Insights on Regular Valuation Reports for Classic Cars

The number of classic cars is increasing worldwide each year. In Germany alone, there are more than 450,000 vehicles with a historic background. Many of these dream classics serve as investment assets, and this value should be properly insured.

How is the value of a classic car determined?

The value of a classic car is determined based on various components, which can differ depending on perspective. In addition to the purchase price, the investments made in the car are added up. Consideration is also given to the annual appreciation. However, one of the most crucial factors is the current market situation. As in any business, supply and demand influence the valuation. Therefore, it is important to have the value determined by a sworn expert.

Avoid underinsurance with regularly updated assessments

The value development curve of individual exclusive models steadily rises. For example, if a few years ago you bought a Porsche 964 Carrera 2 Coupé for nearly €30,000, today it costs three times as much. At Herando, you can currently find a model for €99,000. If only the original purchase price is insured, the insurer will reduce the settlement amount by over 60% in case of damage. The deductible is also deducted from this amount. Even insurance companies recommend detailed appraisal reports with regular updates. The effort required for an appraisal can vary depending on the requirements. If it’s a particularly rare and extensively restored vehicle, the effort to determine its market, replacement, or restoration value is significantly higher than for standard models.

If you are interested in classic cars as investment assets or fulfilling a dream, you will surely find the perfect classic car at Herando. Many models come with current valuation reports.