There are three basic types of antique car auto insurance offered today.
Actual Cash Value
You’ll find dozens of insurance companies willing to offer ACV types of insurance coverage for your collectible or antique car and they won’t even make the application process difficult.
With actual cash value, you’ll only be able to claim a small amount of money from your insurance policy. If you look at this type of insurance policy, you’ll notice that if a car’s current market value is $5,000 the cash value written on your insurance contract is much lower than that.
Stated Cash Value
This is better than insurance policies with actual cash value coverage, but it’s not the best.
With SCV types of insurance policies, you can expect to claim more money than you would have with an ACV policy. If the depreciated value given in an ACV policy for your car is $3,000, you could perhaps negotiate to get $4,000 for your car with an SCV policy.
But it’s still not the same amount that you know your automobile is worth.
Agreed Value
This is the best type of insurance coverage you can obtain from a classic auto insurance agency. With agreed value, you’ll be able to claim the amount of money your car rightfully deserves.
Classic Auto Insurance gives you the right insurance policy for your vintage car. Get your free quote from us today.
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.
