Pinnacle Auto Appraisers' Blog

Classic car insurance is a nonstandard type of auto coverage that is designed to meet the insurance needs of specialty or vintage car collectors. Since this type of insurance is highly specialized, there are certain considerations and criteria that you need to be aware of before you can get one to cover your car. Here are some of the essential facts you need to know about this kind of car insurance coverage.

1. Types of Vehicles
In order for your vehicle to be qualified for classic car insurance, it needs to fall under any of three categories, namely: Veterans (cars created on or before December 1904), Edwardian (vehicles manufactured between January 1905 and December 1918), and Limited (rare, special interest or limited editions). Since there was a significant rise in the number of vehicles produced in the 1970s, not all cars built before 1974 can be considered classic cars. Only convertibles, foreign sports cars, 2-door sports cars, vehicles with big block V8 engines or unique body shapes, and certain 4-door sedans can be considered collectibles.

2. Age Limitations

In most states, a car should be at least 15 years of age before it can be considered a classic car and, hence, eligible to get classic auto insurance coverage. In other states, which include Massachusetts, the minimum age required for a vehicle to qualify as classic or vintage is 25 years. However, there are some car insurance providers that are willing to offer classic auto coverage to cars that are under 15 years of age, provided that such cars are considered as cherished vehicles or are extremely rare or exotic.

3. Driver Background

If you want your car to be eligible for classic car collector insurance, you should know that, aside from the age of the car, there is also an age restriction when it comes to the driver. Only people who have reached the age of majority can get this type of auto coverage. Furthermore, insurance companies are very strict when it comes to the driving history and experience of the declared drivers who use the classic vehicle.

4. Storage Requirements

Classic car insurance providers also have strict storage requirements for vintage or classic vehicles. If you want your car to be covered by classic auto insurance, you have to make sure that your car is not parked outside your home and that it has a designated and highly secure garage. In fact, insurance companies even encourage vintage car owners to park their classic cars in car storage facilities specifically designed for storing and securing car collections.

5. Usage

In order for your classic vehicle to qualify for classic collector coverage, it should not be used as your primary vehicle. Even if your car can be considered a rare vehicle, it will not be eligible for classic auto insurance coverage if you use it every day. Only classic cars that are used on a limited basis can be eligible to get nonstandard classic auto coverage. Moreover, classic car insurance policies usually have mileage restrictions of just around 5,000 miles annually.

Source: http://www.autoinsuranceblog.org/misc/5-classic-car-insurance-facts-you-need-to-know/

• You've probably heard the term "blue book" before, but you might not know what it means. Is it like a little black book? Sort of, where cars are concerned.

  What's a "Blue Book," and Why Should I Care?

  A "blue book" refers to Kelley Blue Book . First published in 1926 by company founder Les Kelley, the book is named after The Social Registry, a book that listed the names of local movers and shakers commonly referred to as the "blue book."

  Through the years, the book has become a trusted source of information for the automotive industry, sort of like an industry bible. It's kept up with the times, turning into a viable online resource. Use this "book" as a reference for obtaining important information on new and used cars as well as motorcycles and recreational vehicles. It's especially useful to determine a fair price on a vehicle.

  Kelley publishes several versions of its books for different types of users. We'll take a closer look at two versions widely used by consumers.

  Kelley Blue Book New Car Price Manual

  Not surprisingly, this book offers information on new cars. Like what?

  Manufacturer's suggested retail price (MSRP): This is the price suggested by the manufacturer, and it is (gasp) usually inflated. Included in the MSRP are the destination charge for the vehicle and the minimum required equipment cost. Kelley Blue Book also lists this information separately.

  Dealer invoice: This is the price the manufacturer charges the dealer for the car. It doesn't include dealer expenses such as advertising, sales commission, and preparing the vehicle for display. Know this price before you begin looking at price stickers on the dealer's lot.

  New car blue book value: This is the average selling price of the vehicle, taken from actual sales of the vehicle from dealers throughout the country. Often, there are regional price differences, due to variations in demand. A convertible in Seattle might be cheaper than one in San Diego.

  Optional-equipment price: Want to know how much that optional sunroof will cost? Kelley Blue Book lists the price of certain options.

  Kelley Blue Book Used Car Guide

  Here's where you'll find the nitty-gritty on used cars, such as:

  Retail value: This is the average listing price by dealers around the country. It's important to note that this is only the typical "asking" price on the vehicle, and that the actual selling price will usually be less. Sometimes a lot less. Because the retail value includes dealer costs such as advertising and sales commission, it will be higher than the private-party price.

  Private-party value: Here's where you'll find an estimate of the price of a car if you were buying it from your next-door neighbor. Because an individual doesn't bear the burden of a dealer's overhead, this price will be lower than the retail value. Be aware, though, that the price isn't set in stone, since Kelley doesn't track all private-party used car transactions throughout the country.

  Trade-in value: This is the typical price that a dealer would offer you for your used car. Again, this price is lower than what you'd receive from a private buyer.

   

  Read More : http://www.dmv.org/how-to-guides/appraisal.php

  Source: DMV.org

  Posted by: Pinnacle Auto Appraisers 2/07/2012

   

If some of you plan on attending the Houston Auto Show this year.  Here is some additional information in case you need to plan your day to go out.

What is Book Value?

Book value is a guide for someone to use when determining the value of their vehicle.  Whether it be for resale or an insurance claim, book value generally shows whole sale, trade-in and retail values for a particular vehicle.  Some guides will even offer options that will increase the value of your vehicle.

What sources are used in a Certified Auto Appraisal?

The most recognized source for Book Value is NADA.  NADA stands for National Automobile Dealers Association.  NADA will show you values from whole sale to retail.  Black Book USA is also a recognized book value.   Always speak with your representative to see which book value is used before performing your research on the value of your vehicle.

www.nada.com

www.blackbookusa.com

Did you know we offer certified auto appraisals on all types of vehicles including motorcycles, rv's and commercial vehicles?  All certified auto appraisers are trained to handle any vehicle available on the market today.  Types of appraisals and inspections we offer are total loss, diminished value, classic car, exotic car, stated value, pre-purchase inspections, dmv form, lease turn-in, bank loan, bankruptcy, donation, non-cash charitable contribution, motorcycle, heavy machinery, commercial, heavy truck and more! 

Did you know we service 44 states in the United States?  We strive to offer appraisal services to customers in Birmingham, Alabama, Mobile, Alabama, Phoenix, Arizona, Little Rock, Arkansas, Los Angeles, California, Denver, Colorado, Hartford, Connecticut, Washington, D.C., Dover, Delaware, Orlando, Florida, Tampa, Florida, Miami, Florida, Atlanta, Georgia, Boise, Idaho, Chicago, Illinois, Indianapolis, Indiana, Des Moines, Iowa, Wichita, Kansas, Louisville, Kentucky, New Orleans, Louisiana, Portland, Maine, Baltimore, Maryland, Detroit, Michigan, Minneapolis, Minnesota, Jackson, Mississippi, Kansas City, Missouri, St. Louis, Missouri, Billings, Montana, Omaha, Nebraska, Manchester, New Hampshire, Newark, New Jersey, Albuquerque, New Mexico, Charlotte, North Carolina, Fargo, North Dakota, Las Vegas, Nevada, Cleveland, Ohio, Oklahoma City, Oklahoma, Portland, Oregon, Philadelphia, Pennsylvania, Providence, Rhode Island, Charleston, South Carolina, Sioux Falls, South Dakota, Memphis, Tennessee, Nashville, Tennessee, Austin, Texas, Dallas, Texas, Houston, Texas, San Antonio, Texas, Salt Lake City, Utah, Burlington, Vermont, Virginia Beach, Virginia, Seattle, Washington, Charleston, West Virginia, Milwaukee, Wisconsin, Cheyenne, Wyoming.  We are constantly expanded out services areas so give us a call today, we'll do whatever it takes to get your certified auto appraisal taken care of.

Chevrolet knows damn well how to build a sports car. Evidence: the Corvette. Ever since the mid-1950s, it has defined the very idea of what an American sports car is. Attempts to create a second Chevrolet sports car, however, have been met with less success. Excepting the Chevelle SS and a handful of Camaros -- and maybe the Corvair Monza if we're being generous -- it's been rare to find a performance Chevy as inspired as the Corvette. The 2010 revival of the Camaro raised our hopes, until its sloppy handling and performance-numbing obesity torpedoed our expectations. The 2012 Camaro ZL1 changes all of that with huge power, sophisticated technology, and exceptional handling.

As the Camaro to redeem all other Camaros and a car that can run against Chevy's icon, the ZL1 sets the stage for the most dramatic sibling smackdown since my sister dropped a log on my four-year-old head. The Chevrolet marketing folks are adamant that no one will cross-shop a Corvette and a Camaro, and that may be true. Problem is, someone dropped a log on my head as a child, so I can't help but draw imaginary parallels between two bow-tie sports cars with mid-$50,000 prices and four-second 0-to-60-mph times. When Chevrolet invited us to drive the Camaro ZL1 for the first time, we showed up with a pair of driving shoes, our Vbox test equipment, and a Corvette Grand Sport.

Read more: http://www.automobilemag.com/features/news/1203_2012_chevrolet_camaro_zl1_and_2012_chevrolet_corvette_grand_sport/viewall.html#ixzz1jvFjyU5A

Detroit, Michigan

http://www.detroitautoappraiser.com/

The Appraisal Foundation (TAF) announced that the 2012-2013 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is now available. The 2012-13 edition of USPAP will be valid for two years, effective January 1, 2012 through December 31, 2013. According to a TAF press release “the new edition includes the standards of professional practice for all appraisal disciplines as well as guidance from the Appraisal Standards Board (ASB) in the form of USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs).”

As with the prior edition, the new edition includes the standards of professional practice for all appraisal disciplines as well as guidance from the Appraisal Standards Board (ASB) in the form of USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs).

Changes to the document include:

1. Revisions to DEFINITIONS of “Client,” “Extraordinary Assumptions,” and “Hypothetical Condition,” as well as a new definition of “Exposure Time”;
2. Creation of a new RECORD KEEPING RULE and related edits to the Conduct Section of the ETHICS RULE;
3. Revisions to Advisory Opinion 21, USPAP Compliance; and,
4. Revisions to STANDARDS 7 & 8: PERSONAL PROPERTY APPRAISAL, DEVELOPMENT & REPORTING.

First Look: Acura NSX Concept

Acura used the Detroit show to reveal the NSX concept, a long-awaited return of the Japanese company’s legendary supercar. The wait isn’t quite over, as the real NSX won’t debut until at least 2015, but this aggressive concept gives serves to whet our appetite. The wide, low coupe wears Acura’s signature shield front grille, with wide rear haunches, and plenty of aggressive air intakes. Propulsion will come from a new hybrid drive system: a V-6 engine powers the rear wheels by way of a seven-speed dual-clutch transmission, while a pair of electric motors turns the front wheels. Total system power is a solid 400 hp.

Read more: http://rumors.automobilemag.com/weekend-roundup-2012-detroit-auto-show-acura-nsx-concept-2013-dodge-dart-2013-ford-fusion-102399.html#ixzz1jTdFD5ou

~ Detroit Auto Appraiser ~

NADA economist predicts more than 13.9 million new car sales in 2012

McLEAN, Va., Jan. 5 – As the U.S. economy continues to improve this year, Paul Taylor, NADA's chief economist, predicts more than 13.9 million new cars and light trucks will be purchased or leased in 2012.

Taylor, who is forecasting sales of 13.945 million new cars and light trucks for 2012 in the United States, cites three key factors for the increase. (Read more)

Texas Auto Insurance Information

You must have enough liability insurance to pay up to $30,000 in medical expenses for each person injured in an accident, up to a combined total of $60,000 for everyone who was hurt in an accident. You also must have at least $25,000 in coverage to pay to repair or replace the other driver´s car. Because of these coverage amounts, basic minimum liability coverage is often called "30/60/25 coverage."

Medical care and vehicle repair or replacement costs can be expensive. Therefore, minimum coverage might not be enough to cover your financial obligations if you cause a serious accident. It´s a good idea to consider raising your coverage limits. Raising your coverage limits will raise your policy premium, however.

For more information please visit the Texas Department of Insurance at: 

http://www.tdi.texas.gov/auto/youngfaqauto.html#1

Houston, Tx; Dallas, TX; San Antonio, TX; Austin, TX

We receieved several calls today regarding classic car inspections and all brought up a good questions.  Should you trust the person selling the vehicle?  Several times in the past month we have found problems with the vehicle that the seller did not inform the potential buyer about.  In Houston, TX we had a guy tell our customer there was no rust not even surface rust on the frame rails.  When we arrived at the location of the vehicle, everything looked fine from the engine to the interior.  Than we had the owner lift the car up and sure enough there was surface rust.  So than the certified appraiser started looking more into the rust; so he started pulling up carpet and trunk liner and found rust holes in the passenger floor pan.  This customer that hired us to inspect this vehicle lived in michigan.  With michigan weather this would not be a smart purchase as the rust will get worse over time.  In Dallas, TX we inspected an antique roadrunner.  The seller told the customer the paint was flawless, no surface scratches or chips anywhere.  The appraiser arrived at the location for inspection and found rust bumples underneath the rear glass and rock chips on the front of the hood.  Our client was looking for a show quality classic car.  With todays competition any flaw in the paint would cause a car show judge to deduct points off your total score.  In Denver, Colorado we inspected a classic truck that was supposibly "show car quality."  During inspection of the truck we found bolts with surface rust and carpet stained from the leaking evaporator core.  In San Antonio, TX a customer hired us to do a second inspection for him as the classic car dealership said it was in perfect condition.  During inspection found trunk near quarter panel was starting to rust and rear main seal was leaking down the oil pan.

The purpose of this post is to inform you to always trust your instinct and hire a certified classic car appraiser to inspect the vehicle.  For the few hundre dollars you spend on the inspection can save you thousands of dollars in repairs.  Please contact us and one of our certified auto appraiser will assist you.

If you are looking to increase your insurance coverage on your vehicle, the insurance company may require you to obtain a certified auto appraisal.   Usually this is done when the insurance company is unable to pull a book value on a vehicle.  This is more common on exotic and classic cars.

When having a classic car appraisal you can also request a thorough vehicle inspection, covering everything from paint, body, interior, frame to suspension.  If the certified appraiser finds something wrong with the vehicle they should notify you by including their findings in the appraisal report.  If you only need an appraisal for insurance coverage or an auto loan, a certified appraiser can perform a value appraisal.  

Were you involved in an accident that was not your fault?  You may be entitled to loss of vehicle value due to the accident.  Diminished Value is value lost due to having an accident history versus owning a vehicle without an accident history.  One of our certified auto appraisers will provide you with a detailed report on the Diminished Value of your vehicle.  Time is limited on filing a Diminished Value claim; so don't waste anymore time.

You do have the right to dispute the insurance company's offer.  If you are not satisfied with the settlement amount, please contact us.  You are entitled to fair market value of your vehicle.   More often than not, the insurance company will only offer Trade-in Value.  Is Trade-in Value the same as Fair Market Value? No its not.  You are entitled to the same amount if you were to sell your vehicle in the current retail market.  Please contact us for more details and to save yourself time and hassle with the insurance company.