Like the "normal" valuations is also important, the classic car valuation to determine the market value or the replacement value of a classic car. The reports are prepared by specially trained classic car specialists and can be essential in order to obtain special insurance, for example. Such a classic car valuation is, in contrast to Vintage full certificate, not suitable for bringing a classic car that has been deregistered for a long time back on the road. Below is a closer look at what classic car valuation reports contain.
Classic car appraisals - especially for classics
A classic car valuation is used to determine the exact market value or replacement value of a classic car. The report is not a general valuation report for motor vehicles or a classic car Full report comparable. The classic car appraisal is used to evaluate the classic and requires, for example, meticulous documentation of the vehicle condition. Classic car friends and car enthusiasts usually find their vehicles to be extraordinary and priceless. For certain types of insurance, however, a market value or a replacement value must be determined. If you need such a value-specific report for your classic car, you should have it done by a test center known for classic cars. (There is a lot of information on the subject of H license plates in our special)
Classic cars - have manual appraisals made
Apart from the personal value of the classic car, specialty insurance companies can also request valuation reports for the classic car. If you need such a manual oldtimer appraisal, you should have it done by a reputable body, such as the Dekra or the TÜV. But in any case, a classic car specialist who is familiar with the respective vehicle type is necessary. It is therefore absolutely necessary to clarify beforehand whether the test center can offer a specially trained expert at all. A good example is the Ferrari 2014 GTO Berlinetta sold in 250. It was auctioned at a price of EUR 32,5 million and would probably have been worth a few million less without a comprehensive report from a special expert.
What is examined for the valuation report?
Various data are collected for the valuation of a classic car. The expert opinion should be carried out by an expert who is familiar with the respective classic car model or the vehicle brand. The report requires the following vehicle details:
- technical data of the vehicle
- possibly existing documents for restorations and carried out conversions
- detailed description of the vehicle condition (all assemblies are recorded)
Why is an oldtimer valuation report important?
As already mentioned, a classic car valuation serves to determine the replacement value and the current market value. The values are often important for insurance companies and the insurance company often cannot be concluded without such an expert opinion. The insurer would like to see the replacement value or the market value. The replacement value indicates what the price would be if a similar vehicle had to be purchased. Various comparison values are drawn for this. The market value is also known as the current market value and indicates the price for which the vehicle would be sold on the private market within a reasonable period of time.
Insurance up to recovery value
If you want to take out insurance for your classic car, you will find that some insurance companies can insure the beloved classic for the restoration value. This has the advantage that in the event of a comprehensive damage, the vehicle will also be repaired if the accident damage significantly exceeds the market value. The total depends of course on the respective recovery value. Special insurances that insure up to the restoration value often need such a classic car appraisal. Before taking out insurance, the classic car fan should find out exactly what and how much is paid in which case. Insurance companies can only insure the market value. It depends on the insurance and ultimately also on the appraisal. PS: These optimizations can be carried out on the classic car without endangering the H license plate.
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summarized the most important information:
- Classic car valuation is used to document the condition of the classic car, including a specific value
- Classic car valuation determines the replacement or market value of the classic car
- Vintage valuation report describes all details of the car
- Vintage valuation reports describe the condition of all assemblies in detail
- Vintage valuation report describes all technical data (including conversions and restorations)
- depending on the insurer, the market or replacement value is shown
- Contact points are, for example, the DEKRA Classic Service
- Vintage valuation reports should be carried out at regular intervals
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