I am with Echelon, similar restrictions
Appraised value 35k, 420/ yr
Loading...
|
I am with Echelon, similar restrictions
Appraised value 35k, 420/ yr
^ Assuming he has his own car and insurance?
I'm with Echelon through Zehr. Nearly double the appraisal value and half the premium cost, compared to Hagerty.
Yessir, and listed as Secondary on Fox (10+ years licensed is the min requirement)
...he was picked up in it when he was born, now hes able to drive it...
Bonnie Coulter is my Broker, great to deal with.
FYI, check which Policy you have..
Ontario Policy Change Form Definitions
OPCF 19A and OPCF 19
When insuring an antique car and providing your insurer with an appraisal you will be dealing with either an OPCF 19A or OPCF 19 endorsement. They are very simple endorsements with similar names but distinct and opposite meanings. One is a an enhancement while the other is a restrictive endorsement.
OPCF 19A - Agreed Value of Automobile(s) Endorsement - This endorsement will guarantee to pay the amount stated on the endorsement in the event of a total loss. That amount is determined by the appraisal of the car. This is the coverage you want for your antique car! Most antique specific insurance coverage has the OPCF 19A endorsement.
OPCF 19 - Limitation Of Amount Endorsement - This endorsement is for the benefit of the insurer, not you. It sets a limit to the liability of the insurer (usually the appraised value). At their discretion they need only pay out what they consider to be the Actual Cash Value (ACV) of the car or the appraised value - whichever is less. I would argue that most antique cars are appreciating in value, so if anything, the ACV may be more than the appraised value depending on how much time has passed between appraisals (5 years should be the maximum). However, it is most likely that the insurance company will attempt to settle for less than the appraised value (even though your rates were based on the appraised value). Unfortunately you are at the mercy of your insurer in the event of a claim with the OPCF 19 endorsement. You can only hope that you will receive a fair settlement.
I hope this makes it clear how important it is to get antique specific insurance for your car (OPCF 19A coverage). If you're not sure what your current coverage is check your policy (it should be listed) or call your broker.
Mine is agreed value on both Cobra and Impala.
I never understood the no track thing.. I get that it’s a liability for them but if I track my car and wreck it they just won’t cover it. Right?
'88 LX
That's the way i've always looked at it too.
I went thru their quote process yesterday and also chatted online with one of their reps. For my 08 Shelby GT500, they wanted nearly $1300/yr. with pretty much standard coverages. I changed the Agreed upon value, to see the impact, and it was minimal.
In had an email exchange with an independent appraisal firm and they said to be careful on the Hagerty Agreed Value amount. They can still assess your car at a lower value if you write it off.
Thinking I'll check back with Zehr, as they insured my 98 Cobra under the 19A clause and the insurance was a lot cheaper.
One things for sure, if I was to write off the Shelby right now, Bel-Air would only cover whatever the book value is, which is I'm sure significantly less.....then an Agreed Value amount.