A standard auto policy pays actual cash value: what a comparable vehicle sells for. For a collectible, a modified or a genuinely rare car, that calculation produces a number with no relationship to what you own.
Agreed value settles at a figure fixed in advance. Actual cash value settles at an opinion formed afterwards.
Three things about insuring a vehicle that is not a commodity.
On an ordinary car the carrier finds comparable sales and the figure is defensible. On a restored, modified or low-production vehicle there are no clean comparables, and the valuation becomes an argument you have after a total loss rather than an agreement you made before one.
With an appraisal, the policy states what the vehicle is insured for and pays that on a total loss without depreciation or debate. It is the correct instrument for anything whose value is not in a pricing guide, and it usually costs less than owners assume.
Collector policies commonly require limited annual mileage, secure storage and another vehicle for daily use. They are reasonable conditions and they are conditions, so the car has to actually live the way the policy assumes.
The vehicles that do not fit a standard form.
Restored, modified or rare. All three argue for agreed value.
Collector policies have conditions and the car has to meet them.
A valuable car does not need more liability. The household does.
Tell us what is in the garage and how often each vehicle is actually driven.
We put specialty vehicles on agreed value rather than a market opinion.
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