9/4/2023 0 Comments Actual cash valueYou can “state” what your car is worth (along with supporting documentation) and your car will be insured for that amount. If your car appreciates in value, you can change the agreed value amount when your policy renews. If your car is totaled, you’ll be paid that amount (minus your deductible). You and your insurance company agree upon the value of your vehicle in advance. You’ll typically have two different payout options if your classic car is totaled: That’s because a classic car doesn’t always depreciate in value like a regular car. If you have an antique, classic, collectible or even a “modern classic” car, you’ll want to look into classic car insurance. For example, in Texas you have the right to pursue legal remedies including mediation, arbitration or a lawsuit. If you don’t come to a settlement agreement, you may have other options. Keep in mind, the insurance company does not have to accept a counter offer. You can check online sources such as Autotrader. Comparable sales of similar cars in your area.You can get this from sources such as NADAguides.
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