I'm getting a little nervous
26-Jul-2003, 02:24 PM
#1
Registered User
Thread Starter
Join Date: Dec 2002
Location: Milton
Posts: 1,357
I'm getting a little nervous
In a nutshell...I've been hearing this and that about insurance rates and cancellations due to vehicle modifications being minor or major.
I just got off the phone with a friend who has a 96 Thunderbird SC modded with Intake and Dual Magnaflow Exhauast...his price was $117/month prior to the phone call to the insurance company...He told the company what mods he had done and the adjuster told him over the phone that his new rate is at $177/month just for those 2 mods...
I've also heard the bs if you get into an accident with a modded car which you havent told the insurance company about, that they can cancel the policy on the spot and youre basically left up ****'s creek...
My mods include
1)CAI
2)Coil Overs with Stuts
3)Exhaust
4)Changed Paint Colour
5)Oversized Wheels (15" Blades when the CX has 13")
Ive had one ticket (76 in a 60) when i was 17years old...i am now 22...those are my only offenses on my record.
Im just a little scared that my insurance in going to skyrocket I will be left with no option but to sell my baby...
I think its well overdue that Ontario Insurance Policies need to be government regulated.
Anyone else very concerned about this ?
I just got off the phone with a friend who has a 96 Thunderbird SC modded with Intake and Dual Magnaflow Exhauast...his price was $117/month prior to the phone call to the insurance company...He told the company what mods he had done and the adjuster told him over the phone that his new rate is at $177/month just for those 2 mods...
I've also heard the bs if you get into an accident with a modded car which you havent told the insurance company about, that they can cancel the policy on the spot and youre basically left up ****'s creek...
My mods include
1)CAI
2)Coil Overs with Stuts
3)Exhaust
4)Changed Paint Colour
5)Oversized Wheels (15" Blades when the CX has 13")
Ive had one ticket (76 in a 60) when i was 17years old...i am now 22...those are my only offenses on my record.
Im just a little scared that my insurance in going to skyrocket I will be left with no option but to sell my baby...
I think its well overdue that Ontario Insurance Policies need to be government regulated.
Anyone else very concerned about this ?
26-Jul-2003, 10:13 PM
#2
Registered User
Join Date: Mar 2003
Posts: 389
Re: I'm getting a little nervous
Originally posted by 1SicCiv
I've also heard the bs if you get into an accident with a modded car which you havent told the insurance company about, that they can cancel the policy on the spot and youre basically left up ****'s creek...
I've also heard the bs if you get into an accident with a modded car which you havent told the insurance company about, that they can cancel the policy on the spot and youre basically left up ****'s creek...
28-Jul-2003, 10:55 PM
#5
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Thread Starter
Join Date: Dec 2002
Location: Milton
Posts: 1,357
I actually called my broker today and she told me pretty much the exact thing...she said that if i were to get into an accident ***knocks on wood*** that they would only cover what i have told them i have done...so far i havent told them anything...so if i were to rack up my car, i would only get book value being about 3g's for 93 Civic with 165, 000kms on it...she told me to get my car appraised with all my mods and then bring in the official appraisal, obviously causing my rates to increase
28-Jul-2003, 11:36 PM
#6
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Join Date: Apr 2002
Location: oshawa/mississauga
Posts: 3,252
don't tell them about proformance mods unless they are over a cetain price, but get the cost or and estimate of paint. that will be well worth it. most proformance mods can be recoved after an accident, (god forbid, i wish this option on nobody)
29-Jul-2003, 12:41 AM
#7
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Join Date: Jan 2003
Location: on a race track
Posts: 17,846
Originally posted by dented dx
don't tell them about proformance mods unless they are over a cetain price, but get the cost or and estimate of paint. that will be well worth it. most proformance mods can be recoved after an accident, (god forbid, i wish this option on nobody)
don't tell them about proformance mods unless they are over a cetain price, but get the cost or and estimate of paint. that will be well worth it. most proformance mods can be recoved after an accident, (god forbid, i wish this option on nobody)
29-Jul-2003, 09:52 PM
#9
Registered User
Join Date: Apr 2002
Location: Toronto
Posts: 9,255
It's not the insurance company that you have to worry about, it's the underwriters that makes the choice of insuring a certain car or not.
Your agent/insurance might say....."sure, I don't see anything wrong with "X" or "X" on your car. Let me take a few pics".
Well, those pics are then sent to head office for and underwriter to see/review......underwriter then sends his respnce back to head office, and then to your agent. If he/she says the car should NOT be insured, guess what? It won't be.
Don't believe a word that comes out of an agents mouth. He's ONLY there to drum up business.
It's the underwriters that insure the insurance companies...they are the ones holding all the marbles.
That's why I went back to stock. I don't need the headahche anymore.
If I do decide to do a moded Civic, I'll buy a pre '83, and then get classic insurance on it.
Your agent/insurance might say....."sure, I don't see anything wrong with "X" or "X" on your car. Let me take a few pics".
Well, those pics are then sent to head office for and underwriter to see/review......underwriter then sends his respnce back to head office, and then to your agent. If he/she says the car should NOT be insured, guess what? It won't be.
Don't believe a word that comes out of an agents mouth. He's ONLY there to drum up business.
It's the underwriters that insure the insurance companies...they are the ones holding all the marbles.
That's why I went back to stock. I don't need the headahche anymore.
If I do decide to do a moded Civic, I'll buy a pre '83, and then get classic insurance on it.
30-Jul-2003, 02:53 PM
#13
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Join Date: Jul 2003
Location: Montreal
Posts: 4,508
so is it true that say a civic with modded suspension (without telling insurance company) gets in an accident wont even be able to claim the book value of the car?ie. you get nothing? or is it just the parts you dont get money for...
30-Jul-2003, 05:05 PM
#14
Registered User
Join Date: Mar 2003
Posts: 389
They could deny the claim altogether if they feel they have enough grounds to ... Look in your policy for the statutory conditions ... if you have violated any of those or the company can show you violated them, your claim can and will be denied .....
06-Aug-2003, 02:06 PM
#15
Registered User
Join Date: May 2003
Location: Up North
Posts: 849
Insurance companys are raping me. I have no money and can barely afford my commute to school, along with tuition, food, rent.. etc. With my hours being cut at work, i might be out of luck soon. Drop out of school because of insurance.
