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Discussion Starter · #1 ·
Hi,


This question is for BC collector car owners. I will be relocating to British Columbia shortly and I have some basic questions about insurance. In Alberta, where I have lived for the last 50 years, we insure our collector cars with a collector insurance specialty company and we generally get a SEF 19A endorsement for the appraised value of the car. This is on top of the usual liability etc. of course.


In BC there is a government insurance outfit (ICBC) that will be new to me. Is there an appraised value clause available through ICBC? I have heard rumour that many people insure the car with the mandated liability etc. through ICBC and get a third party i.e. Haggerty etc. to insure the car for the appraised value. Is this a true statement?


I would like to hear from BC owners about what they think is the best option for my Chevelle when I move.


The information on the web pertains to registration / license plate items i.e. Collector Plate / Vintage etc. but I cannot find anything out on the insurance aspect for collector cars. I intend to register as a Collector Car not a Vintage Car as I do drive my car for pleasure not just parades etc. I do want my car insured for the appraised value, the equivalent of the SEF19A agreed upon value as I do in Alberta.

Thanks,


Marc
 

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BC is like Sask, your registration and insurance are combined. You can pay for just enough insurance to validate your plates (mandatory) then go to any 3rd party insurer to top-up to the level of coverage you desire. Need to remember 3rd party coverage can be applied to any vehicle, registered or not, so you might want to look into the cost comparison of just registering the Chevelle for a month or 2 when it'll actually be on the road as your good 3rd party coverage is still there year round.
 

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Discussion Starter · #3 · (Edited)
BC is like Sask, your registration and insurance are combined. You can pay for just enough insurance to validate your plates (mandatory) then go to any 3rd party insurer to top-up to the level of coverage you desire. Need to remember 3rd party coverage can be applied to any vehicle, registered or not, so you might want to look into the cost comparison of just registering the Chevelle for a month or 2 when it'll actually be on the road as your good 3rd party coverage is still there year round.

Ok thanks. Do you know about the 3rd party being for an agreed upon value or current market value? I realize both numbers should be the same but the preferred way to insure classics is by an agreed upon value.


Do you know anything about these third party guys?


Pelling Insurance - Antique, Collector, Classic and Custom Automobile Insurance
 

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3rd party insurance varies but most is stated value backed by an appraisal. In the event of a major claim ie. complete loss, don't expect an immediate pay-out of your appraised value as the underwriter may spend time checking out the validity of the appraisal you submitted. There is no gold standard for appraisers, some use some fancy accreditation abbreviations but these for the most part are letters you can use behind your name by paying a membership fee but do not imply any sort of Professional body accreditation. Best advice is to use an appraiser who has the skills, knowledge and experience required to best represent the value of your appraisal should push come to shove.
 
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