What kind of auto insurance is right for you?
Protect your investment! Get it appraised!
Classic, Collectible and Custom automobiles typically have stable values and appreciate over time. Because the values are stable, an "Agreed Value" insurance policy should be obtained to protect your collectible automobiles. The agreed value is an amount which has been agreed upon by your insurance company based on your car's model, year, and documented customizations. Agreed value policies ensure that, should you ever have to make a claim in the event of a total loss, the sum of pay-out will be based on your policy as the “agreed value”.
Most auto policies issued by major insurance companies are for "stated value" coverage. Stated value determines how the insurance company rates your vehicle but doesn’t necessarily determine how much they will truly pay you if your vehicle gets totaled. The fine print in a stated value policy is usually worded so that they can pay out the stated value amount or the actual cash value, whichever is lower.
Owners of collector vehicles should consider agreed value policies and take care to not get the two confused. It’s a good idea to verify the type of coverage you have now to avoid an unfortunate situation in the future.
Because appraisals are required for agreed value policies, coverage is without any hidden “gotchas”. If your car is stolen or totaled, you will receive the value agreed to when your policy was written.
For custom and show cars, the replacement value can greatly exceed the fair market value, or actual cash value, for these vehicles. That’s why it's very important to have agreed value insurance. The replacement value of your street rod or show car needs to include the cost of a donor car, the cost of materials and pay for the hours of labor to replicate these custom-built vehicles. An appraisal is not only important for getting an agreed value policy, but in the event of a claim, having an appraisal from Auto Appraisal Network will be invaluable for establishing the value of your car with the at fault party.
Want to chat about which insurance is best for you?
Text/call 786-853-0711. We’ll be happy to chat!
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What kind of auto insurance is right for you?
Daily driver (Stated Value) insurance is well suited for your daily driver car that is depreciating in value, but your custom or restored collector car that is going up in value, needs different (Agreed Value) insurance coverage. Do NOT lump your daily drivers and collector cars on the same policy! In the event of a claim for your collector car, you could be greatly disappointed!
Car appraisals from Key West to Port Canaveral
For cars, trucks, motorcycles, motorhomes, RVs, boats and light aircraft appraisals, from Key West to Port Canaveral, South Florida Car Appraisers has you covered.
Stolen car, now what?
Stolen car, now what? If your vehicle is stolen, you should call the police immediately and then notify your insurer, your lender and your state’s DMV. Almost 900,000 vehicles were reported stolen across the U.S. last year according to the National Insurance Crime Bureau (NICB), an insurance industry association. Lots of questions! What happens when your car is stolen then found? Who will pay for the damages that happened when the car was not in your custody?
Car appraisal near me
If you are looking for a car appraisal near you, and you are in South East Florida, you've found us! Getting a car appraisal before you buy, sell, or trade a car helps you get a good idea of the vehicle’s value and puts you in a better-informed position to negotiate. Several factors can affect a car’s value, such as your location and what kind of buyer you’re selling to (if you’re selling). Where you go to get your car appraisal could also affect the estimate you receive. Online guides, lenders, car dealers and professional appraisers can all offer car appraisals.
The two secrets the auto insurance industry doesn't want you to know!
The two secrets the auto insurance industry doesn't want you to know are "Appraisal Clause" and "Diminished Value." Almost every auto insurance policy has an Appraisal Clause, giving the policyholder, in the event their vehicle is declared a total loss, the right to an independent appraisal of the prior-to-loss fair market value. Diminished Value is the sudden loss of value because of an accident. If you were not at-fault in the accident, you can make a Diminished Value claim against the at-fault driver's insurance company. Call/text 786-853-0711 with any questions.
Collector motorcycle needs agreed value insurance
Nostalgia is an up-to-date re-imagination of the fabled 1934 BMW R7. Collector motorcycles require agreed value insurance coverage, not the stated value coverage that daily riders/drivers have. Protect your investment! Get it appraised! More info on the Nostalgia: https://nmoto.com/
Tesla Total Loss
After being hit by a tow truck whose driver admitted to texting and driving, then dealing with the insurance company and feeling he was being short changed thru the whole process - a $36,187 settlement offer, Luis contacted Auto Appraisal Network for a Prior-to-Loss Fair Market Value Appraisal. Result? $41,705 settlement. That's $5,518 more! If your insurance company is delaying, denying or underpaying, call/text 786-853-0711
Boat valuation for insurance
Why your boat needs a professional written appraisal. There are two basic types of boat insurance—“agreed value” and “actual cash value”, also known as "stated value." How depreciation is handled is what sets them apart. An "agreed value" policy covers the boat based on its value when the policy was written. While it may cost more, there is no depreciation for a total loss of the boat (some partial losses may be depreciated). "Actual cash value" policies may cost less, but factor in depreciation. Simply stated, the policy will only pay up to the actual cash value of the boat at the time it is declared a total or partial loss. Eventually, as your boat ages, your insurer will probably insist on an actual cash value policy, unless you provide a Replacement Value Appraisal
Financing older and rebuilt title cars in Florida
When buying an older car, or one with a rebuilt or 'branded' title, most financing companies will request an independent Fair Market Value appraisal of the vehicle before approving your loan. Recently we've appraised two newer sports coupes with rebuilt titles in South Florida, a 2016 Jaguar F-Type and a 2018 Nissan GTR, and both loans were approved!
Buying a collector car from a collection, or the whole collection?
Whether you are buying your first collector car, adding one to you collection, or purchasing the whole collection, we can help with a pre-purchase inspection (PPI) and Fair Market Value appraisal in South Florida.