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Old 01-04-2012, 01:58 PM   #16
sproule905
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Just out of curiosity, how old are you kids? Also, for some reason maybe E36' are becoming the new civics in terms of insurance fraud....
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Old 01-04-2012, 02:12 PM   #17
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my insurance didnt even blink when i got full coverage on my e36...

screw an inspection and hassles about intakes lmao . what sillyness.
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Old 01-04-2012, 02:19 PM   #18
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Originally Posted by noodles101 View Post
How long ago was that tdote30 ??
Bout 2 years ago, so I guess things could have changed.

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lol, sort of defeats the purpose. you could have took pictures of someone else's silver E36 M3. I'm actually surprised that they let you take the pictures and send them in and didn't make you go to an authorized shop that takes the inspection pics.
LoL, that's true, I never thought of it, but it did have my plate number on it? I was just happy they were going to insure it over the phone and that i didn't have to do an inspection.

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Just out of curiosity, how old are you kids? Also, for some reason maybe E36' are becoming the new civics in terms of insurance fraud....
Late 20s, Married, Living in Durham.
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Old 01-04-2012, 03:57 PM   #19
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and they canceled the policy on me because i didnt change my BC license on time..
Regardless of what the reason for a cancellation, you're screwed if any insurance company ever finds out you have been canceled on. Just FYI.
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Old 01-04-2012, 10:36 PM   #20
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Statefarm didn't ask for anything when I insured my car comprehensive.
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Old 01-07-2012, 12:30 AM   #21
noodles101
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one more question.. i think meloche monnex gives you discount if you are a university student..and i think thats why im 21 and only paying 168 dollars for full coverage...

BUT, are they going to jack up my premium after i graduate? lol..
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Old 01-07-2012, 08:52 AM   #22
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one more question.. i think meloche monnex gives you discount if you are a university student..and i think thats why im 21 and only paying 168 dollars for full coverage...

BUT, are they going to jack up my premium after i graduate? lol..
It's possible. Just ask them.
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Old 01-07-2012, 11:18 AM   #23
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one more question.. i think meloche monnex gives you discount if you are a university student..and i think thats why im 21 and only paying 168 dollars for full coverage...

BUT, are they going to jack up my premium after i graduate? lol..
Insurance company will raise its rate at every chance they can once the FSCO approves it...I dont recall any rate decrease for the last few years..and that is why its good to check around before your renewal..even though you have been a loyal client...
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Old 01-09-2012, 01:01 PM   #24
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...The whole idea behind the inspection is to prevent insurance fraud where people get a car insured and then make a claim for damages that existed before the insurance policy existed. Some people also have a tendency to insure cars that don't exist or that they never owned and then report them stolen and get a settlement. This just gives them a record of the general state of your car around the time the policy was enacted.
Companies will also use the process to collect information. Who brings the car in, are they a listed driver on the policy? Is the car brought to an inspection station in the region the car was reported to be operated in. Older cars are more likely to have pre-existing damage so that is why there are more frequent inspections requested. It is also procedure with many companies to demand an inspection when the vehicle owner or primary driver is under 30. (greater likelihood of performance mods) Inspections cost the company money, so that is why some don't do them at all. Some companies will accept a safety or even, as some already mentioned, just photos in place of an inspection.

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Regardless of what the reason for a cancellation, you're screwed if any insurance company ever finds out you have been canceled on. Just FYI.
As inspections can lead to cancellation, you need to know a bit about the different types of cancellation. As 'Notorious VR' pointed out, you can get screwed. However, there are some cancellations that are worse than others.

Chargeable Cancellations are company imposed and can have a negative impact on your insurance record or driving record, vs non-chargeable cancellations such as when you request termination because you are selling your car, moving away etc...

The reason for cancellation alone is not what screws you. Having a gap in coverage because of a chargeable cancellation is what hurts. A cancellation for not payment alone isn't a huge problem as most companies will allow 1, maybe 2, on your record in a specified period of time (usu 2-5 yrs). But if you didn't get a replacement policy right away, then that cancellation for non pay can destroy a otherwise perfectly clean record

The length of the gap can also play a factor. Though a few companies rate for any gap (even just 1 day) due to a chargeable cancellation. Some companies treat a gap of less than 30 days differently than a gap which is longer.

"Misrepresentation" is the worst. Usually, this indicates you lied on an application or change request. Examples: Saying your dad is the primary driver when actually, you are. Claiming you don't drive to work, but you do. Registering your car in a rural area and saying that is your primary residence. Saying your car is 'completely stock', but it isn't. The insurance contract relies on a principle of "upmost good faith" between you (the insured) and the company (the insurer). If you break that faith, not even the mid-risk companies will touch you for at least 3 years.

"Non-compliance" or "Non-pay" can be a stumbling block to obtaining coverage with some companies, but not all. Often "Non-compliance" results from not submitting a requested document, not completing an inspection, etc... The reason you get a "non-pay" cancellation is self-explanatory.

"based on underwriting" can play a few roles; It is interchangeable with non-compliance (as non-compliance cancellations are based on the underwriting rules of the company). It can also be used in place of misrepresentation, depending on the severity of the situation. If you take your car to an inspection with an unreported CAI, you may get "based on underwriting". If it has a turbo, I'd expect a misrep, especially if you were specifically asked about modifications. I've also seen it used in cases where the drivers licences was suspended and the driver becomes aware of it through the insurance application process (which happens more often then you'd think).

Fact is, the truth ALWAYS comes to light. Even more so as technology and connectivity have progressed.

Your insurance history report is tied to your licence number. If you were ever listed on a policy as a driver, had a claim on a company/friends policy. It is going to show on your report (as well as theirs). The report all companies use (called an "AUTO PLUS") shows all previous policies and specifies why each was cancelled and on what date (in addition to previous claims, listed & excluded drivers, and vehicles insured in the past). If you are hoping that your last cancellation for non-payment will go unnoticed, give up. Not reporting a previous cancellation on a new application for insurance will earn you a cancellation for misrepresentation, which would suck exceptionally hard because if you had disclosed it upfront, it may not have made a difference anyways.

As always, I'm speaking generally here. If you want to know the specific details about your own policy, please contact your own agent or broker.
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Last edited by hockeyfan27; 01-09-2012 at 01:04 PM. Reason: added disclaimer
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Old 01-09-2012, 01:43 PM   #25
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damn.... so how likely is it for td to find out that my old insurance canceled on me for not switching my license? lol.... fudge.
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Old 01-09-2012, 01:49 PM   #26
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^ I wouldn't worry about it now that you are with TD. If anything, your rate will go down once you graduate. TD also recognizes if you have a professional designation, and discounts that!
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Old 01-09-2012, 01:52 PM   #27
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^^ how much of a discount are u getting with ur designation? im studying for my cfa so i can take it next summer...lol
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Old 01-09-2012, 02:15 PM   #28
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Not sure what mine went down to. But the wife's went from 130/ month to 89/ month.

They have never asked for any records, and I would never try to cheat the system, but its definitely a good deal. I was paying 78/ month on the 328is.
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Old 01-09-2012, 02:37 PM   #29
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^^ how much of a discount are u getting with ur designation? im studying for my cfa so i can take it next summer...lol
If they've already pulled your record, they already know. You may be OK provided the gap was short enough that they don't rate for it.
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Old 01-09-2012, 02:38 PM   #30
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ya i didnt know my insurance was canceled... i found out because they didnt take the monthly premium out of my account..lol

the gap was about 4 ~ 5 days i didnt know i had no insurance..and drove around..
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