How Often Should You Update Your Classic Car Appraisal

A classic car appraisal should be updated whenever significant factors change—such as market trends, vehicle condition, restoration work, or insurance coverage—to ensure your collector car’s value reflects its true current worth.

Why You Should Regularly Update Your Appraisal

Updating your classic car appraisal isn’t just a good idea it’s essential if you want to protect your investment. The collector car market changes frequently. Restoration quality, originality, and rarity all play major roles in determining current value. Updating the appraisal helps ensure your classic car insurance value and documentation match the true market.

At Auto Praise, our assessments are performed by IACP certified auto appraisers, Florida licensed adjusters, and I Car platinum certified auto physical damage appraisers. For classic and collector vehicles, our team also includes an ASE Master Certified Technician with over 30 years in the auto repair industry, an advantage that allows us to accurately evaluate custom resto-mods, driveline upgrades, and authentic restorations.

Key Triggers for Updating Your Classic Car Insurance Value

You should consider updating your car appraisal when:

• The collector market for your vehicle’s make, model, or trim changes significantly.
• You complete a restoration, repaint, or major modification.
• You acquire or sell a high-line classic or exotic car.
• You switch or renew your classic car insurance value policy.
• You’re preparing the vehicle for sale, legal documentation, or estate planning.

How Often Should You Update the Value

Situation	Recommended Update Interval	Why
Minor maintenance only	Every 3–5 years	Market value remains generally stable unless modified.
Major restoration or modification	Immediately after completion	Value may change substantially.
Market surge or collector trend	Within 12 months	Keeps valuation aligned with current buyer demand.
Insuring or renewing agreed value policy	At least annually	Ensures accurate coverage and payout protection.

In My Experience

In my 30 years working in the automotive field and conducting appraisals, I’ve seen classic cars whose values rose sharply because of collector demand or meticulous upgrades. I’ve also met owners relying on appraisals from years ago, unaware that insurers or buyers were referencing completely different market figures. Regular updates are the only way to stay aligned with the market and preserve both coverage and resale integrity.

When the Classic Car Insurance Value Matters Most

Updating your classic car appraisal is particularly important when you:

• Switch to an agreed value insurance policy.
• Apply for a loan or use your car as collateral.
• Plan an estate settlement or need documentation for legal purposes.
• Restore or modify a collector vehicle for resale.

Appraisal Services for Banks and Credit Unions

Callout Box: Classic Car Pre-Purchase Inspections Hagerty Valuation Tools – provides verified classic vehicle price guides and market data. Hemmings Classic Car Marketplace – a trusted platform for tracking collector car values and recent sales. American Collectors Insurance – explains how agreed value policies protect your collector vehicle investment.