Insuring and Protecting Collector Cars

Personal Lines

The most important tip for maintaining your classic or collector car is to secure the proper insurance. M3 Elevate specializes in the growth and protection of our personal lines clients. M3’s personal lines team can assist you with making selections in coverage and insuring your collector car to reflect its rarity and value.

If you own a classic or collector car, it is common to worry about how much your policy will pay out in the event of a total loss incident or accident. When making a policy selection, it’s essential to understand the payout for the types of coverage. This article will highlight guaranteed value coverage and tips to maintain your collector car.

Guaranteed value coverage:

Agreed value policy

According to Hagerty1, an agreed value policy guarantees that you will get the full insured amount of the vehicle in the event of a covered total loss. Hagerty defines this policy as “guarantee that insurance will pay this agreed-upon value.” The value is based upon the proven value of your car from you and the insurance company. Determining proven value normally includes: appraisals, documentation, and photographs.

Stated value policy

A stated value policy refers to coverage which pays a stated amount or maximum limit of liability. This isn’t a promise to pay the full vehicle value listed 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 the vehicle – whichever is less” (Hagerty). Another layer to stated value insurance is the potential for required periodic appraisals to update the insured amount, which some may see as an inconvenience.

Pick the right policy for your collector cars

If your classic car is continually increasing in value, and you spend time and money on maintenance, consider agreed value coverage. This policy type will prevent you from losing a significant amount if you are involved in an accident. At M3 Elevate, our personal lines team will help you select the proper insurance for your specific needs. The majority of standard insurance companies don’t offer agreed value insurance. Because M3 Elevate partners with specialty providers, we are able to arrange clients with the best coverages based on individual needs.


If you have a collector car, be sure to protect your asset through the proper insurance coverage, along with continuing ongoing maintenance.

For further guidance on insuring and protecting your collector car, contact Jennifer Vanderlip.

Maintenance Tips from West Bend2:

A custom, classic, collectible, or antique car requires special insurance and maintenance. Remember these tips to ensure your car continues to increase in value.

  • Get regular tune-ups from a qualified technician who has the knowledge on your specific vehicle
  • Avoid gravel or dirt when parking your collector car – your vehicle will degrade slower if parked on cement
  • Clean the inside of your car thoroughly to avoid attracting animals
  • Keep an eye on the brake pads to prevent damage to rotors
  • Drive the vehicle semi-regularly for at least a half hour at a time to drastically slow down the aging of your collector car


2West Bend

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