Insurance Renewal

November 2018 I got a letter from my insurance company (Economical Mutual) telling me they would no longer insure my ZR1 and won't insure anything more than 580 HP. I have been with this company for over 30 years (5 years with the same ZR1) No tickets, accidents or claims. They just dumped me. I went with Lant/Hagerty (Scottish and York) I've had my classic cars with them for many years. For $50.00 extra you can get an agreed value 19A policy (with an appraisal, 2011 car). Higher rate than Econ/Mut but still reasonable. Hopefully the new government will do something. What does horsepower have to do with your driving record?
 
GMJim said:
November 2018 I got a letter from my insurance company (Economical Mutual) telling me they would no longer insure my ZR1 and won't insure anything more than 580 HP. I have been with this company for over 30 years (5 years with the same ZR1) No tickets, accidents or claims. They just dumped me. I went with Lant/Hagerty (Scottish and York) I've had my classic cars with them for many years. For $50.00 extra you can get an agreed value 19A policy (with an appraisal, 2011 car). Higher rate than Econ/Mut but still reasonable. Hopefully the new government will do something. What does horsepower have to do with your driving record?
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i'm not holding my breath for the gov't to do anything.......the insurers lobby hard and have these politicians in their back pocket
 
I'm with TD Canada Trust (Home, Motorcycle, Cadillac and Corvette) and they are amazing to deal with and their rates are great. Switched about ten years ago from an insurer I was with for thirty years and saved thousands. They even have an online estimator and you don't have to give them your personal information. Check them out!

I forgot to mention.....TD has an app called "My Advatage" whereby if you allow them to track your driving habits via your cell phone and their app you're eligible for up to an additional 25% discount. Well truthfully I'm okay with them tracking me if it results in a further cash savings. Although I pride myself on excellent driving habits I will state I believe their app is too critical regarding braking and acceleration and I find it difficult to achieve more than an 18% discount, however I'll take it..........ha ha.

You can actually try the app with no commitment and you don't even need to be a TD customer.

Cobra :)
 
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After reading the comments from others, I checked 2018 ($646) vs 2019 ($800)and for the Corvette, the cost increased 23% which includes the addition of a rental car in the case of an accident.
That is with Economical Mutual and does not include the reduction in cost during storage.
A hefty % increase but not near some of the #'s quoted. I asked my broker about the 500 HP hurdle and they were not aware of it.
 
My insurance company dropped me after they found out my car produced in excess of 500 hp. In my search to find another company I came across a couple of pages from the insurance underwriters bible. Cars with excess of 500 hp will no longer be eligable for insurance. In addition to cars, vehicles with over sized tires, trucks with lift kits and some other modifactions
will not be insurable either. I'll post the pages once I find them.
I'd be checking with your insurance companies to make sure you all have coverage. Be safe not sorry.
 
I renewed in april 2019 with northbridge and rate stayed the same as last year at $660 /year full coverage. I have a 2017 Z06 and live in Caledonia, Ontario
I have 3 other cars with them, 2 bikes and my house as well so i'm getting all the applicable discounts. Hope this helps someone.
 
Rick9456 said:
My insurance company dropped me after they found out my car produced in excess of 500 hp. In my search to find another company I came across a couple of pages from the insurance underwriters bible. Cars with excess of 500 hp will no longer be eligable for insurance. In addition to cars, vehicles with over sized tires, trucks with lift kits and some other modifactions
will not be insurable either. I'll post the pages once I find them.
I'd be checking with your insurance companies to make sure you all have coverage. Be safe not sorry.
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jim kenzie from motoring tv did a blurb on this....exactly what you said. scary part is when you start shopping around and answer "yes" when asked if you have ever had your INS terminated by another provider....
 
I'm with TD Canada Trust (Home, Motorcycle, Cadillac and Corvette) and they are amazing to deal with and their rates are great. Switched about ten years ago from an insurer I was with for thirty years and saved thousands. They even have an online estimator and you don't have to give them your personal information. Check them out!

I forgot to mention.....TD has an app called "My Advatage" whereby if you allow them to track your driving habits via your cell phone and their app you're eligible for up to an additional 25% discount. Well truthfully I'm okay with them tracking me if it results in a further cash savings. Although I pride myself on excellent driving habits I will state I believe their app is too critical regarding braking and acceleration and I find it difficult to achieve more than an 18% discount, however I'll take it..........ha ha.

You can actually try the app with no commitment and you don't even need to be a TD customer.

Cobra :)
 
Cobravenomous said:
I'm with TD Canada Trust (Home, Motorcycle, Cadillac and Corvette) and they are amazing to deal with and their rates are great. Switched about ten years ago from an insurer I was with for thirty years and saved thousands. They even have an online estimator and you don't have to give them your personal information. Check them out!

I forgot to mention.....TD has an app called "My Advatage" whereby if you allow them to track your driving habits via your cell phone and their app you're eligible for up to an additional 25% discount. Well truthfully I'm okay with them tracking me if it results in a further cash savings. Although I pride myself on excellent driving habits I will state I believe their app is too critical regarding braking and acceleration and I find it difficult to achieve more than an 18% discount, however I'll take it..........ha ha.

You can actually try the app with no commitment and you don't even need to be a TD customer.

Cobra :)
Click to expand...
Will never allow a tracking device. Ever...Ever...
 
If you have graduated from univeristy or are a part of a professional organization (Professional Ontario Engineers, for example), TD Meloche Monnex offers very good group rates. My parents have been with them forever and have never had a hitch. I'm with them now and my rates are cheap cheap! $66/month for my 2009 Corvette Base 1LT. I'm also 33 with a clean driving record (one at-fault a long time ago, since cleared from my record). Also, it's my only car. I also live in a low risk area, outside of the GTA.

Granted, when I lived in Brampton, the city with the highest insurance rates in the world, I was paying something like $450/month for my 2012 Sonic with the same company.
 
EJChevy said:
If you have graduated from univeristy or are a part of a professional organization (Professional Ontario Engineers, for example), TD Meloche Monnex offers very good group rates. My parents have been with them forever and have never had a hitch. I'm with them now and my rates are cheap cheap! $66/month for my 2009 Corvette Base 1LT. I'm also 33 with a clean driving record (one at-fault a long time ago, since cleared from my record). Also, it's my only car. I also live in a low risk area, outside of the GTA.

Granted, when I lived in Brampton, the city with the highest insurance rates in the world, I was paying something like $450/month for my 2012 Sonic with the same company.
Click to expand...

I was with them for many years (30ish) and clean record. When southern AB flooded my rates skyrocketed.....stayed with them. When Fort Mcmurry burned, my rates skyrocketed again. Then they decided to send an appraiser out (in my house for 5 minutes) and he came back woth a ridiculous valuation and once again, rates shot up. Shopped around and switched and saved 4K per year. Stupid me for being loyal to them. Upon cancelling they tried everything to keep me...even though my at last 6-8 calls to them to discuss went on deaf ears. Never do business with them again, scabs IMO.
 
Spoke to my broker and he mentioned a few scenarios taking place in the current insurance landscape:
1. Some insurers are completely walking away from 500+ horsepower cars, literally see ya later go find insurance elsewhere.
2. Some insurers are using 580hp as the upper limit of what they will insure.
3. Intact (and presumably others) are using vehicle value. So they will not insure a car over $200k period. Cars over $100k in value are subjected to increased premiums.
4. Status quo for other insurers.

I priced insurance with 3 other insurers and it was right in the range of my quote. Direct insurance at one company was much cheaper so I may look at that for next driving season.
At the end of the day, definitely war on high performance, high value cars. I suspect the insurers with the cheaper rates will eventually catch up as they will be processing claims against the wave of owners that move over to them.
 
EJChevy said:
If you have graduated from univeristy or are a part of a professional organization (Professional Ontario Engineers, for example), TD Meloche Monnex offers very good group rates. My parents have been with them forever and have never had a hitch. I'm with them now and my rates are cheap cheap! $66/month for my 2009 Corvette Base 1LT. I'm also 33 with a clean driving record (one at-fault a long time ago, since cleared from my record). Also, it's my only car. I also live in a low risk area, outside of the GTA.

Granted, when I lived in Brampton, the city with the highest insurance rates in the world, I was paying something like $450/month for my 2012 Sonic with the same company.
Click to expand...


I would temporarily avoid Meloche Monnex...they have grown so quickly with their cheap rates that their customer service has become non-existent. In Sept and early Oct my call wait times were over 60 minutes to cancel a policy and buy a new policy. The agent confirmed they hired hundreds of new staff recently to catch up and were in the process of training them. I have 6 policies with them and have made 3 claims over the years and have no complaints whatsoever other then current service levels.
 
Just for something to do, I did an online quote with Haggerty.
Ins is $1100 now (CAA Ins).....I'm getting ready for the HP backlash.
This does NOT look promising (and they don't know my driving history yet).

Screenshot_20191025-120052.jpg


ONLY $2876?
 
This came right out of the underwriters bible. Cars with the following modification may not be eligable for insurance.
All depends on your underwriter if they insure you. I was insured with Aviva until I found out I wasn't insured. Since went with TD.
They have no problem insuring modded cars, with a appraisal.
800.00 for my car.

Vehicles with substantial aftermarket modification for

enhanced speed or racing by either 1 of:

(a) Turbocharger

(b) Supercharger

(c) Nitrous system

OR

2 or more of:

(d) Interior roll cage

(e) Modification to ground clearance

(f) Modification to tire circumference, or the use of

tires especially designed for racing or speed (This

does not include the application of snow tires.)

(g) Any other engine modifications, including engine

swapping, designed to enhance speed



 

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