How is a classic car valued by an insurance company?
With most conventional insurance companies, if your car were written off or stolen it would be subject to a market valuation. As values for classic cars are difficult to determine this could mean your vehicle is under valued and leave you out of pocket based on how the market fluctuates. However, with a specialist classic car insurance policy you may be able to get an agreed valuation so you will receive a fixed payment in the event of a total loss although you should ensure that this valuation is guaranteed. Some insurers even offer increasing valuations which reflect the fact classic cars often increase in value year on year.
