Insurance company in TO

[*DPW*IS]

hi
which insurance company in TO is the best, in terms of service and price..
for an 2001 IS300, with occasional driver under 25 yrs old+ a set of aftermarket rims+tires.....

i won't report that my car is lowered and with an exhuast since they don't like that, but then if my car is ever crashed, do they pay you the stock part or aftermarket parts, just wondering....

which company do you IS guys have?
thank you!

[Neova]

Try Scottish & York (a CGU company www.cgu.ca)
the broker for Scottish & York in toronto is Ontario Insurance Service 1-800-268-7315. Just call for a free quote. They specialize in high-risk auto insurances (male, under 25, expensive cars).

any aftermarket parts not reported as part of the car will not be covered. If you car crashed they will repair it to the stock specs. If you want to insure your aftermarket parts, you can add a "rider" to your insurance..

Don't lie to them about your aftermarket parts... this can be considered fraud and void your insurance altogether.

[Fern]

Originally posted by Neova
Try Scottish & York (a CGU company www.cgu.ca)
the broker for Scottish & York in toronto is Ontario Insurance Service 1-800-268-7315. Just call for a free quote. They specialize in high-risk auto insurances (male, under 25, expensive cars).

any aftermarket parts not reported as part of the car will not be covered. If you car crashed they will repair it to the stock specs. If you want to insure your aftermarket parts, you can add a "rider" to your insurance..

Don't lie to them about your aftermarket parts... this can be considered fraud and void your insurance altogether.

If you fail to tell them about something critical, ie: car has performance mods, then they can deny any future claim on the basis that this was "material misrepresentation" and as such, deny claim.

Material misrepresentation comes into effect if they can prove that " had they known about the mods from the onset, they would not have insured the vehicle." If the answer is yes, then your SOL.

Understanding the above concept when your claim is denied is extremely important in that if the reason for the denial was not based on the definition of "material misrepresentation", then the claim may have been wrongfully denied to start with.

BTW, you may want to reconsider getting a quote from a "facility" (high risk) insurer as their premiums tend to be higher.

Check out this website for an insurance quote in Canada

http://www.insurancehotline.com/

Cheers,

Fern

[EKam]

Originally posted by Fern
If you fail to tell them about something critical, ie: car has performance mods, then they can deny any future claim on the basis that this was "material misrepresentation" and as such, deny claim.

Of course, but it also depends on what "performance mods" you have.

Say you just swapped a V6 to a V8, then obviously you might want to tell them.

You'll most likely can get away with the little stuff that they don't really care about.



But lastly, it's always a safe bet to read over your insurance policy.

[Fern]

Originally posted by EKam
But lastly, it's always a safe bet to read over your insurance policy.

Our you can send a pm to the member named FERN (hopefully I will get back to you in time) and find out how the situation will be handled from an insurance perspective if you are insured in Ontario as I am a licensed adjuster.


Bottom line:
modifications that increase the value of the vehicle will most likely be covered, (provided you can substantiate the existance, ie: receipts) but modifications that increase the risk to the insurance company won't, ie: NOS.

Cheers,

Fern

[Snow White IS]

Hi J & A, nice to see guys from ISI posting on TN lexus forum... maybe it will pick up soon like the rest of TN?

The insurance company I'm with is Meloche Monnex. I would have paid double if I stuck with Allstate.

[Fern]

Originally posted by Snow White IS
The insurance company I'm with is Meloche Monnex. I would have paid double if I stuck with Allstate.

Monnex,

now there's a company with Blls.

They are financed by TD bank and just recently (2 weeks ago) purchased Liberty International Insurance based out of the US.

Cheers,

Fern

[IS300GGP]

Monnex is a group insurance company... provides discounts for university alumni and professional groups... won't insure you unless you fall under one of their groups

fern u work for monnex?

[Fern]

Originally posted by IS300GGP
Monnex is a group insurance company... provides discounts for university alumni and professional groups... won't insure you unless you fall under one of their groups

fern u work for monnex?

Monnex insures groups w/ professional affiliations, ie: engineers (or engineering students), dentists, doctors, etc...

Like many insurers, they tend to want groups vs. individual insurers, I doubt that they would say no to a good risk, regardless if group affiliated or not.

No! I don't work for Monnex, but know their claims manager and VP of claims (who co-incidentally started in their mailroom).

The reason they specialise in groups is for volume sales and the fact their underwriting is geared at that specific market.

I could go on forever, but won't.
Lets just say it is much more difficult (a gamble) to underwrite an individual policy versus an individual policy for a group member.

I work for a personal lines (not commercial) company which is owned by ING.

Cheers guys,

Fern

[SpectraBlueCam]

Originally posted by Snow White IS
Hi J & A, nice to see guys from ISI posting on TN lexus forum... maybe it will pick up soon like the rest of TN?

Don't know "J" but I do know "A". So you're still on the fence about coming to the meet this Saturday, "A"? The more the merrier.

Originally posted by Fern
Monnex insures groups w/ professional affiliations, ie: engineers (or engineering students), dentists, doctors, etc...

... and loy-yahs.

I, too, am with Monnex, since I get two discounts, one with York alumni association and one professional discount. Rates and service are both decent. They went to bat for me last time I was in a not-at-fault accident and got the other insurance company to replace my damaged OZ Superleggeras and repainted the whole side of the car, even though those "mods" weren't reported.

[Neova]

hey "s" & spectrabluecam..

won't be making the TN meet... got plans..

i used to be a licensed insurance agent in BC, so i know not to mess with insurance coverage and disclosure... Fern is right, insruance companies are worried about mods that increase performance or increased the perception that you will race your car, than say a nice set of rims..

Paying a comprehensive claim is usually regarded as "minor" compared to collision damages or worst > 3rd party liability. Adding a set of rims will increase the cost of a potention comprehensive claim, but adding performance to your car will be regarded as increased risk of a huge claim from damages and bodily injury in the hundered thousands....

[Snow White IS]

^^ Hehe... no worries "A"... you always have plans