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Re: Canadian agreed ins. [message #90928 is a reply to message #90897] |
Sat, 03 July 2010 08:29 |
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RF_Burns
Messages: 2277 Registered: June 2008 Location: S. Ontario, Canada
Karma: 3
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Senior Member |
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This is what I got back from my broker here in Ontario.
"Bruce I have received a reply from the Economical underwriter. They have advised if an appraisal is completed they can add an OPCF 19 to the motorhome. This states "the company will not pay more than the actual cash value at the time the loss or damage occurs of $...(appraisal value)... whichever is less".
An appraisal will show what the Actual Cash Value is which could help in the event of a total loss. If the appraisal is completed and shows an actual cash value of $7500 and it is in a total loss situation 6 months later, it would be hard to argue that it is worth only $500.
The "agreed value" on specialty/antique vehicles is specific for personal autos and does not extend to Vans, Pickups, Motorhomes. The autos are understood to have limited use and be taken to car shows, etc.
I'm not sure who does appraisals on motorhomes but a place to start might be with the local trailer dealerships. they might be able to steer you in the right direction."
My renewal has $27,000 listed under "other discription" My experience is what ever they pay out they will just raise your rates to recover it and they stay higher forever.
Bruce Hislop
ON Canada
77PB, 455 Dick P. rebuilt, DynamicEFI EBL EFI & ESC. 1 ton front end
http://www.gmcmhphotos.com/photos/showphoto.php?photo=29001
My Staff says I never listen to them, or something like that
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