Proof of loss purchase price

[godisveryreal]

My car was deemed a total loss, the total loss adjuster gave me a price and I even negotiated to increase it with average prices in the region, after this they sent me the proof of loss document and it is asking me to write down the price I bought it for. What I actually bought it for is significantly less than what they’re offering as settlement. Do I need to list down exact price I paid and what impact will this have on the settlement offer? I bought the car for cheap as I knew the guy selling it, it is actually worth the amount they’re offering.

Thanks

 

[sovereignone]

@godisveryreal If you had a Waiver of Depreciation (endorsement 43 in most provinces) it usually pays the lesser of MSRP or actual purchase price, but that's only applicable on new/demo cars and typically for only 3-5 years. You said you bought it off a guy, so it sounds like you bought used (so that wouldn't apply in this case but I'll mention it again in a second.)

If they've made a settlement offer, it sounds like that's what they're paying you. Without the Waiver of Depreciation they're obligated to pay you Actual Cash Value, so it sounds like that's already been determined. I can't see them turning around and only giving you the purchase price at this point.

 

[godisveryreal]

@sovereignone Yes that’s exactly the case. The proof of loss form was already filled out with the claim amount. It’s a not at fault claim that they’ll cover fully. The only thing I needed to fill was date I bought the car and purchase price and my name and sign, let’s hope they don’t lower my claim