21.02.2019

An Appraisal Now Protects You in the Future

Telling your insurance company the true nature of your collector classic by employing an appraisal is a very good precaution for when things go wrong. The craziest things happen to cars. They go up in flames, they get damaged by floods.

I had a client who had a highly modified modern classic car. His insurance agent had not requested an appraisal and the car had no specific value on the policy. The owner of the car had spent $125,000 total on the vehicle. There was a midsummer storm which caused widespread flooding and, in his case, his garage was situated under the house and the car ended up in 2 feet of water. The insurance adjuster explained that the insurance company would make no effort to restore the vehicle because the wiring system and engine management computer had been underwater. The car itself appeared “as new”.

The insurance company appraiser came along and explained that you could spend a fortune on one of these cars and still not make it any more valuable than the base unit. My research indicated that there were cars in the U.S. that were restored and modified in a similar manner that were selling for twice the amount that the insurance company was offering.

The end result was that the insurance company paid the client the amount I had indicated and he kept the car salvage for free. He was able to sell the salvage to the vehicle’s restorers, which allowed him to recoup all the money that he had invested in the vehicle.

Another precautionary tale involved a gentleman who went to New Jersey to buy a brand new Japanese car that had been flooded on the dock after it had been unloaded from the shipping vessel. When he got it back home, he discovered that purchasing the computer modules was going to cost him more than the vehicle was worth, and because the car was so new, there were no used modules in any wrecking yards. He was paranoid because he had never explained the situation to his wife, yet.

The moral of this tale is that a simple car appraisal is a very powerful tool in case the unexpected happens. A small investment now can protect you from huge losses. Contact us for a professional appraisal you can count on.

 

Lipstick on a PigLIPSTICK ON A PIG
Avoiding Life’s Lemons

Lipstick on a Pig features excerpts from the vast library of Maurice Bramhall’s experiences.

11.02.2019

1982 Porsche 911SC Targa

1982 Porsche 911SC Targa

FOR SALE: 1982 Porsche 911SC Targa

One very careful owner. More information on the listing page.

 



 

24.01.2019

1970 Jaguar E Type Roadster

1970 Jaguar E Type Roadster

FOR SALE: 1970 Jaguar E Type Roadster

This car has been with the current owner for over 20 years. More information on the listing page.

 



 

24.01.2019

1981 Toyota Land Cruiser BJ42

1981 Toyota Land Cruiser

FOR SALE: 1981 Toyota Land Cruiser

This vehicle has been completely restored from ground up. More information on the listing page.

 



 

15.01.2019

Does Your Classic Car Need a Will?

I often get to meet the widow who has been left the cars. Some widows have a hard time letting go of their deceased husbands cars and they need help with the process of moving them to a new home. Some cars stay in their garage so long we have to drag them out with a tow truck. I wonder if it would help the widow if the husband left a will for the disbursement of the cars?

I once had a client who sold his car to a dealer friend because he didn’t want his two sons fighting over it. Guess what? When the children saw the car for sale, they came in and bought it to share it.

Sometimes I’m the one explaining that the treasured classic that the husband has boasted about for years, is not the pristine wonder that they have been led to believe. I just had a client who asked me for my assurance that when he went, his daughter could call me and get help to sell it. He was unusual in that he wants it to receive a full paint restoration so he can enjoy it even more in the time left. Many people I meet mention that they want to leave their car to their sons but it’s said at such an age that they have no idea if their son will want it.

Of course the one that takes the cake is the lady who complained to me that the City of Brampton wouldn’t allow her husband to be buried in his Corvette. I guess you have to know if your wishes are realistic!

 

Lipstick on a PigLIPSTICK ON A PIG
Avoiding Life’s Lemons

Lipstick on a Pig features excerpts from the vast library of Maurice Bramhall’s experiences.