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Just a PSA for all the racers out there that tow their cars on/in trailers:

CHECK THE INSURED VALUE OF YOUR TRAILER!

Don't be like us and find out too late the insurance broker put it down way too low...

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Uh-oh?

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Posted (edited)

Never good news. The broker is supposed to ask you the value or reference the bill of sale at the very least. 

Edited by MRS Joe

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Or the opposite it true that you may have it too high and paying extra for insurance for that value. I wrote off my enclosed race trailer and the insured value was much higher than what they finally gave me after the appeal/appraisal so I was paying extra for insurance. 

I did ask them if they could refund the difference in my insurance premiums and they declined saying it is up to the owner to let them know what the actual cash value is. 

 

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One other part just jumped in my brain from a long time ago since we're on the topic of trailer insurance; I did check with my agent and they called in to MPI to verify that the dolly trailers that only lift the front axle will only insure the trailer and the car/vehicle itself needs to be insured with plate or permit if it's touching the ground. I'm also told that if it's on a permit then it is supposed to be safety-able. 

Someone in our club an MPI rep that can give us the goods on this? 

 

 

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On the flipside. if the trailer is salvagfeable and goes for a substantial amount over your settlement, you are untitled to some $$$ back so watch the auction and note the actual auction amount.

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1 hour ago, chkdsk said:

One other part just jumped in my brain from a long time ago since we're on the topic of trailer insurance; I did check with my agent and they called in to MPI to verify that the dolly trailers that only lift the front axle will only insure the trailer and the car/vehicle itself needs to be insured with plate or permit if it's touching the ground. I'm also told that if it's on a permit then it is supposed to be safety-able. 

Someone in our club an MPI rep that can give us the goods on this? 

 

 

Not an MPI rep but this is correct that a vehicle with wheels on the ground needs a plate if being on a tow dolly or flat towed. If on temp insurance it should be "safety-able" but they don't really enforce this from what I've seen.

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Not really sure how they expect "temp" insurance vehicles to be known to be "safety-able" when you can have one issued to pick up a vehicle from another province or even another country without previous personal inspection. I don't recall any stipulations listed on the permit but then again, ignorance is bliss ... ;)

Strange how they have kind of left that one open.

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I've learned the hard way that brokers are not a good source of information regarding MPI as they suggest.

For anything beyond renewals, I go right to MPI downtown. It saves so much headache...and potential heartache.

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22 hours ago, nopistons said:

I've learned the hard way that brokers are not a good source of information regarding MPI as they suggest.

For anything beyond renewals, I go right to MPI downtown. It saves so much headache...and potential heartache.

Keep in mind the autopac positions in brokerages are usually very entry level and can be staffed by people fresh to insurance. I'd recommend calling MPI directly with any questions.

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On 6/29/2019 at 9:31 PM, Nhil said:

Keep in mind the autopac positions in brokerages are usually very entry level and can be staffed by people fresh to insurance. I'd recommend calling MPI directly with any questions.

Benefit is if you call them it’s recorded, and you can get an employee name to stick it to.

There was a guy at work that took his new Jeep to seddons and thought it was a hummer. Needless to say he was waste deep standing on the roof of it as it floated into the deep and sunk.  

The broker who wrote up the new car protection amount  put down his amalgamated loans into the value on the protection policy as it was the final number on the paperwork. 

He ended up getting paid out everything based on the value noted at the time of registration and walking away like a bandit after sinking is own vehicle in a bout of ignorance off-roading. Footage was even on YouTube. 

After that I don’t see how mpi can deny paying out an insurance value that you are paying insurance rates for. 

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"Not really sure how they expect "temp" insurance vehicles to be known to be "safety-able" when you can have one issued to pick up a vehicle from another province or even another country without previous personal inspection. I don't recall any stipulations listed on the permit but then again, ignorance is bliss ... ;)

Strange how they have kind of left that one open."

They do not expect you to know whether the car is safety-able. But they do ask you whether the vehicle has failed a safety inspection. Small, but important difference. It still places the onus on you to find out, but that is a lot easier to do then figuring out whether it would fail an inspection.

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On 6/28/2019 at 6:57 PM, Jim Eh. said:

Not really sure how they expect "temp" insurance vehicles to be known to be "safety-able"

It's more the opposite the way I was explained; it is if you know it is NOT safety-able then the onus is on you. E.g. a caged race car with no lights and a Temp Cert. 

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3 hours ago, chkdsk said:

It's more the opposite the way I was explained; it is if you know it is NOT safety-able then the onus is on you. E.g. a caged race car with no lights and a Temp Cert. 

Now that makes sense. Or an unseen Chevy pick up!

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