As the owner of a classic or customized vehicle, it is important to avoid getting one of the stated value auto insurance Maine offers for your policy. These policies typically offer less coverage than you need when your vehicle is damaged, and they are frequently more expensive as well.
An appraiser not tied to an insurance company can give you the independent verification you need to give to an insurance company to get the right policy. That policy is called an agreed value auto insurance policy.
Agreed value provides you with the money that you insure the car for should it be damaged. This is different than stated value car insurance because stated value insurance doesn’t guarantee you’ll receive the amount that you insure the car for as there is a clause saying you can receive the lesser of two values: the car’s cash value or the insured amount.
Should the insurance company tell you how much they think your car is worth, it’s not likely that you’ll actually get the true value of the vehicle. The insurance appraiser likely doesn’t have the experience appraising custom or classic cars like our appraisers do, and they probably don’t have access to an extensive database of current comparable sales, which we do. On the other hand, agreed value insurance provides you with what your premiums are paying for. If the car is damaged, you’ll get what you insured it for. This makes it easy to determine what you’ll receive to repair or replace your vehicle if it is damaged or totaled.
You can shop for the best value coverage for an agreed value policy when you get an appraisal. This type of insurance has lower premiums since you typically don’t drive your classic or custom vehicle as often as your daily driver, and it is more likely to be stored in a secure location like a garage. You can save a significant amount of money in premiums with this type of insurance.
When you have a classic or custom vehicle, the stated value auto insurance Maine offers is likely not the best choice. Call us for a professional appraisal that you can submit to agreed value insurance companies. You’ll have an accurate determination of what you could reasonably sell the vehicle for. We’ll examine the car thoroughly and determine a market value so you can get the coverage you need at a price that is affordable.