CDN Insurance

I am dealer and have coverage for $1MM of inventory with a maximum of $500K per car or ten cars in total at $100K each....Ferrari, Porsche, MB...it doesn't matter....two dealer plates with 24 hour personal use permitted....$7,500 CAD a year all perils (except glass) with a $5K deductible.

My clients usually pay $1,200-1,600 per car assuming they have multiple vehicles.

No tickets...no accidents....etc.

Repeated posting of this question without using the search function increases your premiums by 25% per annum.

 

Glad you saw the humor....!!!! LOL !!!

 

Ammz, you'll also find that depending on the age of the vehicle, the cost will vary. For example, at the 2004 Spring Tech Thaw Session at the Ferrari dealership, a fellow from Lant Insurance gave a presentation on insuring Ferraris that are 15 years or older. Lant bases (if memory serves correctly) its rates on these Ferraris at their appraised value, so a 308GT4 like Jay's (JGrande) or Gerrit's (gerritv) will have a lower insured rate.

You're a true FerrariChat enthusiast. I can't think of anything more important to do in a lab session than surf FerrariChat!

 

Hi
I'm responding while on a conf call Must be trend developing here.

Lant charges http://www.lant-ins.ca/silver_premium.html

 

db...buy the damn car first...insurance is the least of your expenses on an fcar.

From your dear freind
Rick.

 

depends on your age, driving history, deductable, and whom or what (company) you register the car under.

 

Hi DB,

Most Canadian Insurers have adopted the C.L.E.A.R rating system to determine what premium rates will be for private passenger vehicles.

What is CLEAR ?

Why CLEAR?

MSRP-based rate groups

The rate groups used by some insurers to rate private passenger automobiles are based on a combination how much cars cost (i.e., Manufacturers Suggested Retail Price or MSRP), with some relatively minor consideration given to vehicle damageability and repairability experience. That is, vehicles with similar MSRPs, can be expected to be classified into the same rate group and generate equivalent insurance premiums. Generally, the greater a vehicle’s MSRP, the higher the premium charge.

CLEAR is based on the premise that the vehicle specific portion of insurance rates should be based on two principal factors, namely the likelihood of vehicles being involved in claims, and what it will typically cost to settle each claim. An MSRP-based rating system results in a number of inequities because it ignores such facts as:

*

most Collision claims result in repair rather than replacement of the vehicle, and vehicle price is not the only predictor of repair costs;
*

the added costs of features like antilock brakes, airbags, and theft deterrent systems, which lower the likelihood of claims and/or claim costs, shouldn’t necessarily result in higher premiums;
*

vehicle price, by itself, is not always the best predictor of either claim frequency (i.e., likelihood of being involved in a claim), or severity (i.e., average claim cost);
*

all vehicles do not depreciate at the same rate; and
*

vehicles may exhibit different track records for different types of claims.

I have been working for one the the largest global Insurers in the world for the last 15 years and have worked in the underwriting, finance and IT departments over the years on several projects which had high profile portfolios..wow - there are alot of very wealthy canadians out there !!

Over the years we have insured some of the wealthiest and some very well known celebrity figures and have seen some policy premuims which total in some cases what a good plumber makes in a yr. in salary.

That being said, as mentioned earlier above my thread here, the territory where you live, age, driving and claims history all factor along with what rate group your vehicle is will determine your total premium cost minus any discounts for multi line ( your home, cottage, business, and car ) they may offer you.

As for the ultra exotics - i.e : Enzo, SLR etc...these vehicles due to their potential investment value will be manually rated and an independant appraisal is usually a requirement and a agreed upon value will be placed on the car. The underwriter will then abeyance for another appraisal request 36 mths later.

Again this only applies to vehicles that do not qualify to go under a specialty insurer ...

Hope this helps you out and if you need a broker within the area you live in PM me and i will be glad to give you some names...

Cheers,

Nick C.

 

us socialists out in ICBC-land can pay a lot more.

my 2nd car is a 348 spider - $2m liability, for business, max discounts on everything for safe driving forever = $3,700/yr with $343 just returned for some form of systematic overcharing (which compares to $8 returned for my '92 Honda's insurance). 41 yrs old.

I'm told it's basically the same if it was a 430 spider or S600 or any of the high-end cars out here. ICBC was just busted for subsidizing optional coverage with basic coverage, what a surprise.

When I was having insurance prices worked out for different cars - a BB512i was way less than a 308 or 328, like $1,600 vs $2,700. go figure.