This is an excerpt from the BCHRA May meeting minutes in regards to the ICBC collector/modified car-plate program.
Some very interesting information as a good portion of it applies to anyone insured through Hagerty, not necessary just in BC.
From the May meeting minutes:
Nigel Matthews is no stranger to the members of the BCHRA. He used to administer the collector vehicle department at ICBC, and now is front and center with Hagerty Insurance. He was invited, by the BCHRA Executive, to give his explanation of the current state of collector/modified car-plate program in Beautiful British Columbia.
The confusion all started, according to Nigel, when ICBC ended the "agreed value" program as of January 1st, 2014. This was just one of 6 special policies the corporation ended. Stating these policies create too much paperwork, and are labor intensive to maintain. Putting it in plain English, Nigel said, if you have lots of extra goodies in, or on your vehicle, you will only be covered up to a maximum of 5-thousand dollars. "Agreed Value Policy" is still available, but only from Hagerty Insurance and Pelling Insurance..two separate insurance companies. Nigel encourages specialty car owners to get an independent appraisal first before you seek out an agreed value policy. In the event of a mishap, if you have a documented appraisal, that usually includes photographs, it will strengthen your value of claim. In closing, Nigel answered a couple of questions: one:- stating there is no limit on the number of miles of clicks you can put on your collector-plated-vehicle. It is expected by the insurance companies, that 5 thousand km a year is expected - any more, then maybe you want to explain why, but it will not be an issue. Most specialty vehicles average less than one thousand clicks per year. He also reminded all in attendance that Hagerty has two categories of insurance. a) stock. and b).modified. the latter defined as if the engine has experienced a 50 horsepower increase over stock, or the suspension has been altered (raised or lowered at least 10 cm/4 inches), steering changed in any way at all,or even if you take out bench seat and put in buckets, the vehicle is now "modified."
In closing his half hour information, Nigel wanted to drive home one major mis-conception drivers of vehicles with collector plates have. Most, he says, think that with the special plate, they have special insurance coverage. That, Nigel says is not true. The coverage is the same as the insurance you have on your daily driver. If you don't have an "agreed value policy" then you, the owner/driver have to prove your financial loss. It usually ends up with binding arbitration settlement, which means, you lose, unless you have the Hagerty Insurance or Pelling Insurance agreed value policy. He said, "I can't stress the benefits of this policy enough for our hobby, and for your peace of mind." and added, "..in the world of insurance, remember, it's all about full disclosure."
Some very interesting information as a good portion of it applies to anyone insured through Hagerty, not necessary just in BC.
From the May meeting minutes:
Nigel Matthews is no stranger to the members of the BCHRA. He used to administer the collector vehicle department at ICBC, and now is front and center with Hagerty Insurance. He was invited, by the BCHRA Executive, to give his explanation of the current state of collector/modified car-plate program in Beautiful British Columbia.
The confusion all started, according to Nigel, when ICBC ended the "agreed value" program as of January 1st, 2014. This was just one of 6 special policies the corporation ended. Stating these policies create too much paperwork, and are labor intensive to maintain. Putting it in plain English, Nigel said, if you have lots of extra goodies in, or on your vehicle, you will only be covered up to a maximum of 5-thousand dollars. "Agreed Value Policy" is still available, but only from Hagerty Insurance and Pelling Insurance..two separate insurance companies. Nigel encourages specialty car owners to get an independent appraisal first before you seek out an agreed value policy. In the event of a mishap, if you have a documented appraisal, that usually includes photographs, it will strengthen your value of claim. In closing, Nigel answered a couple of questions: one:- stating there is no limit on the number of miles of clicks you can put on your collector-plated-vehicle. It is expected by the insurance companies, that 5 thousand km a year is expected - any more, then maybe you want to explain why, but it will not be an issue. Most specialty vehicles average less than one thousand clicks per year. He also reminded all in attendance that Hagerty has two categories of insurance. a) stock. and b).modified. the latter defined as if the engine has experienced a 50 horsepower increase over stock, or the suspension has been altered (raised or lowered at least 10 cm/4 inches), steering changed in any way at all,or even if you take out bench seat and put in buckets, the vehicle is now "modified."
In closing his half hour information, Nigel wanted to drive home one major mis-conception drivers of vehicles with collector plates have. Most, he says, think that with the special plate, they have special insurance coverage. That, Nigel says is not true. The coverage is the same as the insurance you have on your daily driver. If you don't have an "agreed value policy" then you, the owner/driver have to prove your financial loss. It usually ends up with binding arbitration settlement, which means, you lose, unless you have the Hagerty Insurance or Pelling Insurance agreed value policy. He said, "I can't stress the benefits of this policy enough for our hobby, and for your peace of mind." and added, "..in the world of insurance, remember, it's all about full disclosure."
