smcintosh

I live in the GTA. A few years ago, I had a 1988 CRX si restored. The restoration cost more than the value of the car at the time. I was informed by my insurance company that I would need to have it formally appraised in order to have it insured for more than book value (which amounts to very little), should it be stolen, damaged, or destroyed in an accident. The insurance company was not very helpful with recommendations or referrals. Does anyone have a recommendation or referral of an appraiser with the appropriate credentials who would be able to do this job?

Robb

iTrader: (1)

You only need apparaisal if you buy full coverage insurance.
Why on earth do you need comprehensive for a 1988 CRX ?
Unless you have $10,000+ dumped into the car, then it can be worth it.
Just buy liability coverage.

Btw, you are lucky that the company would insure you for a car that age.
Many companies wont touch it.

HERE IS SOME APPRAISERS:

http://www.lant-ins.ca/links.php

smcintosh

I was told that my insurance company might pay around $500 for total loss because of the age of the car. My deductible $500, so I get nothing if anything happens, yet I pay quite a bit for insurance. The majority of my current premium pays for liability, which I can't escape anyway, so paying a little more for proper coverage *might* be worth it. I believe that the actual market value of the car is in the range of $5-7K. I want to go through the process of submitting a proper appraisal with photos to the insurance company, and then get a quote, to see what the increased cost will be. If it's going to be a lot more, then I may just live with the risk; and probably even remove comprehensive coverage as you suggest, since it's not worth it at present. I didn't know that insurance companies don't reimburse at real market value.

Thanks for the link. This is a great start; lots to choose from.

Scott.