Classic Collectors

What is the difference between Agreed Value and Stated Value Insurance coverage?

An Agreed Value policy -- the same as Hagerty’s Guaranteed Value™ policy --guarantees that you will receive the full insured amount of the vehicle (with no depreciation, and including all sales taxes), in the event of a covered total loss.

In contrast, a Stated Value policy (sometimes called “stated amount” or “maximum limit of liability”) does not promise to pay the full vehicle value that’s indicated or “stated” on the policy. With regard to a covered total loss, you may receive less than that stated amount, because the insurer has the right to pay either your vehicle’s depreciated actual cash value OR the cost to replace your vehicle -- whichever is less. Also, many insurers that offer stated value policies (typically standard insurers) require periodic appraisals to affirm the insured amount, adding cost and inconvenience to the client.

Collector Car Insurance Coverage Options

Standard Auto Insurance Coverage – If you are planning on driving your classic car, your coverage package will include Florida required insurance coverage like Personal Injury (PIP) and Property Damage Liability (PDL). You may also wish to include Uninsured/Under Insured Motorist Coverage and Medical Payments.

Click here to learn about all auto insurance coverage options and requirements in the State of Florida. Because you will be driving your vehicle less than your daily driver, the cost of these required options is far less than on standard auto insurance.

Guaranteed Value – You and the insurance company come to an agreed upon value of your classic car and then, in the event of a covered total loss, you receive every cent of your car’s agreed value. No depreciation. No messing around. No hassle.

Comprehensive Only or Storage Coverage – Low cost coverage of your classic car while it is being stored to protect against damage from vandalism, theft, fire, flood and accidental damage not as a result of a collision.

Travelling Collector Coverage – Provides additional coverage while you are travelling to auto shows. Coverage options may include medical reimbursement, trip interruption, accidental death (including pets) and additional coverage for parts, tools & personal effects.

Vehicle Under Construction – You can get guaranteed value coverage for your vehicle while you are restoring it plus automatic increases and parts & tool coverage.

Spare Parts & Tools Coverage – Cover the spare parts you own, whether they are for the covered classic car or not, plus your tools, toolboxes, cabinets & accessories.

Flatbed Roadside Assistance – Upgrade to comprehensive 24/7 full service roadside assistance program for lockouts, battery jumps, tire changes, emergency fuel delivery and more — guaranteeing flatbed towing with soft straps.

Auto Memorabilia Coverage – Coverage for your valuable automotive collectibles which may include any historic or collectible automotive items, such as:

  • Petroliana (gas pumps, station displays)
  • Model cars and other toys
  • License plates
  • Posters and signs
  • Paintings and prints
  • Diner memorabilia (soda shop signs, diner displays)
  • Automotive literature
  • Tractor memorabilia
  • Farm implements
  • Militaria (excluding guns)
  • Hood ornaments
  • Barber shop memorabilia (barber poles, signs).

How is classic car insurance different from regular car insurance?

Classic car insurance offers some key benefits compared to daily driver or “regular“ insurance.

  1. Lower Premiums
    We understand your car is a prized passion and will be driven with great caution, so we adjust the premiums accordingly -- 40% lower on average than daily driver insurance. With a daily driver insurance policy, your classic may be rated like a regular-use vehicle, and you’ll be charged as if you were driving the vehicle every day.

  2. Guaranteed Value
    More commonly known as “Agreed Value” coverage, it means you tell us the value of your classic and we’ll affirm that it’s a fair, accurate number. Then, we GUARANTEE that value will be paid to you in the event of a covered total loss. Regular car insurance carriers offer Actual Cash Value or Stated Value coverage, which may depreciate the value of your vehicle in the event of a claim, resulting in a smaller payout than you anticipate.

  3. No Fixed Mileage
    Our policy allows you flexible usage -- with no fixed mileage limits. Even if you have full coverage through a regular car insurance carrier, there may be mileage and usage restrictions to control how and when your classic is driven.

Florida Classic Car Insurance FAQ

What is the difference between Agreed Value and Stated Value Insurance coverage?

An Agreed Value policy -- the same as Hagerty’s Guaranteed Value™ policy --guarantees that you will receive the full insured amount of the vehicle (with no depreciation, and including all sales taxes), in the event of a covered total loss.

In contrast, a Stated Value policy (sometimes called “stated amount” or “maximum limit of liability”) does not promise to pay the full vehicle value that’s indicated or “stated” on the policy. With regard to a covered total loss, you may receive less than that stated amount, because the insurer has the right to pay either your vehicle’s depreciated actual cash value OR the cost to replace your vehicle -- whichever is less. Also, many insurers that offer stated value policies (typically standard insurers) require periodic appraisals to affirm the insured amount, adding cost and inconvenience to the client.

How is classic car insurance different from regular car insurance?

Classic car insurance offers some key benefits compared to daily driver or “regular“ insurance.

There are several more benefits classic car policy holders enjoy

  1. Lower Premiums
    We understand your car is a prized passion and will be driven with great caution, so we adjust the premiums accordingly -- 40% lower on average than daily driver insurance. With a daily driver insurance policy, your classic may be rated like a regular-use vehicle, and you’ll be charged as if you were driving the vehicle every day.

  2. Guaranteed Value
    More commonly known as “Agreed Value” coverage, it means you tell us the value of your classic and we’ll affirm that it’s a fair, accurate number. Then, we GUARANTEE that value will be paid to you in the event of a covered total loss. Regular car insurance carriers offer Actual Cash Value or Stated Value coverage, which may depreciate the value of your vehicle in the event of a claim, resulting in a smaller payout than you anticipate.

  3. No Fixed Mileage
    Our policy allows you flexible usage -- with no fixed mileage limits. Even if you have full coverage through a regular car insurance carrier, there may be mileage and usage restrictions to control how and when your classic is driven.

What classic cars qualify for coverage?

We cover all kinds of classic cars, trucks and other vehicles, including antiques autos, collector and vintage cars, some modified and newer vehicles (sometimes called “modern classics” or “future classics”), in addition to motorcycles and many different kinds of specialty vehicles. Qualification depends on usage, storage and driving record.