If you’re considering purchasing collector insurance for your classic, street rod, restoration, etc. there are some factors you should consider.
    “Stated value” policies all too frequently means: “We ask you what you paid for the car, how much you have invested, what you think it’s worth, what would you sell it for”, &c.... as if your answer had anything to do with your coverage. It does not - it’s a way to increase your premium, which is a percentage of the policy limit (e.g., $10,000 limit @ 5% = $500.00). They don’t care if you tell the truth, because you’re not really covered for that amount.
    Why not? Because the policy frequently contains a small paragraph which says: “A claim for loss shall be in all cases limited to the ‘stated value’, or the actual value, whichever is lower”. This means that when your hemi cuda is gone they consult their Kelly Book, which shows no value for cars that old, so the “actual value” is $100. less your $100. deductible, so your compensation is: $.00.
    “Agreed value” is better, because they have said in advance that the value on which the premium is based will be paid. Read carefully; these typically require photographs, a complete description of the car, and in many cases an evaluation from a car broker or restoration shop.     Many favorable comments and feedback (“I got my policy 10 years ago from Dewey, Soakem & Howe, and they’re great - they paid off my dented fender immediately, no problems”) are based on damage claims, not liability. Only real useless POS companies don’t pay collision, theft, fire, glass or vandalism claims, because they’re pocket change, and not worth their court time.     The real problem is the liability coverage, where if you’re involved in personal injury or loss of life litigation they not only indemnify you against loss (pay the claim against you up to the value of the policy), but also provide a lawyer to defend you (i.e. defend themselves).
    These claims run to tens of millions, so a somewhat higher standard is applied. Absolute performance under the terms of vehicle operation and storage are examined very closely. Any exception is a reason to deny the claim. For example, if:
    1.    the person driving the car is a member of your household, but not listed on the policy, or
    2.    not a member of your household, and not listed, or
    3.    the car was used to commute (“I had a flat tire”), or
    4.    your other car was sold or unavailable (“my wife had it”), or
    5.    the annual mileage was higher than you showed, or
    6.    the car was operated between 2 locations, neither of which was the place where it was
           stored (from your girlfriend’s house to the movies), or
    7.    you had a passenger whose destination was the purpose of the trip (took your mom
           to the doctor), or
    8.    the car has been modified beyond its description, or
    9.    the car was used for compensation “I had to make a few deliveries”):

They refuse to pay the claim

    Don’t like it? Get your own lawyer, and sue them (the term is implead) and ask the court to force them to defend you.
    This will be strongly resisted, since they may lose a great deal of money.
    Only took the car to work “once in a while”? It was an “emergency”? And that ONE TIME you hit a school bus? Don’t even stop - go right to bankruptcy court, because you have no insurance. Yes, they will send people around to ask your neighbors, mechanic, co-workers, etc. when they’ve seen the car.
    One more time: claims for loss with an agreed value, with photos of the car and conditions of use met are generally safe. Property they really don’t care about. Dead people are another story.
    If you run over someone with your “parade float, maximum 50 miles a year, exhibition and club functions only, absolute original condition” that you drive every day to work, they’re going to send out men in vans with video cameras to prove you’re lying. Don’t count on them interpreting the language in the policy the way you would, or playing fair, etc. The insurance people who do this are only employed to CUT LOSSES. Pay a claim, lose a case: FIRED. Spend $100,000 proving the car is not “only used for club meetings” and get out of a $1,000,000. wrongful death suit: PROMOTED.
    Do not (NOT) ask your broker “am I covered”, the answer is whatever gets you to sign, pay and shut up, but the insurance company is not bound to honor his statement.     Don’t know what the policy means? Ask a good personal injury lawyer.