Don’t know if this is old news, but found it interesting , especially for those of us who mod and track our cars.
i tried the website solocanada.ca and it didnt work… i know this article is 2 yrs old so i guess that insurance thing is over…
Whoops, it would seem I’m a bit out of the loop. :rolleyes:
Its still the same , nothing changed. There is specialty markets of insurance. Average car is worh 5-30k $.
Gold and Silver plans for antiques etc.(cars are woth 15k+)
YOu own a Ferrari or similar you go specialty.(80k+ risk)
You own a gravel truck you go specialty.(350k+)
You own a high value Harley D , well you go specialty. (24k vs 12k for a cbr600)
Not to get into possible liability claims , remamber bmw on 97 street… damaged 3 new hyndais and a dealership. thats over 100k that would of been paid out. Well Dui and racing aren’t covered.
And Specialty means they insure similar risks and premium is based on value of the pool.
Insurance is risk managment and money pulling. If your car isn’t an average daily driver why should it be insured with regular cars?
So if you have a modded car , call around. Nordic Insurance does specialty, Co-op takes specialty etc. And have your vehicle insured adequatly, don’t lie just trying to get coverage.
And racing is no different than growing dope in the basement…its illigal. House burn down, they find a grow op underneith…well claim denied.
You crash and 10 witnesses say: racing involved, why should insurance cover and illegal activity.Just like DUI etc.
When there is out of ordinary losses that gets covered, guess whos prices go up next year ? Me and you … Anual premium is based on previous years claims+ admin and operational cost. When there is 2much losses goverment aproves rate increase.
I hope that explains how insurance looks at it.
I’m not trying to condone DUI or street racing, I understand how insurance looks at it when idiots DUI and/or street race or other illegal activity and get into accidents, if you’re stupid enuf to do that shit, you should have to pay, although as you said, its the rest of us that really pay. I was worried about those of us who track our cars - ie. go out to Namao for a bit fun in a controlled environment where if you tag a cone or spin out it’s only your pride that is hurt. To have your insurance cancelled because of that is a bit extreme IMO.
I guess the problem is trying to prove how the accident happened, how the car was being driven, be it on a closed course or on the road, etc etc, it goes back to the same sort of thing about how insurance for a single male under 25 is so much higher because of accident stats, although how I magically became that much better a driver on my 25th birthday to warrant a 50% premium drop… I dunno. Maybe I’m just annoyed because I have a clean record and no claims for 25 years of driving and my insurance could get cancelled because I like to autoX once a month in the summer.
it shouldnt even matter… were the ones paying them to insure us…
OK, SO YOU PAYING THEM TO INSURE A FACTORY BUILD 1991 240SX , ACCTUALLY ITS 3X THE HORSEPOWER 3X IN VALUE(RIMS, COILS , DVD, ) AND SO ON … BIG DIFFERENCE BETWEEN WHAT YOU INSURED AND WHAT YOU ACCTUALLY HAVE ON THE ROAD.IF YOU HONEST AND GOT YOUR CAR APRAISED AGENT WILL EITHER INSURE YOU CAR PROPERLY OR SHOP AROUND YOURSELF AND FIND A PLACE THAT WILL TAKE IT. CUZ WHEN A CLAIM HAPPENS THEY WILL DENY IT , OR IF THEY FIND OUT BEFORE THEY WILL CANCEL YOUR POLICY …WHY ? BECOUSE YOU MISREPED WHAT YOU ACCTUALLY HAVE, CHANGE IN RISK.
LIKE I HAD A CLIENT HE ASKED TO INSURE A MOTORHOME. NEXT THING I KNOW I HAVE UNDERWRITING WONDERING WHY I INSURED A SCHOOL BUS THAT WAS HAULING 30 WORKERS TO FORT MAC ON DAILY BASSES AS AN RV. WELL WE CANCELED IT. IF BUDDY TOLD ME WHAT HE IS DOING I WOULD OF COVERED HIM COMMERCIALLY WITH NO ISSUES. NOW IMAGINE IF HE ROLLED THAT BUS AND GOT SUED BY 30 PEOPLE AND HE ONLY PAID SAME PRICE AS "YOU’ BECOUSE HE DECLARED IT AS RV.
WITH RESPECT TO TRACK GUYS , ITS A MOTORSPORT CAR IS PART OF IT. NO TRACK CAR HAS INSURANCE, NASCAR HAS NO INSURANCE ETC. ITS LIKE HOCKEY PLAYERS THEY USE STICKS, SKATES ETC TO PLAY, SO IF THEY BRAKE A 2500$ SKATE AND HAVE HOMEOWNERS INSURANCE SHOULD WE COVER IT ?
SORRIE ABOUT CAPS. I AM AT WORK DANG DOS. AND I AM NO PRO INSURANCE I JUST WORK FOR THEM AND I KNOW HOW THEY SEE THINGS IN ORDER FOR SYSTEM TO WORK. LIKE MY OWN COMPANY WON’T INSURE ME HAHA ITS NOT THEIR LINE OF RISK, BUT CO-OP HAS NO PROBLEMS I GAVE THEM APRAISAL AND TOLD TRUTH ABOUT EVERY BIT ON THE CAR.
when i got my car insured the the first thing they asked me is if it was modded and if u planned on modding it. i simply said no. when it comes around to renew it i will probably get an aprasial and see what i can get for insurance then…
nismo,
i dont tell my insurance guy that my car is modded to the nuts because she doesnt have to know, if you only take basic coverage, you dont have to tell them that, so if i am at fault, its my fault and i have to pay to repair it, if i had full coverage id tell them about my goodies, same thing if you have fire and theft, when i got that, i had the car appraised for those reasons.
yeah but when you tell them the goodies, watch out. They might turn around and tell you well thats an awesome list for one we are not going to insure you cause the pretty list you have here and with the mods that you have done to your car we either put you on a residual policy ( high risk ) or we`ll cancel the insurance if you dont like your new SHINY bling blinging rate. so tell them all about suspension, eletronics, bla bla bla just dont tell them about the t25 turbo attached to the motor thats making you double your hp. I checked this info out with my ins company and the nice girl how was having a great day told me the ins and outs so when you talk to your insurance becareful
initial D …really wrong
Misrep has nothing to do with coverage you carry. It has to do what has been declared at the time of aplication. Vehicle and use of it.Becouse that determans if you get placed with regular lines, commercial, speacilty etc. Price may be the same sometime due to goverment regulations but "at most good faith’ aplies so if you don’t declare true use or upgrades you have lied and they don’t have to cover you if there is a claim even if it is the 3rd party that seeks repairs.
Belive it or not i have seen a PLPD claim that got denied becouse on application car was declared as stock. But when he rear ended someone they looked at his car and it had oversized rims and tires / coils / cold air intake / body kit / msd coil / thiker plug wires/safc/ gay electric blower. Adjuster sad car was modified for enhaced performace and speed without declaring it on app or consulting his agent.
Reality is we paid the claim becouse of legislature (200k absolute liability)but we subrogated him due to misrep and he is in collections for 14k. he can’t even get insurance anywhere else untill he pays back the 14k.
Dude got sued on his own, his policy was canceled , he was blacklisted and he had to pay the guy he rear ended 14k $ +out of his pocket for damages/injuries.While if he declared it as lightly modded he would of been placed with nordic and price would of been the same for plpd ,BUT claim would of been covered.
2nd case we all heard of on the news awhile back. Buddy declared pleasure use on the car but was delivering pizza part time at night. He tboned someone or similar case and adjuster denied claim due to misrep on use. Business use wasn’t declared as simple as that.
And alot of companies look at tint/custom paint/ rims as a cosmetical upgrade. While anything that offere hp increase is considered change in risk. Even trucks with lift kits , oversized wheels/ mud tires go specialty.
Ps : it is insurances business to know as much about your car as they can , thats the only way they can insure it properly. And if you told me in my office "its none of my business " in regard to what i insure since its plpd only. hahah that be last timeyou came to my office in a nice word.
I know of 350whp accord apraised at 30k that has full cov, my car has ka-t , lowered, rims, pirellis , cross drilled brakes, etc and its insured up to value on full cov. So no need to lie just be honest and sometime you just have to shop around to get proper coverage.Like i sad before my own damn company dinied me coverage due to modifications for speed so i went across the street and boom they took it like no problem and price is cheaper than my own damn place.
ps residual isn’t only high risk, everything that don’t fit personal/commercial goes residual. Sometimes its 5speeding tickets 2 at fault accidents, modified car/truck, a high risk(dui), international license ,welding trucks, delivery trucks, oilfield trucks etc … depends what that company can’t fit into personal/comercial lines.
And yah sometime price is higher but guess what ur car is worth alot more that a stock 240 also plpd itself is the same price in any market for 99% of people under 25.
And if you have $ to mod ur ride , than you should have $ to insure it properly otherwise sell it and take a bus.Becouse if you lie it might just cost you up to 200k out of ur own pocket.
sorry to jack this thread… but I recently put a turbo kit onto my 02 Spec V, how hard do you think it’s gonna be to get full coverage? No tickets, 1 at fault accident (fender bender in parking lot…), am 20 with 4 years driving.
Don’t tell them you have a turbo kit.
will I get fucked though if I get in an accident and they see a turbo kit??
They just won’t cover your turbo.
Oh ok. I was hearing all these horror stories about people who crashed up their cars and since they had a turbo kit, insurance wouldn’t even cover anything cuz the turbo kit wasn’t stated in their coverage.
100% CORRECT IF YOU DIDN’T DISCLOSE IT ENTIRE ACCIDENT GETS DENIED. SO WHATEVER THEY PAY TO FIX 3RD PARTY WILL BE BILLED TO YOU.
ALL THIS REPLIES ABOVE HOW THEY JUST WON’T BUY YOU A NEW TURBO ARE 100% BS, DON’T BELIVE ME “GOOD” I DON’T CARE . BUT WAIT TILL YOU HIT SOMEONE AND ADJUSTER ASKS YOU TO POP UR HOOD AFTERWORDS, THAN ALL OF SUDDEN YOU’LL REMAMBER THAT SOMEONE HERE WARNED YOU.
PS: PEOPLE GET AWAY WITH STUFF, LIKE IF BOTH CARS ARE DRIVABLE AFTER THE ACCIDENT THEY MAY NEVER ASK TO LOOK AT UR CAR. THEY WILL JUST WANT TO SEE DAMAGES YOU DID TO WHOEVER YOU HIT.
nismo is 100% correct in this case.
If you do not claim your “upgrades” and “modifications” on your car in a proper timely fashion, you will get the huge insurance dick up your ass. I have seen cases as little as a modified seat waiving over a coverage.
So yea, if you do not appraise or let your insurance know about your new modifications, you are getting fucked for sure. haha “They just wont cover your turbo” … possibly the worst and most out-of-ass assumption ever.
double rammage … i mean post… errr