How Is the Value of a Classic Car Determined?

In Johnstown, PA, classic car owners can rely on the agents of Asset Planning Insurance Agency, LLC to offer them the best advice on insuring their classic car. Classic cars are often some of the most sought after vehicles around, especially the muscle cars. Before restoring a vehicle, it is a good idea to find out its current value. Once the restoration has been completed, you will need to have the vehicle appraised to find out what its insurable value is.

Uniqueness

One of the primary factors in determining value is the vehicle’s uniqueness. If it is one of a kind, you may need to insure it for more than what you would a "cookie-cutter" model or one that is easily found and easier to restore.  

Supply and Demand

Another determining factor has to do with supply and demand. If your car can easily be found in restored condition, the insurable value may be lower than what it would be if there are only a few of your make and model available. The fewer the number, the higher the insurable value will be. 

Replacement Value vs. Sentimental Value

While you may be attached to your vehicle, it’s replacement value will often be far less than what you consider to be its sentimental value. Your vehicle may be regarded as priceless in your eyes, but only worth a few thousand dollars when it comes to replacing it.

The agents at Asset Planning Insurance Agency, LLC can assist Johnstown, PA residents in insuring their classic car. We understand the different variables that need to be considered and will work to find a value that you can live with. Call your agent today and get the answers you are looking for. 

How Is the Value of a Classic Car Determined?

In Johnstown, PA, classic car owners can rely on the agents of Asset Planning Insurance Agency, LLC to offer them the best advice on insuring their classic car. Classic cars are often some of the most sought after vehicles around, especially the muscle cars. Before restoring a vehicle, it is a good idea to find out its current value. Once the restoration has been completed, you will need to have the vehicle appraised to find out what its insurable value is.

Uniqueness

One of the primary factors in determining value is the vehicle’s uniqueness. If it is one of a kind, you may need to insure it for more than what you would a "cookie-cutter" model or one that is easily found and easier to restore.  

Supply and Demand

Another determining factor has to do with supply and demand. If your car can easily be found in restored condition, the insurable value may be lower than what it would be if there are only a few of your make and model available. The fewer the number, the higher the insurable value will be. 

Replacement Value vs. Sentimental Value

While you may be attached to your vehicle, it’s replacement value will often be far less than what you consider to be its sentimental value. Your vehicle may be regarded as priceless in your eyes, but only worth a few thousand dollars when it comes to replacing it.

The agents at Asset Planning Insurance Agency, LLC can assist Johnstown, PA residents in insuring their classic car. We understand the different variables that need to be considered and will work to find a value that you can live with. Call your agent today and get the answers you are looking for.