Agreed Value/ACV etc......
As an insurance professional, I can tell you that there is never one perfect answer for everybody.
I personally know of situations where people have obtained Agreed Value policies, then as the years went on....forgot about them.
How would you like to have a mid year vette worth $60K plus.....and lose it in say 2001, only to realize it was 1994 that you last updated your policy with a value of only $25K???? Guess what?....YOu are only going to get $25K. Agreed value requires yearly updates and appraisals when the vehicle is over $25K in value. The company won't send you a letter, or call you to remind you....you have to stay active in this process to make sure you are covered at all times. The cost of a good qualilty yearly appraisal can offset the benefit in lower premium.
ACV is market value at the time of the loss. So, if you have a well documented mid year that has a recent market value due to Barret Jackson sales, book value, and overall market value of $62K at the time of the loss.....you get $62K. However, you do often have to jump through one or two more hoops by keeping good quality records on the car and recent photos.
Overall, you have to be 100% honest with yourself and company as to the intended use of the car as you select specialty coverage. Most have a clause that simply says...you can't drive it to work! Well, what about National Drive You Corvette to Work Day, or the club meet at 5:45 right after work on the south side of town?........These policies bother me as you can find yourself in violation of your policy and risk not getting paid and or cancelled because you simply drove it to work.
Just FYI...I care normal ordinary regular insurance on my 69 just like you would if you had a 2003. In other words, it is ACV, and there are no mileage, work, storage, etc. restrictions....because it is a normal policy. What that means, I pay a little more for my overall premium, but I am not held hostage to the usage, storage, and driving of my own car! If I smash it on the way to work, or if a tree falls on it while I park it at my buddies house for a week or two (while I remodel my garage or something), the claim gets paid, and I move on with my life.
Now, we have three Vettes, one is a daily driver (the 2000), the 90 is not seeing any action, and in fact the 69 gets more miles than it does. Yep, I am throwing money out the window...but, I can hop behind the wheel of any of them and go anywhere and not be in violation.
Make sure you find a rep at the insurance company, or agent that is willing to sit down, take time, and go over all the options. Often it costs more, but making sure you are covered at all times and all places is pure peace of mind. If you go agreed value, DON'T FORGET TO UPDATE IT! Agreed value is a wonderful thing....when it is current and up to date.
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