Ontario goes by black book, and depending on which insurance company you are with as well. I was a vehicle analyst for the past couple years for an insurance company (Aviva). What we would do in the event of a total loss vehicle is find comparibles in the open market, make adjustments for options and mileage differences.
Forgot to mention that blackbook only goes dates back about 12 years online, so you would only be able to retrieve 1997 model values and up.
For example, a 1997 Kouki is worth:
So as you can see, blackbook does not take into account the actual condition of the vehicle, nor does it recognize the true market value of the vehicle. (Market value being what one is willing to pay for the vehicle).
There you have it folks, blackbook values give you a rough idea, but if you’re looking for a definitive number, look elsewhere
Tons of great info… thanks
I had a friend that had his 1994 accord with a shitload of kms written off recently and they gave him 4k, They tried to lowball him at first but he turned down their first offer. Its good to know at least the standard they use to prevent lowballing heh… those evil evil people.