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Frequently Asked Questions.

What You Should Know > Agreed Amount/Value

This is the only policy form guaranteeing you in writing what amount you will receive if your "Collector Car" is stolen or totaled during the policy period.

Note there is no "Actual Cash Value" clause in the form. The "Agreed Amount" form states the insurance company will pay you, the lesser of:

  1. The "Agreed Amount," or
  2. The cost to repair the covered auto, not to exceed the "Agreed Amount".

The "Agreed Amount" should be reviewed carefully with your agent before the policy is issued. Your agent and you must agree together upon the "Agreed Amount" before the policy is issued.

The "Agreed Amount" should represent the true market value of the car at the time the policy is written.  If the market value changes during the policy period, the "Agreed Amount" can be changed by endorsement. Before policy renewal each year the "Agreed Amount" should be changed, if necessary, to reflect current market value.

Extras

Once you find a program or two offering agreed value for physical damage coverage, compare the extra coverages.

In addition to the car’s "Agreed Value," a few programs allow you to insure special items such as original Rudge wheels, Nardi steering wheels, original matching luggage, or special stereo equipment.  Many programs only allow you to drive 2,500 miles annually, but some offer different mileage plans up to 5,000 miles a year, as well as different physical damage deductibles.  Some have warranties and restrictions allowing you to drive the car only to special events and car club events.

Read the application carefully. Ask your agent about policy warranties and restrictions before you apply. Each program is a little different. Find one suitable for your driving needs.

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