When you have a classic or customized vehicle, avoid getting a traditional auto policy, which is also called stated value car insurance. These kinds of policies often give less coverage than you need when your vehicle is damaged or totaled, and they typically cost more. So stay away from buying the stated value car insurance Carlsbad California offers when you buy a classic vehicle.
You need an appraisal from an excellent independent appraiser to make sure you are getting the right insurance for your vehicle. Check out agreed value car insurance policies because they offer the coverage you need at a good price.
Agreed value car insurance is different than stated insurance. You will get the amount of money that you and the insurance both believe the car is worth on the market in the case of its being totaled. The appraisal will get you the coverage that matches what the car is actually worth.
On the other hand, with a stated value policy, you’ll get the lesser of either the cash value of the vehicle or the stated value on the policy. You probably won’t get the stated value of the car. If the insurance company appraises your car, you will likely end up with an appraiser who doesn’t have much experience appraising classic or customized vehicles and who doesn’t have access to comparable recent sales.
Should your car be damaged, and you have a stated value policy, you’ll end up with a smaller settlement than if you have an agreed value policy. You’ll actually get what it’s worth when you buy an agreed value policy, and you will have an appraisal to prove the car’s market value.
You get the best coverage for your classic car with an appraisal and agreed value policy. You won’t have to pay premiums that are as high with an agreed value policy, either. You likely don’t drive your car as often as your daily commuter, and you probably store your vehicle in a secure location, like a garage. With secure storage, the car is much less likely to be damaged, stolen, or vandalized.
Even the best stated value car insurance Carlsbad California offers is not likely to be the most beneficial choice for your classic or custom vehicle. Give us a call for a professional appraisal so that you can purchase a great agreed value policy. The appraisal will back you up by providing you with the right market value for your car so you get the right premium price and coverage you need.