Peter Laczko Insurance Inc. Woodstock, GA has the job to determine how much insurance is needed to protect a car’s value. Insuring a car is a simple process as long as there is an agreement as to the car’s value. For today’s cars, there are accepted standards to obtain value. These rules are contained in Edmund’s Blue Book and the National Automobile Dealers Association (NADA). However, classic car dealers start the valuation procedure of classic cars based on these standards.
Before value indicators are determined fundamental questions must be answered or considered in determining the value of a classic or collector cars such as:
* Whether collectors insure their classic cars.
* Whether the specialty insurance premiums for classic cars are more than that of standard premiums.
* Whether specialty insurance programs have a vehicle age cutoff?
* Whether the collector car insurance companies impose mile restrictions.
But many other factors must be taken into consideration in evaluating a classic car. If an accurate value cannot be determined, the car’s insurance value may be meaningless. Even more challenging is determining the value of an antique car.
The other elements must consider:
* Starting with the NADA Guide
* Demand.
* Rarity.
* Restoration condition.
* Current level of restoration
* Project potential.
* Determine the popularity.
* Assess the overall quality.
* Check the condition.
From this list of qualifiers, hard numbers can be added up to reach a consensus value of a classic car. Merely going to a classic car auction, while very insightful as to the issue of demand, is too personal because one number does not constitute an average and more importantly a median value. If you want car insurance, please call Peter Laczko Insurance Inc. Woodstock, GA
