How to Find the Value of a Classic Car

When you own a classic car, it’s important to have an up to date valuation. Should your car get damaged or stolen, you’ll need to be able to prove to insurance companies what it’s worth. But how do you figure out the value of a classic car? In this post, we’ll walk you through the process.

Value of a classic car

How are classic cars valued?

Many classic cars appreciate in value, unlike regular cars which lose value almost immediately. When assessing the value of a classic car, an independent assessor will take into consideration:

  • History
  • Prestige
  • Condition
  • Original features
  • Concourse
  • Awards
  • Popularity
  • Restorations required

Although there are online platforms that can give you valuations, the most reliable method is to hire an independent classic car specialist to assess your car for you.

At Sporting Classic Motors, we use industry recognised standards to assess classic cars and give fair, unbiased valuations that can be used for insurance purposes.

Why is insurance for classic cars different?

Classic cars have assets that add to the value, unlike regular cars. Because of this, insurers can’t simply offer new for old market values.

If you have a fully-functioning classic car that’s rare and sought after, this has intrinsic value that needs to be taken into account when being insured. Equally, a classic car that was once owned by someone famous will be worth more, hence the insurance will differ.

Because of these unique factors, classic cars are insured on an Agreed Value basis.

What does agreed value mean?

This is when the insurer agrees on the unique value of a classic car, rather than basing their insurance cost on new for old or market value. Agreeing this value will come from independent valuations, as well as what the market dictates.

Why is agreed value important?

It’s much easier to get an agreed value when you have an independent valuation to show your insurer.

If your car is damaged in an accident or stolen, you’ll be glad your insurer has insured it for its unique value, meaning you will get fully reimbursed for the cost and associated value.

Need a classic car valuation?

At Sporting Classic Motors in Newbury, we conduct fair, unbiased, independent valuations and assessments for all types of classic cars. Since opening in 1969, we have performed countless valuations and have the experience and knowledge to give you the best assessment. We are not associated with any auction house or dealership, so you can be sure your valuation will be fair. Call us today to find out more and arrange a valuation.

classic car refurbishment in Newbury

"Extensive damage was caused to the front and rear nearside doors, and the quality of his craftsmanship was excellent. Mr Smith was selected because four years previously I commissioned him to repair my own private vehicle, and I was very impressed with the high quality of workmanship and the attention to detail, resulting in an excellent finished product. Mr Smith has always been exceptionally reliable, totally trustworthy, and I would certainly call upon his services again if required."

Steve Combes