YOU REALLY HAVE TO APPRAISE THE COLLECTOR CAR APPRAISAL GAME

Some people may not be aware that collector vehicles are not automatically insured for the actual value of the vehicle. An oversight may mean that an insurance company could insure a very expensive ride and only pay for a fraction of the replacement cost.

Most insurance companies will steer their customers away from a standard insurance policy toward a collector car insurance policy.

They will acknowledge that a vintage vehicle is not a daily driver and typically leads a cautious life on the road.

But not always, we know of a few cases in which owners insured their vehicles under conventional policies and later had a major battle with their insurer about the car's value.

The error was likely the result of an insurance agent that either didn't know or care about a more appropriate insurance program for collector vehicles. Either way a customer and his vintage wheels paid a big price when they had an accident and were under-insured for repairs.

The usual route is a collector car policy and many insurance companies will require a certified appraisal of the vehicle.

The appraiser will assess the overall condition of the vehicle and give the owner an appraisal based upon this information. Most appraisers are not licensed mechanics or auto-body journeymen, but they have a working knowledge of vehicles and their values.

They will assess the vehicle and the current market value of the vehicle in the collector car world through a series of steps that include production numbers, options and any modifications to the vehicle.

They will interview the owner and review any paper trail that authenticates the vehicle's history and restoration process.

The net result is a photographic and written appraisal of the vehicle that includes a numbered value system that will determine its condition in terms of finish, upholstery and overall mechanical condition.

The appraisal will find an appropriate price for the vehicle if it was damaged or stolen.

Every area has several appraisers that can provide this service, but make sure that you have an appraiser that is recognized by your insurer. Otherwise you will find yourself in a battle on two fronts if the appraiser doesn't meet the grade.

It is also likely that the insurance company will require an updated appraisal for a future collector car policy. Most appraisers will offer you a reduced price if you use them for the update.

But get it in writing-we have found that appraisers tend to account for inflation from the original quote for an update and it will be reflected in the bill.

It is very likely that a little personal research will provide you with a fairly accurate assessment of your vehicle's actual value, but you will need an actual appraisal from an appraiser to win the hearts of many insurance providers

That's just the way the collector vehicle insurance system works in most cases.

Jim Sutherland

More car stories at http://www.mystarcollectorcar.com/