Insurance companies

[Verdasco]

Just wondering for people browsing revscene, anyone here use other companies other than ICBC to get better rates for total loss on their vehicles?

[smaggs]

I don't and have not shopped, but my insurance agent the other day was telling me that it's great to save a few bucks but the process if you ever need to make a claim can be extremely drawn out with private insurance companies, which isn't worth it in my eyes unless the savings are significant. Not speaking from experience though so this might not be the case with all of them.

[Expresso]

^I've gone through it and it was quick and easy, but they made a fair offer for my vehicle. The only hassle was calling ICBC and the Private Insurer separately to make the claim.

I have no idea what the OP is asking though.

[cococly]

OP, if your car was a total lost, and it was under ICBC Insurance Policy, why would any insurance companies pay your car out?? (as you ain't even insured by them)

I am confused.

Originally Posted by smaggs

I don't and have not shopped, but my insurance agent the other day was telling me that it's great to save a few bucks but the process if you ever need to make a claim can be extremely drawn out with private insurance companies, which isn't worth it in my eyes unless the savings are significant. Not speaking from experience though so this might not be the case with all of them.

It took over 60 days for my previous ICBC claim which I got rear-ended by another car while stopping at a red light. It's case-by-case.

[white rocket]

I had an experience with Family Insurance for one of my clients. They, the insurer, reserved the right to repair the vehicle even if the repair amount exceeds what the payout amount would be. We pushed hard for a write off and they wouldn't budge. It was like they had a deal with the body shop or something. In the end, my client is stuck with a $10k vehicle with a $12k claim against it now since they decided to fix it.

You can definitely save money by looking at other insurers like Family, CDI, etc but make sure you read the fine print as it may differ from ICBC's policies.

[Verdasco]

Meant to ask if anyone used optiom before

[Edison_Chen]

Are you talking abut the replacement cost policy?

I currently have it in my car, but I haven’t used it (knock on wood).

[vyrospec]

Broker here, with replacement insurance products such as Optiom/Aviva, they corresponded the payout based on MSRP of new vehicle of year of accident minus total payout from your primary insurer. (assuming you have everything with ICBC). New car MSRP based on quote from dealer you are getting vehicle from.