How do i determine market value on my custom vehicle?
johnnyBgood asked:
I need to determine a professional estamite on the market value of my fully custom 72 Monte Carlo for insurance purposes. I spent about 20k building it.
I need to determine a professional estamite on the market value of my fully custom 72 Monte Carlo for insurance purposes. I spent about 20k building it.
Tags: Custom Vehicle, Insurance, Insurance Purposes, Monte Carlo
Insurance & Registration | admin, 17 Jan 09
By Ryan R, January 17, 2009 @ 10:03 am
you need an appraiser.
By Michael H, January 18, 2009 @ 12:17 am
for insurance purposes, I would value your car at $25,000 to $33,000 and go from there. (I would like to see your car!) P.S. I would find the nearest National HotRod Association and ask for their advice too.
By Brad H, January 21, 2009 @ 3:39 am
First thing that you would need to do is get the vehicle professionally appraised. No offense, but just because you spent 20K does not mean that the car is worth that much.
An appraisal is something that you can then take to your insurance company as proof of it’s worth.
Then you need to make certain that you get the proper coverages. If you have a standard auto policy and the car is totalled the insurance company will only pay the Actual Cash Value (ACV). Depending on where you live, this is the average market price of cars similar to yours…….not exactly like yours, but similar.
If you get an appraised value of (for example) 25k, you will likely need to get a stated value policy. That way if the car is totalled, you will get up to the value of the coverage that you have purchased.
Contact your agent to make certain that you are covered.