Most auto policies are for "Stated Value". The most cost effective insurance for your daily driver is a Stated Value policy, but not for your custom or collectable car. With a Stated Value policy the insurance company decides what your collector car is worth at the time of the loss. If you do not agree with them, chances are you'll need a lawyer and an appraisal to help you argue the point. Many collector policies sell Stated Value as if it was the same as "Agreed Value". It is not! Stated Value policies pay The Stated Value or The Actual Cash Value of a stock vehicle ... whichever is less.
Only Agreed Value Insurnace coverage is without hidden gotchas. If your car is stolen or totaled, you will receive the Agreed Value that it was appraised for when you Insured your collectable car.