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This is a detailed condition and value report that is used as the basis of a “stated value” automotive insurance policy endorsement. These reports can also be used by the consumer as a means to notify their insurance underwriter of improvements or modifications to an automobile, which may avoid a denial of claim. “Collector car” insurance policies always require these reports and many underwriters in Ontario require this report for any vehicle that is older than 17 years, regardless whether it is considered a collector car or not. This type of report can be produced for automobiles, trucks, trailers, tools, parts, restoration projects, and even non-licenced race cars. In short, for any vehicle or auto related object that may be subject to an “agreed value” insurance policy.
FEE: $175 plus applicable taxes
This is a package consisting of a detailed mechanical inspection/report performed by a licenced mechanic as well as a detailed value and condition report performed by a licenced appraiser. The package can also include an insurance appraisal report, Retail Sales Tax appraisal, and mechanical fitness certificate. It is always good business sense to have a professional PPI done prior to the purchase of a high value, collector or exotic vehicle.
FEE: $275 (minimum) but normally 1 to 3% of the value of the car
This is a report concerning a vehicle after it has been damaged so that its value has been diminished or it has been damaged, burned or stolen to the extent that it is a “total loss.” The report establishes the value of the vehicle prior to the damage in Actual Cash Value using terms and procedures accepted by the insurance industry.
FEE: $450 plus expenses and applicable taxes
The Ontario government requires that you pay Retail Sales tax when transferring ownership of a vehicle. If the vehicle is not in the Canadian Red Book (over 17 years old), or, when the vehicle is newer but is damaged or lower valued than wholesale value you need this simple one page report. It is produced “on the spot”.
FEE: $50 (tax included)
This is a simplified condition/value report or list that is made in the case of divorce, deceased, or charitable donation.
FEE: $175* per vehicle plus expenses and applicable taxes
*discount available for multiple vehicles
If the VIN (serial number) of your 30 year old or older collector vehicle is incorrect or missing, a licenced appraiser is empowered by the Ontario government to officially correct the VIN.
FEE: $175 plus expenses and applicable taxes
Fraud investigations, depreciation reports, civil suits etc….
FEE: Hourly report rate or court appearance rate of $240 plus expenses, subject to minimum 4 hour charge. A Simple Letter of Opinion is $95 plus expenses and applicable taxes.
If you, as a consumer, are unhappy with a financial settlement offered by your insurance company, you have two options. You can go to direct mediation with the insurer or you can use the GIO (General Insurance OmbudService). In either case, you are advised to use the services of a licenced appraiser to properly represent your case with a value/condition report.
FEE: Report $175 plus expenses and applicable taxes
Mediation: $75/hr plus expenses and applicable taxes
In Ontario, appraisers are licenced through the “Professional Association of Vehicle Evaluators.” Appraisers are self-regulated through this association, which is directed by a board made up of senior insurance industry executives. For a Roster of Licenced Appraisers you may go to www.trustpave.com. Appraisers who are licenced have “errors and omissions” insurance and are audited by the board on an annual basis. If any dispute should arise with a client, the association provides a free mediation service. Licenced appraisers are committed to follow through on behalf of their clients, explaining their evaluation reasoning to insurance claims staff, and attending at court if necessary. Licenced appraisers work under a strict “code of ethics.”
For free, no obligation, consultation concerning any of the services outlined in this brochure, please contact Open Road Motorsports.