Classic Car Insurance in Virginia
Proud owners of classic cars take better care of their vintage automobiles then themselves at times. Still, many are unaware of the coverage needed to protect their beloved investment. Cary-Wheeler & Associates of Richmond, VA offers valuable knowledge that can assist with securing the right classic car insurance policy for your prized possession.
Benefits of Classic Car Insurance
The wording of a classic car insurance policy is quite different than a normal car insurance policy. The coverage considers that your car is a vintage model. Thus, the protection provided comes with great caution in the area of driving the vehicle regularly.
The policy's coverage could be adjusted if it's determined that your classic car is used daily. In terms of mileage and amount of days on the road. Classic car owners can request flexible usage with no fixed mileage restrictions, which could mean going for the occasional weekend drive or attending a local Virginia classic car club event.
The Difference Between Agreed-Value and Stated-Value Coverage
In the event of a vintage automobile being totaled, your classic car insurance policy will pay value on the vehicle based on the category of agreed-value or stated-value. An agreed value is gaining no depreciation on the overall value of the classic car. Often, the figure is a fair and accurate dollar amount that both sides are comfortable with.
In contrast, stated-value coverage provides the insurer the right to receive either the car's depreciated cash value dollar amount or a settlement price to replace the damaged automobile. The wording found other similar classic car insurance policies allows the provider to choose the lower of the two documented dollar amounts be awarded to the insurer. Also, you may see this value coverage refer to as actual cash value.
Get classic car insurance that works for you. Speak with a person from Cary-Wheeler & Associates Inc of Richmond, VA about your options. Schedule an appointment today!