By Suzana 
If you own a car, you’re probably going to insure it. The same goes for a classic car. But this time, you won’t buy just any insurance policy because your vehicle is considered a rare breed and should be treated as such. In other words, you are advised not to go for traditional auto insurance policies for classic cars. Instead, go for stated value car insurance Baton Rouge LA. Why? Because it allows you to insure your vehicle for the amount you can afford.
Classic cars don’t depreciate, unlike regular vehicles. Instead, they appreciate in value. If you are a proud classic car owner, then you should consider getting stated value car insurance. This type of insurance policy does not apply to all kinds of vehicles but classic cars alone.
Many people misunderstand the term stated value car insurance and sometimes interchange it with agreed value. Vehicle valuation occurs when the car has been totaled. How much will your insurance company compensate you for in the event of a total loss? This rightly describes agreed value insurance.
Stated amount, on the other hand, is the amount stated as at the time you purchase insurance coverage for your classic car. Your car will be insured for the amount you think it’s worth. Stated value insurance determines how your insurer rates the car. In this case, there is no determined amount that you will get in the event of a total loss. The insurance company will compare the state value amount or the actual cash value of the vehicle to determine how much you will be paid. As usual, they will always go for a lesser amount.
Buying State Value Insurance
Insuring a classic car can be expensive. So if you own a classic car and would like to insure it but don’t can’t afford the vehicles appraised value, then you might as well settle for stated value car insurance Baton Rouge LA. Insuring a $700,000 classic car might be way above your budget. You could list its stated value at $100,000. This means your car is duly protected for $100,000 even if it gets involved in an accident. Your insurance company will compare both the stated value and the actual cost value to determine what you will get as compensation.
Instead of leaving your classic car unprotected, stated value car insurance Baton Rouge LA gives you peace of mind even after minor damage. Remember, this kind of insurance policy does not cover 100% of the vehicle’s value. If you have an auto insurance coverage with the company, you can add state value car insurance to it.
However, you must speak with an expert to know which classic car coverage is right for you? Even if you are quite knowledgeable about your choice, speaking with an expert is highly recommended. They can guide you in the right direction. These experts can also help you file a claim and get your deserved compensation