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 reports.
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.