Appraisals for Insurance Coverage
|Adequate Coverage||Claim Settlement|
Adequate Insurance Coverage - Protect Your Investment
Protect your investment of time and money. There are a great many insurance companies that will cover your collector car with Comprehensive and Collision coverage. However, many will tell you that your vehicle will be covered for “actual cash value” or “book value” (ie: they decide what your vehicle is “worth” at the time of a claim) unless you provide an appraisal. The markets are changing rapidly, as are the values of all collector cars.
Not all companies offer this coverage; however, our appraisals are accepted by all insurance companies that do offer this coverage. Our appraisal will also be of immense help if you’re hit by the driver of some other insurance company or if that driver is uninsured. Without an appraisal an unqualified person who is unfamiliar with your vehicle may be determining how much you’re going to collect at the time of a loss. Protect your investment by ensuring that the value of your vehicle is on record.
Important: did you know that during restoration in your own garage your vehicle is NOT covered for fire/theft under your homeowners policy? (only your automobile policy protects your car)
The best way to be sure that your car is protected properly is to have a professional appraisal on file with your insurance company and have an endorsement to your policy indicating the type and/or amount of coverage your vehicle has. Many insurance companies that provide collision and comprehensive coverage for older vehicles require a current appraisal or proof of value every 2 years or 10,000 miles, whichever comes first, or the coverage is reduced to book value.
If you’re arguing with an insurance company over the value of your vehicle after a loss then an appraisal after the loss can be a big help. It’s not as easy to appraise a vehicle after an accident or fire but it can be done if not too much time has gone by.