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As a classic car owner, you want to ensure you have adequate insurance coverage on your car if it were to incur damage. The key to purchasing insurance for a classic car is to provide you with the precise worth of the vehicle. Determining how much your car is worth can be tricky, and guessing isn’t an option.
Professional Appraisal
A professional appraisal is a way to obtain the most accurate value of your classic car. The professional will thoroughly evaluate your vehicle, considering any restoration you may have performed, your condition, and much more. You can expect to pay anywhere from $100 – $500.
The Hagerty Valuation Tool
The Hagerty Valuation Tool is considered to be the industry standard when it comes to determining the value of a classic vehicle. A lot of work has gone into ensuring the Hagerty Valuation Tool’s accuracy; in many cases, it’s spot on. However, sometimes, the tool isn’t very accurate and can provide someone with a very unexpected reading.
Again, when purchasing insurance coverage for your car, it’s essential to know its exact worth. If you are experienced in the value of classic cars, you’ll be better able to detect if the valuation tool gives an accurate reading. But, if you’re new to the business, obtaining a professional appraisal might be in your best interest.
As you can see, it’s not necessary to have your classic car appraised before purchasing insurance. Still, it can provide you with the most accurate valuation, making it worth the investment. If you live in the Croton Falls, NY area and you’re looking for a new insurance provider for your classic car, we’re accepting new customers at Carminucci Agency. We’re committed to providing our customers with top-notch service and are prepared to provide the same for you.