Valuation of Antique Cars

ISO endorsement PP 03 37 (01 09) incorporates this law into the policy.

TCA § 56-7-1111. Antique automobiles - Valuation.

(a) If, at the request of the insurer, an appraisal of personal property to be insured under an automobile policy insuring an antique automobile is made, then, in the absence of fraud, the appraised value of such property shall be binding on the insurer if the insurer

(1) Charges and accepts a premium for such policy (or endorsement thereto) which is based on the amount of the appraised value; and

(2) Issues such a policy (or endorsement thereto) which provides coverage of the property in the amount of the appraised value.

(b) The provisions of this section shall apply only to policies insuring antique automobiles delivered, issued for delivery or renewed in this state after July 1, 1990.