Collector Car Insurance coverage Options

As with all types of insurance, there can be some confusion about what you’re actually getting.

Actual Cash Value

The most popular type of policy written for daily drivers will only pay out the value determined by the insurance company at the time of your total loss accident. Usually based on used car prices rather than the value in the collector car market.

Stated Value

Very popular with collector car owners. You determine the amount that your car is insured for. If you have a total loss claim, that amount is the starting point for depreciation or other adjustments made by the insurer before settlement. You receive the lower of the stated value or actual cash value amounts.

Agreed Value

You and the insurer agree to the amount of coverage and the premium is adjusted accordingly. If you have a total loss claim you receive the full amount of the agreed value for your vehicle.

Insurance for your Insurance

How do you know if you are insured for the correct amount? An AAG auto appraisal can help you establish proof of your car’s condition and document its current value for insurance purposes.

 

Appraisal aids in Divorce Settlement

After 7 years of marriage, Joe & Cheri Williams (names have been changed)decided to call it quits.  They both admitted that they were miserable and it was time to part ways and move on.  During those 7 years they had acquired a couple of collector cars that they drove to local cruise-ins and car shows.  Now it was time to divide the assets. They agreed that Joe would keep the Chevelle and Cheri would keep the Camaro. But now they couldn’t agree on how much each one was worth.  Cheri contacted AAG for independent appraisals on the two vehicles.  After on-site inspections and market research, she received an unbiased appraisal for each vehicle.  Once Joe and his attorney saw the detailed appraisal report, they were able to negotiate an amicable settlement of personal property which included the vehicles.  “We are very grateful to find a professional and independent appraisal company to help this couple determine the fair market value of their collector cars. The local agent was very prompt and the report gave us everything we needed to finalize the property settlement,” said Joe’s attorney.

AAG can assist you with independent auto appraisals on any type of automobile, motorcycle, RV or other vehicle.  AAG also has value expertise in automobilia items like gas pumps, vintage signs or other types of collectibles.  While Joe & Cheri were able to settle their property without going before a judge, AAG also has experience with expert witness testimony should the need arise.

Appraisal services assist in property settlements for estates and divorces or for claims involving diminution of value or totaled vehicles.