This is a very inexpensive policy designed specially for original or restored vehicles, or vehicles in the process of being restored. It will provide "Agreed Value" coverage. Agreed Value means that in the event of a total loss, the customer will receive all of his/her money (value) back; the value of the vehicle having been agreed upon at the writing  of the policy. NO depreciation will apply.

This is very different from a standard auto policy which is based on "Actual Cash Value". Actual Cash Value depreciates the value of a car  as it gets older. There are also auto policies that have "Stated Value" coverage.  This type of policy usually requires that the insurance company only pay "up to" the value stated on the policy- it can be a depreciated amount. You want to make sure that after putting your heart and soul into your vehicle that you have the proper type of policy covering it- always purchase an Agreed Value policy for your Collector Auto.

There are usage restrictions and annual mileage restrictions on this type of policy as the intent is that the vehicle be primarily for club  functions, exhibitions, tours, parades, etc. This should not be a problem if you are a true collector. It is highly unlikely that you would even think of driving your collector auto to work each day or parking it in  the local grocery store lot while you run in for a few groceries, right?