The smartest way to insure a JDM?

[jwfchase]

I'm wondering what the most cost effective level of insurance to bother getting on the van is. Obviously third party/other party insurance is a no-brainer. A glass deductible makes sense too. But I'm thinking collision would be a waste of money. I was talking last night with a guy that I work with, his wife works for ICBC. Her comment to him was that ICBC writes off every JDM that they can that's been in any kind of accident because "the parts are too hard to find" That seems to fit with what I've heard.

So, questions I have are:
1) Does anyone know what the supposed "book value" is for an L300? Or more accurately how much is/should ICBC going to offer me in a "write-off"
2) Just so I'm prepared should it ever happen, which I hope it never does: What are my options if I get in an accident and ICBC wants to write off the vehicle? (eg: buy it back for parts?...)
3) What is the most sensible level of insurance to get?

But here's to happy motoring until my van slowly rusts into the ground many, many long years from now...

[Green1]

My theory with all insurance is that it is better to self insure.

Think about it for a moment... insurance companies are in it to make money, this means that on average the amount of premiums any person pays will be more than the total amount of claims that person makes.

So on average, the money you save in extra coverage will will more than pay for any claim you would have made.

The more likely a claim is, the more true this becomes, for example glass coverage, you can pretty much guarantee you'll have to replace a windshield every few years, so the premiums reflect this. I found that if I can avoid replacing a windshield more often than once ever 2-3 years I save money by not having insurance.

[snelson]

Great topic - looking forward to the comments.

Totally agree with the glass coverage.
I just use ING Direct, set up an automatic withdrawl/deposit of $20 a month. If I ever need a windshield, I pull money from that every year or two. I make a tiny bit of interest (better me than the insurance companies), but I have that money available for the windshield, or whatever else goes wrong on ol Delilah.

[Schwartz's Deli]

I think Josh might have a POV on this...

[dah_hunter]

ICBC will pretty much write off any RHD, JDM car for even very minor Damage..

Then they are sold at the ICBC Salvage Auction as Dismantle Only.. Never to be rebuilt.. even if all they need is a hood and bumper..

[jessef]

ICBC will pretty much write off any RHD, JDM car for even very minor Damage..

Then they are sold at the ICBC Salvage Auction as Dismantle Only.. Never to be rebuilt.. even if all they need is a hood and bumper..

It's their way to stick to the RHD owners unfortunately.

[drrod]

Would having a "certified" appraisal done periodically reduce the chance of being bent over by the insurance companies?
At least it would help to establish value for a write off.
Rod

[Green1]

Would having a "certified" appraisal done periodically reduce the chance of being bent over by the insurance companies?
At least it would help to establish value for a write off.
Rod

appraisals help, but the insurance companies will invariably try to tell you that the appraisal is wrong, or that your vehicle isn't worth as much as it was WAY BACK last week when the appraisal was done (things change fast you know!)

Your best bet to not being screwed over by an insurance company is to 1) avoid them when not needed (hence why I self insure for all but the mandatory coverage) and 2) FIGHT when they try to undervalue you on a claim, if you don't think you can replace the vehicle for what they are willing to pay, keep fighting, no matter what they tell you, DON'T accept a payout until you are happy.