While your scouring the Internet in search of the best classic car insurance, the team here at Classic Auto Ins. thought we'd save you some of your precious time. We've combined our brainpower to give you the lowdown (and best choices!) for which type of classic auto insurance online you should choose.
Currently, there are three types of insurance: actual cash value, stated cash value, and agreed value. Here's the breakdown:
Actual Cash Value
Many insurance agencies might offer these values of coverage for your vintage vehicle and promote them as an easier policy process. However, with ACV, you're only allowed to claim a small amount of money from your policy. For example, if a car's current market value is $5,000, the cash value written on your insurance contact will be much lower than that.
Stated Cash Value
Although this type of insurance policy is better than the one above, it's still not the most promising. With SCV, you'll claim more money than you would on an ACV policy, but it's still not comparable to the amount your automobile is actually worth. For example, if the depreciated value in an ACV-type policy is $3,000, you might get $4,000 with an SCV policy.
We recommend this type of insurance coverage the most. With AV, you will claim what you deserve from your classic auto insurance company. This is the type of policy we offer here at Classic Auto Insurance, where you know you'll be in good hands. Contact us today for your free classic car insurance quote.
About the Author
Drew Yagodnik is Vice President of Classic Automobile Insurance Agency, Inc. Classic Automobile Insurance Agency has been protecting collector, classic and exotics since 1992.