CAA $1500 Corvette theft insurance surcharge

GM MUSL

GM MUSL

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I just got notice that CAA is charging me a $1500 theft insurance surcharge on renewal. They claim it us due to high theft rates on this car. I find the last reported information from Canada indicates Corvettes are in the lowest theft category. They will not charge it if I install a device - I don't want or need , at my cost. I don't plan on keeping my cars too long.
 
Denis, a lot of insurance companies are unwilling to insure a car over 500 hp now, and a lot of them are surcharging policies to get
insureds to install protection against theft. This reduces risk by increasing the chance of recovery in the event of loss.
CAA is the lowest price insurance company out there, so they must be experiencing high loss rates to implement this requirement.
If one can find another insurance company who is willing to insure this car without the immobilizer, my prediction would be that
the other companies rate will be more than $400 a year in premium.
 
AxeZ06 said:
A ~$400 one time charge to get the tags installed, vrs $1500 per year seems like an easy decision(?).
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Requires an after-market engine immobilizer that uses a PIN and/or separate key fob and must be installed by approved installer. Cost over $1500 and now my keyless features etc. are gone. Some days I am in and out of the car 20 times and the inconvenience is forced upon me. I live in the country - have the car in a secure garage that has alarm monitoring - I almost never go to big cities but I have to pay even though Corvettes are among the lowest theft numbers according to the latest info. I can find. I also don't want some hack cutting into my wiring. If I could do it myself and get the full discount - I would consider it.
 
Mr.Corvette said:
Denis, a lot of insurance companies are unwilling to insure a car over 500 hp now, and a lot of them are surcharging policies to get
insureds to install protection against theft. This reduces risk by increasing the chance of recovery in the event of loss.
CAA is the lowest price insurance company out there, so they must be experiencing high loss rates to implement this requirement.
If one can find another insurance company who is willing to insure this car without the immobilizer, my prediction would be that
the other companies rate will be more than $400 a year in premium.
Click to expand...
Denis, any good experience/prices with Club members getting this done in London area.
 
GM MUSL said:
Denis, any good experience/prices with Club members getting this done in London area.
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Hal, I have used Motron and TC Auto Electronics in the past. Did they send you a list of which ones they accept as a lot of immobilizers are a lot more than $400 installed.
 
I went through this with CAA before I stored the car for the winter.

This is what they sent me.

Here are the theft prevention options to remove or reduce the High Theft Risk Premium Surcharge.

1. 100% of the surcharge ($1,500) can be removed if you purchase an after-market engine immobilizer. You must have it professionally installed, the immobilizer cannot be seen, and a Code/PIN sequence or the immobilizer's fob must be used to start the vehicle. A Certificate of Installation and proof of purchase must be provided. (Ghost 2 or IGLA)

2. 50% of the surcharge ($750) can be removed if any of the following are professionally installed:

1. An after-market engine immobilizer not meeting the requirements above
2. An ignition cut off system
3. A two-factor authentication (2FA) system

Proof of purchase and installation must be provided.

3. The surcharge can be reduced by $500 if one of the following anti-theft deterrents is purchased and used regularly. A photo clearly showing it installed must be provided.

1. Steering wheel lock, Brake pedal lock, Wheel & tire lock
2. Retractable bollard
3. Key fob signal-blocking device (excluding faraday accessories)
4. If no action is taken, the full surcharge ($1,500) will be applied to your policy.


The cost to install the Ghost 2 or IGLA is around $1,200 to $1,500.
 
rayka said:
I went through this with CAA before I stored the car for the winter.

This is what they sent me.

Here are the theft prevention options to remove or reduce the High Theft Risk Premium Surcharge.

1. 100% of the surcharge ($1,500) can be removed if you purchase an after-market engine immobilizer. You must have it professionally installed, the immobilizer cannot be seen, and a Code/PIN sequence or the immobilizer's fob must be used to start the vehicle. A Certificate of Installation and proof of purchase must be provided. (Ghost 2 or IGLA)

2. 50% of the surcharge ($750) can be removed if any of the following are professionally installed:

1. An after-market engine immobilizer not meeting the requirements above
2. An ignition cut off system
3. A two-factor authentication (2FA) system

Proof of purchase and installation must be provided.

3. The surcharge can be reduced by $500 if one of the following anti-theft deterrents is purchased and used regularly. A photo clearly showing it installed must be provided.

1. Steering wheel lock, Brake pedal lock, Wheel & tire lock
2. Retractable bollard
3. Key fob signal-blocking device (excluding faraday accessories)
4. If no action is taken, the full surcharge ($1,500) will be applied to your policy.


The cost to install the Ghost 2 or IGLA is around $1,200 to $1,500.
Click to expand...
Did you get one installed or what did you decide?
 
GM MUSL said:
They are both listed as Ghost II installers.
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So essentially what we have here is an insurance company increasing your premium $1500 this year and it's up to you if you pay it next year or not when another $1500 charge (or more) comes in next year. Up to you, but insurance companies don't lower pricing unless the gov't makes them do it.
 
GM MUSL said:
Did you get one installed or what did you decide?
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I did not get anything installed then, as both players were still figuring out the install procedure on 2024 model year Z06's. I didn't want my car to be the guinea pig. I did purchase Soler throttle controller. I'll see what kind of discount I can squeeze out CAA for installing that, as it can lock out the throttle pedal. I'm not keen on folks screwing around with my wiring harness. As someone stated above, I have no problem doing it myself, but don't trust some kid hacking up my car's harness.

Also, still calling around different insurers...
 
GM MUSL said:
That is only if I stay with CAA. I am shopping around for a new carrier. If they are all the same adding this new security I have no choice but to get one installed.
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I've been a CAA member for 45+ years, but when I was shopping around a few years ago for auto & home insurance quotes, they were not very competitive. Both my wife & I were offered group rates through our former employers (now retired & they still honour them) and we switched first to one carrier for auto & the other for home...have since consolidated them together.
 
FWIW , I just switched to BelAirDirect and couldnt be happier (3 vehicles and our home)

2,000,000 Liability
$5k Deductible (my choice)
Not at Fault
Accident Forgiveness
.....

IMG_6909.webp
 
Looks like CAA is due for some "premiums loss" vs "C8 loss" issues, when some folks decide to switch underwriters.
I'll switch, just to let them know it was a bad business decision, particularly since C8s are among the lowest stolen vehicles statistically. Of all the lists I reviewed online, Corvettes didn't break the top 10 on any of them.
CAA has decided to apply a "car-gone tax" to us, at their peril.
 
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