F.Y.I. - Insurance - Modern Classic

[SVX_MY_BABY]

After reading the increasing number of posts regarding low insurance value for salvage cars I spoke with my insurance company (Primmum) which insures across Canada.

They advised that they will only issue "Antique" insurance which yields reduced rates if the car has "Antique Plates" issued by the DMV. The reduced rates reflect the restricted use demanded of the plates.

HOWEVER, they have a designation of insurance called "Modern Classic" which has no restrictions on vehicle useage. There is also no break on premiums.

BUT, and this is a big but, This designation allows you to set a replacement value for your vehicle. All you need to do is get an appraisal from a recognized appraiser and file it with the insurance company. This value would over ride the book value normally used in the event of a claim. Also most insurance companies here will not offer collision or comprehensive on vehicles over 10 years old, unless the policy was in effect before they reached that age. With the "Modern Classic" designation that problem is overcome.