PAVE members are known and recognized as ‘independent appraisers’ whose function is defined in the Ontario Insurance Act. PAVE members can offer a broad range of valuation services:
Most Common
- Insurance Appraisal Reports (Fair Market Value) for collector and special interest vehicles. This is typically performed for the owner of vehicle who is required under 19A agreed value insurance polices to have third party non-biased appraiser inspect their vehicle and place a ‘Fair Market Value’ on the vehicle to obtain insurance.
- Total Loss Reports (Actual Cash Value). This type of report is typically performed for an individual who has suffered a loss and wishes to proceed with the dispute process as identified under the Ontario Insurance Act. Appraisers may also be contacted by the insurance company to perform the same service on their behalf.
- Pre-Purchase Inspection report. This report is generally prepared for a prospective buyer who in many cases cannot personally inspect the vehicle or wishes to have a qualified appraiser inspect the condition. In many cases this does not include placing a value on the vehicle unless desired/requested by the client. The focus is on an in-depth inspection with 100 plus photographs on the condition of all components cosmetically and visible to the appraiser. No mechanical inspection of any kind is performed while systems such as lighting/heating/AC/stereo/gauge operation/other options may be tested. This may or may not include a test drive of the vehicle. This is not considered a judging process or verification of authenticity. The client would contact a mechanic or a noted expert/judge in the specific field for more investigation if required.
- Ministry of Finance Appraisals. This is one page report required by the ministry to assess actual cash value of a vehcile for tax purposes prior to licensing a vehicle or to dispute the wholesale value on a Used Vehicle Information package. This number is issued by the Ministry and not by PAVE. Members acquire this number separately and may have some assistance from PAVE if required.
Less Common
- Arbitration Judge/Umpire. Under the Ontario Insurance Act if two appraisers cannot agree on a final disputed value then the client may send the case to an Umpire/Binding Arbitration. PAVE members can be requested to perform this function.
- Estate Appraisals. This report is completed to determine Actual Cash Value for estate purposes either for Probate or for settling an estate amongst the beneficiaries.
- Marriage Dissolution Appraisals. This Actual Cash Value report is prepared when parties enter the process of a legal separation or divorce and they are completing or disputing a statement of assets by the other party.
- VIN Correction Form. PAVE members are part of a small group of independent appraisers who have been granted the rights to correct minor corrections in incorrect ownerships under the approval of the Ministry of Transportation. PAVE members have a special approved form that is used. This may also be used when an ownership is being created and a VIN verification is required from the MOT.
- Legal Reports. Reports by qualified members that are used in legal proceedings. Members are qualified as ‘expert witnesses.’
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