When There's A Loss
Nobody ever wants to have a loss
involving their "Special" vehicle, but unfortunately it does happen.
There are a number of specialty insurance markets for both stock original,
restored vehicles, as well as unique programs for customized vehicles and
street rods. Most of these specialty programs provide direct damage coverage
for your vehicle on an "Agreed" value basis using an endorsement
known in the insurance industry as "Ontario Policy Change Form" (OPCF)
"19A". All of these specialty programs require vehicle owners
provide, at the owner's cost, a current, professional evaluation report on the
vehicle prior to the inception of the insurance. These evaluation reports
should be updated every four to five years, or more frequently depending on
market volatility, or components that have been added or upgraded. It is always
recommended that if you are satisfied and pleased with the appraiser who
completed your vehicle's first evaluation, you should return to that appraiser
for the update as many appraisers offer discounts when updating their own
It is important that vehicle
owners know the loss settlement basis their vehicle is insured under at the
time they arrange their insurance coverage. There is a world of difference between
an "Actual Cash Value" policy, and an "Agreed/Replacement
Value" policy. It is generally only the specialty insurance markets that
will provide the desirable, OPCF 19A form of Agreed/Replacement Value coverage.
After a major loss is not a good time to learn you may be getting substantially
less than you thought for your vehicle. Your insurance broker or agent will be
pleased to explain the difference in coverage to you.
Your selection of a PAVE licensed
appraiser helps remove the potential of an appraisal being rejected by your
insurance company at the time of any future loss on the basis that the report
was "lacking in detail", or the "value seems too high".
Many times when one of the "fly by night" appraisers were asked by
their clients to go to court to explain their reports and prove their value,
those so-called appraisers would simply shrug their shoulders and say to the
Consumer "sorry - I don't get involved in court matters"!
PAVE licensed appraisers are
committed to follow through on behalf of their Clients, explaining their
evaluation reasoning to insurance underwriting and claims staff, and attending
at court to act as an "Expert Witness" if needed.