Insurance Appraisal Reports
Classic and Rod Auto Appraisal
transportation, Car , Ontario
There are many specialty insurance markets and programs for stock, customized or restored vehicles and street rods. In the event of a loss involving a special vehicle many insurers will provide direct damage coverage for your vehicle on an "Agreed Value" basis. This is done through the "Ontario Policy Change Form" also known as OPCF 19A.
In order to qualify for proper coverage the owner of the vehicle must provide a professional evaluation report otherwise know as an appraisal. Classic & Rod suggests that your appraisal is updated at least once every two years. We recognize that the vehicle's condition and value can change depending on the market, whether the vehicle has undergone extensive additional restoration or whether modifications have been made to the vehicle. If you require advice on this matter, please contact our office.
Please contact your insurance broker or agent to see if your vehicle qualifies for coverage on an "Agreed Value" basis.
The Difference between Ontario Policy Change Form 19 and 19A:
OPCF 19 "Actual Cash Value":
The standard automobile policy insures a vehicle up to "Actual Cash Value". This type of coverage limits the maximum amount payable under the "Loss or Damage Coverage's" to the "Actual Cash Value" or the amount stated on the endorsement, whichever is the lesser amount.
For vehicles rated by price under OPCF 19, especially where values tend to fluctuate an appraisal can be used to determine the "Actual Cash Value" of your vehicle. Although the "Actual Cash Value" is not to be construed as a guarantee of the value in the event of a claim, having a professionally documented evaluation of the condition of your vehicle will be an asset when negotiating the amount paid for a loss.
OPCF 19A "Agreed Replacement Value":
OPCF 19A provides coverage on an "Agreed Value" basis. This type of policy is available through specialty programs offered by insurance companies. In most cases it is only available on collector or antique vehicles where the value has been verified by means of a current, independent and qualified appraisal. Classic & Rod customers can be sure that we will provide a complete description of the vehicle to be insured and proper documentation and photographs in order to substantiate the value properly.
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