When buying insurance for the classic car, there are three points to consider in regards insuring from the vehicle. Actual cash value, stated value and agreed value. Cash value is the normal method in which insurance providers insure the vehicle; it is based on rc minus depreciation. It is agreed value you are looking for when insuring a classic car. The company insuring the classic car choose an agreed value with the car owner. A contract is signed with both parties agreeing on the price and then, when the car is stolen or totaled, that prices are paid to the owner in the insurance carrier. It is important to realize that your typical auto insurance company might not be the best someone to insure your classic car. They often put such restrictions and high prices on their own insurance; it is worthwhile to look at firms that only insure classic cars.
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