Matt Lane

Looking to share info with friends here on Rennlist based on my research.

As you probably know, QC insurance policies are standardized. The policy wording is prescribed and does not vary by insurer. As a statement of fact, a PCA DE event is not timed, and thus not an excluded "speed event".

I am currently insured by TD/Meloche Monnex. Since inception of my policy:

- I have confirmed on numerous occasions (verbally) that PCA DE is covered.
- This carrier does not offer any form of agreed value coverage. Problematic for a car that holds its value well or that has been modified.

Based on some recent events, I am looking for more assurance of outcomes - I figure if I am faithfully disclosing what I do, and paying my premiums, I should not be surprised.

I am looking into both Chubb and Guarantee insurance. They both will cover PCA DE, albeit not directly in writing. I do have confirmation from the broker however, which is better that what I currently have.

Both also offer some form of agreed Value covergae, or a QEF 19 endorsement which acknowkledges a "maximum payout" based on an evaluation.

So, to follow the story, I called TD to see what's the latest news. I was very direct, clear and specific about by use of the 993 and expectations. They have come back, on 2 occasions, with clarifying questions. I was very surprised by how detailed. To each, my truthful answer:

- Does your car have carbon brakes? - Nope, stock.
- Do you have harnesses? - Yes, extra safety harnesses, stock belts retained.
- Do you trailer your call? No
- Is it registered and licensed for street? Yes
- Do you have a cage? No, a roll bar for safety
- Do you wear a helmet on track? Yes
- Do you have numbers on your car? Yes, temporary numbers
- Is the engine modified? No
- Do you have a fire system? No, a portable extinguisher only
- Do you have an instructor in the car? From time to time, yes
- Mags? Yes
- What kind? BBS

I was floored at the detail asked. All I want is transparency, and will be interested to see how this plays out. I wll be sure to report back. My point of this is that nobody wants a surprise - mutually, for insured and insurer alike.

I will likely be switching to a premium provider based on the greater certainty they provide.

Just wanted to share the "state of the union" - particularly for those with cars that evolve away from stock configuration.

Best,

Matt

targagr

Thanks for the info Matt, i am also with TD Meloche.
Please share more future updates!

oups59

Interesting since Desjardins Insurance refused to cover me for any DE events (when I asked 2-3 years ago)

Boxster dude

Mat
On behalf of all the QC based members, Thank You! I look forward to the conclusions of your research. I too need to switch carriers before the first DE in May. Thanks for keeping us in the loop.. The "winning" carriers may get a few new customers. I will be one of them.

Paseb

i think i will give them a call...

Freakhead

In regards to the QEF 19, it still means your policy is an Actual Cash Value policy; so in a total loss the insurance company will pay the LESSER of the ACV or the limit stated on the endorsement.

The other key is to continue to be honest as the policy talks about risk representation and material change in risk. If one with holds information that may have made an insurance company decline to insure a vehicle in the first place ( or charge an increased premium ) then in the event of a claim, the claim can be denied entirely.

Depends on the company if they would look at a 993 tracked as an acceptable risk compared to one never tracked.

Your transparent approach is the only way and I too am following to see what the outcome is.

DHI

TD Meloche Monnex suck the big donkey.

Dwane

That's the spirit!

Matt Lane

I hear you bro... and feel for you.

Maybe some good will come from it - I will post my findings later today.

Best,

Matt

Matt Lane

Quite right - the QEF 19 is actually the MAX the insurer will pay.

Now, if you have a valuation, as requested by the insurer, of $XXX, and a matching QEF 19 endorsement of $XXX, it would be very hard to underpay you much - at least for a year or two from the date of the evaluation. The longer you go, the more debate you would be having about depreciated value. It's not Agreed Value coverage, but significanly better than nothing.

And yes, transparency is the key. Part of the frustration here is that most direct insureres record YOUR calls for QC purposes, but won't put anything in writing re. these types of questions - so the deck is stacked against you from the start in the case of ambiguity.

Hold tight folks - update to follow this evening.

Freakhead

Glad it worked out for you and that's due to your research and targeting exactly what coverage you want. Most people don't know what their insurance ( home, auto, etc) actually covers and assume all policies are the same. When a claim happens, they find out how good they are or are not covered.

I am fortunate a good friend is an agent and he is aware of how particular I am and how my expectations are. He has gone over my policies in depth with me and I am satisfied. With auto, I have had no claims but when hail took out roof of my house, I had great service and coverage.

Bottom line, it's your insurance, know what you want and ask for it.

cavlino

Matt Lane

It's official - I've left TD Meloche Monnex for the Guarantee Company. Please read this in conjunction with my initial thread.

I had a few more calls with TD, and was able to verbally confirm I was in fact covered for PCA DE. The surprise was that they wanted to double my premium prospectively for the priviledge. Which begs the question: Since on multiple previous occasions, I was told I was already covered for PCA DE, why the jacked premium now? And if it's twice as expensive, was I ever really covered in the first place?

The agent was actually helpful and informed, and able to access my original application (from over 5 years ago). He did note their documentation re. "car clinics". Their words, not mine. He believes that the original agent did not follow through sufficiently in defining the "car clinic", and had they done so, the risk rating would have been higher. He maintains I would have been covered nonetheless, since the lack of rigour was on them.

Hmmm...

I shopped Chubb (agreed valiue) and Guarantee (QEF 19, with evaluation) and was able to get coverage that specifically includes PCA DE for not a penny more than I had been paying previously with TD.

Chubb is in a class of its own (at a price to match), and Guarantee is likewise marketing specifically to higher end homes and cars.

For an unchanged premium, I now have:

- A documented $60K figure in my contract
- Acceptance of a third party evaluation as the starting point for any loss determination
- Coverage for DE, in writing, from the agent that sold the policy

Worked out pretty well for me, perhaps something to consider if you have a car that is morphing away from stock components and/or holding its value and/or seeing progressively more track time.

Best,

Matt

Matt Lane

Final point - stating the obvious - insurability and premiums are directly correlated to age, claim history, driving record, and ones ability to prepare a good tartare, served with the right wine, at the right temp, in the right glass.

YMwillofcourseV.

cavlino

Sounds like you found a win-win situation Matt. Do you know if they provide insurance for Ontario versus La Belle Province de Quebec