STATEMENT OF POLICY
The purpose of an –ACAAR-- professional appraisal is to provide the vehicle owner ("the owner") with an unbiased written estimate of the condition and value (the "appraisal"). The appraisal should satisfy the requirements of the classic and collector car insurance industry of Ontario.
The appraisal is provided to help the owner and insurance company in substantiating the OPCF 19A ("Agreed value") and not the ACV ("Actual Cash Value") of the vehicle prior to possible claims of damage or loss. The overall condition is identified with detailed reporting of various aspects (e.g., paint, interior etc.). Photographs are also provided to help validate the condition at the time of the appraisal.
Validation of certain statements made by the owner about the vehicle and unseen latent or inaccessible aspects of the vehicle's condition or history are outside the scope of the appraisal. Nonetheless, the owner's statements about the vehicle may be included in the appraisal in order to provide information that may be helpful. It remains the responsibility of the owner, however, to verify such facts with supportive documentation if required by the insurance company.
The conclusion of the appraisal is an assessment of overall condition based on a complete list of specific areas of concern (e.g., vehicle history, body, suspension, drive train, paint finish, interior, etc.) The final condition evaluation was then related to standard categories, as set forth in the most recent and established publications and industry guides. Collector car value guides typically use a scale of 1=museum, 2=very best, 3= very good, 4= average 5= poor and 6= parts car). The overall value based on condition is then equated with as much market value research as possible. Published asking prices in various sources were not central to this process.
Finally the appraisal is a stand alone snapshot in time of the condition and value as recorded by the appraiser. Increase in evaluation from a previous appraisal could be due to change in market, collector demand or increase in condition due to restoration. Decrease in value could be the result of a previous appraisal that may have been poorly researched, decrease in demand or the car may have actually deteriorated.
The appraiser takes no responsibility for errors or omissions in the appraisal once it has been accepted and forwarded to the insurer for a 19A policy. (As signed on the owner questionnaire and vehicle identification form at the time of the appraisal)
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