How to Find the Value of Your Classic Car
Whether you bought your classic car first as a teenage or the vintage vehicle is a family heirloom, your car is precious to you. Many classic car owners are passionate about their vehicles and want to protect them as best they can, from winter maintenance to tucking them in the garage overnight. High-end vehicles accumulate in value as the years go by, which is why it is important to insure your vehicle to its accurate value.
To discover the true value of a classic car you should take into consideration:
- History
- Prestige
- Condition
- Original features
- Concourse
- Awards
- Popularity
Remember that insurance agents beat one-size-fits-all websites hands-down. Although you may be tempted to look up the value of your vehicle and secure auto coverage online, know that it is unlikely that you’d get a purpose-built policy for your individual needs. Rather than settling on the first website you find, take the time to engage a broker who takes an active interest in your vehicle and is prepared to act as a genuine partner.
Why is insurance for classic cars different?
You know that your classic car is not like any other vehicle on the road. That’s why it needs special insurance. Classic cars have both tangible and intangible assets which add value to the vehicle. For example, a vehicle with fully functioning original features may be worth more than one where some features are broken or have been replaced. Classic cars demand a higher price than most everyday commuter vehicles, and are therefore more accurately insured on an ‘agreed value’ basis.
What does agreed value mean?
Agreed value is a term used for when the insurer and insured agree on a unique value for an item. Determining a value means looking at other factors which can affect the vehicle’s price tag – these can be both tangible and intangible. When insuring a classic vehicle, this takes into account aspects such as concourse, awards, history of the vehicle, and prestige.
Remember that the value of your vehicle can change. Review your insurance regularly to ensure that you are getting the right coverage to protect your beloved vehicle.
Talk to the professionals at Nahai Insurance Services when you are looking for quality classic car insurance. We are happy to help.