Diner man, I'm not in the insurance business nor have I stayed at a Holiday Inn recently, but I reiterate that "agreed value" in the policy is what you are looking for. Otherwise, a regular policy is going to limit you to whatever the market says your insurance company says your
vehicle is worth
Agreed Vaue vs Stated Value
Agreed value policy. An insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total loss of the property insured without any adjustment for depreciation or appreciation.
A
stated value is a value that, instead of being par value, is assigned to a vehicle. Very similar to declared value and has has no relation to market price.
Declared Value insurance has the ability to make you a loser on both ends of the value range. Surprised? But it's not necessarily all bad. Basically you declare the value and pay a premium based on that value. If the car is worth more than the declared value when it gets totaled out, the insurance will not pay any more than the declared value, so you lose. If the car is worth less than the declared value when it gets totaled out, the insurance will only pay for the actual amount of the loss, being the actual value of the car, so you lose again by having paid too much for the premiums. Additionally, you may have to prove the prior value of the car after it has been wrecked, generally not an easy thing to do.
Other things may be important to you are how much you can drive it, where you can drive it, where it is is garaged day or evening, etc etc.
The most common are Hagerty, Grundy, JC Taylor, Geico, Safeco, Progressive, State Farm, American, Collectors, et al. For example, Grundy usually runs about halt of Hagerty, but Grundy is more of a middle man than an actual insurer. Personally, I like Hagerty for less restrictions and more "bennies" You, though, should get on line and check 'em all out since our cars fall in the cracks per se since they are not really classics 'cause they don't fall into the required age group they are customs or some other nomenclature. Did I say that the operative term is "agreed value" or Hagerty's "guaranteed value". My quote is $989/year if you're curious, but based on the results of your answers to their questions yours may be different.
Confusing. I think it's supposed to be so that you have to go to an insurance agent to explain what they want you to know (heh, heh) Maybe I should spend tonight in a Holiday Inn Express