Classic vehicle enthusiasts are finding that insurance companies are requiring more information in order to place increased values on vintage cars.
As vehicle values have increased it has become more important to have a third party valuation so insurance underwriters know that the vehicle is what the owner claims it is and coverage can be written accordingly.
Banks are also beginning to recognize the value of vintage vehicles and are offering financing options both as a collateral use and for purchase and have similar requirements for a third party inspection and valuation.
If you would like to go another step above a valutation of your classic vehicle, you should consider an expert appraisal. The appraisal delivers a comprehensive documentation on the collector vehicle tailored to your specific needs.
Almost all classic vehicle insurance companies require an appraisal before issuing a policy on a specific vehicle. An appraisal may also be required by insurance companies if the value of a vehicle exceeds a specific value threshold, particularly if your insurance policy is an “agreed value” type.
The value of a classic vehicle is often determined by its rarity, its condition and proximity to original manufactured correctness. The more that you can verify these three components, the greater the value of the vehicle.
A written verification is a worthwhile investment. A written professional opinion on the validity and rarity of your car by reviewing the car’s original documentation, reviewing/inspecting the car itself or reviewing data sent in a digital format could go a long way toward justifying values for future sale and can become part of the vehicle's documentation.
The pre-purchase evaluation and/or appraisal is the most underrated option used when buying a vehicle, especially if being bought sight-unseen. The values of all collector vehicles fluctuate based on several key parameters. Values can be affected by specific make and model, color, specific options etc. and by the differences between each vehicle. The current market conditions based on inflation rate, economic stability and even geographical location can greatly affect the worth of a vehicle. An up-to-date appraisal will always help determine the accurate value of a vehicle, and will be a useful tool when negotiating a final purchase price.