid policy for this vehicle, sorry but you're SOL".

But perhaps, as I have many expressions I like to use, this is yet another example of my life where we can see, as the Greeks were wont to say, "The Gods look after the fools"!!!!

Cheers,

Garry
 
Must have been a good story to get free fair!....well, not a "good" story...but...I better shut up here.:D Glad to hear you got a boost when you needed one.

As for the insurance company.....that's a big leap of faith to believe that they would cover your uninsured vehicle. How nice of them to offer to have you pay for the last 6 months and that it is insured even if you don't pay for it? Does that mean next year you don't have to pay insurance on the Z? You can just explain that if you get in an accident, you'll pay them then!:rofl: I think as it was their mistake, they should eat the cost or at least split it or have you only pay storage insurance as it was missed on both ends. I understand paying just to not give them any reason to refuse you in the future so they sort of have you over a barrel.

SGI Government Insurance:

2000 Corvette Coupe: $1186/year
2013 Corvette Coupe or GS Coupe: $1399/year

2006 Corvette Z06: $1670/year
2013 Corvette Z06: $1673/year

As can be seen, the cost of the plates is mostly PLPD not really the value of the vehicle.

Age/Marital Status/Color of car doesn't make a difference here. The only thing that does is your driving record as you get discounts per number of years without a ticket/accident.

Interesting...
2013 Corvette ZR1: $2075/year
1990 Ferrari F40: $1839/year....at least an Enzo is $3119/year.

I remember hearing that Saskatchewan was really cheap for insurance and Alberta was insanely expensive.....It sure doesn't look like that anymore!!! I guess the high price of insurance isn't keeping me from moving to Alberta anymore......now it's just my wife!:rofl:
 
We get lots of complaints re insurance costs in Ontario. And to me one really has to
wonder what goes into their calculations. As an example....
for both cars...20,000km pa, same coverage/deductables..., no claims....
'06 Vibe.......$960 pa
'13 Vette......$1100 pa [ and I get refund when I take it off the road for the winter ].
To me....doesn't make any sense; but what do I know.[g]
Just in terms of the cost of each vehicle, and current values; any sense ??
ps..Going from '11 coupe to the '13 vert.....add $8 !!

Drive safely,
Tony, welland
 
$150/month for my 97 c5 in toronto, and i'm 25 with 1 minor conviction (ticket).

Now to answer the first issue, with proof of insurance and proof that you've already sent in the bill of sale. They would have covered you for anything that happened, it would be counted as an error and omission on their book of business.

Payment Issue
The issue of whether one should pay or not is a bit of a pickle, it's kind of a chicken and egg, on the one hand, yes any claims would have been covered, but like all consumers, I didn't have an accident so I didn't need to insurance during those few months so why should I have to pay now for a mistake the insurance company made? Well let's put it this way...you would have had to pay for that insurance for that time anyway had the mistake not happened, so what you're trying to do is find a way not to pay what you were supposed to in the first place. Now under normal business circumstances with insurance, if you haven't paid what happens? you get canceled! so if you don't pay those months then they'll just backdate the cancellation to the last time they received payment and you will have effectively been driving without insurance, which is a serious offence, one that can really limit your insurance options and double or triple your prices. (of course you COULD lie to the next insurance company and say you haven't been driving without insurance and they probably wouldn't know, but you'd still have a canceled for non-payment mark on your insurance records which all insurance companies can see; this is also a moral/ethical question which I will not suggest anyone do and will not go into further detail)


Insurance Rates
insurance rates go far beyond just who you are, how your driving/insurance history looks and where you live. There are very complex and always changing models or formulas if you can call it that to determine rates.

scenario 1
let's say 50% of all Honda Civics get into accidents but only 10% of Corvettes get into accidents. If I tell you that person A drives a Civic and person B drives a Vette with no other information, who would you guess is more likely to get into an accident? Now what if I tell you person A and person B are the same person, which car should be charged a higher rate? The civic.

Now you're probably saying "Hold on, Civic insurance isn't as expensive is corvette insurance!" Yes that may be true for some or even most people (I don't have the numbers) but that would be because the $ value of the damage is less, I mean a $20,000 car if written off brand new is still $20,000 compared to 60k, so say the Civic pays 900/year and the Vette pays 1000/year, that's about $1 of insurance for every $22 the Civic was worth brand new, versus the Vette which would be $1 for every $60 the car was worth brand new. So while the Vette insurance is more expensive, it's minimal compared to what a civic costs in terms of real dollars for the value of the vehicle.


scenario 2

As we know, a bigger, busier city will be more expensive that a smaller town or rural community (I'm going to assume you guys know this even if you don't). But even within a city or community, the rates may vary just due to the nature of the neighbourhood

Let's say suburb A in city X has 1 in 10 cars stolen and suburb B in city X has 1 in 100 cars stolen, where would you prefer to live knowing this? If you were to insure both cars as an insurance company, who would you charge more?

The same can be said for accident rates, hail damage claims, # of drunk drivers, fire, lightning, anything insurance related really!


Insurance Premiums
As previously stated there's a formula to insurance, insurance is not a big box store or a mom and pop shop there is no haggling, everything is structured and accountable in a formula or "business model" if you will for charging client based on various different variables. This is why it is always recommended to shop around for insurance because every company may have a slightly different formula, maybe one company has a good track record in Toronto but a bad experiences with clients from Ottawa but the opposite is true for another company, then it very well could be true that one company is cheaper for Toronto than Ottawa and vice versa.

In terms of insurance premiums, you are eligible for discounts and potential group rates and all that stuff, but there is no haggling, the price is set. If your broker or agent can find you some savings, they are either giving you a discount for something or changing your deductibles, your mileage (driving 5000km versus 25000km or commuting to work versus not commuting to work makes a difference) but for the exact same coverages you have now and assuming you are already credited with all the discounts you are eligible for with a company, if your renewal says $1000/year, they won't be able to say "You know what? I like you, you've been with us for 15 years, I'm going to give you a 10% discount and charge you 900/year" if they do, like I said, either a hidden discount or the broker will be paying out of pocket with their own commission for you.


*****************


I'm really sorry about the long post guys, but I hope this sheds some light, if you guys have more questions feel free to ask me, I will try to answer them to the best of my ability.

For anyone that is curious or skeptical for any reason about my information, I am a registered insurance broker for both Ontario and Alberta and I'm currently studying for...I guess you can call it the "board exams" to become an actuary.

Cheers!
 
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Way to go Pyro! That was excellent. I was sort of hoping that there would be a member who might be involved in the insurance business.

I called AMA to talk to the insurance folks there and they did say that they've had experiences where either a policy was missed or they were not paying the right amount - something discovered after there was a claim and they just had to pay the balance and they were still fully covered.

Maybe it would have been the sinking feeling in the pit of my stomach if I'd eitehr had an accident or had been stopped by the police and then discovered, at least for that time, that I was under the impression that I was without insurance. It was unsettling enough to discover yesterday that I had that feeling.

I would like to think that would have been the outcome, I would have been covered. After all I have my farm, house and vehicle policies with the same company and that runs back to 1984 I believe. So hopefully they'd have looked after me. But it was a wakeup call and so I wanted to let others know that they should be careful and to not assume that their insurance company is going to get it right every time.

Riley's Saskatchewan information really surprised me:

2013 Corvette ZR1: $2075/year
1990 Ferrari F40: $1839/year....at least an Enzo is $3119/year.

A ZR1 more than a F40? I'd hate to be paying to repair an F40. But only $3119 for an Enzo???? Odd as a write off on a car like that could be $1,000,000 I would expect.

I had breakfast once with an Exotic dealer from BC during Race the Base and he told me for something like a servicing/tune up for spring for your Gallardo it would run about 15K and when Robbie Dickson ran his Aventador off the end of the runway and scuffed a few lower body pieces it apparently cost him 50K to get it pristeen again. So I have to say I am surprised that a ZR1 would be so much or that those Ferrari would be not that much perhaps.

The dealer I bought my ar off told me that he sold an F430 I think it was and the only way the lady could get insurance was to have a $30K deductable! Crazy!


Good luck on your exams Pyro.

Cheers,

Garry
 
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