Agreed Value vs. Stated Amount: Protecting Your Supercar
Insuring a Honda Civic is simple; insuring a Ferrari SF90 is an art. The biggest mistake luxury car owners make is buying a standard auto policy that uses "Actual Cash Value" (ACV). Here is why that is dangerous.
The Trap: Actual Cash Value
Standard carriers (like Geico/Progressive) calculate value based on depreciation. If you buy a car for $300k and crash it a year later, they might say it's worth $220k. You lose $80k instantly.
The Solution: Agreed Value
With Prestige Assurance, we agree on the value upfront (e.g., $300k). In a total loss, you get a check for exactly $300k. No depreciation. No arguments.
What About "Stated Amount"?
Some brokers sell "Stated Amount" as a luxury product, but it's not. It simply sets a maximum payout, but the carrier can still pay the lesser of the Stated Amount or the Actual Cash Value. Avoid this at all costs.
The Prestige Difference
- OEM Parts Only: We ensure your Porsche is repaired with Porsche parts, not aftermarket generics.
- Choice of Body Shop: Take your car to the specialist you trust, not the cheapest shop in town.
- Worldwide Coverage: Shipping your car to a rally in Europe? We can cover it.
Do You Know Your Policy Limits?
Don't wait for a claim to find out you're underinsured. Get a complimentary policy review today.
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