It is highly unlikely that an owner will know the actual value of their classic automobile at any point in time beyond when the bought it, and this applies equally to an Insurer who has to calculate a price for the risk. A decision that also has to be made by the insurer in pricing his classic automobile insurance policyowner is the cost of repairs. Specialist tools and replacement parts might be necessary and
Sunday 7 March 2010
How to Value a Classic Car For Insurance (3)
To avoid the above problems that may occur, most specialist automobile insurers of classic and other collectors vehicles have devised a cover option or policyowner element called an 'Agreed Valuation'. The purpose of the Agreed Valuation cover is that in the event of a total loss claim where the classic automobile is beyond repair and written off, the underwriting company will guarantee to pay the claim in full to the agreed value of the classic automobile,
How to Value a Classic Car For Insurance (1)
Many people find themselves questioning whether or not there is a viable option to insure a automobile for a day. There's plenty of reasons why someone may only need coverage for a vehicle for a day, & seeing an opening in the market, mainstream insurance companies started coming out with two day automobile insurance policies in 2005. Prior to 2005 two day insurance was only obtainable to automobile yards & companies in the automobile industry, so it was a pleasant surprise to plenty of when it was released to the public.
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