Automotive

[Merged] Ask me anything about insurance!!

Member
Apr 19, 2012
320 posts
75 upvotes
Brampton
COSMIC5 wrote: if a vehicle has been rebuilt, the VIN will start with RBT (for rebuilt) and most insurance companies will rate it by value and not by the normal rate groups as a normal vehicle will be rated.

There are certain documents you will need to provide if you decide to purchase a rebuilt vehicle. Check with your Broker and find out what your insurer will require.
Hi,

Thanks for the information. I asked the seller for the Information package. While it says that the vehicle is rebuilt, the vin does not seem to start with RBT but just the regular format VIN.

Would you have any contact or do you work with Rebuilt vehicles?
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Aug 11, 2008
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I've insured clients that thought their vehicle was rebuilt and it actually wasn't as the VIN did not begin with RBT. ‘Salvage’ title refers to a vehicle that has been deemed a total loss by an insurer. It could be due to a multitude of reasons including theft, fire, flood, or collision. When a salvage vehicle has been repaired and certified for use on the road once again, the title can be changed to a ‘rebuilt’ status. The term ‘branded title’ refers to a car title that is no longer a clean title. It could be deemed a salvage, rebuilt, junk, or flood vehicle.

Worth9 wrote: Hi,

Thanks for the information. I asked the seller for the Information package. While it says that the vehicle is rebuilt, the vin does not seem to start with RBT but just the regular format VIN.

Would you have any contact or do you work with Rebuilt vehicles?
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Jul 6, 2019
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Does the insurance need to be cancelled with the old insurer and opened with the new insurer on the renewal date or how long b4 the renewal date?
Sr. Member
Apr 20, 2009
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Unknown18281 wrote: Does the insurance need to be cancelled with the old insurer and opened with the new insurer on the renewal date or how long b4 the renewal date?
The dates should match to avoid cancellation fees and any gaps in coverage.
Sr. Member
Apr 20, 2009
794 posts
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COSMIC5 wrote: As a Broker, I can tell you that for some unknown reasons, Insurance companies are dealing with a huge increase of claims and quite a few employees are off sick so they are overwhelmed with trying to keep up with the files... if you find you are not getting any replies within a timely manner, have your broker call the claims dept for an update.

This.

The large snowstorms caused an uptick in claims. In addition claims are taking longer to settle due to supply chain issues and labour shortages in other industries.

Insurers have their own labour shortage issues with employees getting sick or leaving for opportunities elsewhere.
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Jul 6, 2019
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absolut123 wrote: The dates should match to avoid cancellation fees and any gaps in coverage.
That means we can't start the new insurance b4 the renewal right? Like 60 days b4 renewal or does the 60 days mean u shop around for new rates 60 days b4 renewal? Idk where I got 60 days from so idk if it's right
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Oct 9, 2011
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Unknown18281 wrote: That means we can't start the new insurance b4 the renewal right? Like 60 days b4 renewal or does the 60 days mean u shop around for new rates 60 days b4 renewal? Idk where I got 60 days from so idk if it's right
Why would you pay 2 companies for the same coverage during the overlapping 60 days even if it’s possible?
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Jul 6, 2019
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dpw198 wrote: Why would you pay 2 companies for the same coverage during the overlapping 60 days even if it’s possible?
Im confused lol. Anyways up and till the renewal date is old insurer and after renewal date is new insurer
Sr. Member
Apr 20, 2009
794 posts
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Unknown18281 wrote: That means we can't start the new insurance b4 the renewal right? Like 60 days b4 renewal or does the 60 days mean u shop around for new rates 60 days b4 renewal? Idk where I got 60 days from so idk if it's right
You should start to shop at around 60 days before your renewal date to give yourself time to compare options and to go through any underwriting processes that might be necessary.

However, if you do decide that switching insurers is the right move the new policy effective date should be the same as the renewal date you have with your current insurer. This ensures there is no gap in coverage, no cancellation penalties, and that you're not paying for overlapping coverage.
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Jul 6, 2019
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absolut123 wrote: You should start to shop at around 60 days before your renewal date to give yourself time to compare options and to go through any underwriting processes that might be necessary.

However, if you do decide that switching insurers is the right move the new policy effective date should be the same as the renewal date you have with your current insurer. This ensures there is no gap in coverage, no cancellation penalties, and that you're not paying for overlapping coverage.
Yes I thought this to
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Aug 11, 2008
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yeap I know
absolut123 wrote: This.

The large snowstorms caused an uptick in claims. In addition claims are taking longer to settle due to supply chain issues and labour shortages in other industries.

Insurers have their own labour shortage issues with employees getting sick or leaving for opportunities elsewhere.
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Aug 11, 2008
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new policy date and cancellation dates should be the same
Unknown18281 wrote: Does the insurance need to be cancelled with the old insurer and opened with the new insurer on the renewal date or how long b4 the renewal date?
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Nov 15, 2005
15 posts
Toronto
Hi,

My vehicle was stolen a week and half ago. Brand new 6 month old Honda CR-V. :-( We have automobile insurance which includes the OPCF 43 endorsement regarding waiving their right to include depreciation in the settlement offer determination.

The TD adjuster has not really been transparent with the process and what we could expect in terms of settlement. We have provided all the information that the TD adjuster has requested but to me it seems they missed some key things like the vehicle bill of sale. Would you not want to at least know how much I paid for the vehicle as a reference point?

They have not seemed to acknowledge our question what contents and items on or within the car are covered under the OAP 1. I have read through the OAP 1 but could not find a clear answer about covering these things in section 6 or 7. They asked us for a list of aftermarket car accessories and accessories carried in the vehicle which we provided but then the adjuster just bluntly said "Oh I forgot to mention that you need to open a residential claim for these things." How is my house insurance (bought before vehicle insurance) related to this when these were things that only specifically work with the vehicle.

Are winter tires covered? Are the winter tire rims covered? What about the dash cam? What about my Weather Tech floormats?

Also what is my best course of action when it comes to scrutinizing their settlement offer to make sure it is fair market value? Should I just sum up my bill of sale and key automobile accessories (winter tires, rims, dash cam, floormats, and etc) and treat that as my floor settlement number?

Any help would be appreciated so that I know my rights and not let anything slide.

Thank you in advance.
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Aug 7, 2007
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Mostly like a question for Cosmic, but it seems that my wife’s Sonnets account now says along the lines of “damage not covered” when my wife logs into her account. I believe it’s referring to her collision insurance. It seems that if the car is in an accident, they will not repair damage to her vehicle.

Can they do this mid-contract? Her renewal was back in July and at the time, she has full coverage, both collision and comprehensive.

We plan on calling tomorrow, but we haven’t received any notification about this so it’s kind of worrying. Only reason I noticed is when I logged into her account to update her CC info.
Newbie
Aug 12, 2013
5 posts
I have a question about the accident forgiveness and what exactly is "forgiven" when the accident happens.
I had an at fault accident last year, no injures, no airbags deployed, but both cars were damaged, with mine (18 years old) enough to be a write off. Police was called and I had a court date and eventually got 'failure to stop at a stop sign' "deal" from the prosecutor instead 'causing a collision'.
I had the accident forgiveness on my policy and rating 7 because of neither accident nor convictions in the prior 15 years on my file. I almost immediately bought a new car and my new insurance was only slightly higher, despite the record in it regarding the accident. That was expected because my new car was almost new, much more expensive and with depreciation wavier included. So the accident forgiveness seemed to be worked just fine at that time.
Fast forward 1 year later and at the renewal time I get a quote which is 35% higher. By looking at the renewal details I notice that there are 2 convictions mentioned on my name and my rating went down to 6.
When I called the insurer and asked for the explanations they told me that the rate hike was not because of the collision, which was actually "forgiven", but because of my 2 convictions - a speeding ticket (which I had indeed) and that very 'failure to stop at a stop sign' which I got as a result of my accident.
When I told them that this 2nd conviction was actually the accident which they promised to forgive, the answer was that they actually forgive only the car damage itself. In other words if I also got a ticket for that and it went to my record, it would not be forgiven and my premium would go up. The also explained that if that was the only conviction I would retain my rating 7 and my premium would not change, but because I also had a speeding ticket, my insurance got a hit.
So my question - it that indeed how insurers work and there is nothing to argue about with them? Are there are any formal rules of what is supposed to be covered by the accident forgiveness other that the marketing fluff every single insurance company publishes on their websites. The wording in the insurance policy papers is not any better either.
Jr. Member
Feb 27, 2019
173 posts
222 upvotes
Toronto
Hey,

Looking for some advice for a total loss non-fault write off with TD.

RAV4 2015 AWD LE - low 53km. Their last offer $20.2K + taxes (started at $19.2k). Based on autotrader comparables from dealers and adjustment for low mileage I think it should be closer to $23k + taxes.

We've gone back and forth and they did provide the valuation report and I pointed out that there shouldn't be a "sold adjustment" of 1.2K since no used or new cars are offering no discounts but no budge from the adjuster.

I've requested to speak to their manager. They are telling me the only option now is to provide them with a report from a certified appraiser and I know I can request them to do the appraisal but not sure if that will help me.

Any advice is appreciated, thanks for reading.
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Oct 23, 2008
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GTA, ON
omv416 wrote: Fast forward 1 year later and at the renewal time I get a quote which is 35% higher. By looking at the renewal details I notice that there are 2 convictions mentioned on my name and my rating went down to 6.
When I called the insurer and asked for the explanations they told me that the rate hike was not because of the collision, which was actually "forgiven", but because of my 2 convictions - a speeding ticket (which I had indeed) and that very 'failure to stop at a stop sign' which I got as a result of my accident.
When I told them that this 2nd conviction was actually the accident which they promised to forgive, the answer was that they actually forgive only the car damage itself. In other words if I also got a ticket for that and it went to my record, it would not be forgiven and my premium would go up. The also explained that if that was the only conviction I would retain my rating 7 and my premium would not change, but because I also had a speeding ticket, my insurance got a hit.
I'm with Allstate and for them they have two separate optional coverage to what you're describing:
1) Accident forgiveness (for at-fault claims)
2) Minor ticket waiver (good for one minor conviction)

I don't think I need to describe what each is as it should be self-explanatory.
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Aug 11, 2008
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I'd have to actually see her policy to know what the coverage is
ADRiiAN` wrote: Mostly like a question for Cosmic, but it seems that my wife’s Sonnets account now says along the lines of “damage not covered” when my wife logs into her account. I believe it’s referring to her collision insurance. It seems that if the car is in an accident, they will not repair damage to her vehicle.

Can they do this mid-contract? Her renewal was back in July and at the time, she has full coverage, both collision and comprehensive.

We plan on calling tomorrow, but we haven’t received any notification about this so it’s kind of worrying. Only reason I noticed is when I logged into her account to update her CC info.
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Sr. Member
Apr 20, 2009
794 posts
76 upvotes
hkbubbletea wrote: Hi,

My vehicle was stolen a week and half ago. Brand new 6 month old Honda CR-V. :-( We have automobile insurance which includes the OPCF 43 endorsement regarding waiving their right to include depreciation in the settlement offer determination.

The TD adjuster has not really been transparent with the process and what we could expect in terms of settlement. We have provided all the information that the TD adjuster has requested but to me it seems they missed some key things like the vehicle bill of sale. Would you not want to at least know how much I paid for the vehicle as a reference point?

They have not seemed to acknowledge our question what contents and items on or within the car are covered under the OAP 1. I have read through the OAP 1 but could not find a clear answer about covering these things in section 6 or 7. They asked us for a list of aftermarket car accessories and accessories carried in the vehicle which we provided but then the adjuster just bluntly said "Oh I forgot to mention that you need to open a residential claim for these things." How is my house insurance (bought before vehicle insurance) related to this when these were things that only specifically work with the vehicle.

Are winter tires covered? Are the winter tire rims covered? What about the dash cam? What about my Weather Tech floormats?

Also what is my best course of action when it comes to scrutinizing their settlement offer to make sure it is fair market value? Should I just sum up my bill of sale and key automobile accessories (winter tires, rims, dash cam, floormats, and etc) and treat that as my floor settlement number?

Any help would be appreciated so that I know my rights and not let anything slide.

Thank you in advance.
They don't need the bill of sale for your car because most insurers will go directly to the dealer you bought it from to get it.

The winter tires generally aren't covered as you have your summer tires and rims in your possession which the insurance company will let you keep. You might be able to get a small amount for the cost difference between summer and winter tires but ymmv

You are always free to ask for a detailed breakdown of the settlement offer.

Keep in mind opcf 43 only applies to the vehicle itself. Depending on your value of the contents in your car they may have recommended opening a claim under your home insurance as your home insurance will likely settle the loss on a replacement cost basis where as your auto policy will only pay actual cash value.
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Aug 11, 2008
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most insurers want the bill of sale on file when the vehicle is added to the policy which will show if it was new, used or a demo and the # of klms on it.
absolut123 wrote: They don't need the bill of sale for your car because most insurers will go directly to the dealer you bought it from to get it.

The winter tires generally aren't covered as you have your summer tires and rims in your possession which the insurance company will let you keep. You might be able to get a small amount for the cost difference between summer and winter tires but ymmv

You are always free to ask for a detailed breakdown of the settlement offer.

Keep in mind opcf 43 only applies to the vehicle itself. Depending on your value of the contents in your car they may have recommended opening a claim under your home insurance as your home insurance will likely settle the loss on a replacement cost basis where as your auto policy will only pay actual cash value.
RIBO LICENCED INSURANCE BROKER, over 35 years experience

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