Classic Car values rising so fast that some are under-valued
Classic Car Values rising so fast that some are under-insured
Classic Car values are now rising so fast that some owners can be significantly under-valued, according to a recent report in Britain's Daily Telegraph newspaper. The article draws attention to the fact that some owners have not kept their Classic Car valuations in tune with the great rises in the car's value.
The Historic Automobile Group International Index has risen around 500pc in the decade up to December 2013, meaning that ten years ago, a 1974 Ferrari 365 GTB/4 Daytona Coupé would have been worth around £76,000 ( AU$ 135,700 ). That same car is now worth nearer £450,000 ( AU$ 803,571 ).
Equally well, a Bentley Continental Flying Spur that was worth £50,000 ( AU$ 89,285 ) in 2003, is now worth approximately £115,000 ( AU$ 205,360 ).
According to the British Insurance Brokers’ Association other less valuable Classic Cars are also seeing massive rises, meaning that trhey too may well be very under-insured. Vehicles such as early VW Campers, Fiat 500s and others are also surging in value.
Adrian Flux Insurance Services's General Manager Gerry Bucke, said: "We reviewed our classic car portfolio, and noticed that a number of our customers had declared values that looked very low in today's market.
We would strongly suggest that all Australian Classic Car owners have their cherished asset re-valued as quickly as possible, give the significant gains in Australian Classic Car values of late.
http://www.telegraph.co.uk/finance/personalfinance/insurance/motorinsurance/10911860/My-8000-Porsche-is-now-worth-80000-Classic-car-owners-warned-to-check-insurance.html