Better protection in case of damage: This is why your classic car needs a valuation report
There's hardly anything more annoying than having an accident with your classic car. Well, maybe it is – namely, not getting the amount of money back from the other party's insurance company that the collector's item is actually worth. A classic car appraisal can help avoid these discussions. It puts the vehicle's value in black and white. "Specifically, a appraisal is an expert assessment by an expert who evaluates the condition of the classic car and thus determines a specific value," explains an appraiser from Schmidt und Partner in Bietigheim-Bissingen.
The most important inspection criteria are the car's visual and technical condition, as well as its authenticity. The appraisal is based on a detailed examination of the vehicle and provides an objective basis that clearly defines its value in various scenarios, such as insurance coverage or an accident.
A valuation is important because the value of a classic car depends heavily on the vehicle's condition and can change over time. Knowing the exact value is especially crucial for classic cars to protect yourself in the event of damage or a sale.
- Insurance coverage : Without an appraisal, it can be difficult to prove the correct value to the insurance company in the event of damage or theft. An appraisal ensures that the vehicle's actual value is taken into account in the event of a claim.
- Protection in the event of damage : If a classic car is stolen or damaged in an accident, an appraisal ensures that the vehicle's value is accurately determined. Without this document, there's a risk that the insurance company will not correctly assess the value of the classic car, and in the worst case scenario, the owner could be left with part of the damage.
- Value development : The market for classic cars is constantly changing. A regular appraisal ensures that the classic car always has the correct value for insurance purposes and in the event of a sale. The appraisal should be updated, especially after restorations or technical overhauls.
- Basis for sale : A valuation provides clarity for potential buyers and helps determine a fair price. It reduces the risk of disputes during the sale and builds trust between buyer and seller.
There are different types of valuation reports for classic cars, which vary depending on the situation and needs.
Market value describes the price a classic car would fetch on the open market. This value is determined by comparing it with similar vehicles and using sales data over a longer period of time. Market value is particularly important when selling the vehicle or for insurance purposes.
The replacement value indicates how much money would be required to acquire a comparable classic car within a short period of time (usually within 14 days). This is the value that becomes relevant in the event of theft or total loss. "Therefore, it is always important to provide an appraisal for the insurance company in such a case," emphasizes the appraiser.
Restoration value describes how much it would cost to restore a classic car to its original condition after significant damage or an accident. This value is particularly relevant if the vehicle has been damaged to such an extent that restoration is required to return the classic car to its pre-damage condition.
An expert assesses the value of a classic car based on various criteria that are important for an accurate valuation:
- Visual condition : The first impression is crucial. The expert checks for any visible defects such as rust, paint damage, or dents and assesses the vehicle's general condition.
- Technical condition : Technical components such as the engine, chassis, brakes, and electrical system are inspected for functionality and maintenance. Previous repairs or restorations are also taken into account.
- Originality : A major factor in the value of a classic car is the originality of its parts. Vehicles that are largely preserved in their original condition are usually worth more than those that have undergone extensive modifications. The appraiser will examine which parts of the vehicle are still original and which have been replaced or repaired.
- Vehicle history : A classic car often has a history that influences its value. Vehicles with a special history or documented restorations may receive a higher valuation. The number of previous owners and documentation of maintenance and repairs also play a role.
There are several situations in which it makes sense to have a valuation appraisal drawn up for a classic car:
- Before buying or selling : If you're looking to buy or sell a classic car, an appraisal will help determine the vehicle's true market value. This ensures the price is fair and in line with the market.
- For insurance purposes : A valuation report is very helpful when it comes to properly insuring your classic car. It serves as the basis for determining the insurance value and ensures that the value will be recognized in the event of a claim.
- In the event of damage : A valuation report is especially important in the event of an accident or theft. It serves as proof of the vehicle's value and can help avoid disputes with the insurance company.
- Regular updates : Since the market value of classic cars can change over time, it's advisable to update the appraisal regularly—especially after restorations or technical overhauls. Appraiser Schmidt and Partner recommends a frequency of two to a maximum of four years.
The cost of a valuation report varies depending on the scope and level of detail. A brief appraisal for a less valuable classic car costs around €200. Detailed appraisals, which require a comprehensive analysis and thorough examination of the vehicle, are more expensive.
It's important to note that an appraisal based solely on photos (e.g., via a teleappraisal) is less reliable than a full on-site appraisal. Even though such offers often seem tempting, offering low prices and a short time commitment.
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