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W208Cab - 8/7/2005 6:35 PM
Say you have a nice MB Classic. How do you determine the market price for the car if you want to sell?
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By seeing what similar vehicles are going for. This may be difficult if you have something like a 540K, in which case you might contact someone like Sotheby's.
Quote:
W208Cab
If you have a Classic, how do insurance companies insure you? Do they determine your book value or market value? What would they pay you if you have an accident?
thanks...
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If your vehicle has a published book value, they may go with that, if it does not, you may negotiate an amount with them when you buy your policy. This is called named coverage. In those cases the insurance company may retain their own appraiser to look at your car to see if the amount you want to insure your car for is reasonable.
Hope this helps.