Appraisal FAQ's
How Should You Prepare for an Appraisal?
What We Look For When Appraising Your Vehicle?
How We Determine a Value for Your Vehicle?
Please remember: This is for insurance/replacement purposes only and is not necessarily the value for which you can sell the car.
Low Cost Antique Vehicle Insurance - Restrictions - What CAN'T I Use My Car For?
What Can I Use My Car For?
What is a 19A Endorsement?
What is the definition of OPCF 19A Insurance Coverage? Below is an excerpt from the FAQ Section of the Insurance Bureau of Canada for Ontario:
Is it possible to insure my vehicle for a specific amount?
Yes. A special endorsement “Agreed Value of Automobile (OPCF 19A)” is available. The endorsement lists the automobile(s) and indicates the value which usually is supported by an appraisal.
Coverage
The standard policy pays up to the Actual Cash Value (current value of a vehicle). With this endorsement the company agrees to pay up to the value indicated under “Loss or Damage Coverage (optional)” when the loss occurs caused by a peril insured against.
If a damaged part is no longer available, the company will pay you the manufacturer’s last listed price.
The specialty “Classic and Special Interest” policies normally have this endorsement as standard equipment. If you chose to use a normal policy, but you wish to have a 19A Endorsement, you must specify this with your agent. Many clients get told that they have “Full Coverage”, this is usually not the case. If the policy you receive does not state a 19A Endorsement, you do not have it. An OPCF 19 Endorsement is not the same, this one limits the payment at time of loss and invokes the ACV clause, “Actual Cash Value at the time of loss”.
How Should You Prepare for an Appraisal?
- Have the ownership available so that the Vehicle Identification Number (VIN) on the ownership can be checked against the one on the car.
- Make sure the car is clean and vacuum if necessary.
- Remove everything from the back seat and trunk.
- Make sure the car starts and runs (if it does) for a few seconds. The car can’t be appraised for full value if the engine doesn’t run.
- Have all paperwork available that would assist the appraiser, such as custom modifications, special tires, model numbers of stereo systems, etc.
What We Look For When Appraising Your Vehicle?
- The mechanicals, electrical, exhaust and brake condition of your vehicle are checked.
- If there has been extensive engine work done or there is anything unique about the car, detailed information should be provided to be included in the appraisal.
- Please provide detailed information for any upgrades, special features or accessories (i.e. air conditioning, power steering, stereo, etc.).
- The paint is inspected to see if there are any flaws worth noting.
- The body is checked for any rust, dents or noticeable bodywork done to the vehicle.
- The condition of all glass, chrome, trim and wheels is noted.
- The interior is inspected for wear and cleanliness.
How We Determine a Value for Your Vehicle?
- The type of car — for example, a 1963 Corvette (worth around $60,000 +) or an 1981 Camaro (worth about $6,000).
- How much you have invested in the car and what kind of upgrades/ restoration have you done to it.
- The overall condition of the car. Is it a #1 “Trailer Queen” or a #6 “Parts Car”?
- The industry resource books and websites are checked which give guidelines as to the approximate value of your vehicle, depending on the condition it is in.
- Most car owners have a good idea as to the value of their vehicle. The appraiser will discuss it with you and, based on our findings, we come up with an agreed-upon value that will be the “appraised” value of your car.
Please remember: This is for insurance/replacement purposes only and is not necessarily the value for which you can sell the car.
Low Cost Antique Vehicle Insurance - Restrictions - What CAN'T I Use My Car For?
- Driving the car to and from work.
- Driving the car on weekly shopping trips to the mall (it’s a dangerous place for cars!).
- Driving your car for business purposes.
- Driving the car for extended vacations (you can get extra vacation coverage if you call the insurance company in advance).
What Can I Use My Car For?
- Anything to do with the hobby or any collector car activities, which includes pleasure drives.
- You can drive to car shows or be in a parade, and you are not required to be with your vehicle all the time.
- There are no mileage limitations.
- Drivers need to have a minimum of 10 years’ driving experience.
What is a 19A Endorsement?
What is the definition of OPCF 19A Insurance Coverage? Below is an excerpt from the FAQ Section of the Insurance Bureau of Canada for Ontario:
Is it possible to insure my vehicle for a specific amount?
Yes. A special endorsement “Agreed Value of Automobile (OPCF 19A)” is available. The endorsement lists the automobile(s) and indicates the value which usually is supported by an appraisal.
Coverage
The standard policy pays up to the Actual Cash Value (current value of a vehicle). With this endorsement the company agrees to pay up to the value indicated under “Loss or Damage Coverage (optional)” when the loss occurs caused by a peril insured against.
If a damaged part is no longer available, the company will pay you the manufacturer’s last listed price.
The specialty “Classic and Special Interest” policies normally have this endorsement as standard equipment. If you chose to use a normal policy, but you wish to have a 19A Endorsement, you must specify this with your agent. Many clients get told that they have “Full Coverage”, this is usually not the case. If the policy you receive does not state a 19A Endorsement, you do not have it. An OPCF 19 Endorsement is not the same, this one limits the payment at time of loss and invokes the ACV clause, “Actual Cash Value at the time of loss”.
