High Value Auto Insurance

How much can you save?

The roads are full of wide range of automobile styles and types.  Some automobiles are built to meet basic transportation needs and on the other end of the spectrum are high value autos that are purchased for luxury, sentimental value, or antique collector value.  If you own a high value automobile, chances are that you care for your vehicles maintenance and upkeep, and you are careful about where you park your car and how you drive it.  That same level of care should be taken when you purchase an auto policy for your high value automobile because the wrong insurance policy could hurt you financially.

Agreed Value Option

Determining the true value of a rare, collectible or classic car can be a challenge for any auto insurance appraiser facing a claim, and sometimes there are disagreements over the value of an automobile that has been damaged and is need of repair or replacement.  One solution that works well with high value automobiles is to obtain an agree value policy.  With this type of policy, the value of the vehicle is established prior to any claims, so that if there is a claim, the appraisal is already complete and the replacement cost has already been established.

Liability Coverage

For any automobile, you will be required to maintain the minimum liability limits required by the laws in your state and high value automobiles are no different.  However, the minimum requirements in most states are well below the amount you should really have on your policy. A liability claim can be a costly endeavor, and if your policy limits are not adequate to cover any judgments rendered against you, you may have to pay for the difference out of your own pocket.  Make sure you purchase enough liability coverage to avoid this type of situation.

Auto insurance can be a complex product, especially for those who are not used to dealing with insurance policies every day.  That is why a professional agent is the best resource to help you to understand your coverage options and to help you make the best possible decision for your high value auto insurance policy.

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