Do you own a classic or custom vehicle? If so, you want to get the best type of auto insurance you can for it. In most cases for a classic or custom car, that is not stated value auto insurance. Instead, agreed value car insurance provides you with better benefits and probably a lower monthly premium. Stated value auto insurance New Hampshire is probably not the way to go.
Traditional auto insurance companies offer stated value car insurance, where you state the value of the vehicle when you buy the policy so that the insurance company can calculate your monthly premiums based, in part, on that amount. However, as always with these types of things, there is a catch. If your car is stolen or damaged, the insurance company does not necessarily have to pay you the amount stated as what the vehicle is worth on the policy if you incur a total loss.
They have an out: there is often a clause that allows the insurance company to pay you the actual cash value of the vehicle or the stated value, whichever is less. Did you notice that last part? It says whichever is less. The insurance company can pay you the lower amount, and you’re out the extra money of the coverage you’ve been paying for every month.
Consider an agreed value car insurance policy. These are typically available from auto insurance companies that specialize in custom and classic vehicles. You’ll be surprised to know that agreed value car insurance is often cheaper every month that traditional car insurance policies. Why? Because these types of vehicles aren’t driven nearly as often as daily drivers, and they are protected from the elements by being stored in garages more often than other cars that people use to drive back and forth to work or to run errands.
Check out your options when you shop for auto insurance policies. Get a good appraisal from a professional, experienced appraiser to give to your insurance company as proof of the vehicle’s value. You’ll be backed by an independent appraisal informed by a detailed inspection and an extensive database of comparable sales. An agreed value car insurance policy is likely going to be a better option for you that stated value auto insurance New Hampshire. In the end, you’ll have a cheaper policy and one that offers better coverage.