Buffalo Restorations: Appraising & Insuring Your Vehicle

Section 5: Appraising & Insuring Your Vehicle

Appraising Your Vehicle

Once your vehicle has completed it's restoration, the time will come to bring your beauty home. But after all this time & money, this car isn't just a park n' sit type vehicle, it is a classic automobile that requires and deserve the best care & protection that you can provide. This of course means each of our customers needs to be sure they have proper insurance for their classic vehicle, if for nothing less than protecting their investment. however, the first step to getting classic car insurance is first getting your vehicle appraised. When selecting an appraiser, keep the following things in mind.

Research your appraiser. What type of history do they have in the automotive field? Do they appraise these types of vehicles regularly? Do they recognize the cost involved with restoring a car? What's there schooling, or qualifications? Will their appraisal hold up with most insurance companies?
Talk to your appraiser to understand what type of appraisal you are getting. Is your appraisal reflecting market value, or has it taken into consideration the investment that has been placed into the repairs. Different appraisers write quotes based on different references. Make sure you know what you're paying for.
Never accept an appraiser who is working for the insurance company. It is always better business sense to hire a third party on your own dime and get an honest appraisal.
Original numbers matching cars will generally appraise for more.
Some modifications to vehicles may decrease or increase value of the vehicle. Talk to your appraiser to be sure.

We recommend all customers appraise their vehicles as soon as they have completed restoration or any time major repairs or modifications have been made to the vehicle. By doing so you will always be able to modify your insurance to cover you properly and protect your investment in the event of a loss. That is why Buffalo Restorations offers free appraisals for all completed restorations done by our staff. If you are in need of an appraisal and live in the Seattle, Tacoma area of WA, Buffalo Restorations recommends this company.

Autotech Automobile Appraisal Service
3901 Military Rd. E.
Tacoma, WA 98446
(253) 531-7603 Office
(253) 582-2481 Fax

Insuring Your Vehicle

Getting the right antique or classic car insurance for your needs is an important part of protecting your investment. Insuring a special interest collector car or truck has special considerations. Here are just a few things to look for that might help you choose the right insurance policy.

Use Restrictions

Make sure your insurance policy covers you for the way you actually use your antique or classic car or truck in real life.

If you only drive it to and from car shows, or in an occasional parade, then a policy limiting you to those uses might serve your needs very well.

But if you also use your car to run down to the market to pick up a few things or to the cafe for a bite to eat, or to the beach for a little fun in the sun, you need to be sure your policy covers that kind of use. Ask your classic car insurance provider to be sure.

Stated Value Or Agreed Value

There may be a difference between a "Stated Value" and an "Agreed Value" for your antique or classic car for insurance purposes. Be sure to ask your agent how the company issuing your policy defines these two terms, and which is better for your situation.

You really don't want to find out after an accident that you used the wrong method to set a value for your antique or classic car.

What is Agreed Value Coverage?

Agreed Value Coverage is how insurance companies write all of their collector insurance policies. This means once they agree on the appropriate value to insure the vehicle with the owner and them, in the event of a total loss, the Agreed Value Coverage is what they agree to pay you. They do not reestablish value after the loss occurs.

The company pays up to that agreed amount weather it is a partial or total loss. There is no depreciation of agreed value and will pay amount required to repair or replace it, whichever is less, up to the amount of coverage for each occurrence with labor and parts of like kind and quality.

What is Stated Value Coverage?

Stated Value Coverage must reestablish value after the loss occurs and has the option to pay the lesser amount stated in dollars of what they determine to be the actual cash value of your vehicle at the time of loss. This is when they usually apply depreciation values and the loss is settled for less than you expected to receive. Therefore, the only benefit under a stated amount policy is the value stated of the vehicle, or the policy becomes the starting point for your loss settlement.

Parking and Storage Restrictions

Some policies might require that your antique or classic car be stored in a locked garage or inside a locked enclosed trailer when not in use. Or a policy might say that your car can not be left unattended in a parking lot.

If you travel overnight to shows leaving your car in a motel or hotel parking lot could be an issue.

Be sure to ask a collector car insurance professional about your specific policy restrictions. Classic car insurance premiums are generally inexpensive and affordable under most budgets. If you have questions concerning classic car insurance or just want to see if you are getting the best deal possible, contact the company below for a free consultation.