Declared value vehicles
List of declared value vehicles and their declared value ranges.
Vehicles with declared value
The owners of certain types of vehicles must declare the vehicle’s value when insuring it with a broker. The declaration affects both coverage and premium amounts. The co-insurance tab in ClaimCenter automatically populates only when a declared value policy is in effect.
The following vehicles are insured based on their value as declared by the owner:
- Commercial vehicles over 5,000 kg gross vehicle weight (GVW)
-
certain commercial vehicles under 5, 000 kg GVW including:
- recreational vehicles, including;
- motorcycles
- trailers
- motor homes, and
- temporary unlisted rate group vehicles.
Amount payable to customer
For total loss claims, the amount payable to the insured is the lesser of the
- actual cash value (ACV) , or
- declared value. Important: When the total loss is paid under Basic Vehicle Damage coverage for non-responsible customers, the amount payable is the greater amount of the two values.
Example of a declared value adjustment
How a total loss claim with a declared value would be adjusted.
|
Item |
Amount |
|---|---|
|
Declared value |
$7,200 |
|
ACV before taxes |
$7,500 |
|
ACV plus taxes |
$8,400 |
|
Settlement |
$7,200 less deductible |