Agreed value versus actual cash value
On a standard policy, a total loss pays what the insurer decides the car was worth on that day. On a collector policy you agree the value up front, in writing, and that is the number.
Establishing it usually means photographs, receipts and sometimes an appraisal. Worth doing once, properly.
The trade is how you use it
Collector policies cost less than standard ones largely because they come with limits — mileage caps, storage requirements, no daily commuting. If the car is a weekend and show-season car, that is a good trade. If it is your Tuesday driver, it is the wrong policy.
Parts and restorations in progress
A car mid-restoration is a moving target and the value changes as you go. So do the spare parts on the shelf. Both are worth naming rather than assuming.
Also written here
- Agreed value coverage
- Vehicles under restoration
- Spare parts
- Show and transport coverage