There are several reasons why you might decide to spring for an agreed value car insurance Ventura CA rather than that of a market agreed value. Sometimes, sentimentality is the major driving force behind such a decision. Other times, it could be that extensive modifications have been made to the car, and thus a market agreed value insurance would not be enough to cover the cost in case a loss occurs.
To determine if it is a wise move, however, you should do a comparative study of the two types of insurance policies.
For market agreed value, the cost of getting a policy would depend on the company and the car concerned. Generally, an expensive car would attract a higher premium than a less expensive one.
For agreed value car insurance Ventura CA, the owner of the car has the choice of either choosing a policy that is lower or higher than the market agreed value. The premium the car owner thus pay is of his own choosing and should thus not be considered expensive.
You thus see that your choice as to which insurance you go within respect to the cost that will be incurred is purely subjective. If you feel that the car is worth way more than the market agreed value, then its best you spring for an agreed value car insurance.
Worst Case Scenario
This flows from the point mentioned above. Before choosing an insurance policy, you must first ascertain what position it would leave you in in the event that your car needs to be replaced. Will the indemnification you get from your prospective insurance policy be enough to replace your beloved car? Will it be enough to restore all the modifications you made to it? Or will it, on the contrary, leave you in debt? These are questions that will help you make the best decision.
As expected, a higher premium is usually paid on cars with an agreed value car insurance Ventura CA policies. The only exception being cases where the agreed-upon value is lower than the market agreed value for said car.
You should thus only opt for an agreed value car insurance Ventura CA policy if it is absolutely important. If the car is a classic that has been restored and has some custom features added to it, then you can also consider insuring it with an agreed-upon value.
After all is said and done, it is generally advised not to go for an agreed value car insurance Ventura CA that is higher than the market value of the car in question is at least 10 years old. If it is new and a luxury, however, then it could be a good decision.
If you do decide on getting an agreed-upon value, you should make sure that the car is properly and completely covered. Make sure all the modification and customizations you have made to it be properly documented and reflects in the policy.