1. Modified Vehicle:
- Inform your insurer of the nature and quality of the modifications.
- Indicate a realistic current-market value or a replacement cost report.
- Document through photographs.
- Modifications to body style and structure, mechanical changes,custom interior, and stereo installs.
2. Modern Vehicles:
- Establish a value for a rare unit, this may be rare to Canada, a dealer-only prepared unit, a vehicle from a custom builder or coachbuilder, a production unit customized by one of the performance/upgrading companies.
- A vehicle that, due to unusual circumstances, has exceptionally low mileage and well maintained condition. The normal trade value guides would not represent a realistic market value in these situations. Our report will set a value in line with actual condition in place of average market numbers in the customary guides.
3. Classic Cars, Trucks and Motor Bikes:
Many owners ask us about the definition of a classic or vintage vehicle. Many people utilize the 25 or 30-year markers as a definition. The only ramifications in real life that we can see for these markers are as follows:
- The Federal Customs Department does not charge import duties on parts and vehicles over 25 years of age.
- Insurance companies offer classic or special interest policies for vehicles over 25 or 30 years of age. Lant and Company offer a special interest policy for vehicles 15 years and older.
- Does a vehicle become more valuable when it reaches 25 years or 30 years of age? No! Market forces are the greatest factor in setting values.
- A rare vehicle is valuable because it is rare. Not true! Our standard example to illustrate these two misunderstandings is as follows; a 1965 Mustang is not a rare car., it was mass-produced (680,989 built) . A new one was $ 2,320.96 base, $4,000.00, loaded. Today any rust free example trade at 3-times these values and more, for vehicles with rare options or convertibles.
In essence, a vehicle is valued on the following factors:
1. the quality of its overall condition and the workmanship, if it has been restored
2. is it a rare car that has enhanced market value because it is rare
3. if it is rare and desirable is there documentation to support its originality (sometimes referred to as provenance)
4. market value, is it desirable and are there buyers, whether a small or large group