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Post Info TOPIC: Daily Driver Insurance Questions
DonSSDD


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Daily Driver Insurance Questions
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Is there such a thing as agreed value insurance for a daily driver?

 

I have a friend who had his 2007 Ranger back itself into a bunch of alders after a niece left it parked out of gear. It went in backwards and the insurance company came up with a large cost to repair and decided to write it off. They valued his truck at about $2,000 less than what I figure it was worth.

 

In NS we have "salvage" titles for vehicles written off. It has only 116,000KM's and was rust proofed since new, had regular oil changes, and was in great shape.

The rear bumper, the tailgate, and the drivers door needed replacing. Zero damage to the frame or undercarriage, absolutely no safety type damage, but because it was "written off", it now has a salvage title. All the damage is fixable with bolt on parts, no frame straightening, etc. He decided to buy it back, bought a usable tailgate the same colour for $225, door was $200, bumper was $90. The door and tailgate need paint. There was no body damage to the truck box or the box sides, not even a scratch, the tailgate was dented but still worked perfectly, but it is now marked salvage at DMV. With a mechanical inspection, you can get it licensed again but it will now be marked "repaired" on title.

This got me thinking about my daily drivers, if they are oldish and you get a small amount of damage, they will get written off since any body work these days is an arm and a leg? It would be nice to get "agreed value" insurance for my daily driver, but from what I see when searching, its not available?

Any advice?

Thanks,

Don



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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC.
1963- Pontiac top selling car in Canada

Mahone Bay, NS Still not old enough to need an automatic
Canadian Poncho


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I'm sure you could get an agreed value policy. You might pay a few bucks extra. It's funny you mention this as I just watched this Dennis Collins video about the same topic. A lot of Jeep buys put expensive toys on their rigs and some don't think about adding extra coverage to cover the extra costs.



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unruhjonny


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I would be quite interested in some sort of "agreed value" for a daily driver...
I mean, you're insuring the vehicle, shouldn't you have any say in what you think it should be worth?
I mean, premiums are supposed to be based on value - so this BS about writing off a vehicle with what some idiot suggests is worth less than the repair costs is ludicrous.
I look at it from the angle of "replacement cost" - I should be able to insure for an agreed amount, that if worst comes to worst, I will be able to buy a comparable replacement vehicle with minimal out of pocket.
My daily driver is coming up on ten years now (actually by the model year is has past that point, but I bought it new in February 2010), and I am certain that I would not be able to buy a replacement without significant out of pocket cash, if it was written off



-- Edited by unruhjonny on Tuesday 5th of November 2019 12:11:11 PM

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1970 Formula 400
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73SC


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My best advice is don't tell the insurance company in a case like this until you have done your homework and have made your own assessment. Insurance is for you in the event of a catastrophic claim, not some bumper and tailgate damage. The minute the insurance company is involved its over for you, you have lost complete control. There are people who have no trouble driving a branded car around, but I'm not one of them. Insurance is to be used at your option just like any product you buy and pay for, you decide when and if to avail yourself of these bandits.

In Ontario the Collision Reporting Centres are set by up by the Insurance Companies. Police take report then car goes to Insurance representatives. My son had a fender bender with our 94 Buick,  when he was 17. Cop looked at damage and told us to get the Hell out of there and don't speak to or go anywhere near insurance company. Fix it yourself he said, which we did, a salvage yard hood and grille. End of story.



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Bill shuba


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had a friend that had a lift kit and a lot of aftermarket parts on his truck,,during a snow storm he rolled it,,and only got what the truck was worth as per factory...yes should have uped his plan but not many including myself do that...It won't happen to me thinking !

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DonSSDD


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Ray, great advice, live and learn.

Bill, not sure how you can up your insurance, seems the insurance company uses some sort of wholesale/black book value? It didnt seem to reflect the low miles and rust free condition enough.

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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC.
1963- Pontiac top selling car in Canada

Mahone Bay, NS Still not old enough to need an automatic
Prefectca


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In Ontario if the vehicle is written off and then repaired, it becomes rebuilt on the title. I have heard that some insurance companies will only offer liability insurance on vehicles with a rebuilt title. I think this is not fair to the vehicle owner not being able to have collision or comprehensive (fire/theft) on the vehicle.

Paul

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unruhjonny


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it may be worth mentioning, that in some areas the "rebuilt/salvage" title can be removed from the registration;
My brother learned the hard way about this whole arbitrary insurance black book value crap earlier this year;
My brother has an '09 Caliber SRT4 that has stupid low miles that he bought new in early 2009;
My brother was involved in a fender bender this past year and very quickly found that his insurance company wanted to write it off;
He was mortified.
The insurance company didn't care two licks about mileage and used 'base' model 2009 Caliber values (the SRT's are quite rare);
To keep a long story short, he fought it, then bought it out, got it repaired, and then got it re-inspected to get the 'salvage' title taken off the car.


As mentioned earlier, as soon as a vehicle is declared written off, it gets a "salvage" title, but he had his ducks in a row and got it removed.
I do not know if it's a task that can be done all throughout Canada, but to me the whole "salvage thing is BS - if the car is repaired properly, who cares if it was damaged in the past.
My understanding is that essentially a "salvage" vehicle cannot have anything more than PLPD applied to it;
By taking the extra step to get the 'salvage' title removed, the vehicle owner can once again have more coverage on the car.

The whole ordeal was very stressful for my brother, but thankfully he figured it out, and is back to driving his car.
He now has a different view on late model vehicles... he's a little more crass than me, but at least he is now more incline to enjoy his 'toy'.


I don't know how recent this whole "salvage" crap was though, I had my Firebird written off in 2004, and didn't have to worry about any of the "salvage" title crap;
My car looked a little frankenstein-ish for a while, but will be resurrected better than ever down the road.

Link to article on Caliber SRT



-- Edited by unruhjonny on Tuesday 5th of November 2019 05:49:43 PM

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1970 Formula 400
Carousel Red on black (std) interior
"no drivetrain option" car (same base drivetrain as GTO)
1:411 1970 Firebird Formulas originally sold in Canada

Luke 23: 39-43 / Ephesians 2: 8-9  / 1 Corinthians 2:12-14 / 2 Timothy 3:1-5;12
64PARCONUK


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I just renewed the cover on my daily and asked about agreed value (which is the norm with light aircraft insurance). They said they don't offer such..............

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dualquadpete


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If your going to keep the vehicle until it "dies" no problem with "repaired title , But if your not, be prepared for O $ value on trade in or won't take it on trade in at all. same thing selling it privately, bad car fax kills it!!!!!

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DonSSDD


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dualquadpete wrote:

If your going to keep the vehicle until it "dies" no problem with "repaired title , But if your not, be prepared for O $ value on trade in or won't take it on trade in at all. same thing selling it privately, bad car fax kills it!!!!!

 Exactly. 



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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC.
1963- Pontiac top selling car in Canada

Mahone Bay, NS Still not old enough to need an automatic
unruhjonny


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dualquadpete wrote:

If your going to keep the vehicle until it "dies" no problem with "repaired title , But if your not, be prepared for O $ value on trade in or won't take it on trade in at all. same thing selling it privately, bad car fax kills it!!!!!

 except for the insurance deal;

as i mentioned earlier, vehicles with these titles (afaik) can only have liability coverage.



__________________

1970 Formula 400
Carousel Red on black (std) interior
"no drivetrain option" car (same base drivetrain as GTO)
1:411 1970 Firebird Formulas originally sold in Canada

Luke 23: 39-43 / Ephesians 2: 8-9  / 1 Corinthians 2:12-14 / 2 Timothy 3:1-5;12
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