Insurance hikes for everyone...
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Insurance hikes for everyone...
This was e-mailed to me by a friend of mine. It's regarding insurance companies hicking up insurance 3 to 5 times normal rates for SLIGHTLY modified cars! This will affect all of up so please sign the petition link below... every person counts. Thanks!
My friends e-mail:
Hey guys, how's it going, it's [name deleted] from the board. Hope everyone had a good xmas. I've been staying away from board lately as very busy and haven't had the time plus all this other stuff that's going on. Anyways, I wanted to take the time now to fill you guys in on some stuff that concerns me. I've emailed the guys I know, and would appreciate none of this info refering to me, but want to maybe get some guys passing the info on mx6.com etc, don't want to post personally. But where alot of the issues are going to be coming from in the next year or two is from the insurance companies.
From what I know, the industry is brainstorming on how to handle modified vehicles.
Research has been done into the number of vehicles in the GTA that have been modified. Just by accessing several web sites, info etc. they see all the stuff going on. They have all the sites, they know how people are modifying for speed, etc. I've seen examples from rogers members car rides where rufnek, mike, etc have there cars shown and they use tons of peoples rides as examples to what people are doing to there cars.
The Toronto area is reportedly known across North America as one of the hottest street-racing sites and the police estimate around 20,000 vehicles are modified for street drag racing and this does not include the up and comers (as they see it)
Unfortanutely were not all trouble makers, but in the process everyone will be nailed.
Bottom, line it may reach a point where guys like us who have modified there cars will have to pay 3-5 times as much for insurance with a clean record because we'll have to go with a higher risk market because of personalizing our cars.
There are currently some companies whom have added into their filed rules that they will decline any car with modifications over $1500 (Allianz)* or any car with modifications (any at all) that increase performance (RBC).
Rims, lowering, anything. They think if you do up your car in this manner, your a street racer and reckless.
Others will follow, and a chain effect will progress eventually. This is for sure. It's not fair.
You say don't tell them, but if you don't they can decline any claim as you misrepresented yourself to begin with or altered your vehicle.
The only thing I can suggest is we can maybe send comments or something to the insurance commision of ontario letting them know about or concerns and not letting the industry discriminate against people in this manner. They need to do it the right way, by rating for tickets and accidents. None of us like to pay for insurance but it's neccessary, let's not just bash them in general.
The only thing I can think of is have a petition made and then send it to FSCO, which governs auto insurance in ontario. I know it's not big as we speak, but wanted to keep you guys informed.
Petition...
My friends e-mail:
Hey guys, how's it going, it's [name deleted] from the board. Hope everyone had a good xmas. I've been staying away from board lately as very busy and haven't had the time plus all this other stuff that's going on. Anyways, I wanted to take the time now to fill you guys in on some stuff that concerns me. I've emailed the guys I know, and would appreciate none of this info refering to me, but want to maybe get some guys passing the info on mx6.com etc, don't want to post personally. But where alot of the issues are going to be coming from in the next year or two is from the insurance companies.
From what I know, the industry is brainstorming on how to handle modified vehicles.
Research has been done into the number of vehicles in the GTA that have been modified. Just by accessing several web sites, info etc. they see all the stuff going on. They have all the sites, they know how people are modifying for speed, etc. I've seen examples from rogers members car rides where rufnek, mike, etc have there cars shown and they use tons of peoples rides as examples to what people are doing to there cars.
The Toronto area is reportedly known across North America as one of the hottest street-racing sites and the police estimate around 20,000 vehicles are modified for street drag racing and this does not include the up and comers (as they see it)
Unfortanutely were not all trouble makers, but in the process everyone will be nailed.
Bottom, line it may reach a point where guys like us who have modified there cars will have to pay 3-5 times as much for insurance with a clean record because we'll have to go with a higher risk market because of personalizing our cars.
There are currently some companies whom have added into their filed rules that they will decline any car with modifications over $1500 (Allianz)* or any car with modifications (any at all) that increase performance (RBC).
Rims, lowering, anything. They think if you do up your car in this manner, your a street racer and reckless.
Others will follow, and a chain effect will progress eventually. This is for sure. It's not fair.
You say don't tell them, but if you don't they can decline any claim as you misrepresented yourself to begin with or altered your vehicle.
The only thing I can suggest is we can maybe send comments or something to the insurance commision of ontario letting them know about or concerns and not letting the industry discriminate against people in this manner. They need to do it the right way, by rating for tickets and accidents. None of us like to pay for insurance but it's neccessary, let's not just bash them in general.
The only thing I can think of is have a petition made and then send it to FSCO, which governs auto insurance in ontario. I know it's not big as we speak, but wanted to keep you guys informed.
Petition...
20,000 modified cars in the Toronto area?!? I would have never thought it would be that much.
I know this sounds like a stupid idea, but with that amount of modified cars it makes one wonder what kind of a "silent" protest can occur.
It would be really funny if there was a gathering of 50% of those cars in central Toronto, all stopped with their engines turned off. I'm sure the press would love coverage of this. Of course, the organizer of such an event should be one with that can communicate everyone's concern in a professional manner as to why the protest is occuring.
I think the people modifiying their cars should try to change the public's opionon of them. Look at some of the biker gangs. Every Christmas they ride to get toys for the needy kids or even ride to raise money for a charity. I think its time someone steps up to the plate about this.
Can't believe nobody has thought of this before either...
EDIT: I'm expecting a rebate from my insurance company pretty soon. I'm turning 25!!! No lost points, no accidents and never been pulled over...yet. [IMG]i/expressions/face-icon-small-wink.gif[/IMG]
I know this sounds like a stupid idea, but with that amount of modified cars it makes one wonder what kind of a "silent" protest can occur.
It would be really funny if there was a gathering of 50% of those cars in central Toronto, all stopped with their engines turned off. I'm sure the press would love coverage of this. Of course, the organizer of such an event should be one with that can communicate everyone's concern in a professional manner as to why the protest is occuring.
I think the people modifiying their cars should try to change the public's opionon of them. Look at some of the biker gangs. Every Christmas they ride to get toys for the needy kids or even ride to raise money for a charity. I think its time someone steps up to the plate about this.
Can't believe nobody has thought of this before either...
EDIT: I'm expecting a rebate from my insurance company pretty soon. I'm turning 25!!! No lost points, no accidents and never been pulled over...yet. [IMG]i/expressions/face-icon-small-wink.gif[/IMG]
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[hr]Originally posted by: xian
I think the people modifiying their cars should try to change the public's opionon of them. Look at some of the biker gangs. Every Christmas they ride to get toys for the needy kids or even ride to raise money for a charity. I think its time someone steps up to the plate about this.
[hr]
[hr]Originally posted by: xian
I think the people modifiying their cars should try to change the public's opionon of them. Look at some of the biker gangs. Every Christmas they ride to get toys for the needy kids or even ride to raise money for a charity. I think its time someone steps up to the plate about this.
[hr]
public perception of bikers were often no greater than outlaws and violent gangs. you are right, they associated themselves with charity works to help redefine their image, and it worked.
import enthusiasts should strive to duplicate that effort.
and really, as civic drivers, we are perhaps the most stereotyped bunch, and lead the charge. I'm sure we can gather easy 300+ civics for a charity drive.
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[hr]Originally posted by: REDVIC
This was e-mailed to me by a friend of mine. It's regarding insurance companies hicking up insurance 3 to 5 times normal rates for SLIGHTLY modified cars! This will affect all of up so please sign the petition link below... every person counts. Thanks!
My friends e-mail:
Hey guys, how's it going, it's [name deleted] from the board. Hope everyone had a good xmas. I've been staying away from board lately as very busy and haven't had the time plus all this other stuff that's going on. Anyways, I wanted to take the time now to fill you guys in on some stuff that concerns me. I've emailed the guys I know, and would appreciate none of this info refering to me, but want to maybe get some guys passing the info on mx6.com etc, don't want to post personally. But where alot of the issues are going to be coming from in the next year or two is from the insurance companies.
From what I know, the industry is brainstorming on how to handle modified vehicles.
Research has been done into the number of vehicles in the GTA that have been modified. Just by accessing several web sites, info etc. they see all the stuff going on. They have all the sites, they know how people are modifying for speed, etc. I've seen examples from rogers members car rides where rufnek, mike, etc have there cars shown and they use tons of peoples rides as examples to what people are doing to there cars.
The Toronto area is reportedly known across North America as one of the hottest street-racing sites and the police estimate around 20,000 vehicles are modified for street drag racing and this does not include the up and comers (as they see it)
Unfortanutely were not all trouble makers, but in the process everyone will be nailed.
Bottom, line it may reach a point where guys like us who have modified there cars will have to pay 3-5 times as much for insurance with a clean record because we'll have to go with a higher risk market because of personalizing our cars.
There are currently some companies whom have added into their filed rules that they will decline any car with modifications over $1500 (Allianz)* or any car with modifications (any at all) that increase performance (RBC).
Rims, lowering, anything. They think if you do up your car in this manner, your a street racer and reckless.
Others will follow, and a chain effect will progress eventually. This is for sure. It's not fair.
You say don't tell them, but if you don't they can decline any claim as you misrepresented yourself to begin with or altered your vehicle.
The only thing I can suggest is we can maybe send comments or something to the insurance commision of ontario letting them know about or concerns and not letting the industry discriminate against people in this manner. They need to do it the right way, by rating for tickets and accidents. None of us like to pay for insurance but it's neccessary, let's not just bash them in general.
The only thing I can think of is have a petition made and then send it to FSCO, which governs auto insurance in ontario. I know it's not big as we speak, but wanted to keep you guys informed.
Petition...[hr]
[hr]Originally posted by: REDVIC
This was e-mailed to me by a friend of mine. It's regarding insurance companies hicking up insurance 3 to 5 times normal rates for SLIGHTLY modified cars! This will affect all of up so please sign the petition link below... every person counts. Thanks!
My friends e-mail:
Hey guys, how's it going, it's [name deleted] from the board. Hope everyone had a good xmas. I've been staying away from board lately as very busy and haven't had the time plus all this other stuff that's going on. Anyways, I wanted to take the time now to fill you guys in on some stuff that concerns me. I've emailed the guys I know, and would appreciate none of this info refering to me, but want to maybe get some guys passing the info on mx6.com etc, don't want to post personally. But where alot of the issues are going to be coming from in the next year or two is from the insurance companies.
From what I know, the industry is brainstorming on how to handle modified vehicles.
Research has been done into the number of vehicles in the GTA that have been modified. Just by accessing several web sites, info etc. they see all the stuff going on. They have all the sites, they know how people are modifying for speed, etc. I've seen examples from rogers members car rides where rufnek, mike, etc have there cars shown and they use tons of peoples rides as examples to what people are doing to there cars.
The Toronto area is reportedly known across North America as one of the hottest street-racing sites and the police estimate around 20,000 vehicles are modified for street drag racing and this does not include the up and comers (as they see it)
Unfortanutely were not all trouble makers, but in the process everyone will be nailed.
Bottom, line it may reach a point where guys like us who have modified there cars will have to pay 3-5 times as much for insurance with a clean record because we'll have to go with a higher risk market because of personalizing our cars.
There are currently some companies whom have added into their filed rules that they will decline any car with modifications over $1500 (Allianz)* or any car with modifications (any at all) that increase performance (RBC).
Rims, lowering, anything. They think if you do up your car in this manner, your a street racer and reckless.
Others will follow, and a chain effect will progress eventually. This is for sure. It's not fair.
You say don't tell them, but if you don't they can decline any claim as you misrepresented yourself to begin with or altered your vehicle.
The only thing I can suggest is we can maybe send comments or something to the insurance commision of ontario letting them know about or concerns and not letting the industry discriminate against people in this manner. They need to do it the right way, by rating for tickets and accidents. None of us like to pay for insurance but it's neccessary, let's not just bash them in general.
The only thing I can think of is have a petition made and then send it to FSCO, which governs auto insurance in ontario. I know it's not big as we speak, but wanted to keep you guys informed.
Petition...[hr]
Its not really "descrimination" as much as it is rating the risk ......If you are going to modify your car it not only (for some) makes it a racing risk, but it also draws extra attention to your car becuase you have put some much money into in (like rims, ICE etc) which then targets your vehicle for vandalism, theft and other acts which would be covered by insurance ....Do you honestly think this will work ....?? I am a claims adjuster for a rather large insurance company so I deal with auto claims daily...and when I have a claim with a modified vehicle it usually involves one of 3 things 1) Collision with another vehicle, 2) theft 3) vandalism.....Which are typically the 3 types of occurences that cost the most ...why do companies not want to write modified cars???? Because they loose money. Just take 2 seconds to look at it from the Insurance companies point of view (I'm not in any way saying its fair or right that companies do this but I do understand why)
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[hr]Originally posted by: 03Eclipse
Its not really "descrimination" as much as it is rating the risk ......If you are going to modify your car it not only (for some) makes it a racing risk, but it also draws extra attention to your car becuase you have put some much money into in (like rims, ICE etc) which then targets your vehicle for vandalism, theft and other acts which would be covered by insurance ....Do you honestly think this will work ....?? I am a claims adjuster for a rather large insurance company so I deal with auto claims daily...and when I have a claim with a modified vehicle it usually involves one of 3 things 1) Collision with another vehicle, 2) theft 3) vandalism.....Which are typically the 3 types of occurences that cost the most ...why do companies not want to write modified cars???? Because they loose money. Just take 2 seconds to look at it from the Insurance companies point of view (I'm not in any way saying its fair or right that companies do this but I do understand why)[hr]
[hr]Originally posted by: 03Eclipse
Quote
[hr]Originally posted by: REDVIC
This was e-mailed to me by a friend of mine. It's regarding insurance companies hicking up insurance 3 to 5 times normal rates for SLIGHTLY modified cars! This will affect all of up so please sign the petition link below... every person counts. Thanks!
My friends e-mail:
Hey guys, how's it going, it's [name deleted] from the board. Hope everyone had a good xmas. I've been staying away from board lately as very busy and haven't had the time plus all this other stuff that's going on. Anyways, I wanted to take the time now to fill you guys in on some stuff that concerns me. I've emailed the guys I know, and would appreciate none of this info refering to me, but want to maybe get some guys passing the info on mx6.com etc, don't want to post personally. But where alot of the issues are going to be coming from in the next year or two is from the insurance companies.
From what I know, the industry is brainstorming on how to handle modified vehicles.
Research has been done into the number of vehicles in the GTA that have been modified. Just by accessing several web sites, info etc. they see all the stuff going on. They have all the sites, they know how people are modifying for speed, etc. I've seen examples from rogers members car rides where rufnek, mike, etc have there cars shown and they use tons of peoples rides as examples to what people are doing to there cars.
The Toronto area is reportedly known across North America as one of the hottest street-racing sites and the police estimate around 20,000 vehicles are modified for street drag racing and this does not include the up and comers (as they see it)
Unfortanutely were not all trouble makers, but in the process everyone will be nailed.
Bottom, line it may reach a point where guys like us who have modified there cars will have to pay 3-5 times as much for insurance with a clean record because we'll have to go with a higher risk market because of personalizing our cars.
There are currently some companies whom have added into their filed rules that they will decline any car with modifications over $1500 (Allianz)* or any car with modifications (any at all) that increase performance (RBC).
Rims, lowering, anything. They think if you do up your car in this manner, your a street racer and reckless.
Others will follow, and a chain effect will progress eventually. This is for sure. It's not fair.
You say don't tell them, but if you don't they can decline any claim as you misrepresented yourself to begin with or altered your vehicle.
The only thing I can suggest is we can maybe send comments or something to the insurance commision of ontario letting them know about or concerns and not letting the industry discriminate against people in this manner. They need to do it the right way, by rating for tickets and accidents. None of us like to pay for insurance but it's neccessary, let's not just bash them in general.
The only thing I can think of is have a petition made and then send it to FSCO, which governs auto insurance in ontario. I know it's not big as we speak, but wanted to keep you guys informed.
Petition...[hr]
[hr]Originally posted by: REDVIC
This was e-mailed to me by a friend of mine. It's regarding insurance companies hicking up insurance 3 to 5 times normal rates for SLIGHTLY modified cars! This will affect all of up so please sign the petition link below... every person counts. Thanks!
My friends e-mail:
Hey guys, how's it going, it's [name deleted] from the board. Hope everyone had a good xmas. I've been staying away from board lately as very busy and haven't had the time plus all this other stuff that's going on. Anyways, I wanted to take the time now to fill you guys in on some stuff that concerns me. I've emailed the guys I know, and would appreciate none of this info refering to me, but want to maybe get some guys passing the info on mx6.com etc, don't want to post personally. But where alot of the issues are going to be coming from in the next year or two is from the insurance companies.
From what I know, the industry is brainstorming on how to handle modified vehicles.
Research has been done into the number of vehicles in the GTA that have been modified. Just by accessing several web sites, info etc. they see all the stuff going on. They have all the sites, they know how people are modifying for speed, etc. I've seen examples from rogers members car rides where rufnek, mike, etc have there cars shown and they use tons of peoples rides as examples to what people are doing to there cars.
The Toronto area is reportedly known across North America as one of the hottest street-racing sites and the police estimate around 20,000 vehicles are modified for street drag racing and this does not include the up and comers (as they see it)
Unfortanutely were not all trouble makers, but in the process everyone will be nailed.
Bottom, line it may reach a point where guys like us who have modified there cars will have to pay 3-5 times as much for insurance with a clean record because we'll have to go with a higher risk market because of personalizing our cars.
There are currently some companies whom have added into their filed rules that they will decline any car with modifications over $1500 (Allianz)* or any car with modifications (any at all) that increase performance (RBC).
Rims, lowering, anything. They think if you do up your car in this manner, your a street racer and reckless.
Others will follow, and a chain effect will progress eventually. This is for sure. It's not fair.
You say don't tell them, but if you don't they can decline any claim as you misrepresented yourself to begin with or altered your vehicle.
The only thing I can suggest is we can maybe send comments or something to the insurance commision of ontario letting them know about or concerns and not letting the industry discriminate against people in this manner. They need to do it the right way, by rating for tickets and accidents. None of us like to pay for insurance but it's neccessary, let's not just bash them in general.
The only thing I can think of is have a petition made and then send it to FSCO, which governs auto insurance in ontario. I know it's not big as we speak, but wanted to keep you guys informed.
Petition...[hr]
Its not really "descrimination" as much as it is rating the risk ......If you are going to modify your car it not only (for some) makes it a racing risk, but it also draws extra attention to your car becuase you have put some much money into in (like rims, ICE etc) which then targets your vehicle for vandalism, theft and other acts which would be covered by insurance ....Do you honestly think this will work ....?? I am a claims adjuster for a rather large insurance company so I deal with auto claims daily...and when I have a claim with a modified vehicle it usually involves one of 3 things 1) Collision with another vehicle, 2) theft 3) vandalism.....Which are typically the 3 types of occurences that cost the most ...why do companies not want to write modified cars???? Because they loose money. Just take 2 seconds to look at it from the Insurance companies point of view (I'm not in any way saying its fair or right that companies do this but I do understand why)[hr]
First of all, it is enough that insurance is a must, in many places in the world, the only required insurance is liability, but thats another issue.
first, moding your car does the following
1-makes it look better
2-in some cases faster
3-in some cases worth more.
point 1 makes your car more seceptable to stealing and vandalism, point 3 makes the insurance company loose money, as for point 3 when u modify your car engine wise and suspension e.t.c. it usually makes your car run better, i.e. better handeling responce ... so it is safer. as for modds like nawz or turbo, those make the car faster i.e. more dangerous, so just like if u buy an rsx, it will cost more to insure then a civic cause it costs more and is faster.
so in summery
-Mods like turbo and noz should increase insurance
-Mods like suspension, CIA exaust ... should not because they do not increase the value of the car, and they make the car run better and safer.
-mods like body kit, rims, system well they should by a bit if u want to declare them, if u dont want to declare them and are prepared to pay for them if lost then it should be your choice.
thats my opinion
but in the topic of a bad reputation of people with modded cars, that is true, they should try to do like bikers and make there image better.
first, moding your car does the following
1-makes it look better
2-in some cases faster
3-in some cases worth more.
point 1 makes your car more seceptable to stealing and vandalism, point 3 makes the insurance company loose money, as for point 3 when u modify your car engine wise and suspension e.t.c. it usually makes your car run better, i.e. better handeling responce ... so it is safer. as for modds like nawz or turbo, those make the car faster i.e. more dangerous, so just like if u buy an rsx, it will cost more to insure then a civic cause it costs more and is faster.
so in summery
-Mods like turbo and noz should increase insurance
-Mods like suspension, CIA exaust ... should not because they do not increase the value of the car, and they make the car run better and safer.
-mods like body kit, rims, system well they should by a bit if u want to declare them, if u dont want to declare them and are prepared to pay for them if lost then it should be your choice.
thats my opinion
but in the topic of a bad reputation of people with modded cars, that is true, they should try to do like bikers and make there image better.
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[hr]Originally posted by: watewate
yes, but c'mon, rims? replacing rims is as common as people buying new stereo decks or tinting their cars.[hr]
[hr]Originally posted by: watewate
Quote
[hr]Originally posted by: 03Eclipse
Its not really "descrimination" as much as it is rating the risk ......If you are going to modify your car it not only (for some) makes it a racing risk, but it also draws extra attention to your car becuase you have put some much money into in (like rims, ICE etc) which then targets your vehicle for vandalism, theft and other acts which would be covered by insurance ....Do you honestly think this will work ....?? I am a claims adjuster for a rather large insurance company so I deal with auto claims daily...and when I have a claim with a modified vehicle it usually involves one of 3 things 1) Collision with another vehicle, 2) theft 3) vandalism.....Which are typically the 3 types of occurences that cost the most ...why do companies not want to write modified cars???? Because they loose money. Just take 2 seconds to look at it from the Insurance companies point of view (I'm not in any way saying its fair or right that companies do this but I do understand why)[hr]
[hr]Originally posted by: 03Eclipse
Quote
[hr]Originally posted by: REDVIC
This was e-mailed to me by a friend of mine. It's regarding insurance companies hicking up insurance 3 to 5 times normal rates for SLIGHTLY modified cars! This will affect all of up so please sign the petition link below... every person counts. Thanks!
My friends e-mail:
Hey guys, how's it going, it's [name deleted] from the board. Hope everyone had a good xmas. I've been staying away from board lately as very busy and haven't had the time plus all this other stuff that's going on. Anyways, I wanted to take the time now to fill you guys in on some stuff that concerns me. I've emailed the guys I know, and would appreciate none of this info refering to me, but want to maybe get some guys passing the info on mx6.com etc, don't want to post personally. But where alot of the issues are going to be coming from in the next year or two is from the insurance companies.
From what I know, the industry is brainstorming on how to handle modified vehicles.
Research has been done into the number of vehicles in the GTA that have been modified. Just by accessing several web sites, info etc. they see all the stuff going on. They have all the sites, they know how people are modifying for speed, etc. I've seen examples from rogers members car rides where rufnek, mike, etc have there cars shown and they use tons of peoples rides as examples to what people are doing to there cars.
The Toronto area is reportedly known across North America as one of the hottest street-racing sites and the police estimate around 20,000 vehicles are modified for street drag racing and this does not include the up and comers (as they see it)
Unfortanutely were not all trouble makers, but in the process everyone will be nailed.
Bottom, line it may reach a point where guys like us who have modified there cars will have to pay 3-5 times as much for insurance with a clean record because we'll have to go with a higher risk market because of personalizing our cars.
There are currently some companies whom have added into their filed rules that they will decline any car with modifications over $1500 (Allianz)* or any car with modifications (any at all) that increase performance (RBC).
Rims, lowering, anything. They think if you do up your car in this manner, your a street racer and reckless.
Others will follow, and a chain effect will progress eventually. This is for sure. It's not fair.
You say don't tell them, but if you don't they can decline any claim as you misrepresented yourself to begin with or altered your vehicle.
The only thing I can suggest is we can maybe send comments or something to the insurance commision of ontario letting them know about or concerns and not letting the industry discriminate against people in this manner. They need to do it the right way, by rating for tickets and accidents. None of us like to pay for insurance but it's neccessary, let's not just bash them in general.
The only thing I can think of is have a petition made and then send it to FSCO, which governs auto insurance in ontario. I know it's not big as we speak, but wanted to keep you guys informed.
Petition...[hr]
[hr]Originally posted by: REDVIC
This was e-mailed to me by a friend of mine. It's regarding insurance companies hicking up insurance 3 to 5 times normal rates for SLIGHTLY modified cars! This will affect all of up so please sign the petition link below... every person counts. Thanks!
My friends e-mail:
Hey guys, how's it going, it's [name deleted] from the board. Hope everyone had a good xmas. I've been staying away from board lately as very busy and haven't had the time plus all this other stuff that's going on. Anyways, I wanted to take the time now to fill you guys in on some stuff that concerns me. I've emailed the guys I know, and would appreciate none of this info refering to me, but want to maybe get some guys passing the info on mx6.com etc, don't want to post personally. But where alot of the issues are going to be coming from in the next year or two is from the insurance companies.
From what I know, the industry is brainstorming on how to handle modified vehicles.
Research has been done into the number of vehicles in the GTA that have been modified. Just by accessing several web sites, info etc. they see all the stuff going on. They have all the sites, they know how people are modifying for speed, etc. I've seen examples from rogers members car rides where rufnek, mike, etc have there cars shown and they use tons of peoples rides as examples to what people are doing to there cars.
The Toronto area is reportedly known across North America as one of the hottest street-racing sites and the police estimate around 20,000 vehicles are modified for street drag racing and this does not include the up and comers (as they see it)
Unfortanutely were not all trouble makers, but in the process everyone will be nailed.
Bottom, line it may reach a point where guys like us who have modified there cars will have to pay 3-5 times as much for insurance with a clean record because we'll have to go with a higher risk market because of personalizing our cars.
There are currently some companies whom have added into their filed rules that they will decline any car with modifications over $1500 (Allianz)* or any car with modifications (any at all) that increase performance (RBC).
Rims, lowering, anything. They think if you do up your car in this manner, your a street racer and reckless.
Others will follow, and a chain effect will progress eventually. This is for sure. It's not fair.
You say don't tell them, but if you don't they can decline any claim as you misrepresented yourself to begin with or altered your vehicle.
The only thing I can suggest is we can maybe send comments or something to the insurance commision of ontario letting them know about or concerns and not letting the industry discriminate against people in this manner. They need to do it the right way, by rating for tickets and accidents. None of us like to pay for insurance but it's neccessary, let's not just bash them in general.
The only thing I can think of is have a petition made and then send it to FSCO, which governs auto insurance in ontario. I know it's not big as we speak, but wanted to keep you guys informed.
Petition...[hr]
Its not really "descrimination" as much as it is rating the risk ......If you are going to modify your car it not only (for some) makes it a racing risk, but it also draws extra attention to your car becuase you have put some much money into in (like rims, ICE etc) which then targets your vehicle for vandalism, theft and other acts which would be covered by insurance ....Do you honestly think this will work ....?? I am a claims adjuster for a rather large insurance company so I deal with auto claims daily...and when I have a claim with a modified vehicle it usually involves one of 3 things 1) Collision with another vehicle, 2) theft 3) vandalism.....Which are typically the 3 types of occurences that cost the most ...why do companies not want to write modified cars???? Because they loose money. Just take 2 seconds to look at it from the Insurance companies point of view (I'm not in any way saying its fair or right that companies do this but I do understand why)[hr]
This is true but the rims on a modified car are usualy 2 to 3 times more expensive that that on a "normal" car ......so again it does cost more ......I hada guy put in a claim for 19 inch rims on an old Camry ...... it was legit but i paid out almost $2500 ......
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Rep Power: 0 Everyone's insurance is going up from 10-60% increases......don't be surprised ...this year was one of the worst for the industry EVER.....so guess who gets to pay for it ......
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