Luckster

I'm in Edmonton, AB and have been looking around to get my car appraised for insurance purposes. I called a couple of appraiser that I found through Google, and I found that they knows nothing about the air cooled Porsche market. When I asked them how they would come up with a value, I was basically told that they would based the value on Kelly Blue Book and converted it to Canadian Dollars. They also wanted $250 to do the appraisal. Any suggestion on how to find an appraiser in the Edmonton area that are familiar with the air cooled Porsche market? Right now, I'm paying around $450/year for a "modern classic" coverage with 5000km/year limit based on my purchase price of my car which was $42,000. But the insurance company still wants me to get the car appraised to be eligible for this coverage.

Luckster

I forgot to mention that $450/year was full coverage, when I looked at the break down of the cost, I was only being charged $78/year for 3rd party liability. This was cheaper than a scooter that I had, I couldn't believe it.

timothymoffat

Man we pay out the a$$ living in BC. My 95 costs $1580/year pleasure use with $1000 deductable for collision, $300 comprehensive, $2,000,000 liability. Same coverage on the 97 is $1650. And both of those are at TOP ICBC discount of 43%. Basic ICBC coverage (mandatory) with optional coverage from Hagerty (collision, comprehensive, declared value) was almost identical.

Only upside is my understanding that ICBC actually pays VERY fair value in the event of total loss. But wow do we pay for it.

MartinC2S

Hey Luckster, which company are you using? I drive way less than 5k and would love to pay 1/4 of what I am now.

Kacey

I'm paying 700$/yr with full coverage in Quebec for my 96 valued at 38,000$

Luckster

My insurance is through Novex, I get a pretty good discount through my work and good driving record. The policy on my Porsche is not a conventional policy, it is insured as a classic car, I think as long as the car is older than 15 years old, it can be insured as a modern classic. If you are strictly driving your Porsche as leisure only and less than 5000km a year, your company may offer a similar policy. Just ask your broker or agent. It was a pleasant surprise to find my Porsche cost a lot less than my other vehicles to insure. I do have to have it professionally appraised though to be eligible for the policy. The current rate is based on my purchase price.

FabianS

I go through Competition Insurance, and it's the silver wheel package. Great to deal with!

Mike J

Yah Tim, I feel the same reaming you are getting - its like a "boys" club here in Van!

One point - I know of at least a dozen front end repaints done courtesy of ICBC for rock chips (and you prob know more) and we wonder why the insurance is high. Still cannot believe you can make that sort of claim.

You are also right, some of the payouts have been very high from ICBC, so they seem to be reflecting the current value (and more) for the cars. Last two totalled 993's I know of have seem to be above market payout. It's unclear what a third party supplier (like Haggerty) would pay out like.

I had an opportunity to test out CDI beginning of this year - my friend was driving my Ridgeline (with me as a passenger), green light, we go and get smacked by a Mercedes running the red light. Airbags, the works, end up the truck was totalled. Four witnesses saying she ran the light. Anyways, CDI then tried to undercut me on the payout, even when the other driver admitted fault AND ICBC would pay for it all out. I could not believe I had to argue value to my own insurance company when another insurance company is paying the bills - but they are all in cahoots with each other. At the end, I settled, still lost a few bucks but it was not worth the time to chase.

So now I am pure ICBC, given their record of better payouts and rock chip coverage - but we are still paying through our noses for the privilege. Likely the most expensive insurance in North America.

Cheers,

Mike

Knight

Off topic, yep and that syncs with being one of the most expensive cities in N. America to live in too, relatively to the average income level. Sometimes you gotta think, us Vancouverites are crazy and should be use to this!

Yep I'm going to change my collision deductible to like yours and Tim's, makes more sense to keep that extra $500/year in my pocket.

gruppe75

In regards to Hagerty when I inquired about stated value. The value includes our BC taxes, which is 12% + 3% luxury tax. i.e. $100,000 divided by 1.15=$86956.52
So, you only have approximately $87,000 to put towards your replacement the rest is absorbed by taxes.

RonCT

Consider looking into "traditional" auto carriers and not the specialty firms. I thought Hagerty or similar would be the best, but when I had my regular home / auto carrier quote it the cost was less, for more agreed value dollars, and without any restriction. I can drive where and when I want. And the nice thing is that for 6 months of the year we have "winter" and the car is in storage, so the coverage adjusts and the $1,300 premium for $80,000 goes down to about $300 for a net of about $800.

Mike J

Really good point! Be a challenge to replace my car for $87K CDN, especially if I go to the US - that would be $87,000 /1.08 (exchange) / 1.065 (duty) = $75,639 USD, assuming no shipping, PPI or fees!

First world problems I guess ...

Cheers,

Mike