Classic car owners in Cullman, AL loved their vehicles and want to ensure they’re fully protected. That’s why our Insurance Solutions Inc. team has put together this short post about why you need an appraisal when purchasing classic car insurance and why this is truly a beneficial process.
Appraisals Provide Documentation of the Value of a Classic Car
For a vehicle that’s been completely restored, there’s no actual way to utilize replacement cost, as the vehicle is incredibly unique and collectible. An appraisal takes into account a variety of factors including fair market value to determine a stated and agreed amount of overall value. Simply put, classic car appraisals are important when purchasing insurance as they provide documentation of the value of a classic car.
The True Benefit of a Classic Car Appraisal
The real true benefit of having an appraisal done on your car is that you are able to determine an actual value without guessing. We know that Alabama classic car owners love their vehicles and sometimes all those hours of hard work can cause a bit of a skewed perception on what a car is actually worth. An appraisal gives you a firm value to go off of without any of the emotional involvement.
You Should Repeat the Appraisal Process Every Few Years
It is also important to note that you should repeat the appraisal process every few years. As the value of a classic car goes up, it is important to have documentation reflecting this new value. Furthermore, if you’re continuing to work on or add to the classic vehicle, you’ll want to make sure new parts and accessories are included in the final valuation.
Insurance Solutions Inc. is proud to help classic car owners in Cullman, AL with all of their insurance needs. Please contact us today to schedule an appointment or for a no-obligation rate quote.