Now that you have searched far and near for the perfect car and
perhaps have devoted many hours of your labor and substantial
financial resources, you are ready for the road.
Wait! There is one other important factor to consider - Insurance!
There is collector car insurance available to protect your investment.
The key to collecting a fair value on a claim if disaster strikes
is a very good professional appraisal, which has been submitted
to the insurance company. This should be reviewed annually or
at any time any improvements have been made to the car.
An appraisal should be done by a professional investment car appraiser.
It should consist of a complete description of the car, all the
appropriate numbers, if applicable, and an evaluation of both
the cosmetic and mechanical condition. 35mm color photos should
be included, showing all the major parts of the car. The historical
and restoration notes should be made available to the appraiser
as well as the restoration data. Old and current titles and tag
receipts, original or old bill of sales, build sheets, and window
stickers usually add to the value whenever they are available.
Provide as much documentation as possible to the appraiser.
The professional appraiser will carefully inspect the vehicle
and study the documentation. The appraiser must research the current
market values of like cars in similar condition. He usually has
access to the actual sale prices of similar cars, in addition
to the asking prices. He must establish the originality of the
car. Considering all factors, the professional appraiser will
determine an estimate of current market value for your car.
The cost of having a professional appraisal should range between
$125.00 to $300.00 plus the time and travel expenses if he must
travel to the car. This is a bargain considering the time and
financial investment one has in a collectible car.
Many investment car losses are due to fire in the storage facility.
These usually leave very little evidence for the insurance adjuster
to determine the conditions and values after the loss. A professional
appraiser will remove any doubt as to the condition prior to the
Professional appraisers are excellent documentation fro bank loans,
estate tax valuations as well as for purchasing or selling an
investment vehicle. Protect your finical investment and enjoy
peace of mind by having annual appraisals made of your vehicle
and reviewing your insurance coverage.
Inventory in stock at Tifton for Sale (updated every business day)
Other published articles written by Bob Kennon
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