Posted on: 30-07-04 14:09:34
Book value is the depriciated value of the car. It is also known as the 'Wholesale value'. For example:
You have a 1992 Honda Civic and if you have to sell this car in today's market, probably you may get $3500 for that car but the book value could be apprx. $2000 or less.
The principle of insurance works on: Indemnity meaning the insurance company will put you in the same financial condition in which you were, just before the time of loss. So if your car is a total loss in some at fault accident, the company will pay you the book value of the car LESS the deductible (whatever you have) on the collision coverage.
-----------------------------------------------------------------
Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)
Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto
Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK
For insurance the best thing at the moment is to stay with your present insurer but as I see from your letter it seems Canada Trust is the cheapest one. I was also once with them with the lowest premium but at present I am with RBC Insurance. Suggestions by others are also good to go for 3rd party with theft and fire to reduce premium. So just do as per best search and keep posted about lowest rates if someone gets for the new and young drivers under 25 and unmarried.
-----------------------------------------------------------------
Every one has their own personality so do not comment on others. You will know better with time if you have patience.
Email me at and I can guarantee you the cheapest prices in the GTA.
