I suppose this may be merged in the previous thread, but I'll leave that up to the mods. I was in today to renew my insurance for my DD which is a 2015 Fiat 500. Just over $1700/Year. This includes $3M third-party liability, $300 each for collision/comprehensive and RoadsidePlus. I have a 19 year claim-free history and qualify for the 43% safe-driver discount. While I was there, I brought up with the agent that recent announcement from ICBC and asked if he could write up a hypothetical quote for a "new-ish" Ferrari. I used this car as an example: 2002 Ferrari 360 PRICE IN USD 6 SPEED MANUAL (VERY DESIRABLE) for $158,770 in Mont-royal | autoTRADER.ca It's a pretty sweet example of something I'd like to get (if I won the Lottomax this evening ) and it would certainly qualify under these new restrictions of being over $150K. I asked him I'd keep the coverage the same ($3M/$300 x2/RSPlus) except register the car for pleasure use only (which still allows business/commercial use for 6 days in a month. My Fiat is registered for full time business/commercial use so this may be a big factor). The guy clicked away at the keyboard for a bit and says "wow, you're not going to believe this..." $2300/Year. That's it. I said "my Fiat is one tenth the cost of this car and I'm paying $1700. And this Ferrari would only cost me $600 more to insure? What gives?...". Him: "I don't know, it's what they're showing me". So, WTF? How come I hear of these extraordinary policy costs and yet, if I picked this thing up, it's well within reason (actually bloody cheap relatively speaking). What am I missing here?
I'm in Manitoba. Here is my insurance 2009 911 turbo all purpose full coverage to 100,000= 1800 2000 ferrari 360 pleasure use coverage to 100,000=1700 2008 Honda civic all purpose =1600 2005 Honda Accord all purpose=1300 It's based on how often cars get stolen according to one insurance agent. Here if the value is above $50k if you want to insure the car more you have to pay $x per $1000. So even with doing that it's a few hundred bucks a year.
You have to remember you didn't add to and from work on the Ferrari quote it was only pleasure, if you did that would of added about $500.00 more.Plus they know that people that have exotic's don't drive them all year around and don't put many KM on.So the risk is less than someone that drives everyday.The risk for them is not the car, but what might happen if you hit someone.That can cost can be big bucks if you hurt the other person.
Yes, I understand that. My 308 is registered as a "collector" car (and can't be driven at all to/from work) is less than a third of that amount and includes better coverage ($5M third party, $100 coll/comp, and agreed-value [Hagerty]).
I think for Ferrari, the agent has to ask you to fill a form, then send it to ICBC, and ICBC will get back with the quote for the premium. It cannot be done over the counter. What the agent told you was the price for the plate only, without coverage. Even some Mercedes or BM models have to go this way.
have the new rates taken effect yet ?? plus at 158kUSD that car is equivalent to 212k CAD so sits in the deluded dreamer extraordinaire price category, at that price its gonna just dry out in the showroom
The "Canadian manual transmission premium". It's not the only one listed at above-market, many dealers/private sellers with optimistic prices on Autotrader, Craigslist, etc.
Hmm, as I understand it, plates cost $53, regardless of vehicle (personalised plates are another $40 on top of that). I've been dealing with these agents - Westland - for more than ten years (when they used to be called Atkinson & Terry) and they're a recent agent for Hagerty Insurance as well (my 308 was the first collector car this office did for Hagerty). The people here know me well and would have mentioned that form. Maybe because my example is a 2002 car (and is quite "old" at this point), may not require this form you mention (?).
Plate only is not $53. My car, plate only, no coverage at all, about $2,600. My other car (Mercedes), also plate only, about $1,800. $53 sounds like the admin fee for ICBC.
I agree - I think we should merge this thread with the other one as it brings up some important info that we won't end up repeating / get missed in 2 threads. What your calculations haven't accounted for is that under CURRENT ($150K+ ICBC scam policy not yet in effect) -- the "special" cars that are profiled are 07 and newer in most - but not all cases. i.e. go to a broker and ask for a quote on an 07 F430, or an 05 F430. The 05 will be a standard quote and the 07 falls into what is called "Rate group 98." That's why it's much better to buy an 05 or 06 in the case of most ferraris as they aren't subject to the current scam - so can save an owner quite literally thousands in insurance costs. Keep in mind every part number in an equally optioned 05 and 07 F430 would be exactly the same - so the same cost of repair. Once the over $150K NEW ICBC scam comes into play ...who knows ?
I don't understand what you're saying "plate only". If you're saying no coverage at all, are you talking about only having third party liability coverage? No collision/comprehensive? Of course you can only drive with third party liability, you don't need to cover the car. You'd be foolish not to if it was an expensive car, but you don't HAVE to have it. I'll take a pic of it, plate is $53... That's the two pieces of metal you hang on the front and back of the car (I'm not trying to write this as a smart-ass remark, I'm just trying to understand what you're calling a plate, because I think we're talking about the same thing yet I'm calling it one thing and you, another). When I had a personalised plate on my previous daily driver, it was $40 on top of that (at the time it was $48 + $40 for the vanity plate, every year).
Yes, I meant no coverage for my car, only 3rd party. It saved me lots of $$ by doing this. I got the Ferrari new in Jan 2013, quoted over $12k. I LOL at ICBC, and got plate only for over $2k. So far it has been 4 years, so I've saved $40k. Another car saved about $5k since 2014, so grand total I paid less $55k to ICBC.
Okay, so we're on the same page then Yes, that's a substantial savings, but it's a risk one must take... I haven't been in an accident in almost two decades, yet I've paid all that money over those years. Good thing I don't drive expensive cars and the one that is, is dirt cheap (gotta love Collector Plates )!
Plus one to that. I even a small "senior's discount"! $5 million TPL, $300 deductible on collision and comp runs about $850, all through ICBC as RoadStar.
As for having no collision on your car.....risky business. All you need is some clown in front of you to hit the brakes, you rear end him, and ICBC deems it your fault. We've got the worst drivers in the country out here, that plays a big factor in rates. Lots of "inexperienced drivers" I think was the term used recently to describe the latest Ferrari / Lambo crash in the Deas Tunnel. Too much money and not enough brains playing a big part in all of this. Take a drive into Vancouver and count how many exotics and high end vehicles you see that have the "N' on the back. Rant over.
I'm rubbing my eyes... you bought a brand new Ferrari and your saving money by not having comprehensive coverage? One small accident and me thinks you maybe rethinking that 40k you've saved. Seems a silly way to beat the system.
I thought like this when it was new 3 years ago. Now it's 20,000 kms, chips everywhere. But I install a camera, just to make sure if someone goes crazy and hit me. I think as long as I don't drive too close to the car in the front (tail gating), should be ok. I have been driving for 20 years (12 years in developing countries with no speed limit, no regulation and super crowded), never crashed, just some scratches when I was very young. 8 years driving in Canada, no ticket so far, 2 times pulled over by cops, no scratch ever happened to my cars. The risk is actually very very low. And Ferrari is driven from March to November, which reduces the risk another 25%.
It is, but much like him, I've been driving for a little more than 20 years and other than in my first one (in Montreal), I haven't had any major accidents. Only one time here in Vancouver when I was rear-ended literally in front of my house. I'm always careful and mindful of the traffic around me (and avoid problem areas... Knight St and Marine Dr as an example) and as I'm older now, a bit more chill Even more so when I'm driving the 308. I do drive the car fast, but only when the conditions and lack of traffic allow.
Daily drivers not worth fixing I understand. And here I thought driving brand new Ferraris in the snow was a new level of shooterdom... I never thought about collision only insured new Ferraris Now do that in Ontario in the winter in a new Ferrari and that's the trifecta.
ICBC has a hit list of luxury cars already that you have to apply to get insurance for. Here it is for those of you that don't know about this: http://www.icbc.com/autoplan/optional/Documents/vehicle-list.pdf My 2012 S63 was almost $3600 to insure for the year in 2016 at four years of age. After trading that car for an M6 Gran Coupe my insurance was the same, even though the BMW isn't on the hit list...but it retailed for the same when new ($170k). Am I missing something? Zero logic. My 355 is around $2400 for example, and the 550 Maranello around the same, but they're also insured for pleasure use only. I should also mention I have a clean driving record. 43% discount, road star, etc. When I hear about people paying a few grand for insuring their fleet of cars under one policy in the states it gets me riled up! In either regard, we get bent right over in BC for auto insurance, ferries, health care, etc. I don't know why people aren't more pissed off about this. In other provinces they have it much better...our government here continues to funnel cash from these operations into their general funds. They were designed to serve the people yet here we are. ICBC needs to be abolished. Plates should be issued by the province and insurance should be an open market with a centralized database with audit trails of driving records / history. BC really should stand for "Bring Cash".
