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

May 27th, 2020 7:29 pm

#1

Behacad [OP]: Member; Dec 10, 2012; 225 posts; 240 upvotes

May 27th, 2020 7:29 pm

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?

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May 27th, 2020 8:40 pm

#2

Toolatecrew: Deal Addict; Oct 5, 2009; 1147 posts; 416 upvotes; Dartmouth

May 27th, 2020 8:40 pm

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.

May 27th, 2020 8:46 pm

#3

Behacad [OP]: Member; Dec 10, 2012; 225 posts; 240 upvotes

May 27th, 2020 8:46 pm

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 ?

May 27th, 2020 9:12 pm

#4

karakoram: Sr. Member; Dec 16, 2014; 878 posts; 452 upvotes; Easter Island

May 27th, 2020 9:12 pm

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?

May 27th, 2020 9:13 pm

#5

Swerny: Deal Guru; Oct 5, 2008; 13664 posts; 7801 upvotes; Toronto

May 27th, 2020 9:13 pm

merged-ask-me-anything-about-insurance-415480/

+2

May 27th, 2020 9:28 pm

#6

Behacad [OP]: Member; Dec 10, 2012; 225 posts; 240 upvotes

May 27th, 2020 9:28 pm

karakoram wrote: ↑ If it's been deemed FIT and road worthy, why aren't they insuring it?

They simply will not. Company policy.

May 27th, 2020 9:30 pm

#7

Double_J: Deal Addict; Feb 10, 2006; 2294 posts; 309 upvotes; Kitchener

May 27th, 2020 9:30 pm

I didn't have any issues getting insurance with my car. I only had to provide the safety documents from the garage.

May 27th, 2020 9:30 pm

#8

katonfire: Member; May 27, 2011; 438 posts; 266 upvotes; NORTH YORK

May 27th, 2020 9:30 pm

I think Quebec is the only place you can insure a rebuild title.

May 27th, 2020 9:32 pm

#9

Behacad [OP]: Member; Dec 10, 2012; 225 posts; 240 upvotes

May 27th, 2020 9:32 pm

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?

May 27th, 2020 10:01 pm

#10

mikeymike1: Deal Fanatic; Apr 16, 2007; 7960 posts; 3246 upvotes; Financial District B…

May 27th, 2020 10:01 pm

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

+1

May 27th, 2020 10:08 pm

#11

Behacad [OP]: Member; Dec 10, 2012; 225 posts; 240 upvotes

May 27th, 2020 10:08 pm

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

May 27th, 2020 10:55 pm

#12

engineered: Deal Expert; Feb 11, 2007; 15671 posts; 16824 upvotes; Oakville

May 27th, 2020 10:55 pm

If they won't insure the car, will they give you liability insurance?

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May 27th, 2020 11:15 pm

#13

Toolatecrew: Deal Addict; Oct 5, 2009; 1147 posts; 416 upvotes; Dartmouth

May 27th, 2020 11:15 pm

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.

+2

May 28th, 2020 1:33 am

#14

Rembokz: Jr. Member; Mar 30, 2011; 154 posts; 118 upvotes

May 28th, 2020 1:33 am

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.