What if I dont have a collector car policy and my collector car is covered at Actual Cash Value or Stated Value?
As an example, if someone were to have an accident and their $25K collector car covered under an Actual Cash Value policy was considered a total loss, claims underwriters would depreciate the value of their vehicle due to its age, mileage, condition, etc., and the final reimbursement could be far less than the vehicles real worth. Where as, if this same vehicle was covered under an Agreed Value policy, the full $25K would be reimbursed to them as agreed upon at the policys inception. Also, with an Actual Cash Value policy or Stated Value policy, claims are often handled with the same actual cash value coverage; for example: for a cracked windshield to be replaced under Comprehensive coverage of a regular-use automobile policy, the company may only reimburse enough to replace the damaged windshield with a generic windshield; where as a collector car insurance policy with Agreed Value will reimburse enough for a numbers-matching date-stamped factory windshield, which is an important aspe
