Every classic car owner wants to safeguard his prized possession with right insurance cover, but before that you need to know the actual value of your car. The specialist classic car insurance policy cover is determined based on the declared value or sum insured of the collector car.
The insuring company values your vintage car in a different way and the owner realises its value differently. You need to solve this problem from inception else in the case of any emergency you might not be able to get the full value of your collector car from the classic car insurance company. Along with the owner, the insurer needs to know the actual value of the car to calculate the risk price precisely in the case of total loss accident.
The pricing of the classic car insurance includes the repair cost as the specialist replacement parts and tools will be needed to offer the repair cover to a vintage car. An approved repairer will only look after your car in case of damage claim.
To solve the problem, the classic car insurers have a policy element of agreed valuation cover. In case of total loss claim when the vintage car cannot be repaired back to original, the insurance company will pay the agreed value of classic car. The agreed value of the classic car is guaranteed for a particular period and in case you do some alterations in the classic car, always inform the insurance company to arrange revaluation.
The valuation service is either within the basic policy cover or charged at small fee as the option by the insurance owner. The valuation of classic car is easy as you just need a purchase or restoration documentation along with some car photographs sent to the classic car insurance company by post to evaluate.
