After reading this several times I am still confused regarding whether change of itinerary is allowed or not for an unused ticket but passed Departure Date. The language seems to say change is NOT allowed to the first segment? Or it only refers to the fare calculation since it mentions fare break?

The fare rules are for a refundable fare that is a ONE Segment ONE WAY A to B domestic itinerary. Hence the confusion I am having. Booking class is V. Fare code is VA0KY.

Here is what the rules say :

<<OR -
AFTER DEPARTURE OF JOURNEY AND WITHIN TKT VALIDITY
CERTAIN DOMESTIC REISSUE PROVISIONS MAY BE OVERRIDDEN BY
THOSE OF UA INTERNATIONAL FARES
NO CHARGE OR HIGHEST FEE OF ANY CHANGED FARE COMPONENT
WITHIN JOURNEY - CATEGORY 19 DISCOUNT APPLIES AND
REPRICE USING CURRENTLY TKTD FARE
PROVIDED ALL OF THE FOLLOWING CONDITIONS ARE MET-
1. NO CHANGE TO 1ST FLIGHT COUPON/FARE BREAKS
2. WHEN NO INTL COUPONS REMAIN - ALL NEW TRAVEL MUST
BE DOMESTIC
3. FULLY FLOWN FARE NOT REPRICED TO FURTHER POINT
4. UA FARES ARE USED
5. ALL RULE AND BOOKING CODE PROVISIONS ARE MET
6. VALIDATE ADVANCE RES REQUIREMENTS WHEN BOOKING
DATE KNOWN
7. ADV RES IS MEASURED FROM ORIGINAL TKT DATE TO
DEPARTURE OF PRICING UNIT
OR -
REPRICE
A. FULLY FLOWN FARE COMPONENTS USE FARES IN EFFECT
WHEN TKT WAS ISSUED
B. ALL OTHERS USE FARES IN EFFECT TODAY
PROVIDED ALL OF THE FOLLOWING CONDITIONS ARE MET-
1. NO CHANGE TO FARE BREAKS OF FULLY FLOWN FARE
COMPONENTS
2. WHEN NO INTL COUPONS REMAIN - ALL NEW TRAVEL MUST
BE DOMESTIC
3. FULLY FLOWN FARE NOT REPRICED TO FURTHER POINT
4. UA FARES ARE USED
5. ALL RULE AND BOOKING CODE PROVISIONS ARE MET
6. VALIDATE ADVANCE RES REQUIREMENTS WHEN BOOKING
DATE KNOWN
7. ADV RES IS MEASURED FROM NEW TKT ISSUE DATE IF
CURRENT FARES/FROM PREVIOUS TKT ISSUE DATE IF
HISTORICAL FARES TO DEPARTURE OF PRICING UNIT
OR -
REPRICE
A. CHANGED FARE COMPONENTS USE FARES IN EFFECT TODAY
B. ALL OTHERS USE CURRENTLY TKTD FARE
PROVIDED ALL OF THE FOLLOWING CONDITIONS ARE MET-
1. NO CHANGE TO FARE BREAKS UP TO THE FIRST CHANGED
FARE COMPONENT
2. WHEN NO INTL COUPONS REMAIN - ALL NEW TRAVEL MUST
BE DOMESTIC
3. FULLY FLOWN FARE NOT REPRICED TO FURTHER POINT
4. UA FARES ARE USED
5. ALL RULE AND BOOKING CODE PROVISIONS ARE MET
6. VALIDATE ADVANCE RES REQUIREMENTS WHEN BOOKING
DATE KNOWN
7. ADV RES IS MEASURED FROM NEW TKT ISSUE DATE IF
CURRENT FARES/FROM PREVIOUS TKT ISSUE DATE IF
HISTORICAL FARES TO DEPARTURE OF PRICING UNIT
WHEN CHANGE RESULTS IN LOWER FARE SUBTRACT RESIDUAL FROM
THE PENALTY THEN ADD-COLLECT/REFUND - REFUND VIA ORIGINAL
FORM OF PAYMENT
ENDORSEMENT BOX- HIGHER NON-REF AMT AND NEW ENDORSEMENTS.

First, this part of the fare rules doesn't even apply to you. The section you posted talks about changes to the domestic part of an international ticket.

Second, I guarantee you, with 100% certainty, there is no such thing as a refundable V fare.

I'd heard that about Q fares as well, but I got a fully refundable Q fare SFO-RNO a couple of years ago. I wouldn't be surprised if there was a refundable V fare on some route.

Take a look of this V fare rules.

There are lots of surcharges applied to specific dates. But on the penalty / change part of the rules, it says Unused Ticket is wholly refundable.

http://matrix.itasoftware.com/cvg/di...1991&J=2&AAD=0

Penalties:
NOTE -
- TICKETS MUST BE REISSUED WHEN ANY VOLUNTARY
CHANGE IS MADE.
.
1. WHOLLY UNUSED TICKETS -
CHANGES TO ORIGINATING FLIGHT -
WHOLLY UNUSED TICKETS ARE FULLY REFUNDABLE.
CHANGES ARE PERMITTED AT ANYTIME.
IF CHANGE IS MADE TO ORIGIN/DESTINATION/STOP-
OVER POINT/BOOKING CODE OR CHANGE VIOLATES
RULES OF ORIGINALLY TICKETED FARE-TICKET MUST
BE REPRICED AT CURRENT FARES APPLICABLE TO
CHANGED ITINERARY. CHANGES MUST BE MADE AND
TICKET REISSUED BY THE ADVANCE PURCHASE OF
THE NEW FARE.
A. IF NEW FARE IS HIGHER IN VALUE -
COLLECT FARE DIFFERENCE
B. IF NEW FARE IS LOWER IN VALUE -
THE RESIDUAL AMOUNT WILL BE REFUNDED TO
ORIGINAL FORM OF PAYMENT.
2. WHOLLY UNUSED TICKETS -
CHANGES TO OTHER THAN THE ORIGINATING FLIGHT
WITH NO CHANGE TO ORIGIN/DESTINATION/STOPOVER
POINTS -
CHANGES TO OTHER THAN THE ORIGINATING FLIGHT
MAY BE MADE ANYTIME WITHOUT REGARD TO THE
ADVANCE PURCHASE REQUIREMENT PROVIDED CHANGE
MEETS ALL OTHER RULES OF THE TICKETED FARE
AND ORIGINAL BOOKING CODE IS AVAILABLE.
IF CHANGE IS MADE TO ORIGIN/DESTINATION/
STOPOVER POINT/BOOKING CODE OR CHANGE
VIOLATES MIN/MAX REQUIREMENT OF ORIGINAL
TICKETED FARE - TICKET MUST BE REPRICED USING
CURRENT FARES APPLICABLE TO CHANGED
ITINERARY. CHANGES MUST BE MADE AND TICKET
REISSUED BY THE ADVANCE PURCHASE OF THE NEW
FARE.
A. IF NEW FARE IS HIGHER IN VALUE -
COLLECT FARE DIFFERENCE.
B. IF NEW FARE IS LOWER IN VALUE -
THE RESIDUAL AMOUNT WILL BE REFUNDED TO
ORIGINAL FORM OF PAYMENT.

100% certainty? There are definitely refundable V fares (though they're not likely offered all the time). I've most often seen them on short, one segment itineraries like SEA-PDX, but I also saw one once on SEA-SFO-SAN.

OP, I suggest you call reservations and ask what you can do with the remaining value on this ticket. That's really the best place to start and if they don't give you the answer you want then come back here, post all the details including the routes and we can tell you if we think the agent is correct or not.

I've had a refundable/changable V fare as well. I didn't expect it.

It came up under economy lowest. Interestingly enough that was the return fare, and the outbound far was a non-refundable one (multi-city itinerary)

Wow, I stand corrected! But I can now say, seeing the whole fare rules, that you can make changes once the date has passed.

That is the part I am not sure about - whether I need to change / cancel the ticket BEFORE the departure date.

I would play it safe and change the date to as far out as possible BEFORE the departure. This way would give me much needed time when a more solid travel plan can be made.