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Insurance Providers (Ontario)

Discussion in 'Canada' started by tstuli, Dec 30, 2021.

  1. tstuli

    tstuli Karting

    Jun 12, 2018
    166
    Hi folks

    Just curious who people are using to insure their F-cars?

    I seem to be running into a lot of chasing around/or simply not interested from the more mainstream companies because (a) the car >15 years old, (b) it's over a 150k value limit. Although I've found some, I feel they are way overpriced.

    A lot of brokers I've talked to simply refer things over to Hagerty. Who else understands this market?
     
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  3. ForzaYYZ

    ForzaYYZ Rookie

    Sep 4, 2016
    34
    Toronto, Canada
    Full Name:
    Sebastian
    Hi - I use Hagerty. Have been a customer for 20 years with various classic vettes, first time with a Ferrari (360). They made me go through some hoops for the first time because they classify as a SuperCar; had to sign a waiver stating I wouldn't track the car (which I won't) and provide a resume of sports car driving experience (just a list of my prior corvettes was good enough). Huge savings over regular auto insurers, and they will reimburse full value of car if totalled or beyond repair.
     
  4. Mimmo Blue

    Mimmo Blue Formula Junior

    Apr 17, 2018
    312
    Stoney Creek, Ontario, Canada
    Full Name:
    Dom
    I had Hagarty on my prior classic car but when I got my 360 in 2018 it was not old enough to be considered classic. I then contacted ZEHR and got an agreed value police through Echelon Insurance which has a classification for what they call specialty cars. Considerably less, almost half the price, of what Hagarty wants.
    When I first got the car home I had it added to my regular car insurance and it would have been less than $1K per year however they would not do an agreed value so that's when I went to Zehr.
     
  5. tstuli

    tstuli Karting

    Jun 12, 2018
    166
    Thanks all.

    Hagerty isn’t a option for me it seems (told they will not accept anything other than a complete perfect record for the preceding 5yrs - perhaps their rules have changed). Cost even without that was still what seems very high ($3-3.5k/yr on a $175k agreed value).

    I called ZEHR but they didn’t mention Echelon (only Hagerty, Chubb and Aviva as potential options). Aviva is the same $3.5k ballpark. Would you perhaps be willing to DM your agents name? Perhaps the person im dealing with there is less familiar with these policies. Am interested in exploring what Echelon may have to offer thru them.
     
  6. Mimmo Blue

    Mimmo Blue Formula Junior

    Apr 17, 2018
    312
    Stoney Creek, Ontario, Canada
    Full Name:
    Dom
    I can't recall who the agent was that I spoke with. I know that ZEHR acts as a broker dealing with several companies and that when I first contacted them they called me back with some prices and were still waiting to hear from Echelon. Perhaps you can ask the ZEHR person to look into Echelon as well. My agreed value was $130K and my premium is just under $1200 per year. Which reminds me I need to get a new appraisal to reflect the current values.
     
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  8. Mimmo Blue

    Mimmo Blue Formula Junior

    Apr 17, 2018
    312
    Stoney Creek, Ontario, Canada
    Full Name:
    Dom
  9. ForzaYYZ

    ForzaYYZ Rookie

    Sep 4, 2016
    34
    Toronto, Canada
    Full Name:
    Sebastian
    Thanks for the tip Mimmo Blue; Going to check out Zehr when my Hagerty is near expired to compare. I pay $1,100 for a guaranteed value of $125k on a 360.
    Cheers guys.
     
  10. Mimmo Blue

    Mimmo Blue Formula Junior

    Apr 17, 2018
    312
    Stoney Creek, Ontario, Canada
    Full Name:
    Dom
    I had not contacted Hagerty recently because if I use their on line calculator in getting results of over $2500 for similar value. Maybe their on line calculator is screwed up.

    Sent from my SM-G781W using FerrariChat.com mobile app
     
  11. tstuli

    tstuli Karting

    Jun 12, 2018
    166
    @Mimmo Blue I dont think the online calculator is screwed up. That seems to be the price (talked to some brokers). Perhaps they've changed their pricing model.

    From what I understand they may not be as interested in insuring "modern" collector cars and so that's not their main business. They also don't allow winter coverage suspension like some other companies which further makes it a expensive choice. That said, Ive heard the service is really good so maybe that's worth something.
     
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  13. TGGR57

    TGGR57 Rookie
    Silver Subscribed

    Aug 20, 2021
    29
    Toronto
    Full Name:
    SENTHU




    We (including myself) insure a few Ferraris. Would reach out to a cooperators agent. Depending on your postal code and experience would budget around 2-3k a year. If your outside of the gta it’s a lot cheaper if you are over 55 also a lot cheaper. Would also reach out to you home insurer or if you own a business your insurer for your business (15% discount) if you add your other cars an extra 10% discount.

    *full disclosure I am a cooperators agent.




    Sent from my iPad using FerrariChat.com mobile app
     
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  14. ForzaYYZ

    ForzaYYZ Rookie

    Sep 4, 2016
    34
    Toronto, Canada
    Full Name:
    Sebastian
    Hey Guys - just doublechecked, I am paying Hagerty $2000 with their premium roadside assistance (towing up to 250km). Don't know where I got the 1200 from.
    Sorry.
     
    tstuli likes this.
  15. tstuli

    tstuli Karting

    Jun 12, 2018
    166
    I was able to ultimately get it insured with TD MM where I have other cars. Lots of following up and took them almost 2 weeks to review the appraisal. But I'm down to about $1250/yr for the F430. They also allow OPCF 16 winter storage for periods >45 days which is nice (drops the cost to about $20/month and with coverage fire/theft/etc.).
     
  16. CANDREAM

    CANDREAM Canada

    Nov 13, 2009
    403
    Burlington, Ontario
    Full Name:
    Sadi
    Echelon . You can go direct too rather than a broker.


    Sent from my iPad using FerrariChat
     

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