Insurance Renewal

[lupo]

Hi everyone, just received my insurance renewal for the year and my jaw dropped. 109% increase!!! I was paying about $1260 for the year so this is roughly a $1300 increase which is just ridiculous. No tickets, claims, changes in the past year and only the Vette increased, so this makes no sense to me. I've called my broker and waiting for him to get back to me--hoping it's a mistake or I'm in the market for a new insurer.
Have any of you seen significant changes to your policy? I'm particularly interested as I was talking to another Vette owner in the summer and I seem to recall him mentioning that he heard insurers were going to target policies with very high horsepower vehicles and increase premiums??

 

[Jeffer2013]

what is your horsepower and any modifications?

 

[MikeysZ06]

Yeah,I’d be on the phone right quick. That’s ridiculous.

 

[lupo]

what is your horsepower and any modifications?

No mods. No track. 4km per year. Standard 650HP.

 

[Phil]

im gonna go out on a limb and guess that you're a fellow Ontarian?

 

[lupo]

im gonna go out on a limb and guess that you're a fellow Ontarian?

You bet Phil...

 

[Phil]

You bet Phil...

im going to try and restrain myself before i get kicked off the forum, but basically youre not alone. all major insurers have jacked rates across the board and will use ANY excuse in the book to get away with it, from "you're in a postal code with a high percentage of claims, changes by the Wynn liberals a few years back, escalated costs due to claimants suing insurers for injuries...ya da, ya da, ya da...." . its all BS and they have the politicians in their back pocket thru aggessive lobby groups. nothing we can do about it.

 

[tyho]

I have my car with belair direct. $15000 worth of mods, mostly cosmetic, and the premium is around $1200/year, I drive about 4000 km as well. So many cars on the road these days with 350 hp plus that it really is BS if the insurers go specifically against sports cars. Most owners baby their cars and those that take them to the track, well …. hopefully they are insured for that. I don't see many MVA's with Corvettes. Most claims will likely be comprehensive from someone vandalizing the car, hitting road debris, theft or a garage door closing on top. Shop around.

 

[lupo]

I have my car with belair direct. $15000 worth of mods, mostly cosmetic, and the premium is around $1200/year, I drive about 4000 km as well. So many cars on the road these days with 350 hp plus that it really is BS if the insurers go specifically against sports cars. Most owners baby their cars and those that take them to the track, well …. hopefully they are insured for that. I don't see many MVA's with Corvettes. Most claims will likely be comprehensive from someone vandalizing the car, hitting road debris, theft or a garage door closing on top. Shop around.

Makes sense Tyho--this had better just be a mistake.

 

[AxeZ06]

There are a couple ins cos that have ceased covering anything exceeding 450hp. Others will likely start making it miserable.
Sportbike riders have been dealing with this same bs for a decade.

 

[G-ForceJunkie]

There are a couple ins cos that have ceased covering anything exceeding 450hp. Others will likely start making it miserable.
Sportbike riders have been dealing with this same bs for a decade.

It was anything over 580hp last I heard.

 

[MikeysZ06]

I just looked at my policy from the last year for my 2 cars,,,,A 2003 Saturn Ion and 2007 Z06. I’m 55 and through work we get a fairly decent discount through a couple of different providers. In a nutshell,I paid $1235.00 for both cars for a year.

 

[LE BARON]

Shop around before you have to renew.
Hagerty sponsored our Indianapolis speedway day so give them a call. Lots of guys were/are with them.
Naturally if you have other insurance, house/apt/condo, to combine it makes it less expensive as then they want your piece of the pie.

 

[rammer]

That is one of my main reasonsons for selling my bike . Every year it increased no tickets no claims ever . I pay $600 a year less on the corvette than the bike . And save even more if I cancel collision over the winter . I do know my neighbour has a 2019 ZR1 and he said the best rate he could find was just shy of $3500 . Good luck in your search

 

[freddyman55]

Hi everyone, just received my insurance renewal for the year and my jaw dropped. 109% increase!!! I was paying about $1260 for the year so this is roughly a $1300 increase which is just ridiculous. No tickets, claims, changes in the past year and only the Vette increased, so this makes no sense to me. I've called my broker and waiting for him to get back to me--hoping it's a mistake or I'm in the market for a new insurer.
Have any of you seen significant changes to your policy? I'm particularly interested as I was talking to another Vette owner in the summer and I seem to recall him mentioning that he heard insurers were going to target policies with very high horsepower vehicles and increase premiums??

Hi everyone, just received my insurance renewal for the year and my jaw dropped. 109% increase!!! I was paying about $1260 for the year so this is roughly a $1300 increase which is just ridiculous. No tickets, claims, changes in the past year and only the Vette increased, so this makes no sense to me. I've called my broker and waiting for him to get back to me--hoping it's a mistake or I'm in the market for a new insurer.
Have any of you seen significant changes to your policy? I'm particularly interested as I was talking to another Vette owner in the summer and I seem to recall him mentioning that he heard insurers were going to target policies with very high horsepower vehicles and increase premiums??

I am using Hagerty ins. Am only paying $350 A year. But I am driving a 68

 

[Cariboocreek]

It’s not just Ontario. We are starting to get hammered in Alberta as well. I would expect to hear similar stories popping up from Alberta owners soon. I have my own horror story from this summer and changed providers. But I believe most owners in Alberta are going to run into some issue over the next couple of years.

 

[Bikerjulio]

I'm with Desjardins (previously State Farm) and my C6 GS Corvette is the cheapest of my 3 cars to insure.

Now, I'm in the Niagara Region and getting every discount there is - multi-line, multi-car, retiree, low mileage.

Current bill is $599 inc tax.

Postal code makes a huge difference. Rates are less than 1/2 those in the insurance scam capital of Canada - Toronto.

 

[Vegas1500]

Got told in May my insurance company would not renew my car. Said anything over 500Hp was getting flagged. Since then have 3 friends that went through same thing. Tried Hagerty and their rates were insane. Have a clean record with multiple vehicles and properties. They said many insurance companies basically don’t want auto policies and are looking for a way to get out of them. I asked about sport utilities and other cars over 500 HP (as many are these days) and was told they aren’t affected. Clearly comes across as an attack on sports cars/corvetttes. Did find a brokers in southern AB that took it and insured it through SGI with decent rates. Kind of worried about 2020 renewal.

 

[YFCvii]

It’s not just Ontario. We are starting to get hammered in Alberta as well. I would expect to hear similar stories popping up from Alberta owners soon. I have my own horror story from this summer and changed providers. But I believe most owners in Alberta are going to run into some issue over the next couple of years.

Oh ... hoping it doesnt go this way ... after all I have doubled down ...

 

[tinman3]

Hi everyone, just received my insurance renewal for the year and my jaw dropped. 109% increase!!! I was paying about $1260 for the year so this is roughly a $1300 increase which is just ridiculous. No tickets, claims, changes in the past year and only the Vette increased, so this makes no sense to me. I've called my broker and waiting for him to get back to me--hoping it's a mistake or I'm in the market for a new insurer.
Have any of you seen significant changes to your policy? I'm particularly interested as I was talking to another Vette owner in the summer and I seem to recall him mentioning that he heard insurers were going to target policies with very high horsepower vehicles and increase premiums??

Hi everyone, just received my insurance renewal for the year and my jaw dropped. 109% increase!!! I was paying about $1260 for the year so this is roughly a $1300 increase which is just ridiculous. No tickets, claims, changes in the past year and only the Vette increased, so this makes no sense to me. I've called my broker and waiting for him to get back to me--hoping it's a mistake or I'm in the market for a new insurer.
Have any of you seen significant changes to your policy? I'm particularly interested as I was talking to another Vette owner in the summer and I seem to recall him mentioning that he heard insurers were going to target policies with very high horsepower vehicles and increase premiums??

Is your car red? Because you know red cars are faster and maybe that's why?