Hello. I was wondering how to insure a late model exotic in Alberta for appraised value? My insurance broker can not offer me anything but book value. Any help would be appreciated. Thank You!
I would suggest calling Lorrie King at Competition Insurance at 403-726-1323. She can explain everything to you
Great that RiverCity997 got his insurance sorted! I just wanted to add to this thread for posterity - I just switched my Ferrari insurance after discoveringing that I was being jerked around by TD Meloche Monnex. I've been with them for 33 years as part of the APEGA group coverage... I actually called TDMM to increase the coverage on my 84 308 GTS (and on my 96 Miata, customised and appraised at $40K Cdn). After I asked them about increasing the insured value on the 308, they advised that the Ferrari was not actually insured for it's purchase price ($40K Cdn 2 years ago), but it was only covered for the depreciated value from the initial purchase price in 1984. Then they advised me that they weren't actually insuring the Miata for the appraised value of $40K under an Endorsement 19 set up 6 years ago. Then they advised me that unless I switched to their extremely restricted Classic Vehicle category for each car, they would not insure them for an appraised or declared value. That was the end of them! I filled out a www.Hagerty.ca online application on Friday last week - it took about 45 minutes for both cars to apply, including scanning ownership proof and uploading photos; I just received my new policy effective today. They cover pleasure use, drive to work up to 20 times per year (per car). Between the two vehicles, our shorter driving season, and carpooling most days with my wife in her Audi, that works for me! The 308 is now covered for $75K Cdn, about $60K US. $1M liability, $100 deductible, costs me $611/yr for the Ferrari... the Miata is $623 for the same coverage and $40K value, because of higher estimated kilometres per year!
