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The older, more established insurance companies, (I use State Farm) have what is called "stated value." You state the value, they take a bunch of pictures, charge you accordingly, and upon loss, give you cash. Not, a replacement, or a line of crap. Just cash.....Chuck.....

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Q: How do you insure your classic car for its actual value if it's my only vehicle?
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Related questions

Do insurance companies pay for replacement value or actual value when a vehicle is stolen?

Insurance companies ONLY pay for Replacement value when you have paid for an additional endorsement to insure your car for its "replacement" value. Otherwise, they pay Actual Cash Value, using blue books, fair market prices, your car's condition, i.e miles, etc, all of it is a factor to determine actual cash value, etc.


Does insurance on a classic car is more expensive than on a regular car?

usually less as your not using it for an every day driver and you can put the value on the vehicle that you want to be insured, if it's worth $30,000 you insure it for that amount.


How do you value a 1986 vehicle but not a classic?

Check out this site. It should help you. http://www.nadaguides.com/


Can there be more than one insurance policy on one vehicle?

You can not insure a vehicle for more than its value so more than one insurance policy would be a waste of money.


What is the value of a totaled vehicle?

The value of a totalled vehicle is an assessment of what that vehicle's actual cash value was prior to the loss. States vary in how carrier's assess a total loss evaluation. For instance, in NY a carrier has the option of using the "book" value such as Kelly Blue Book or NADA, doing a "market value survey" which is essentially reviewing the "market value" of similar vehicles for sale in the same area (such as the classifieds in the newspaper), or they may use an average of the two. In any case, it is not the actual price you paid for the vehicle brand new as the vehicle would have been subject to depreciation.


Who determines the black book car values?

The black book car values are calculated by comparing the actual sale prices for a vehicle. Other books determine the value of a vehicle by its appraised value.


What percentage makes an auto a total loss?

As a rule of thumb, if the repairs are up to approximately 60-65% of the actual cash value of the vehicle, it will most likely be totalled by the insurance company. The reasoning behind that is there are usually supplemental charges that were not included in the initial damage appraisal that could likely drive the price of the repairs up to or pass the actual cash value of the vehicle. No insurance company will pay more than the actual cash value of a vehicle.


Can you show comparable vehicle to ins co and get more for your totaled vehicle?

No, you can't The insurance company will pay you the ACV (Actual Cash Value) of the vehicle. Meaning, you'll get what your vehicle was worth at the time of the accident.


What do you do if it costs more to fix a wrecked automobile than the vehicle is worth?

If you have physical damage coverage on your policy and the cost to repair the vehicle is more than the value of the vehicle then the insurance company will total the vehicle. In the case of a total loss, the insurance company will pay you the actual cash value of the vehicle less any deductible you have. On all insurance policies, where you have physical damage coverage, the insurance company has the option to repair the vehicle, pay the actual cash value of the vehicle, or replace the vehicle. Companies never replace the vehicle.


How much would you insure your house if it is appraised at 75000 initially?

You need to insure it at replacement cost not value or appraised value. Call your agent.


What does the car insurance do after they totaled the car?

According to most auto insurance policies, the company will repair, replace, or pay the actual cash value of the vehicle insurance if you have the appropriate coverage. If the vehicle is deemed a total loss, which means that the cost to repair is close or over the actual cash value of the vehicle, the company will pay the value of the vehicle to your finance company or bank if it is financed, and will pay you any amount over the amount owed to the bank or finance company, if it is financed. At this point you have in effect, sold them the vehicle so they will take what is left of the car.


When your auto is declared a total loss do you get the tax and license you paid back as well as the actual cash value of the vehicle?

Not likely, no