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What happens if my classic car is totaled on a collector auto policy?

Agreed value means you and the carrier set the insured value at policy inception using a recent appraisal or market documentation, and that exact amount is paid in full for a total loss with no depreciation and no negotiation. Standard auto insurance pays actual cash value, which depreciates based on age and mileage. For a restored 1967 Mustang worth $60,000, ACV based on depreciated value would pay a small fraction. Agreed value eliminates this gap entirely. Most collector auto carriers require an appraisal or market documentation at binding.

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What happens if my classic car is totaled on a collector auto policy?

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