Your classic car, you spoil it. Eventually you had it restored at great expense. It is of course insured, usually with all-accident cover (i.e. all-risks), even if you don’t drive it much.
But in case of an accident, you know you will receive compensation based on the value determined by an expert on the day of loss minus the deductible. This expert, depending on the value he assigns to the vehicle, will determine whether it is economically repairable or whether it will end up being scrapped if the amount of repairs exceeds the value attributed to the car. Therefore, it is best to keep the work invoices and pictures of your vehicle. But expertise is an asset.
The interest on the agreed value
The automotive expert is a preferred intermediary for insurance companies; it does not exercise its activity only in the event of a claim. In the case of a purchase or sale, he can determine the value of a vehicle; the right price depending on the condition of the car. He can also intervene to determine, at the moment he evaluates the vehicle, its mechanical condition, bodywork, depending on the collection market.
The value determined by the expert is called “agreed value”. This will serve as a reference for your insurance company to calculate your contribution (theft, fire, climatic events, natural disasters and accidental damage), but also for any claim.
Two conditions are mandatory to carry out a quality expertise: a test of the vehicle to validate its behavior and a check of the chassis on a lift or a pit.
Sometimes expertise is required
Depending on your insurance company, you may need an expert appraisal. It is an operation that must be performed when you buy, before insurance, or after major work or a complete restoration. The insurance company determines the threshold.
At AMV, expertise is thus only mandatory from €50,000. Retro insurance on demand from €30,000 and €35,000 at Mascotte, but expertise is recommended even before €30,000, especially in the current context of rising prices for classic cars, whether old or Youngtimers.
This expertise must be carried out every two or three years depending on the insurance company to maintain the approved value.