Overview
Classic car policies use agreed value — you and the insurer agree up front what the car is worth — rather than the depreciating actual cash value most policies use. Premiums are usually lower than a standard policy because mileage is limited.
Key benefits
- Agreed value payout
- Specialty repair shop options
- Lower premiums based on limited use
- Coverage for spare parts and tools
Real-world examples
Show car total loss
Your restored 1967 Mustang is totaled in a garage fire. Agreed-value coverage pays the full insured amount, not a depreciated value.
Related coverages
Liability Insurance
Required by Texas law — covers the other driver when you're at fault.
Full Coverage Insurance
Liability + collision + comprehensive — the package most lenders require.
Collision Coverage
Repairs your vehicle after a crash — regardless of who's at fault.
Comprehensive Coverage
Protects against theft, hail, vandalism, and animal strikes.