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In Reply to: Auto Appraising posted by Phil on October 18, 2000 at 19:38:47:
Here is how to make sure you have sufficient coverage:
1. Call your insurance agent and ask them which appraiser organization they accept. The largest such organization is the International Automotive Appraisers Association.
2. Collect details on your car, such as list of improvements, restoration work, etc. Type this up as a Specification Sheet.
3. Arrange for an appraisal. Appraisers are listed in the phone book. An appraiser will look at your car, take pictures and prepare a report. Expect to pay about $75 to $100 for this service. Give the appraiser a copy of your specification sheet. Talk up your car and ask the appraiser about his cars. Most of the appraisers I know carry pictures of their cars and like talking them. I believe that if you convince the appraiser you are part of the “club of car nuts” you will get the highest dollar value on your appraisal.
5. Submit the report to your insurance company. The insurance company will review the information and in almost all cases offer you collision coverage equal to or slightly greater than the appraised amount.
6. Pay the premium!
7. Every few years, check your coverage to make sure it is still adeguate. Get a new appraisal if you have done a lot to the car or the market condition.
After you have an accident the insurance company has you by the short hairs and you have a weak negotiating position. The appraisal is also helpful if you ever decide to pass your car on to another enthusiast. The premiums for this kind of coverage is small compared to the cost of restore or the pain of seeing another piece of art destroyed.
Cameron
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