A number of people call our classic car appraisal service looking for help with an insurance dispute over the value of the vehicle that they have been offered by their insurance company. They start out by explaining how little the insurance company has offered. As I dig deeper with more questions, I discover that the vehicle they have has a rebuilt, branded ownership. In this situation, the insurance company normally reduces the average market value of the vehicle by 40%.
This comes as a big shock because people grossly underestimate the value penalty for a branded ownership vehicle. The branded vehicle that they buy may look like new, and the salesperson may be very reassuring as to the quality of the vehicle, but of course they never mention its true value due to its branded status. It’s very common that the owner does not know who assembled the vehicle after it was written off, this can be important in assuring the integrity of the rebuild.
LIPSTICK ON A PIG
Avoiding Life’s Lemons
Lipstick on a Pig features excerpts from the vast library of Maurice Bramhall’s experiences.
