An actual cash value policy has no limit when it comes to coverage on the vehicle and changes according to its worth. The amount you can receive changes automatically through your insurer. A stated amount policy is a set amount agreed upon between the car owner and the insurer, with the car owner being responsible for notifying the insurer as the value of their classic car changes. If the driver fails to notify their insurer that the value of their vehicle has changed, they could be without coverage for the difference between the new value of the car and how much it was insured for.