Insurance question

Richard · Posted: Fri Feb 03, 2017 1:59 pm Post subject: Insurance question

Hi!

I just came to realize that when my '75 bus comes back from paint in 4 weeks and gets married to her newly rebuilt stroker engine and her new suspension and bling rims, it will represent an embarrassing amount of money spent on the restoration over the past two years. It just sneaks up on you one trip to Chris at a time!

I talked to our insurance broker and was told that ICBC just stopped insuring on a claimed value basis. It was never intended to be a Collector and would fall short on a number of non-stock issues.

It's not a $300,000 21 window but it's worth more that any other vehicle I own! What do do?

Would a bunch of pictures, a binder full of receipts... maybe a letter of valuation from Tom... help in the event of a loss???

Thanks

Bow-Wow · Posted: Fri Feb 03, 2017 2:14 pm Post subject: Re: Insurance question

WCP · Postaholic Joined: Aug 11, 2007 Posts: 2093

i have a declared value policy on my 356. they still offer them.

every few years i have to up the amount cause i cant leave it alone. Sad

brenticon · VVWC Guru Joined: Jul 06, 2012 Posts: 270

I insured an old hot rod years back at BCAA
PLPD with ICBC and extra insurance with them.
I'm sure other agencies possibly have something similar.

Richard · Posted: Tue Feb 07, 2017 10:25 am Post subject:

I contacted another ICBC agent (a friend of mine) and he confirms that ICBC stopped offering declared value policies about a year ago.

His advice was to register the vehicle with the minimum required ICBC insurance and then seek a stand alone policy from another insurance company. He suggested that Megson Fitzpatrick may broker insurance from such a company.

OR, go with photo's receipts, an appraisal and be prepared to defend a claim in the case of an accident.

I'm going to pose the same question to TorqueMasters... lots of high value vehicles there.

Artacoma · Regular Joined: Feb 23, 2014 Posts: 68 Location: Victoria

I tried through ICBC and they couldn't help , the broker tried through a private company (don't know the name) and they were no go unless I do the collector plates thing but I can't do that and have the artisan coverage I need to be able to use my van for work as well.
Let us know if you find something

Richard · Posted: Tue Feb 07, 2017 3:09 pm Post subject:

From Torque Masters...

Hagerty Insurance, which is brokered by Coast Capital, provides insurance for vehicles that are worth more than ICBC is willing to value them at.

I will visit them next week with documentation about my build and get information and a quote from Hagerty.

More to follow...

Richard

owdlvr · Regular Joined: Aug 28, 2008 Posts: 48

Was about to suggest Hagerty.

They're fantastic. A lot of people don't realize the extra items they have for their clients. Doing a restoration and can't find a specific part? They have guys on staff who's sole job is to find those impossible-to-find parts for their clients. Seriously, their _job_.

-Dave

Richard · Posted: Sat Feb 13, 2021 5:42 pm Post subject: Haggerty

An update... Haggerty will not insure my Westfalia because it can be used for camping. A category they will not cover.

I will try Megson and a few other insurance brokers. I have spent far too much on this little bus to trust insurance to ICBC’s basic rate!

panel · Posted: Sun Feb 14, 2021 10:28 am Post subject:

If you're not using it for work could you get collector plates for it ? Would that help re the value of the vehicle ?