When you think of auto insurance, you think about insuring your everyday driver. You think about things like liability and collision. You may even think about a gap policy to cover the difference between what the car’s value is and what you owe on it. However, if you own a truly special car – a car that means as much to history as it does to you, you have to realize that the standard car insurance policy isn’t going to protect you financially.
For those who own a true luxury car like a Rolls Royce Silver Shadow, a classic like a completely original 1966 Shelby Mustang “Rent-a-Racer” or a supercar such as a Lamborghini Countach in pristine condition, there isn’t a “standard” car insurance policy on the planet that gives you the financial coverage that car deserves. The only way to have complete coverage for vehicles like these is to work with an insurance company willing to write what is known as a “Agreed Value” policy.
Standard policies only cover market value for a vehicle which is determined by the insurance company. If that value is less than the stated value for the vehicle, the insurance company can, and will pay you less. This means you could be out tens of thousands of dollars in value if your car is totaled.
However, if you work with a company like Insurance and Mortgage Services, you can come to an agreement on the actual value of the car. This means you’ll be paid the agreed upon value instead of the market value which can make a significant difference if an accident occurs. Don’t half protect your car, give it all the protection a truly special car deserves.