Ask An Expert: Vehicle Valuations

In this edition of Ask An Expert, we answer Stanley Jacob's question: "Can you recommend a classic car specialist who can give me a price for the value of my car?".

There are two main ways you can find the value of your classic vehicle - by doing some research yourself, or by getting an independent valuation.

Research

One way of finding out the value of your vehicle is to see what similar models are being sold for at the moment. Simply input the make, model, year and the words "for sale" and you'll find a variety of online auction sites. You can also take a look at the classifieds section of specialist classic titles such as Classic Car Weekly, Classic Car Buyer, Old Bike Mart and more.

For more comprehensive listings, take a look at Classics World's weekly Classic Price Guide with different values for different condition ratings and Octane magazine's Classic Car Price Guide 2019 book.

A less labour-intensive way of doing this is to use The Market's Price Trends tool which allows users to see the price trends of any make, model or year of car. The tool searches a database of advertised for sale prices of a particular vehicle over a number of years to show you how the value has changed up to the present day. Do bear in mind though that these are figures are a guide and can't take into account the history, prestige, condition, originality and other factors which make your classic unique.

Independent Valuation

The most accurate way of determining your vehicle's value is to get an independent valuation.

Classic vehicle clubs are a wealth of information and will often happily provide this service for a small charge. Visit our clubs page to find a list of classic vehicle clubs in the UK related to your model along with the contact details for the club.

Some specialist classic vehicle dealers and garages can also provide this service for you. If your classic vehicle club is unable to do an independent valuation for you, they can normally point you in the right direction of a specialist in your area who can.

Agreed Value

A valuation can be especially important if you wish to add Agreed Value to your classic vehicle policy. 

Agreed value means if your vehicle is lost or totally destroyed, and the value of your vehicle has been agreed, you have the certainty that you will be paid out the amount shown on your policy schedule. You should be aware that the maximum amount payable by insurers will be the amount shown under ‘Value’ on the Vehicle Details section of your Renewal Schedule, regardless of the market value at the time of the loss.

With a Footman James policy, Agreed Value can be added to your policy with FJ+ from just £12.

If you have a classic query, why not complete our Ask An Expert form and we could be answering your question next week.

The information contained in this blog post is based on sources that we believe are reliable and should be understood as general information only. It is not intended to be taken as advice with respect to any specific or individual situation and cannot be relied upon as such.