Insuring your Vehicle for the Correct Value
Merriam Webster defines insurance as "coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril."
When you insure your vehicle, you count on the insurance company to reimburse you for its value in the event of an accident or other damage.
But in reality, your insurance contracts may not provide for the reimbursement value that you are expecting. You can avoid this situation by discussing your coverage with your insurance agent and by providing an appraisal, documenting the actual value of your vehicle.
Specialty vehicles, modified vehicles, antiques, or vehicles with a unique historical provenance may require additional insurance to cover their full value in the event of a loss. The markets are changing rapidly as are the values of all collector cars.
Insurance Experts recommend an appraisal every 2 years or 10,000 miles, which ever occurs first.
Protect your investment of time and money.
Important: Vehicles in your own garage for restoration are not generally covered for fire or theft under a homeowners policy. Protect your investment under your automobile policy.
An impartial appraisal can help determine the actual value of your vehicle to ensure that you have the correct insurance coverage before an accident occurs. Having a current certified appraisal now avoids problems later.
A standard vehicle appraisal includes an assessment of condition and a determination of the fair market value of the vehicle. It provides the documentation required to justify the value for insurance coverage.
Standard Vehicle Appraisal
$175 plus travel* and tolls
A standard vehicle appraisal provides a value of the vehicle at the current time. We inspect and photograph the condition of the vehicle and collect any information from the owner that could affect its value. We then rate the vehicle on a universal scale of condition.
We research websites, auctions, “For Sale”, publications like “Old Cars”, “NADA” etc., and consult with experts to establish the fair market value range of the vehicle. With all this information, we assess the value of the vehicle and prepare a formal appraisal report.
The first hour (round-trip estimate) is free. Any travel exceeding one hour round-trip (door to door) is $75/hour by car. Travel time is $50/hour for any transportation other than driving. Parking, tolls, etc. are additional. Motels, meals, and other related overnight expenses are billed at actual cost.