Automotive

Purchased a rebuilt title in Ontario. Should I be worried about insurance?

  • Last Updated:
  • Jun 1st, 2020 8:44 am
[OP]
Member
Dec 10, 2012
225 posts
240 upvotes

Purchased a rebuilt title in Ontario. Should I be worried about insurance?

Got a great deal on a car that was rebuilt. Market price would be about 26k, rebuilt price usually around 20, and I got it for 18500 with some things thrown in. Saw pictures and I couldn't believe it was deemed salvage. Literally only the bumper and a few other pieces near the back were replaced.

Now I own a rebuilt car and need to insure it. I know some will insure it, but I didn't have a chance to do a ton of research.

What companies are known to insure rebuilt titles? Anything I should worry about insurance-wise?
50 replies
Deal Addict
Oct 5, 2009
1147 posts
416 upvotes
Dartmouth
You should not have an issue insuring it. Just be aware if you ever are involved in an accident that results in a total loss that there will be a substantial hit to the value they pay you due to the rebuilt title. You paid less for it so you will get less.
[OP]
Member
Dec 10, 2012
225 posts
240 upvotes
Toolatecrew wrote: You should not have an issue insuring it. Just be aware if you ever are involved in an accident that results in a total loss that there will be a substantial hit to the value they pay you due to the rebuilt title. You paid less for it so you will get less.
Haven’t had a chance to call around and there’s so many companies. Tried Desjardin very quick and they won’t insure it. Do you know who might ?
Sr. Member
Dec 16, 2014
878 posts
452 upvotes
Easter Island
Behacad wrote: Haven’t had a chance to call around and there’s so many companies. Tried Desjardin very quick and they won’t insure it. Do you know who might ?
If it's been deemed FIT and road worthy, why aren't they insuring it?
[OP]
Member
Dec 10, 2012
225 posts
240 upvotes
karakoram wrote: If it's been deemed FIT and road worthy, why aren't they insuring it?
They simply will not. Company policy.
Deal Addict
Feb 10, 2006
2294 posts
309 upvotes
Kitchener
I didn't have any issues getting insurance with my car. I only had to provide the safety documents from the garage.
Member
User avatar
May 27, 2011
438 posts
266 upvotes
NORTH YORK
I think Quebec is the only place you can insure a rebuild title.
[OP]
Member
Dec 10, 2012
225 posts
240 upvotes
Double_J wrote: I didn't have any issues getting insurance with my car. I only had to provide the safety documents from the garage.
What company?
Deal Fanatic
Apr 16, 2007
7960 posts
3246 upvotes
Financial District B…
Behacad wrote: What company?
Most insurance companies won't insure rebuilt titles, and if they do it may be expensive and they may not even offer full coverage.
Most banks also won't finance rebuilt titles. While not knowing if you financed yours or not, just throwing that info out there.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
[OP]
Member
Dec 10, 2012
225 posts
240 upvotes
mikeymike1 wrote: Most insurance companies won't insure rebuilt titles, and if they do it may be expensive and they may not even offer full coverage.
Most banks also won't finance rebuilt titles. While not knowing if you financed yours or not, just throwing that info out there.
Thanks man
Deal Addict
Oct 5, 2009
1147 posts
416 upvotes
Dartmouth
katonfire wrote: I think Quebec is the only place you can insure a rebuild title.
Not true plenty of rebuilt cars in NS,NB and NL that have insurance.
Easiest route would be to try a broker who would have multiple insurers they could try to see who wants to underwrite the risk.
Jr. Member
Mar 30, 2011
154 posts
118 upvotes
From my understanding, rebuilt titles can get insurance coverages, however keep in mind some companies may not provide it do to company policy and other companies may only offer third party liability insurance and not collision or comprehensive.
Sr. Member
May 18, 2008
754 posts
104 upvotes
Toronto
katonfire wrote: I think Quebec is the only place you can insure a rebuild title.
I can name 3 insurance companies in Ontario that will cover them
[OP]
Member
Dec 10, 2012
225 posts
240 upvotes
Kaeoue wrote: I can name 3 insurance companies in Ontario that will cover them
Ok! I’m ready to hear them!
Sr. Member
May 18, 2008
754 posts
104 upvotes
Toronto
Behacad wrote: Ok! I’m ready to hear them!
Sonnet and Wawanesa I know for sure, the last one may have changed their policy as its been quite a while since then.
Deal Fanatic
User avatar
Aug 11, 2008
8847 posts
1443 upvotes
Ontario
You may need to provide a structural safety
RIBO LICENCED INSURANCE BROKER, over 35 years experience
[OP]
Member
Dec 10, 2012
225 posts
240 upvotes
COSMIC5 wrote: You may need to provide a structural safety
That’s a given in Ontario for any rebuilt car or really any new car getting registered I think, the “safety”?
Deal Addict
Jun 12, 2008
1141 posts
614 upvotes
Ripley
Insured one with Sonnet in September. In Ontario.

Top