Car Insurance

oil-rag

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#1
Hi All
I have just purchased a 2001 C5 for approx $25k. The insurance company does not want to cover the car only third party as they say the book value is only around $12k. Is there such a thing as classic car insurance that cover these oldies or do you just hope you dont have an accident. ( I'm in Waterloo Ontario)
Thanks in advance,
 

Rruuff Day

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#2

SN-III

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#3
A real good insurance company and/or broker (who wants your business),
has always been my valued resource when needed.
I had a rare ram air package upgrade to a '98 Grand Prix GTP/GTX and my insurance broker helped
me through it all ... eventually, I ended up not keeping up the "annual effort" as it did wear on me.
Began to realize the car really had more value to me than what insurance/appraisal would agree with.
Photos, appraisal, numerous back & forth insuring "initial here & there and sign on the bottom".
Nevertheless ... a real good broker may work for you as it did for me at the time :Confused5:
(I'm in Alberta and with a Professional Group Insurance Broker)
 
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oil-rag

oil-rag

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#4
Thanks guys... Excellent info.
 

nascar03

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#5
HAGERTY or Insurance thru your local Auto Club May provide you with ‘agreed value’ options for coverage.

Graham
 
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oil-rag

oil-rag

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Thanks..
 

12cents

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#7
HAGERTY or Insurance thru your local Auto Club May provide you with ‘agreed value’ options for coverage.

Graham
I second Graham on the Hagerty. I had my old Camaro insured through them and aside from the paperwork, it was a great experience. The local broker was very helpful in getting it done and at a very reasonable price.
 
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#8
I will also recommend Hagerty. Just recently switched my '99 Coupe to Hagerty from the insurance company that I have everything else with. Saved a little bit (at least $50/year) and now I don't have to bother with calling to put insurance on in the spring and removing it in the fall, as Hagerty is year round coverage. I did everything online (I didn't actually speak to a person) and part of the application process asked how much the car was worth. I said $20k and it was not questioned. I am assuming I am paying higher premiums than if I had said it was worth $12k. It took 2-3 days from filling out the application online to getting confirmation that insurance was in place. Hope this helps.
 

umpy

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#9
You may also want to call Jason Wilson at Reeds Insurance (Vintage Auto Insurance) in Lindsay Ont. 800 307-7066 It's important to note that an appraisal is a must !
The important clause on your insurance is a 19A clause. Agreed value in case of a bad accident. (with appraisal)
I have this on my 07 .... I can also take the liability off for the winter and maintain fire and theft. That will save you a lot of cash.
I don't believe that Hagerty has that option.
Good luck
 
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oil-rag

oil-rag

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#10
Thanks for this, great info..
 

Vette1993

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I went with LeClerc, (Hagerty's affilliate in Quebec) Reasonable pricing, great service. I can adjust it accordingly as I restore this vehicle slowly and increase it's value over time. It has a limited kilometer allowance, but it fits into my casual usage of the vehicle, perfect for me.
 
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oil-rag

oil-rag

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#12
Thanks for all your replies.
I insured it through Hagerty, and i took your advise and got it appraised.
It was valued at 29K so was worth doing.
Only issue with Hagerty is the limit on the mileage 6k - will have to see how that goes as i am really enjoying the summer evening cruise with the top down. Maybe once the novelty wears off i will reduce the leisure drives.
 

ddgermann

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#13
Thanks for all your replies.
I insured it through Hagerty, and i took your advise and got it appraised.
It was valued at 29K so was worth doing.
Only issue with Hagerty is the limit on the mileage 6k - will have to see how that goes as i am really enjoying the summer evening cruise with the top down. Maybe once the novelty wears off i will reduce the leisure drives.
The novelty never wears off... your screwed.
Actually joking aside as a weekend cruising car you will probably be good. Unless you join us in Winnipeg in 2 weeks. Then you might be cutting it close for this year.

Enjoy those top down rides. :thumbs:
 

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