When you purchase a classic or antique car, you want to get the right kind of insurance for it. In general, you don’t want to purchase insurance that is used for your daily driver. These kinds of policies are different than the best available for your older vehicle. Most traditional policies are stated value policies. The cons of stated value auto insurance Orange County CA outweigh any pros these types of policies may have.
Your daily drive is not going to appreciate the way your classic or custom vehicle will. Therefore, it makes sense to get stated value car insurance. This type of insurance states the value of your vehicle, according to the insurance company’s estimation of its the current market value. If you have an accident, or the vehicle is damaged, the insurance company can pay you the stated on the policy or the actual market value of the vehicle, whichever is less. This is not something that you want for your custom or classic vehicle that is actually gaining in value as time passes.
With agreed value car insurance, however, you and your insurance company agree on a value that the car is worth, and the company will pay you that amount if it is damaged or totaled. You don’t have to worry about getting less money just because the insurance company thinks that the car is worth less than the amount on the policy.
Your agreed value insurance company will likely require you to have an appraisal to determine the actual market value of your vehicle, something that you don’t want any insurance company to determine for you because their appraisers are not experienced in valuing classic or custom cars. An independent appraiser can help make sure that you are going to get a fair settlement in the event of an accident.
Agreed value car insurance is also typically less expensive than stated value auto insurance Orange County CA. You might find this to be surprising, but it is because a classic or custom vehicle typically is not driven every day. Additionally, it is usually stored in a garage or other covered and protected building.
With stated value auto insurance Orange County CA, you have to be careful that you don’t end up with a policy that is not right for you. Call us to get an auto appraisal to help you get the lowest quote for your auto insurance policy.
