A standard auto policy pays actual cash value: what the market says a used car of that age is worth. For a collector car, that number can sit far below what you paid, what it would cost to replace, or what it's genuinely worth after a careful restoration.
Collector car policies work differently: you and the carrier agree on the car's value up front, and that agreed value is what a total loss pays. Premiums are often lower than a standard policy too, because the carriers know these cars are garaged, maintained and driven gently.
If a car you treasure is sitting on the same policy as the grocery-getter, it's worth asking what a total loss would actually pay. The answer usually surprises people.
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