Don’t Buy Stated Value Auto Insurance Rhode Island Offers

When you have a custom or classic car, you need to protect your investment. You know you need an insurance policy to protect it, but you should avoid the stated value auto insurance Rhode Island offers. These policies provide less coverage and are more expensive than agreed value auto insurance. 

With an appraisal from an independent appraiser, you’ll have the documentation required to find a great agreed value auto insurance policy.  You can get several quotes to compare coverage and premium costs. You’ll find in your search that premiums are usually lower with agreed value policies and that the coverage is much better. 

Stated value policies are not right for custom or classic vehicles. You don’t want an insurance appraiser from a stated value insurance company appraising your vehicle because they likely don’t have much experience appraising classic or custom vehicles, and they probably don’t have access to an extensive database of comparable sales, unlike our independent appraisers. 

A stated insurance policy is what you typically get for your daily driver cars. You are not guaranteed to get the same amount of money that you insure the car for. These types of policies have clauses that state you will receive whichever is less: the cash value of the vehicle or the amount it’s insured for. So it makes sense to have an independent valuation of your vehicle done.

With an appraisal in-hand, you can find the right agreed value coverage for your vehicle. You’ll likely pay less in premiums than with a stated value policy because you don’t drive your classic vehicle every day, and it’s probably kept safe in a garage. If your vehicle is damaged in some way, you’ll probably have an easier time getting the right amount to replace or repair your vehicle with an agreed value policy. 

That is because an agreed value policy gives you the value of the car. With the appraisal, you’ll have the right amount of coverage when you purchase a policy. 

Call us for a professional appraisal that you can use to get the best agreed value policy. It will independently verify what your car is worth on the market. Avoid getting the stated value auto insurance Rhode Island provides, and get in touch with us for an appraisal to turn in to an agreed value policy company today. We look forward to helping you protect your investment through providing you with a complete and accurate appraisal. 

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