Skip to content

Manage your policy

Get ID cards, add a vehicle, start a claim, or submit for roadside reimbursement.

Find Your Login Credentials Here

Find Your Login Credentials Here

Need to file a claim?

Let's get things started.

Start your claim  

Have questions?

We're here to help.

Contact Us & FAQs  

How Can I Get A Value For My Classic Car?

pexels-iridescentlenz-2158363565-35347091

How can I get a value for my classic car?

Understanding the value of your classic or collector car is a normal part of ownership. In fact, certain insurance policies, such as those with Agreed Value coverage, often require the owner and insurance company to agree on the car's total value before a policy is issued. This means that you’ll want to do your research and have a good understanding of your car's value.

There are several factors and steps to determining your car's value that you’ll want to know about before you get started. Let’s go through the process to get a value for your classic auto.

Do you already know what your classic or collector car is worth? If you do, it may be time to get an insurance quote. Get in touch with the team at OpenRoad to learn more about available insurance options that can keep your classic protected. You can also get a quote by applying online. 

Which factors can impact the value of my classic car?

Key factors that will make a difference in the valuation of your classic car include:

  • Vehicle Condition: Evaluated on a scale covering the exterior, interior, engine, and mechanical condition. Visible defects in the paint or interior will impact value, as will mechanical or structural imperfections. Whether your vehicle is restored, modified, or in original condition, the overall quality of your vehicle is important to its value.
  • Originality & Authenticity: Does your classic car have original, "matching numbers" parts? This can significantly increase value and will factor into your appraisal.
  • Rarity & Production Numbers: If your car had a limited production run or unique, desirable features, those drive-up value.
  • Significant Provenance: Was your car owned by a well-known figure, or part of a major collection? If your vehicle has an interesting or significant history, it could be more valuable.
  • Market Demand & Trends: Is your classic car a desirable model? Look to find recent auction results or comparable sales to provide comparable prices.
  • Modifications: Customizations can be tricky for a valuation or appraisal. They can increase value if done to a high standard, but may decrease it if not.
  • Mileage: Lower mileage vehicles result in higher valuations on modern vehicles, but it is less critical on older vehicles, as the expectation is that the engine and other mechanical parts have been overhauled.

What are the steps for getting a valuation for a classic car?

There really isn’t a specific process to follow for a valuation on a classic car. However, there are some steps you’ll want to take to ensure you can put your classic auto in the best position possible. Key steps for classic car valuation are as follows:

    • Gather Documentation: Get your documents together. Manuals, service history, and any photos or provenance will make your appraisal easier if you have everything together before starting the valuation process for your classic.
    • Check the Key Numbers: Check the VIN, engine, and chassis numbers to make sure they match. You’ll want to have matching numbers to get the highest valuation, and it’s better to have an idea of what you have before you get into the process.
    • Assess Condition & Quality: Inspect the car for any rust or defects, missing components, or broken items. Make sure to go through the interior and check all the buttons and knobs. Even a minor issue could affect your valuation.
    • Market Research: See what comparable models are selling for. Check trusted vendors such as MECUM, Barrett-Jackson, Bring a Trailer, Hemmings, classic.com, or other well-known sources. For most classic or collector cars, this is the most important step. An appraisal is typically not necessary unless a specific situation calls for it.
    • Obtain a Professional Appraisal: Now that you’ve gone through the car, know what you have, and have done your research, you may consider calling a professional. Make sure you only work with certified or accredited appraisers who provide clear documentation of the appraisal.

Does the value of classic car impact my insurance quote?

The short answer is yes; your appraisal will affect your insurance quote. The value of your car will be a factor considered in your insurance premium. However, there are many factors that will influence your insurance quote.

An older vehicle with a value greater than a modern sports car may have a lower premium. Your driving history, location, storage type, and the make and model of the car are all significant factors.

It’s important to get a quote through a specialist insurance company, with Agreed Value Coverage, such as OpenRoad Insurance, to understand exactly what your rate will be. 

How can I get a quote for my classic car?

If you already know what your car is worth or have an appraisal and want to get a better idea of the insurance options for your classic or collector car, you can get in touch with an expert at OpenRoad Insurance.

Give us a call at 1-866-952-7622, send us an email, or start an online application today.

Classic car coverage in a whole new gear!