There are several reasons why a person can decide to get himself a classic car. While some do it just for kicks others do it because they are aficionados of the classic cars era. Today also, there are much more people who have discovered the investment potentials that lie in owning classic cars and are thus in a rush to get one. Whatever your reasons are, you might want to keep tabs on how much your classic property is worth from time to time, hence the need for a classic car appraisal.
Why Knowing the Worth of Your Classic Car is Important?
Most people think the answer to the question above is just so you know how much you can ask for when its time to list your prized posses on the market. While a classic car appraisal serves this purpose excellently, there are other reasons why one should be carried out.
Basically, car appraisals help to ensure that both you and your car are protected. How is this possible?
Consider the insurance companies that are always seeking ways to save money at your expense. Take, for instance, the cases of diminished value. Many people who own car insurances are not aware that they are entitled to compensation from their insurance companies when their cars diminish in value due to certain causes. However, with a report gotten from an excellently conducted diminished value vehicle appraisal, you can gather enough evidence to claim such compensation from your insurance agency.
Overall, a properly conducted classic car appraisal should open you up to higher insurance payouts and lower risk, insurance quotes that offers complete coverage and compensation for diminished value and loss of use.
When Is A Car Appraisal Needed?
- Finance Purposes: in buying a car, money is definitely involved, and thus some sort of financial agency comes into play. If you intend to finance the purchase of the car by a loan, then you might be requested to present a report that explains the general current condition of the car. Only the report of a certified car appraiser will be accepted in this case.
The insurance agency will also request a similar report if you intend to obtain a policy on the car.
- Post-Accident Valuation: if your car has been involved in accident, then an appraisal must be carried out for different purposes.
- To know the extent of the damage that the car has incurred.
- To ascertain how much the concerned insurance agency would have to pay to you
- To determine its current value after repairs have been made.
- Pre – Purchase Appraisal: this is probably one of the most important times when a classic car appraisal is needed. You must carry out one if you want to be sure that you are getting the best value for your money and that the car is in excellent condition.
- Post – Sale Appraisal: what if you are the one that wants to sell a car? Then it is also important that you carry out an appraisal just so you can find out how much your car is worth on the market and thus how much you should be selling for.