Which type of valuation you choose depends on the intended purpose.
If you need a valuation for your historic car insurance, you must first clarify with your insurance company whether you require a concise valuation or a detailed valuation. Each insurance company has its own requirements. There are insurance companies that are satisfied with a concise valuation for vehicles worth up to €50.000, and require a detailed valuation as a prerequisite for more valuable historic cars.
Valuations for historic cars do not have an expiration date. Nevertheless, you should have your valuation updated every two to three years. There are many cases where the insurance companies paid out the insured value in the event of loss or total write-off, but unfortunately this value was very far from the actual market or replacement value. The reason for this was obviously the value of the vehicle, which was determined by an outdated valuation many years ago when the car got insured. An updated valuation is the best way to inform your insurance company of the current value of your vehicle.
There are also cases where a self-assessment (made by the owner) was considered as satisfying by the insurance company the day the insurance was contracted, but when the day of compensation came, the insurance refused to pay out the insured value because the value at the time was suddenly not the right one. An existing valuation report would have given the insurance company no leeway to avoid paying compensation.
Α valuation report is also an advantage in the context of a planned sale of your car.
Or would you like to buy a historic car and you are not sure whether the candidate is the right one for you? A valuation report could be a very helpful decision-making aid for you.
As I speak four European languages very well, German, English, Spanish and Greek, and
have a basic knowledge of French, I can successfully offer you my services across Europe.
- Historic car valuation report as a concise assessment
- Historic car valuation report as a detailed assessment
- Historic car purchase advice
- Advice on building up or giving up a historic car collection
