Choosing Coverage for Your Vintage Auto
In the event of a total vehicle loss caused by collision, natural disaster, or theft, automobile owners who have adequate insurance coverage may be able to recover compensation for their loss. For owners and collectors of classic automobiles, it is especially important to protect your investment against unforeseen damage or theft.
Owners of classic cars often invest time and money into the restoration, display, and care of their vintage vehicles. If you are looking for reliable, no hassle auto insurance, the Chicago insurance professionals of Insure on the Spot can help. For a free, no-hassle, no obligation quote, contact us at 773-202-5060.
Types of Coverage
The three basic types of coverage and appraisal for loss include:
- Actual Cash Value – One of the most common types of coverage, which places the determination of the value of the automobile in the hands of the insurer. The policyholder may disagree with the initial appraisal, but in the end, the decision rests with the provider
- Stated Amount – This type of coverage may allow the policyholder to set the value of the car, but may require higher insurance premiums.
- Agreed Amount – The insurer and insurance provider will usually agree upon a value for the automobile and the owner will be reimbursed this amount in the event of loss, no matter what.
When it comes to insuring a classic car, “agreed amount” coverage may be the best option for vintage car owners. This type of coverage allows the vehicle owner to establish a set amount of coverage to ensure that he or she will get the compensation wanted in the event of total vehicle loss.
If you are looking to insure a classic automobile in the Chicago area, contact an experienced Chicago insurance agent of Insure on the Spot at 773-202-5060 today.