Personal Lines · Collector Car
Collector car insurance: why a standard auto policy is the wrong tool.
The difference isn't the premium. It's what happens to the number when you total the car.
The short version
A standard auto policy pays actual cash value — what the car was worth the moment before the loss, after depreciation. That's the right answer for a daily driver and the wrong answer for a vehicle that has been appreciating for thirty years. Collector policies instead use agreed value: you and the insurer agree the number up front, in writing, and that's what gets paid on a total loss. No depreciation argument, no adjuster's opinion of a 1969 Camaro.
In exchange, collector policies carry conditions a daily-driver policy doesn't: limited annual mileage, pleasure and show use rather than commuting, secure enclosed storage, and usually a requirement that you own a separate everyday vehicle. Those restrictions are why the premium is often lower than people expect.
Valuation
Three ways a policy can value your car.
Only one of them protects an appreciating vehicle.
Agreed value
You and the insurer agree the figure at the outset and that's the payout on a total loss. Usually needs photos and sometimes an appraisal. This is what you want.
Stated value
Sounds similar and isn't. Stated value typically pays the lesser of the stated amount or actual cash value — which quietly puts depreciation back in the contract.
Actual cash value
The standard auto approach. Depreciated market value at the time of loss. Fine for a commuter, wrong for a collector.
Revisit the number
Agreed value is only right while it reflects the market. Values move. A policy written at a number from five years ago is underinsured today.
Conditions
What you're agreeing to in exchange.
These restrictions are the reason collector coverage is often cheaper than standard auto on the same vehicle.
- Limited annual mileage — the cap varies by program
- Pleasure use, club events, shows and parades — not commuting
- A separate daily-driver vehicle in the household
- Licensed drivers with acceptable records
- Secure, enclosed storage — a locked garage, not a driveway
- Vehicle age or collectibility requirements
- Sometimes photos, an appraisal, or an inspection
- Modifications and restorations should be disclosed and valued
Spare parts coverage is worth asking about specifically. Many collectors have thousands of dollars in parts on a shelf that no policy currently covers.
Straight Talk
When you don't need a collector policy.
If you drive it regularly, you can't have one
Mileage and use restrictions are real conditions, not suggestions. A car you commute in belongs on a standard policy even if it's forty years old.
An old car isn't automatically a collector car
A high-mileage twenty-year-old sedan is just an old car. Collector programs are for vehicles with collectibility, and being honest about that saves everyone time.
You may not need it if the value is modest
If the car is worth roughly what a standard policy would pay anyway, the specialty program is solving a problem you don't have.
Don't drop liability to save money
The liability side still matters — a collector car in traffic can cause exactly as much damage as any other vehicle.
Get Started
Request a collector car quote.
Tell us the car, roughly what it's worth, and where it's stored.
Reach us directly
You'll hear back from a real person on our team, not a call center.
Plano, TX 75074
Collector Car FAQ
Questions we hear often.
What is agreed value on a collector car policy?
You and the insurer agree the vehicle's value in writing when the policy is written, and that's the amount paid on a total loss — with no depreciation applied and no argument with an adjuster.
What's the difference between agreed value and stated value?
Agreed value pays the agreed figure. Stated value typically pays the lesser of the stated amount or actual cash value, which puts depreciation back into the contract. The names sound similar and the outcomes are not.
Can I drive my collector car every day?
Generally no. Collector policies restrict use to pleasure driving, club events and shows, cap annual mileage, and usually require you to own a separate daily driver.
Does my collector car need to be in a garage?
Most programs require secure enclosed storage. A locked garage typically qualifies; a driveway or carport usually does not.
Are my spare parts covered?
Not automatically. Spare parts coverage is often a separate item worth asking about, and collectors frequently have significant value sitting on a shelf.
Is a car being restored insurable?
Yes, but it's a different risk than a finished car and the value changes as the work progresses. It's worth reviewing coverage during the build rather than after.
Is an old car automatically a collector car?
No. Collector programs are for vehicles with genuine collectibility. A high-mileage older daily driver belongs on a standard auto policy.