It’s an unfortunate fact of life damage does occur to collector and special interest vehicles. After a traumatic collision, fire or theft owners expect to have a stress free and fair settlement from their insurance provider.
There are specialty insurance markets for both stock original and modified vehicles and these specialty programs provide direct damage coverage for vehicles on an “Agreed Value” basis of settlement through endorsement “OPCF 19A”. The 19A coverage helps ensure a no hassle settlement in the event of a total loss where a vehicle is declared a write-off.
Insurance Brokers offering a specialty program can be contacted to explain the differences between “Actual Cash Value” loss settlement under a standard policy, and an “Agreed Value” loss settlement under a “19A” endorsement.
Experienced specialty markets require vehicle owners provide at their own expense, a professional appraisal report to enable the insurance provider to adequately underwrite and rate a new application. Evaluation reports are required to be updated from time to time including when there may be market volatility for a particular class of vehicle. It is suggested that when you are satisfied and pleased with the appraiser who completed your vehicle’s previous appraisal you should contact that appraiser for the update as many appraisers offer discounts when updating their own report.
Choosing a member of the Antique & Classic Auto Appraisal Service team helps remove the potential of an appraisal being rejected by an insurance company at the time of any future loss on the basis that the report was either “lacking in detail” or the “value seems too high”. Our reports are carefully researched and presented in narrative form, and incorporate a number of photo images taken at the time of the inspection.
Members of the team are also experienced in attending court and have been recognized by courts in multiple jurisdictions as a duly qualified “Expert Witness” with respect to vehicle valuation, authentication, and condition. This experience can be useful when a client is dealing with non-insurance litigation involving – for example – a dispute with a restoration shop regarding quality of work and/or time and fees charged.