When you own a collector car, you probably don’t want to get stated value car insurance. You know you need some type of insurance to protect your investment, but this is probably not the type that you want to get. Stated value car insurance Carlsbad California is likely not the best way to go when it comes to getting insurance.
An appraisal can be an important part of helping you to get the car insurance you need that will actually pay for the amount the car is worth.
When you sit down with your insurance representative, you will talk about different types of insurance. One type that you may discuss is stated value car insurance. This type may require you to show different types of documentation, such as photos or an appraisal, that will attest to the value of your car.
However, it’s important to be aware that this type of insurance allows the insurance claims representative to actually give you less than what the car is worth by saying that the actual cash value of the car is less than what you asked to be paid in the event the car is beyond repair.
If you go with agreed-on amount insurance, the insurance company will pay you for the amount of insurance that you and the insurance representative agreed is the value of the car. That way, if the car is damaged, you will receive the amount that the car is worth, according to your documentation.
People go with a stated value insurance if they can’t afford the premiums for the coverage they want on an agreed-value policy. They then get the premium they can afford and the max coverage for their budget. However, they could get the same benefit by going with an agreed-on value for a lesser amount and not have to worry about the possibility of the insurance company paying the lesser “cash value” of the car.
An experienced car appraiser can help you to determine the market value of your car through a thorough inspection and comparison with other comparable sales. Then you will have the official documentation that you need to approach your insurance company with confidence.
Our professional appraisers know the car market inside and out, and they will look over your car to determine its worth. Even if you don’t do an appraisal until after the damage to your car is done, an appraiser can help you determine what your car would have been worth before the damage occurred, and this can also help you get more money to replace your vehicle from the insurance company.
As you explore your insurance options, getting a stated value car insurance Carlsbad may or may not be right for you. Explore your choices with your insurance agent, and confidently decide what kind of policy to get with your appraisal in hand.