oil-rag

Casual User
May 21, 2018
16
17
VetteCoins
152
Car
2001 Vert-Stick
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,
 
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)
 
Last edited:
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.
 
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.
 
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
 
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.
 
  • Like
Reactions: 12cents
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.
 
  • Like
  • Haha
Reactions: ddgermann and Nik
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:
 
  • Like
Reactions: Bixter44
I went with Grundy's agreed value policy through the Philadelphia Insurance Co here in the States.I believe it's available in Canada as well.I insured it for a value of $28000 & pay $441 a year for full coverage.But there are a few restrictions,like no parking in shopping center or supermarket lots.But no mileage limits...
 
I was advised that the company's appraiser felt that it would be a good idea to have the car independently appraised, as he felt it may be worth more than I have insured it for, based on the photos that I submitted. I will do this, as for a few dollars difference, I'll know that this car (86 Vette) will be protected properly in case of the worst.
 
  • Like
Reactions: Hotrodron
I use Vachon Insurance Group in Etobicoke. TD insurance wanted an appraisal, Vachon just wanted pictures. My policy is actually with CAA and they allow me to remove the collision portion when I store the vehicle for 6 months reducing my premium. I pay around $450 per year for a 2001 C5.
 
  • Like
Reactions: OL Yeller
Old Thread: Hello . There have been no replies in this thread for 100 days.
Content in this thread may no longer be relevant.
Perhaps it would be better to start a new thread instead.

Similar threads

Users who are viewing this thread