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Old 03-27-2004, 06:12 PM   #1
bezerk
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Member#: 44809
Join Date: Oct 2003
Chapter/Region: W. Canada
Location: Northern BC
Vehicle:
2008 BMW M3
SATURDAY!!!!!!!!!!!!!!!

Angry HSBC insurance

Just insured my STi with HSBC Canada Direct...less $ than ICBC, but they said if Imodify the car...lower, power mods...that I have inform them of the change.

These mods, I was told, could very likely have my insurance cancelled!!! Anyone else have this problem??????
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Old 03-27-2004, 06:20 PM   #2
Mirage
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Chapter/Region: VIC
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Nope.. All they said was to take pictures of the extra's I got in case my car or parts ever get stolen. I insured with them for one year.
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Old 03-27-2004, 06:57 PM   #3
Happy_Days
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OE Tune 538/500

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hellz no... i reported all my mods and paid $50 extra for "excess equipment insurance".. totally covered.
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Old 03-27-2004, 10:13 PM   #4
NiteRaven
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HSBC- Canadian Direct Insurance payouts are way faster and less hassle than ICBC ones.

Same thing with Family Insurance.
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Old 03-27-2004, 10:42 PM   #5
bezerk
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2008 BMW M3
SATURDAY!!!!!!!!!!!!!!!

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Quote:
Originally posted by NiteRaven
HSBC- Canadian Direct Insurance payouts are way faster and less hassle than ICBC ones.

Same thing with Family Insurance.

do you have the contact info for Family Insurance??
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Old 03-28-2004, 12:53 AM   #6
dugrant153
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Does HSBC cut corners, though?
Or do you get the same coverage as ICBC?
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Old 03-28-2004, 01:11 AM   #7
JikJak
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how much do u save?
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Old 03-28-2004, 02:12 AM   #8
bezerk
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2008 BMW M3
SATURDAY!!!!!!!!!!!!!!!

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You get the same coverage as ICBC, my BMW was about $200 less expensive thru HSBC (good thing they never asked me if it was modified ) Any amount of deductible is possible, just like ICBC, but is seems to be less expensive for most cars.

I would hope they don't cut corners...I pray I don't have to find out any time soon.

I would assume that because they can pick and choose their customers, unlike ICBC which apparently have a legal obligation to insure all motorists (at high premiums for some), this is the reason they can have less expensive insurance for those they insure.

I just don't understand...I'm 29 years old, married with no kids, no tickets since 1994 (totalling 1 speeding ticket) and my first and only at fault accident was in 1996....oh well, once I lower the car and add an exhaust, I'll bump this post up to let you guys know what happened. If they deny my STi coverage, they can kiss my asp goodbye for the BMW's insurance....
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Old 03-28-2004, 07:02 AM   #9
Koyo
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The reason why they told you that is because since some of the parts aren't made by Subaru it may not be built by a higher standard. And in case that these parts fail and caused the accident then HSBC insurance will most likely refuse to pay you.
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Old 03-28-2004, 11:00 PM   #10
dugrant153
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Quote:
Originally posted by Koyo
The reason why they told you that is because since some of the parts aren't made by Subaru it may not be built by a higher standard. And in case that these parts fail and caused the accident then HSBC insurance will most likely refuse to pay you.
So in order to be applicable to HSBC insurance, you have to have no mods at all??

And is HSBC that much cheaper?
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Old 03-29-2004, 04:08 AM   #11
Koyo
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ICBC will do the same thing to you as well most likely.
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Old 03-29-2004, 11:28 PM   #12
everbruin
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also note that when i called in jan. hsbc/canadian direct told me that 5 yrs accident free is a prereq (ie. u must qualify for >= 25% icbc discount).

an.
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