The stated value you place on the vehicle at the time you obtain insurance is not necessarily the amount you’re going to collect at the time of a loss. It is up to the discretion of the insurance company what they feel is correct and accurate. Some insurance companies, on their behalf, will hire an independent appraisal company to do an evaluation on the vehicle after a loss. The question is, is this appraiser qualified to do an appraisal and evaluation on this type of vehicle? You will need all the help you can get if you’re trying to settle with an insurance company that wants to low ball you after their insured hit you. The best thing you can do is have your vehicle appraised by a licensed appraiser that has the experience in this type of vehicle before the loss and have documentation to substantiate the value if need be, in a court of law. Insurance is a form of risk prevention so is an appraisal.
Collector car insurance companies such as JC Taylor, Grundy, and Hagerty will allow you to insure a vehicle for an agreed value you provide them or a value they decide is correct. Other standard insurance companies such as State Farm and Allstate will ask you to have the vehicle appraised by a qualified appraiser.
Ask yourself, am I going to trust the insurance company to pay me the correct value of my vehicle at a time when the vehicle becomes involved in an accident, a fire or any other event that causes it to become a total loss? It’s your investment on the line.
Some insurance companies will send a staff or an independent appraiser out to do an evaluation and a damage report on the vehicle. Is this appraiser qualified to do an evaluation on this type of vehicle? Before the loss, have documentation to substantiate the value if need be in a court of law. Insurance is a form of risk prevention and so is an appraisal.