Consumers Guide Brochures

1. A Consumers Guide To Insuring Your Vehicle and Protecting Your Investment
2. A Consumers Guide To Appraisers

Consumers Guide to Insuring Your Vehicle and Protecting Your Investment

Insuring Your Vehicle
Whether you have just purchased the vehicle of your dreams and it is a turnkey car ready to enjoy, or project that will take years for you to restore, one of the most important and widely overlooked aspects is properly insuring and appraising your pride and joy.

You will need a professional accredited appraisal before, during and after restoration. If you have just purchased a project vehicle, one should consider having a work in progress appraisal performed and have the appraisal updated when large portions of the restoration work has been performed.

Your insured value reflects the stage of restoration your vehicle is in now. Once your vehicle restoration is completed, a full appraisal will need to be performed. The insurance provider can then add an (SEF 19A ) endorsement, an Agreed Value insurance policy.

Choosing an Insurance Company
When restoring your classic vehicle, or building a custom street rod, paying dearly for those “must have parts” and the hundreds of hours that have been spent on finishing your pride and joy, one does not look forward to spending lots of money on high insurance.

Insuring an antique vehicle, street rod or muscle car, is an economical undertaking thanks to companies that specialize in vintage and custom vehicle insurance based on the concept of Agreed Value (SEF 19A ) no depreciation insurance policy.

Collector vehicle policies insure vehicles on an Agreed Value basis, rather than Actual Cash Value. Considering collector vehicles are valuable, choosing to buy a classic auto policy instead of adding an antique vehicle to your regular policy could be a wise decision. There are two types of coverage, one is Actual Cash Value, this is the most typical and is defined as replacement cost, minus depreciation. The second type is Stated Value, which obligates the insurer to pay up to the stated amount of the vehicle value. This does not guarantee the full insured value will be paid.


What types of vehicles qualify?
1. Antique & Classic 20 years and over
2. Special Interest 15 to 19 years old

Collector vehicle policies come with certain restrictions:

Most require the vehicle not be driven more than 5,000 KM per year.
The vehicle cannot be a daily driver and there can be no regular use of the vehicle, (running errands or driving to work).
If the vehicle is raced it is not covered.
A driver must be 25 years of age or have 10 years continuous driving experience.
The vehicle must be kept in a locked garage.
For most owners these restrictions do not pose a problem, check with your insurer for full policy details.

Protecting Your Investment
At Freelance Appraisal Group Inc. we are making every effort to provide our customers with pertinent information to help you make an informed decision.
Examples:

Should your vehicle be appraised
Is your insurance keeping pace with the appreciated value of your vehicle
What type of insurance
Restoration tips
Keep your appraisal updated to benefit from market fluctuations
Providing detail orientated, accredited professional appraisals with the highest quality customer service is our only business. You can rely upon that now and in the future.

We promise our customers that we will not engage in any activities that could create a conflict of interest.

Phillip W Frank C.P.P.A.
President

Freelance Appraisal Group Inc.
Our goal at Freelance Appraisal Group Inc. is to render competent, ethical and professional appraisal service in a timely and proficient manner.

In our approach to serve you, our client, we give you our assurance that we will research and follow accepted principles of valuation, applying our proven methods for detailed reports.
Our Code Of Ethics

Approach all appraisal assignments without prejudice against, or favouritism towards, any party.
Our appraisers will conduct themselves personally and professionally in a polite and courteous manner.
Ascertain and disclose all pertinent facts regarding each vehicle appraised.
Our appraisers shall physically inspect each vehicle and complete the appraisal report with, their signature and the company seal.

Call 403-347-4488


Freelance Appraisal Inc.
4341 58th Street
Red Deer, Alberta T4N 2L7
Phone (403) 347-4488
Fax (403) 347-4480

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Consumers Guide to Appraisers

What To Look For in an Appraiser
Choosing a professional appraiser is important because of the credentials they bring to their work. You may wish to look for an appraiser who is affiliated with a professional appraisal association, which requires on-going education and adherence to generally accepted technical and ethical standards. Most associations offer special designations for professionals who have demonstrated a higher level of education, experience and dedication to the profession. Check references or recommendations from financial institutions or insurance companies. Does the appraiser follow the Appraiser Qualification Board criteria for professional appraisers and follow the Uniform Standards of Professional Appraisal Practice (USPAP) set of standards?

"The only thing more expensive than hiring a professional is hiring an amateur" Red Adair - Oil well firefighter

What Should my Appraisal Look Like?
A quality appraisal should be legible, easy to read, be signed by the appraiser and have a company seal. The appraisal should be professional looking, detail oriented, and preferably a full sized bound booklet. The appraisal should include V.I.N. & body number plate information and production option codes. A company that puts service first will forward a copy of the appraisal to the insurance provider and always be available to answer any questions. To better help the consumer, some professional appraisal companies will have a sample appraisal posted on their web site for review. A web site should include more than just pictures.

Consumer Alert
Alberta has no formal regulatory and licensing body for the auto appraisal industry. This leaves the consumer at the complete mercy of unqualified and unprofessional individuals who have chosen to hang out their "shingle" and offer their services as an "appraiser".

What's it Worth
Appraisals are a great way to know the real value of your car. When it comes to your car, value is highly subjective. One enthusiast may value a car much more than another, and the insurance company may value it far less. Someone who has spent years of hard work on a car may think it is worth more than someone who simply writes the cheque. One of the best methods to find the true value of a vehicle is to have it professionally appraised. An accredited professional appraiser is unbiased and takes the emotion out of the process. For insurance purposes, a professional independent appraisal of your vehicle is about the only way to be sure that your insurance provider knows what your car will cost to replace in today's market. The insurance provider can then add an SEF 19A endorsement, an "agreed" (replacement) value to your insurance policy. As the appraiser of your special vehicle, I want you to know that I have made a moral and financial commitment to abide by the Canadian Personal Property Appraisers Code of Ethics in my business dealings with everyone of my clients. The vehicle must be kept in a locked garage.
For most owners these restrictions do not pose a problem, check with your insurer for full policy details.

What Determines the Appraised Value of my Car?
There are a lot of factors that go into deciding the value of a vehicle. Some of these factors are age, condition and rarity of the vehicle and whether or not it is numbers matching. Has it been restored to factory original, or is it an unrestored original? Has it been customized or do you have a custom street rod? As well, is it a frame-off restoration, a ground up restoration, or a professional or amateur restoration? Other factors include components used, work performed and who performed the work.

Your Responsibility
The car value cannot be based only on what is visible. When you tell the appraiser you have spent thousands of dollars on internal engine work and components, you must provide receipts for parts and work performed.

Call 403-347-4488


Freelance Appraisal Inc.
4341 58th Street
Red Deer, Alberta T4N 2L7
Phone (403) 347-4488
Fax (403) 347-4480

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