An appraisal is an expert estimate of the value of your classic car. A professional third-party appraiser researches and analyzes the condition of your car and determines its worth in current market conditions. Classic cars are unlike newer vehicles in that you may not be able to estimate their value by looking at the make and condition of the engine. The third-party appraiser will look at the interest in the old model, its rarity, history, and likely price should you sell it.
When applying for classic car insurance, having the car appraised by an expert in the same market in Kansas is important.
Here are the roles the appraisal plays in your car insurance:
Determine the Replacement Cost
This will give a rough estimate of the value of the vehicle. It gives the insurance provider an idea of the replacement cost if you lose your car or it gets totaled in an accident. You want to make sure that the exact value of the car is captured in your replacement estimate so that you do not suffer a loss.
Get the Right Premiums
In addition, the vehicle’s value will enable us to assess the risk involved in insuring your vehicle. This helps in calculating your insurance premiums. Appraisals ensure that you are not overcharged for premiums.
Capture Your Investment in the Vehicle
Most classic cars require restoration, which can be an ongoing business. An appraisal enables you to cover the extra investment you have put into the vehicle so that it is captured in the insured value. If you continue improving the classic car, consider an appraisal before renewing your insurance policy.
Marla Williams Agency Is Here To Help!
Consider having your classic car appraised by a professional company, even if your insurance provider does not require it. When you want the right insurance cover for your classic car in Kansas, contact Marla Williams Agency for a quote and advice. Our team will guide you through the process and answer your queries.