Knowing the value of your classic car
8th January, 2019
Classic cars don’t follow the rule of decreasing in value with age like new cars do.
In fact, it may well increase over time depending on:
Condition
Rarity
Performance
Desirability
Economic climate
Common ways to find out the value of your classic car:
- Check online listings of cars that are the same or very similar to yours to get an idea
- Look at price guides in car magazines
- Look at specialist auctions sites results
- Getting a valuation from a classic car specialist
It’s important that you only use these prices as rough guidelines and that the unique value of your car will be heavily dependent on its condition and desirability. The advertised price and the actual sold price can differ wildly and car magazines are sometimes inaccurate.
So, it’s worth asking yourself these questions before valuing your car:
- Is the sale cars condition very similar to yours? Mechanically, cosmetically and of the same specification?
- Have you made any alterations or modifications to your car which may devalue or increase its value?
- Does the advertised car have any extra desirable features compared to yours?
It is important to know the value of your classic car to ensure that it is insured for the correct value in the event of an accident. Additionally, if you’re planning on selling your car or buying one similar in the future, it is always helpful to know the fluctuation in value over time.
When arranging insurance for classic cars, you will notice the term ‘agreed value’ or ‘market value’. Agreed value is when the insurance provider and the car owner agree on a unique value for the car and write off claims are settled at the agreed value. Market value settlements reflect the value of the car at the time of the accident, many owners of cars where the value is significant and rising rapidly, prefer to arrange cover on this basis.
Knowing the true value of your vehicle is essential to ensure it is protected adequately.
Click here to find out more about our Classic Car Insurance. Or, to speak to a member of the team, please call 0115 973 7307 or email insurance@routenchaplin.co.uk
