C8 Insurance Discussion and Other Insurance Tips

[Rruuff Day]

Must be an industry standard as I have the exact same restrictions. If rather than "suspend" coverage you cancel the full policy on the Corvette and then start up a new policy consisting of the reduced coverage only you then get an immediate refund but it is about 25% less than taking the "suspend" route and as I mentioned earlier they then consider you to only have a single vehicle thus substantially boosting your premium on your other fully covered vehicle. Insurance companies are like any business, in it to make money and like banks they can find many ways to extract their pound of flesh. That being said I am not about to invest in their stocks as they have not been great performers, even for conservative investors, over the past 5 years. Much better to invest in the big banks.

I pay about $900.00 per year for full insurance. I call my broker every October to change it to what I call 'Park it'. She makes the call and my insurance company sends me a rebate cheque for $400 plus dollars within a month. Then I just change it back to full in the spring.

 

[carbuff]

Intact is still in BC

BC Auto Update

www.intact.ca

Confirmed that Intact is gone from BC!

 

[trevcarlton]

This has been very informative, Netsinah, thanks! I'll make sure to take your experience and the tips you shared into consideration when I give my insurance advisor from Surex a call once it's time for me to renew my insurance policy. Thanks a lot!

 

[2KforeverC5]

Since this was started on another unrelated thread, I thought I'd set up a thread dedicated to C8 insurance.

Here's my experience:
1. my insurance is a group policy with Security National/Meloche Monnex
2. I was able to get an estimated quote w/o a VIN on a C8 convertible. I didn't mention the 2 LT package with its additional safety features but I did tell them the car would have an enhanced factory security system. I discussed 2 options with my insurer:
----$1,349/year with $1 million PL/PD (liability), $1,000 deductible for both collision + comprehensive, no glass coverage (I declined it), replacement cost coverage included (so if C8 written off in accident, I get a brand new C8 convertible as a replacement rather than the actual cash value of the written off C8) and of course the SEF 44 family protection or uninsured motorist coverage
----$1,437/year with same as above except $250 (lower) deductible for comprehensive. So lowering that one deductible would cost me another $88
3. note: the premium remained unchanged regardless of whether the vehicle cost (including gst) was under or over $100,000
4. once I have a VIN, I can get the actual quote
5. for those like me who plan to park the car for 6 months (around October 31 to April 30) I get a 38% credit and maintain comprehensive coverage (fire, theft, vandalism) on the car while parked

A few tips:
6. best to get all your insurance with one insurer if possible since you'll get a discount for multiple policies
7. I've shopped vehicle insurance before and found cheaper options however I get home insurance from the same place and anywhere else charges me LOTS more for home insurance, so I still do better overall with my current insurer when insuring all vehicles and my home with them
8. I've found it cheaper to pay for my own windshield replacements and windshield replacement businesses usually give you a cheaper price if they know there's no insurance making payment. Or get glass coverage initially then when you've made your first claim, cancel it. Otherwise you pay it all back (and more) in the subsequent premiums. Check it out yourself by asking for quotes
9. When I have a VIN and call back to insure the car, I'll mention not only the security system but also the 2LT trim, to see if the additional safety systems like blind-spot monitoring, reduce my premiums. Or perhaps by then my insurer will have trim levels in its system and different rates for them (?). This is my first Corvette so other Corvette owners should know if the trim level matters
10. consider getting a minimum of $2 million or $3 million liability coverage. People with severe injuries are getting higher awards these days and you want to ensure you're protected. In Alberta, the minimum required vehicle insurance limit is $200,000 but I don't know anyone who gets only that. Most people these days seem to have at least $1 million
11. if your insurer will only provide you with a maximum of $1 million or $2 million liability coverage on your base policy(s), then purchase an "umbrella policy" which covers all your insurance policies (vehicle, home, ATV, etc.) and increases the liability limits on all. So for example, if your base policy for your vehicle is $1 million and that's the most your insurer will give you, then buy a separate "umbrella policy" with additional limits of $2 million, thus giving you total limits of $3 million on your vehicle. That same increased liability limit will also apply to your other insurance policies. As well, it's really beneficial if you're in a serious car accident where your injury claim is worth (for example) $3 million and the at-fault driver only has $1 million in liability limits. You'll collect his/her $1 million and then collect the other $2 million from your own insurance company under the SEF 44 endorsement. So the "umbrella policy" not only gives you added protection by raising your liability limits, but it also raises your own SEF 44 endorsement limits by the same amount so you've got additional personal coverage if you're seriously injured and the "bad guy" who injured you, doesn't have enough insurance to pay your claim. I think my annual premium for the "umbrella policy" is less than $200. Most but not all insurers sell "umbrella policies".
12. the amount of coverage you get, depends upon your personal circumstances and how well you sleep at night, so what I've indicated in these "tips" is simply general advice.

Hope this helps.

Very good deal.

 

[DavidWG]

Very good deal.

My experience is almost identical in Ontario including the cost to insure my 2019 GS and I carry $1 million liability on cars and house with $1000 deductible on cars and $5000 deductible on the house. This is my third C7 and I do all the same things. The full replacement coverage did come in handy when another C7 crossed the center line on the Tail of the Dragon in Tennessee and wrote off our 2017 GS. I'm insured with Northbridge via my Broker. I too have an umbrella policy on top of my normal liability coverage. I also carry accident and ticket forgiveness plus rental car replacement coverage for about the same premium as quoted. The umbrella policy for an additional million is $120 a year. The cost of coverage on the C7 is substantially less (not including the refund for suspending coverage during the C7's 5 months of storage) than for my Porsche Macan SUV which only cost marginally more to purchase than the C7. I have talked to several Z06 owners who have had issues with other insurers but more due to horsepower rating than price. I do know that a number of insurers are very cautious about vehicles with prices of over $100k.

 

[gone]

One other thing to consider: for 25+ years I paid my insurance premiums monthly by automatic withdrawal from my bank account. This past year, my insurer decided to tack on a 5% surcharge for this monthly payment "privilege". I found that out when carefully reviewing my new insurance documentation. So I've now gone to an annual one-time payment which avoids that 5% surcharge. So if you're paying monthly, check to see if it comes with an additional cost and if so, if that's worth it to you. Cheers!

 

[YFCvii]

Do much of what is mentioned already for years now - always pay annually.
I had no loss coverage on my policy and it replaced a vehicle that was written off.
It actually cost Meloche Monnex more than the invoice cost in 2009 for a new GMC 2013 Denali Acadia
so the coverage rescued me in 2013. I have noticed on more recent policy renewals that our no loss coverage
now covers up to the insured vehicle's purchase amount (per the bill of sale) or new replacement - whichever is less.
If I lose the bill of sale it would likely become a negotiation. I have vehicles that I paid less than MSRP for so I would
only get a settlement for my bill of sale amount. Seems the Insurance Companies are no longer in
the market for replacing vehicles but covering your purchase amount is OK when knowing. Agents might
sell the endorsement incorrectly by saying you get a new vehicle ... so all you have to do is read
the fine print on own policy. Still great coverage for getting your full bill of sale amount
back. This is why I negotiated and had everything written on the bill of sale ... extended warranty, paint protection,
splash guards, car cover ... everything. I told the dealer why, and they were absolutely fine with it.
I was with Meloche Monnex in 2013 but my Group Coverage changed after the Grand Prairie Fire - I guess
they had the majority of claims. My Group Coverage is now with the Personal (a division of Desjardins) which
now endorses all my insurance needs (vehicle, home, travel/health, business & boat) - great pricing and
great with their claims process (just like monnex used to be).

 

[gordo1]

Do much of what is mentioned already for years now - always pay annually.
I had no loss coverage on my policy and it replaced a vehicle that was written off.
It actually cost Meloche Monnex more than the invoice cost in 2009 for a new GMC 2013 Denali Acadia
so the coverage rescued me in 2013. I have noticed on more recent policy renewals that our no loss coverage
now covers up to the insured vehicle's purchase amount (per the bill of sale) or new replacement - whichever is less.
If I lose the bill of sale it would likely become a negotiation. I have vehicles that I paid less than MSRP for so I would
only get a settlement for my bill of sale amount. Seems the Insurance Companies are no longer in
the market for replacing vehicles but covering your purchase amount is OK when knowing. Agents might
sell the endorsement incorrectly by saying you get a new vehicle ... so all you have to do is read
the fine print on own policy. Still great coverage for getting your full bill of sale amount
back. This is why I negotiated and had everything written on the bill of sale ... extended warranty, paint protection,
splash guards, car cover ... everything. I told the dealer why, and they were absolutely fine with it.
I was with Meloche Monnex in 2013 but my Group Coverage changed after the Grand Prairie Fire - I guess
they had the majority of claims. My Group Coverage is now with the Personal (a division of Desjardins) which
now endorses all my insurance needs (vehicle, home, travel/health, business & boat) - great pricing and
great with their claims process (just like monnex used to be).

Another thing to consider about insurance. If you can insure it for +25 yr old drivers only you can save quite a bit. I’m anticipating under $1000 full coverage on my C8 HTC. Downside is my 21 year old twin girls can’t drive it though.

 

[YFCvii]

Another thing to consider about insurance. If you can insure it for +25 yr old drivers only you can save quite a bit. I’m anticipating under $1000 full coverage on my C8 HTC. Downside is my 21 year old twin girls can’t drive it though.

One of the pitfalls of having a new driver in the household (young or not) is that all vehicles get covered for their use
and the price for coverage can then hit the roof. I discovered a document that can get signed and returned to
the Insurance Company that waives any coverage for specific drivers in the household on specified vehicles.
This protects the underwriter and results in a zero-increase on our Corvette premiums.
This of course will not work with millennial parenting ... where kids get whatever they want.

 

[DavidWG]

Do much of what is mentioned already for years now - always pay annually.
I had no loss coverage on my policy and it replaced a vehicle that was written off.
It actually cost Meloche Monnex more than the invoice cost in 2009 for a new GMC 2013 Denali Acadia
so the coverage rescued me in 2013. I have noticed on more recent policy renewals that our no loss coverage
now covers up to the insured vehicle's purchase amount (per the bill of sale) or new replacement - whichever is less.
If I lose the bill of sale it would likely become a negotiation. I have vehicles that I paid less than MSRP for so I would
only get a settlement for my bill of sale amount. Seems the Insurance Companies are no longer in
the market for replacing vehicles but covering your purchase amount is OK when knowing. Agents might
sell the endorsement incorrectly by saying you get a new vehicle ... so all you have to do is read
the fine print on own policy. Still great coverage for getting your full bill of sale amount
back. This is why I negotiated and had everything written on the bill of sale ... extended warranty, paint protection,
splash guards, car cover ... everything. I told the dealer why, and they were absolutely fine with it.
I was with Meloche Monnex in 2013 but my Group Coverage changed after the Grand Prairie Fire - I guess
they had the majority of claims. My Group Coverage is now with the Personal (a division of Desjardins) which
now endorses all my insurance needs (vehicle, home, travel/health, business & boat) - great pricing and
great with their claims process (just like monnex used to be).

Had an interesting experience with the full replacement coverage insurance feature with my 2017 GS that was written off. When I bought the 2017 the GS was brand new and selling at MSRP. In return they gave me a killer trade in value for my 2014 Z51. Eighteen months later the GS was written off. The insurance company (Northbridge) asked for the bill of sale for the 2017. They then gave that to a dealer and asked for a price which they were given. This was the fall of 2018 and the C7s were by then being discounted substantially so the quote the dealer gave was considerable less than I paid for the 2017 GS. However, all I wanted was a new 2019 GS similarly equipped and I knew the amount presented by the insurance company would get that car so I signed off and they sent me a check for the amount plus HST. Despite a search of dealers in southern Ontario I could not find what I wanted and besides it was October by now so I ordered a 2019 GS for delivery in April 2019. After backing and forthing with 4 dealers I was able to negotiate for a new car for $1000 less than the check the insurance company gave me so I quickly spent the extra $1000 on a couple of appearance options. In the end I got a car two years newer but I would strongly recommend against that method of upgrading.

 

[YFCvii]

Had an interesting experience with the full replacement coverage insurance feature with my 2017 GS that was written off. When I bought the 2017 the GS was brand new and selling at MSRP. In return they gave me a killer trade in value for my 2014 Z51. Eighteen months later the GS was written off. The insurance company (Northbridge) asked for the bill of sale for the 2017. They then gave that to a dealer and asked for a price which they were given. This was the fall of 2018 and the C7s were by then being discounted substantially so the quote the dealer gave was considerable less than I paid for the 2017 GS. However, all I wanted was a new 2019 GS similarly equipped and I knew the amount presented by the insurance company would get that car so I signed off and they sent me a check for the amount plus HST. Despite a search of dealers in southern Ontario I could not find what I wanted and besides it was October by now so I ordered a 2019 GS for delivery in April 2019. After backing and forthing with 4 dealers I was able to negotiate for a new car for $1000 less than the check the insurance company gave me so I quickly spent the extra $1000 on a couple of appearance options. In the end I got a car two years newer but I would strongly recommend against that method of upgrading.

My check was written to both the insured and the dealership after a vehicle purchase was written up. I had to sign it over to the dealership and they cashed it. The process for a “pay out” was a whole different claims process in my case. Regardless ... the coverage is good for at least the bill if sale amount before cash down and trade.

 

[Rruuff Day]

Another thing to consider about insurance. If you can insure it for +25 yr old drivers only you can save quite a bit. I’m anticipating under $1000 full coverage on my C8 HTC. Downside is my 21 year old twin girls can’t drive it though.

What? You mean I have another 10 years to go for my discount????... Oops...sorry...I thought you said 75.

 

[DAL]

Man those numbers would be a dream for me. I'm 23 and paying $320 per month for insurance right now. Completely clean insurance, no tickets/claims. 1 mil liability, $1k deductible, low kms per year.

Hate to say, however, I paid high rates as a young man, now…not so much. You’re turn will come. Merry Christmas!