Standard auto policies cover vehicles at actual cash value, which accounts for depreciation. A 1965 Mustang may be worth $50,000 on the market but an ACV policy might only pay $8,000 based on its age. A collector auto policy uses an agreed value that you and the carrier agree on upfront, so you know exactly what you will receive at claim time.

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What is agreed value vs actual cash value for classic cars?

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