You might not see your classic car just as an investment, but if it were to be stolen or ‘written off’ following an accident, you’d still want to get what its worth from your classic car insurance policy.
Standard car insurance is based on market value, literally the amount it would cost you to replace your car with exactly the same model, same condition, mileage etc. but it’s not so easy to look at direct replacement with a classic car. So, to avoid haggling and disappointment, it’s a good idea to consider classic car insurance with an agreed value and the best news is that with Cherished Vehicle Insurance, you can get it for free!
All you have to do is provide whatever ‘evidence’ you have of value, such as the purchase receipt; bills for work done; photographs, perhaps a club valuation. The team will help you arrive at a value you both agree on and then that’s what the car is insured for.
One factor that can affect your car’s value is its rarity, and now you can check that using data extracted from DVLA statistics. The web site www.howmanyleft.co.uk lets you enter details of any make or model and shows how many have been registered since 1994, on or off the road with a SORN.
You might find that you have one of the last registered models in existence! In any case reassess the value each year to make sure your classic car insurance really does reflect what it’s worth with Cherished Vehicle Insurance.
