It guarantees that the policy owner will receive every dime for which the vehicle is insured. Of the three types of polices, only agreed value ensures you will get all your money back in the event of a total loss. There are several other benefits of collector-vehicle type insurance that you should keep in mind when shopping for insurance with Hagerty or any other company. Remember, most collectible cars don't depreciate. In fact, many cars increase in value as time goes by.
Standard insurance assumes a vehicle depreciates with age.
This isn't the case with collector car insurance. Companies such as Hagerty know that classics appreciate as the years roll by. So if you own more than one car, you pay one lump sum for the whole collection. Some Hagerty customers own hundreds of vehicles. Hagerty's reasoning is that a customer can only drive one vehicle at a time, so the single liability charge is logical.