A type of auto insurance also called Agreed Value Insurance that you should have for a classic or collector car. This is frequently a feature of many types of specialized vehicle insurance policies, whether for classic and antique cars, recreational vehicles and motor homes, since these vehicles are frequently customized and difficult to value according to "book" standards. The value of classic cars is much more stable than regular cars and often appreciates somewhat with time. With Agreed Value Insurance, the vehicle owner and the auto insurance company agree in advance on the value of the vehicle. That then becomes the amount the insurance company will pay if the vehicle becomes a total loss. This is a feature you should definitely look for in a specialty classic car insurance policy or when buying RV insurance.

Make sure you agree with your insurance agent on the Value of the car before accepting the policy. It should reflect the true market value of the car at the time the policy is written. If the car appreciates significantly in value, the Agreed Value should be adjusted accordingly.