The Value of an Appraisal
So your insurance does not require an appraisal... Are you really saving?
So You Don’t Need An Appraisal…
That’s great, or is it? A recent experience brings to light the relevance of the appraisal requirement for your antique and collector car. Are you really saving? Yes, an appraisal is an added expense every 5-6 years, but is it actually worth it in the long run?
Recently I had to insure a project car with the 'no appraisal required' company as it made sense at the time to allow me to alter the value each year to reflect the money invested throughout the the progression. At the end of the majority of the project, I was unable to reach an agreed value with my insurance company and decided to go and have it appraised for $150.00.
My appraisal came back at a valuation of $21,000.00 more than what the company was willing to insure it for. I decided to cancel and add it to my existing policy with my other already-appraised collector cars. I was surprised to learn that I would have savings of $111.00 per year with the annual premium. Over the course of 5 years I would save $405.00 ($555.00 - $150.00 appraisal cost) on insurance as well as adding $21,000.00 of coverage in the event of loss or upset.
So you don’t need an appraisal, but are you really saving any money? Are you protected appropriately? Is your pride and joy really covered? Find an appraiser that you trust and establish a relationship to protect your investment.