An editorial overview, not insurance advice. The value that binds is the one in the contract. As of August 2026.
The value is an agreement
An Oldtimer policy states an amount that the insurer and the keeper consider right today. It rests on an appraisal or a documented estimate, not on the purchase price alone and not on a wish list.
The purchase price can sit below that (a bargain, a project) or above it (a dealer, a rarity). The condition grade explains why two otherwise identical cars lie tens of thousands of francs apart. That gap has to be visible in the contract.
How the policy works in principle is under Insuring an Oldtimer.
When to set it again
- after a substantial restoration or an engine rebuild
- after an accident, even if "only" the sheet metal was affected
- when the market for the series has shifted: the buying advice shows the direction, it does not replace an appraisal
- when the last appraisal is older than the insurer accepts (often one to two years)
- before a sale, if the policy is in your name and the buyer wants to take it over
If you do not update the value, you risk underinsurance (the restoration is not covered) or a premium on an amount the insurer will not pay in a claim, because the basis is out of date.
What applies after a claim
Partial damage: as a rule a proper repair, often with the condition of a suitable workshop. Total loss or theft: the agreed value, less the residual value, plus contractual supplements if they were agreed. Enthusiast value or sentimental value beyond that is usually excluded.
After settlement the contract is in a new state: either the car is gone, or it is repaired and needs a new estimate.
In practice
- Set the grade honestly. If in doubt, lower. See condition grades.
- The range in the buying advice as a plausibility check, not as proof.
- Obtain the appraisal or the documentation the insurer asks for.
- Read the amount and the date in the contract, not only in the quote.
- After every deep intervention, go round the same loop again.
A file of appraisal, invoices and photographs is part of the policy, even if the general terms do not call it that.