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      09-17-2021, 08:22 AM   #1
drivetolive
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Insurance in Ontario?

I'm curious to hear about your experiences in Ontario with insuring your Z4 M Coupes. Current Blue/Black Book Value is $6,500, yet the market value is obviously much higher.

My insurance company (AllState) is indicating they will only cover the Blue/Black Book Value if the car is deemed a total loss. However, the Customer Service Agent also seemed a little unsure and said that any applicable payouts or values can't be determined until there is an actual incident. They also indicated getting an appraisal is futile.

My company did recommend pursuing a policy with Haggerty, who I will be following up with. But I am curious what others' experiences are with the various companies in Ontario?

Thanks.
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      09-17-2021, 08:23 AM   #2
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Haggerty treated me right.

Insured for appraised value.
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      09-18-2021, 11:39 AM   #3
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Thanks for the suggestion. A quick search of Haggerty indicates that they will not insure DD cars, and/or cars driven more than 8,000km annually. What other options are there since I will likely exceed that mileage in the summer months?
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      10-01-2021, 12:07 PM   #4
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$6,500? Wth?? Should I be phoning my company (Allstate) to verify coverage? Thats too low if talking replacement cost for total loss.
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      10-29-2021, 06:44 AM   #5
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Quote:
Originally Posted by drivetolive View Post
Thanks for the suggestion. A quick search of Haggerty indicates that they will not insure DD cars, and/or cars driven more than 8,000km annually. What other options are there since I will likely exceed that mileage in the summer months?
Quote:
Originally Posted by Lucky1 View Post
$6,500? Wth?? Should I be phoning my company (Allstate) to verify coverage? Thats too low if talking replacement cost for total loss.
I've been hunting around myself and Hagerty seems to be the best all around coverage, they will insure you for the agreed upon price, $40,00 and up and you pay extra for "cherished salvage" basically in the event of a write off you get the full amount of money and the wrecked car back.
Hagerty wants about a $1000 per year for that coverage, the rest of the insurance companies wanted more money with no more payout than $2,500 if wrecked.
There is Belair Direct which will give you year round coverage for as little as $180 but all you get is $1,000,000 liability, no comprehensive, no collision and no payout if wrecked.

Lucky1 All state won't even give you $6,500, I believe their total payout is also $2,500.
Hagerty seems to be the only game in town for now.
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      10-29-2021, 06:51 AM   #6
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I have been insured with Co-operators for decades and found them very reasonable. My policy is actually with Coseco. I don't have the Zed anymore but as I recall they were open to insuring it for actual value. I currently have the Bug insured with them, also the rates aren't awful.
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      11-10-2021, 07:45 AM   #7
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Murf993 - do you daily your 911?

My car just went into storage, so I have some time to think about it. I'm curious whether anyone knows how insurance companies payout in total loss situations (my provider wasn't able to provide a clear answer)? I.e., do they assess value at market value or book value? If the former, seems like I wouldn't need to worry about DD'ing the M.
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      11-10-2021, 02:46 PM   #8
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Quote:
Originally Posted by drivetolive View Post
Murf993 - do you daily your 911?

My car just went into storage, so I have some time to think about it. I'm curious whether anyone knows how insurance companies payout in total loss situations (my provider wasn't able to provide a clear answer)? I.e., do they assess value at market value or book value? If the former, seems like I wouldn't need to worry about DD'ing the M.
The current wholesale value for 2008 Z4MC is $6,700.00 retail value is about $8k
If it is your DD and you total it, that means more than $3,000 worth of damage then the insurance co will write it off, give you a few thousand and sell the car at auction where they will make a profit.
In another 10 yrs or so our cars will officially become collector cars but at the moment the insurance companies see them only as old cars.
Except Hagerty.
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      11-18-2021, 07:31 AM   #9
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Do apprail If you wanna ensure your insurance provider pay out the value on the market.

Call auto apprail shop and tell them the value you wanna put on because some upgrade then send it to your premium company.

"Please note!" Your premium will go up for sure! It might also result they don't wanna insure your car since Z4s have no active safety feature like modern cars. The chance of accident rate could be higher.

My insurance. 09 135i> 19 C43 > 06 Z4
The c43 have all the safety feature you named it. Once I wasn't focus on highway and the car emergency brake system did the work for me to prevent collision


I'm doing 1M conversion that all the parts cost a fortune, which is why I called my insurance guys and he came up with these info.

Hope you guys found it useful.
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      11-18-2021, 07:37 AM   #10
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Quote:
Originally Posted by drivetolive View Post
Murf993 - do you daily your 911?

My car just went into storage, so I have some time to think about it. I'm curious whether anyone knows how insurance companies payout in total loss situations (my provider wasn't able to provide a clear answer)? I.e., do they assess value at market value or book value? If the former, seems like I wouldn't need to worry about DD'ing the M.
The Porsche is just for fun, but I have full insurance like a DD. Once it get's to the appropriate age I'll insure it with Hagerty. When I insured it I asked and was told replacement value, which is easy to determine just look at what they are selling for as there are always a good number of examples.

I had a total loss of a car in a fire years ago, I was with Co-operators at the time. They quoted me book value, but I was able to get them to double that number with some complaining and receipts and photos to back up the condition and work done to the car.
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      12-01-2021, 03:21 PM   #11
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Quote:
Originally Posted by grannyknot View Post
Quote:
Originally Posted by drivetolive View Post
Thanks for the suggestion. A quick search of Haggerty indicates that they will not insure DD cars, and/or cars driven more than 8,000km annually. What other options are there since I will likely exceed that mileage in the summer months?
Quote:
Originally Posted by Lucky1 View Post
$6,500? Wth?? Should I be phoning my company (Allstate) to verify coverage? Thats too low if talking replacement cost for total loss.
I've been hunting around myself and Hagerty seems to be the best all around coverage, they will insure you for the agreed upon price, $40,00 and up and you pay extra for "cherished salvage" basically in the event of a write off you get the full amount of money and the wrecked car back.
Hagerty wants about a $1000 per year for that coverage, the rest of the insurance companies wanted more money with no more payout than $2,500 if wrecked.
There is Belair Direct which will give you year round coverage for as little as $180 but all you get is $1,000,000 liability, no comprehensive, no collision and no payout if wrecked.

Lucky1 All state won't even give you $6,500, I believe their total payout is also $2,500.
Hagerty seems to be the only game in town for now.
I don't understand, I spoke with both a claims adjuster and the policy rep and each told me they would review Autotrader ads for three similar examples and offer based on that. If that is their approach how would I end up with $2,500?

Getting lost here guys. My car is a 2006 Z4MR with 66,000kms or so. I figure market value is easily $25k - $30k on auto trader. What are we saying Allstate would pay me and why? If its way less than that Hagerty it is.
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      12-01-2021, 03:32 PM   #12
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Quote:
Originally Posted by Lucky1 View Post
I don't understand, I spoke with both a claims adjuster and the policy rep and each told me they would review Autotrader ads for three similar examples and offer based on that. If that is their approach how would I end up with $2,500?

Getting lost here guys. My car is a 2006 Z4MR with 66,000kms or so. I figure market value is easily $25k - $30k on auto trader. What are we saying Allstate would pay me and why? If its way less than that Hagerty it is.
Your agent is best to answer what they would pay out in the event of a total loss.
To me Hagerty is the best option. Insure as a special Interest vehicle. Insured for appraised value.
I had to sign a waiver that I would not be racing on a track and is used for pleasure weekends only. I believe if the car is insured as a DD then the rules change.
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      12-02-2021, 06:14 AM   #13
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Quote:
Originally Posted by Lucky1 View Post
I don't understand, I spoke with both a claims adjuster and the policy rep and each told me they would review Autotrader ads for three similar examples and offer based on that. If that is their approach how would I end up with $2,500?

Getting lost here guys. My car is a 2006 Z4MR with 66,000kms or so. I figure market value is easily $25k - $30k on auto trader. What are we saying Allstate would pay me and why? If its way less than that Hagerty it is.
All I can tell you what my broker and the insurance companies that I contacted told me. My broker, Clyde Robertson Insurance, who has handled all my insurance needs for more than 30 yrs recommended that I go with Hagerty because he couldn't find any other coverage that would come close to what they were offering for the same cost.
Allstate told me flat out for my 2008 Z4MC that for a car that old they would only payout $2,500.
I would just check the fine print carefully if your guy is saying something different.
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      12-06-2021, 01:07 PM   #14
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Here's something about Hagerty that I didn't see coming, I just got a registered letter from them saying my policy had been cancelled for non-payment of the premium.
I was 2 wks late sending out the payment and they received it the day after the letter of cancellation was sent out.
I've been a client for years, never missed a payment before but 2 wks late and you're out on your arse. No more soup for you!
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      05-10-2022, 03:45 PM   #15
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I am with Hagerty. My Z4 is not a DD though. They told me that DD and track cars are not covered. I only drive it about 1000-2000km a year. If you drive it a lot, Hagerty may not be for you. They are also picky about storage and mods
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      05-10-2022, 03:46 PM   #16
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Quote:
Originally Posted by grannyknot View Post
Here's something about Hagerty that I didn't see coming, I just got a registered letter from them saying my policy had been cancelled for non-payment of the premium.
I was 2 wks late sending out the payment and they received it the day after the letter of cancellation was sent out.
I've been a client for years, never missed a payment before but 2 wks late and you're out on your arse. No more soup for you!
Oh no! I'm so sorry to hear that. But, I'm sure you can restart a new policy with them, no? Does this cancellation get stuck on your record because that would seriously interfere in trying to attain insurance elsewhere...
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      05-10-2022, 08:21 PM   #17
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Oh no! I'm so sorry to hear that. But, I'm sure you can restart a new policy with them, no? Does this cancellation get stuck on your record because that would seriously interfere in trying to attain insurance elsewhere...
I called them right away and they said yes we see you made the payment, everything is fine.
I guess they get a better results by sending out a cancellation notice than just a polite late payment reminder.
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      05-21-2022, 02:20 PM   #18
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Wow this should be a sticky at the top of the page! I just called my insurance company and found out exactly what the others have posted... Essentially I have paid more in insurance premiums than what I would have been paid out for a total loss of the vehicle!

Will be arranging a policy through Hagerty ASAP.
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      05-21-2022, 03:42 PM   #19
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Quote:
Originally Posted by ZMCoupe View Post
Wow this should be a sticky at the top of the page! I just called my insurance company and found out exactly what the others have posted... Essentially I have paid more in insurance premiums than what I would have been paid out for a total loss of the vehicle!

Will be arranging a policy through Hagerty ASAP.
Lant Insurance in Stouffville have always treated me right with special interest and agreed value autos through Hagerty.
I am sure there's others around Ontario that offer Hagerty coverage.
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      05-21-2022, 06:27 PM   #20
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Lant Insurance in Stouffville have always treated me right with special interest and agreed value autos through Hagerty.
I am sure there's others around Ontario that offer Hagerty coverage.
I had Lant as my broker for decades but for the last few years I get all my correspondence straight from Hagerty. I just assumed Lant had retired and closed the business but you say they are still operating?
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      05-22-2022, 06:36 AM   #21
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Quote:
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I had Lant as my broker for decades but for the last few years I get all my correspondence straight from Hagerty. I just assumed Lant had retired and closed the business but you say they are still operating?
Well I say Lant because like yourself I have used them for years. I do recall they may have been absorbed by Wayfarer or something like that a few years ago.

The broker handles any policy correspondence with Hagerty.

My contact never changed.
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      05-22-2022, 10:16 AM   #22
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Thanks guys.

I knew this may be an issue but never really decided to do something about until this thread. Just got the car apprised and have submitted to TD. Will see how the take it. If they can't cover for apprised value may need to consider switching companies for this vehicle.
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