Seasons are changing and so are the values on classic cars. In just the last 8 months, the following collector cars saw substantial value increases (statistics from Hagerty Insurance Company):
- 1992 Pontiac Firebird SLP Firehawk: Up 70%
- 1963 Ford Thunderbird- Up 33%
- 1977 Mercedes Benz 450SEL- Up 33%
- 1983 Datsun 280ZX- Up 26%
- 1969 Porsche 912- Up 24%
- 1972 Chevrolet Corvette Convertible- Up 18%
These value increases are a good example as to why you should make sure that your collect car valuation is up to date, along with your insurance coverage.
In many cases, collector cars are insured for a specific dollar amount, which is the maximum an insurance company will pay at the time of loss. This means that increased values are not covered unless your policy has been updated with a new valuation and coverage amount.
Our agency understands that the classic car marketplace behaves differently from the standard new/used car arena. Classic cars are typically subject to more scrutiny towards detail as there is a lot of emotion (and hard work) that goes into even the smallest improvements and additions. Factors such as low mileage, documentation history, condition, rarity, improvements and overall market demand play a large role in determining the proper value behind a specific vehicle.
As we approach the popular Fall driving season in Wisconsin, make sure to get an up to date valuation or quote on your classic car. If our valuation process can be a resource, please don’t hesitate to contact us.
Colonial Insurance Agency | N112W15237 Mequon Rd Germantown, WI 53022 | firstname.lastname@example.org | Ph (262) 255-3770