What’s an Agreed-Value Policy, Anyway?
Picture this: your pristine 1969 Mustang Mach 1, polished to perfection, cruising down South Daytona’s streets or shining at the Daytona Turkey Run. Now imagine a fender-bender or, worse, a total loss. A standard auto insurance policy might leave you short, valuing your ride like any old car. That’s where an agreed-value policy saves the day.
Unlike standard policies that use actual cash value (market value minus depreciation), an agreed-value policy locks in a specific amount you and your insurer agree on upfront—say, $50,000 for your Mustang. If it’s totaled, you get that full amount, no haggling. For classic and collector vehicles, which hold or gain value over time, this is a game-changer. At Wallace Insurance, we get how special your ride is and tailor these policies for South Daytona’s car lovers.
Why Classic Cars Need Agreed-Value Coverage
Classic and collector vehicles aren’t your average daily drivers. Whether it’s a vintage Corvette or a restored Chevelle, these cars are investments, passions, and pieces of history. Here’s why an agreed-value policy is a must:
Value Protection: Classics don’t depreciate like modern cars. An agreed-value policy ensures your car’s appraised worth is covered, not a lowballed market estimate.
Event-Ready Coverage: Heading to a local Volusia County car show? Agreed-value policies often include coverage for show-related risks, like minor dings in crowded lots.
Restoration Security: Got a project car in the garage? These policies can cover parts and labor during restorations, crucial in Florida’s humid climate.
Peace of Mind: No worrying about insurance disputes. You know exactly what you’ll get if the worst happens.
Without agreed-value coverage, you’re stuck with standard policies that might undervalue your car, leaving you out of pocket after a claim.
How Wallace Insurance Makes It Easy
At Wallace Insurance, we’re your South Daytona pals who live for car culture. We work with top carriers to craft agreed-value policies that fit your classic or collector vehicle like a glove. Here’s how we roll:
Expert Application Guidance: We know the ins and outs of classic car insurance applications, like submitting photos and proof of daily driver’s insurance, making the process a breeze.
Custom Plans: Whether you’re cruising occasionally or showing off at events, we tailor coverage for low mileage, storage, or shows.
Local Know-How: From Daytona Beach to Ormond Beach, we understand Volusia County’s car scene and weather risks, like hurricanes or salty air.
Ready to protect your pride and joy? Call us at (386) 761-1832 or get a quote to keep cruising worry-free.
FAQ: Agreed-Value Policy Basics
What’s the difference between agreed value and stated value?
Agreed value guarantees the payout amount you and your insurer set. Stated value lets the insurer adjust the payout based on market value, often less.How do I get an agreed-value policy?
Contact Wallace Insurance for a quote. We’ll walk you through it, no stress.Is it more expensive than standard insurance?
Not always! Low mileage and secure storage often mean lower premiums compared to rates on a typical personal auto policy.