When you’re shopping for car insurance, you want to get the best coverage for the best price. That means that you likely do not want to get stated value car insurance. Whether you end up with stated value auto insurance New York because it is the best choice for you, or you get agreed value car insurance, you will definitely want to get an appraisal.
Stated value car insurance is the type that you typically get for your daily driver. The problem with this type of insurance when you’re dealing with a collector or custom car, however, is that the latter type of car is increasing in value, not decreasing like your daily driver. Your investment needs to be protected, so agreed value car insurance is probably the better choice.
Stated value car insurance allows the insurance company to give you the lesser of two amounts: the actual cash value of the car (according to the car insurance company’s estimation) or the value that you insured the car for, its stated value. In the event of the car being stolen or damaged, you don’t want to be at the mercy of the car insurance company’s decision on what it thinks your car is worth.
On the other hand, agreed value car insurance is just that: the value of your car is what you and the insurance company agree on. There is no out for the insurance company to give you less money than your vehicle is worth.
Another plus to agreed value car insurance is that it is often cheaper than stated value insurance. Your collector or custom car stays in the garage most of the time, and you probably only drive it occasionally and when the weather is nice. So the premiums for these types of vehicles are usually lower than what you’d pay with traditional stated value car insurance.
As you’re shopping for different policies, you can send in an independent appraisal from one of our experienced and professional appraisers. The appraisal includes dozens of photographs of the vehicle and an appraised value that is determined in part by an extensive database of comparable sales. The appraiser knows custom and classic vehicles well, and they can appreciate the extra time and money that have been put into them.
With stated value auto insurance New York, you are not likely to get the best coverage possible, but with an appraisal in-hand, you can shop around for agreed value insurance with confidence.