Why agreed value matters for classics
Collector vehicles do not follow normal depreciation. With agreed value, the payout is set up front in the policy so a total loss is not reduced to a low actual cash value. Keep photos, receipts, and appraisal documents up to date to support the agreed amount.
Eligibility and underwriting basics
- Garage storage locked indoor storage is common for theft and weather protection.
- Another daily use vehicle each licensed driver usually needs a separate daily driver policy.
- Limited use pleasure driving, shows, and parades. Regular commuting is typically not allowed.
- Driver record clean history helps qualify for preferred collector programs.
Setting the right value
- Use recent appraisals, auction results, and parts receipts to support the number you choose.
- Update the agreed value after major improvements or restoration milestones.
- Ask how salvage rights are handled if you would want the car back after a total loss.
Coverage options to consider
- Agreed value comprehensive and collision for total loss and major damage.
- Spare parts coverage for stored parts and accessories.
- Tools and memorabilia optional add ons for your workshop items.
- OEM parts preference where available for repairs on qualifying models.
- Restoration in progress staged value for project cars before completion.
How to buy step by step
- Gather photos, VIN, storage address, and any appraisal or build documentation.
- Select an agreed value that reflects the current market and your receipts.
- Confirm usage limits, storage requirements, and spare parts limits.
- Bind coverage and save your documents. Set a reminder to review value each year.