Before we get started, I want to be very clear about what we are trying to do here.
We are doing a trial run to see the actual interest in Motorsport Insurance Coverage. We are not collecting money or offering coverage at this point.
We have completed all the legal paperwork to move forward with brokered insurance and as a back up, Self Insurance (CO-OP).
We have to find out where we stand before we fully commit to this venture. It is very expensive to file.
We can obtain actual Insurance coverage for any modded car as long as It can meet Canadian safety standards and clean air.
Our biggest problem has been death liability. All of the future policies will have NO death coverage. Period.
We have had a massive amount of e-mails worried about actual coverage under self insurance. I will go into more detail on this later.
We have 2 National Insurance companies Interested in providing coverage for modded cars. The numbers involved must be a min of 5,000 policies before they would even look at this type of Insurance.
This would be Insurance from a national carrier and we would act as a broker for them.
To sell Insurance in Canada, we must follow strict guidelines to protect the client and the government is involved in every step of the way.
Coverage under Self Insurance is exactly the same as a National Insurance carrier except for the fact that you have limited funds for claims. You have a better chance of going bankrupt over a National Insurance carrier if you have alot of fraud or claims.
Coverage under your current Insurance is as follows. You have a set deductible for claims and a set amount of liability coverage should you cause property damage.
Let’s say you have 500,000 liability coverage currently. You cause a 1,000,000 dollars in damages. You are responsible personally for the difference.
If you have a modded car with your current national coverage you are most likely not covered for any,fire,theft,collision and possibly liability coverage.You have lied to them about your activities and your modifications. You are hoping you are covered at this point in time.
Self Insurance will give you legal coverage.We are aware of what you are up to and have your car fully documented with all of your mods.The guidelines must follow Federal or Provincial Insurance rules.
As of right now we do not have provisions for fire, theft or collision under the self insurance program. Only liability and a maximum limit of 500,000 dollars for all single claims.
The National Carrier Insurance will have fire,theft,collision and liability coverage up to 5,000,000 dollars if you want to pay for that coverage.You will have your modded car fully covered for all claims. There will be no Death Liability at any period and no coverage if you are doing a timed speed event of any kind.
I wanted to give you a brief outline of the different coverages we are working on. The legal brief for Self Insurance is complete(CO-OP) and ready for filing. I wanted to wait until this was ready to know for sure we could get coverage for modded cars.
Once we meet the required number of applicants we will e-mail you a full detailed Insurance quote and can proceed with your coverage.
To recap, we have managed to get National Insurance carrier coverage for modded cars. We need a min of 5,000 real clients. This number should not be hard to obtain. If we fail to achieve this number we have Self Insurance ready to move forward.CO-OP
We require the follow information for a trial run.
Name
Address
e-mail
type of car
year
make
model
list all modifications
Number of driving infractions and Insurance claims in past 6 years. Be honest about this. A check will be done prior to providing coverage.
Please tell us of coverage options you want quoted on
Fire
Theft
Collision
Liability amount.
500,000
1,000,000
2,000,000
5,000,000
William.
