When it comes to insurance, a primary concern of classic and collector car owners is how much their policy will pay out if they are involved in an accident and their car is a total loss.
A big factor of the insured's payout in the case of a covered loss depends on what type of coverage they have on their vehicle. We’ll dive into two types of coverage in this article, Stated Value and Guaranteed Value™ (also known as Agreed Value), but first, we must review something called Actual Cash Value (ACV).
Specialty and everyday insurance policies differ greatly when it comes to vehicle value and how clients are compensated in the event of a loss. There are three ways auto insurance can pay out claims:
Different companies have different vehicle and age requirements, but vehicles are generally considered “collector” if they are not daily drivers, they maintain or appreciate in value, and are of limited production or special interest.
*Eligibility rules and coverage availability may vary by province.
One of the biggest misconceptions among buyers is that the right auto insurance coverage is always the least expensive. But you know as well as we do... The best policy for your customer isn’t always the cheapest. And that’s especially true for collector and enthusiast vehicles.
As a trusted advisor to your client, you have the opportunity to not only protect your clients' prized possessions, but also connect them to a global community of like-minded car enthusiasts through Hagerty Drivers Club®.
Get more broker insights from Hagerty to grow your business through the collector car market.
*In the event of a covered total loss, Guaranteed Value coverage ensures your client receives every cent of their car’s insured value, less any deductibles and/or salvage value if retained (BC, MB & SK: and after settlement with government policy). AB & QC: Agreed value applies under the Guaranteed Value Plus Endorsement.
Membership benefits by Hagerty Drivers Club (HDC), a non-insurance subsidiary of The Hagerty Group, LLC. Purchase of insurance not required for membership in HDC. Policies are underwritten by Elite Insurance Company. Some coverage not available in all provinces. This is a general description of coverage. All coverage subject to policy provisions, exclusions, and endorsements. Hagerty determines final risk acceptance.
Hagerty, Guaranteed Value, Hagerty Drivers Club & Hagerty Valuation Tools are registered trademarks of The Hagerty Group LLC, ©2025 The Hagerty Group, LLC. All Rights Reserved. The Hagerty Group, LLC is a subsidiary of Hagerty, Inc.