Collector Cars – Insuring the Dream

Collector Cars – Insuring the Dream

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The collector vehicle hobby has been growing rapidly recently, as the typical “old car” hobbyist is being supplemented by retiring baby-boomers who view collector vehicles not only as a hobby but also a potential investment.  The common thread of those involved is the passion they usually have for this hobby.  This has created a unique niche in the insurance industry with a number of underwriters offering collector vehicle insurance with specific rules and limitations.  One of these is that the collector vehicle in question must have an appraisal.  Values of some collector vehicles have risen dramatically in the last decade and can easily exceed six figures, with rare examples well over a million dollars, meaning the potential for fraud has also grown.  Interpreting appraisal reports can be a challenge as the terminology used and the variety of vehicles that might be considered as a collector vehicle is limited only by the size of one’s imagination and budget.  This seminar will cover the following topics:

Appraisal techniques – best practices
Appraisal report content- what you should be insisting on
How to determine collector vehicle value – valuation methodology
Collector Car Fraud – clones vs. the real deal
Modified and Replicas vs. Original
The hobbyist mindset and passion
Legal Implications

This seminar will provide the attendee a good grounding of what to expect and how to interpret the information contained in an appraisal report and provide some tools to detect if a vehicle may be a fraudulent or real example of a collector vehicle as well as where to look for a qualified appraiser.  This seminar is presented by Norm Flanders.

Continuing Education Credits – ID #34804

1) Alberta Insurance Council 3.75 hours
General & Adjuster Certificate
2) General Insurance Council of Manitoba 3.75 hours
3) General Insurance Council of Saskatchewan 3.75 hours
Technical
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