As a classic car owner, you know that you probably don’t want to get insurance from the company that covers your other cars because they can’t provide the type of coverage you need. You may not be aware, however, that stated value car insurance is probably not a good idea, either. While you definitely need some type of insurance for your collector car, agreed-on value insurance is likely a better option than stated value auto insurance San Diego California.
Getting an appraisal is an essential part of helping you obtain the right car insurance policy that will give you the amount the car is worth, not what the insurance company says it’s worth.
When you sit down with your insurance representative, you may discuss a stated value and an agreed-on value policy. Either type of policy will likely require you to submit documentation of the car’s condition and value. An appraisal is an important part of that documentation.
Stated value insurance may be what you think you want to buy because it allows you to get coverage for a premium amount you can afford. However, there is another option. You will likely want to go with agreed-on insurance because this kind of policy simply states that it will pay you what the car is worth. On the other hand, a stated value policy says that the insurance company can pay you the stated value of the car or the “cash value” of the car, whichever is less. So if the insurance company says that your car is worth less than the stated value, that is the amount you’ll get.
Working with an experienced car appraiser can help you figure out the market value of your car via a thorough inspection and comparison with other comparable sales. You’ll then have official documentation to approach your insurance company with confidence.
Our appraisers are professional, and they know the car market inside and out. They will look carefully over your car to determine its worth. Should you not do an appraisal until after your car is damaged, an appraiser can then help you determine what the pre-damage value to your car was, and this can also help you get a higher replacement sum from the insurance company.
As you explore your insurance options, getting a stated value car insurance San Diego California may or may not be the right choice for you. However, it probably won’t be. Carefully explore your options with your insurance agent, and with your appraisal in-hand, you’ll have the confidence you need to make the best decision.
