Posted on: 21 March 2017
If you recently had a parent or other loved one pass away and found out that you received their beloved classic car as an inheritance, you may have conflicted feelings about getting such a large item for inheritance, both in actual size and value. There are many different steps that you can and should take when you have received a classic car from a loved one. It is important to get to know some of these steps so you can do what is best for yourself and for the inheritance you received.
Get Your Car's Value Appraised
While all classic cars have some inherent value, there are certain makes and models that may be more valuable than others. The condition of your inherited car will also determine how much it is worth.
Whether you are planning to keep the car in a garage, drive it regularly, or sell it, you need to know how much it is actually worth. Find an appraiser that has specific expertise in classic and vintage cars to help you determine this value. The appraisal process will involve inspecting your car and the condition it is in, researching the replacement, actual cash, salvage, fair market, and other values of your specific vehicle, and of course, looking into how much cars like your vehicle have sold for in the recent past. All of these factors will be taken into account in your final appraisal.
Insure The Car As Soon As Possible
When it comes to classic cars, there are many factors you need to take into account when getting insurance on it. Even before your appraisal is complete, you will want to add the car to your standard automotive insurance as it is required by law that you carry insurance on any motor vehicle that you own.
However, in addition to standard driving insurance, you may want to seek other insurance on your classic car that you would on any other item of major value that you own. This insurance acts as a protection in case the car is stolen, damaged in a house fire or other disaster, and would be based on the value of your car in the appraisal.
This extra insurance could help in the case of having to rebuild your car after a major fire in your home or other significant incident that destroyed your valuables. That way, you would have extra insurance money to go towards finding and purchasing classic car parts for sale and getting your inherited car back into good shape.
With these tips in mind, you can be sure that you are doing everything that you can to best handle the process of inheriting a classic car.Share