Prior to your quest for insurance coverage it is a worthwhile exercise to consult a professional for classic car appraisal. This will help you know the actual value that your cherished car is worth precisely. The cost of these kinds of insurance policies is most times calculated based on the declared value or sum insured. Sadly, your opinion of the car’s value and that of the insurance company may vary. So how do you go about classic car appraisal for insurance purposes.?
Unless you approach this potential problem from the beginning, that is the day you take the policy out. In the event that something worse happens and you need to make a claim where your car is written off, it may be difficult to get the present market value for your classic car. This problem is exacerbated if your particular classic is rare, vintage or a historic collector’s car.
More so, it is somewhat impossible for an owner to know the actual value of their classic car after use for several months or years, and this applies equally to the insuring company saddled with the responsibility of determining a price for the risk. The cost of repairs is another factor the insurer has to put into consideration. Specialized tools and replacement parts might be difficult to find. Thus it is important for a prospective purchase of a classic car insurance policy to know the intricacies of the coverage offered.
If you’ve just been involved in an accident and you would like to know the full market value of your car in that damaged condition, consult a professional classic car appraisal company. This works fine in the majority of claims, however with the classic car market there is no such reliable guide, and problems can arise when a classic car has been involved in a total loss accident. Fortunately, there is a cover policy suitable for such kinds of situations. The cover option to establish is called an “Agreed Valuation”. The purpose of this particular cover is to have the insuring company guarantee paying the claim in full to the agreed value of the classic car. If the value of your classic car changes at anytime, it is worthwhile to inform your insuring company. Most insurers will arrange for a classic car appraisal to know the actual value of your vehicle in present time.