Welcome to the second edition of The Canadian Black Book – The Value. Our goal is to provide our clients and partners with news, event updates, new initiatives and opinions from Canada’s trusted source for vehicle values and automotive insights. In this edition we cover:
- 2018 Canadian Black Book Best Retained Value Awards
- CBB Connect Issue – We Apologize for the Inconvenience
- Our Golf Tournament gets Renamed in Honour of Kathy Ward
- Canadian Black Book Launches the Total Loss Report
- January’s Used Vehicle Retention Index
New Tool Launches to Help Vehicle Owners After a Write-Off
Canadian Black Book Teams with Total Loss Report to Help Consumers Uncertain About Insurance Payouts
In Canada, 350,000 vehicles per year are written-off as total losses, by insurance companies after an accident. A total loss situation can be a very emotional and frustrating experience for a vehicle owner, as many have misinformed expectations of their vehicle’s value, largely due to a lack of understanding of depreciation. The problem is compounded with a significant number of claimants who find payouts not sufficient to cover what they owe on the vehicle.
Partnering with Total Loss Report, Canadian Black Book has introduced an industry first tool on their website to provide vehicle owners with the information to help them deal with this stressful situation. The Total Loss Report generates an unbiased third-party report (as a PDF download) that combines accurate value ranges with a cross section of comparable listings taken from the Canadian Black Book website.
“Now for the first time, those experiencing a total loss situation can enter an insurance negotiation equipped with a report containing data about the vehicle in question, from a trusted third-party,” says Brad Rome, President, Canadian Black Book. “The Total Loss Report immediately lets owners know where they stand and will make for smoother discussions with insurance providers,” he adds.
The data is supplied from Canadian Black Book, Canada’s premier provider of vehicle values to banks, insurance companies and car dealers for over 55 years and to consumers through Candaianblackbook.com since 2010.
“Seven years ago, we launched our consumer website and free online vehicle valuation tools changing the way Canadians shopped for vehicles, providing them with data they never had access to” says Rome. “Now we are once again putting our data and technology in the public domain to help both consumers and insurance companies ‘Go In Smart’ when discussing a total loss.”
Although the goal is to better inform the consumer, insurance companies stand to benefit from the launch of this tool as well. In short, the Total Loss Report simplifies a difficult situation. Expectations on both sides are better managed, leading to a more informed negotiation and a higher likelihood of the insurance company retaining the client. More often than not, the insurer loses the customer after a total loss claim, as high expectations may not have been met.
The Total Loss Report launched on canadianblackbook.com in December 2017. If early numbers are any indication, this is a product that is in high demand by Canadian consumers.
The service can be accessed by consumers in one of two ways. It can be provided for free, if the consumer is willing to provide some basic contact details that will be shared with dealers in their area, as they will most likely be in the market for a new vehicle, taking a step out of the car shopping process. If the consumer would rather not provide their contact details, the report can be purchased.