Back in the later '80s, one of the guys in our car club was insuring his '66 Charger and his agent mentioned a "stated value" policy as the best way to go on an older car. It sounded great at the time, until I realized that ALL insurance is "stated value", just depends upon whom states what the value is, their tables or otherwise. Everything's based on a rate per $1000.00 of valuation.
Several years ago, on my regular auto policy, where I've got everything, as the newest car was my '80 Newport, they wanted me to put a value on them as their books didn't go back that far. So I did, after looking at the price guides and adding a little for this or that. Surprisingly, it came back cheaper than before! The local agent's employee had no general rate books for antique insurance, only using some other policies they had done as a guide.
Used to be a mileage limit of 2000 miles/year. One guy in another club challenged JCTaylor on that. As he noted, in Texas, it's a good ways between shows each weekend. They approved of that. The other issue is that, as noted in a Ford club newsletter, a few members were going to drive to the Henry Ford Museum in MI, from TX, which would go past their mileage limit. The company wrote back and said. Write down your starting and ending mileage on the car, for the "club function" trip. Then they'd cover them on the trip and not worry about the mileage limit that year. So, there are some ways to work with the insurer in these areas, IF you ask.
The "garage" has usually been in the mix, too. OR a covered space with limited access that YOU control. An off-site rented storage unit might work, too.
To me, "agreed value" is an extension of "stated value", except that as I understand it, "agreed value" is if the car is totaled, they write a check for the agreed value and the car leaves your possession. No haggling over salvage values or "market value" or whatever. Or telling them to "replace it with an equivalent vehicle", which used to send the adjusters to an AutoTrader to look at.
I opted not to do the "antique" insurance back then, as it seemed that I'd still have to justify the vehicle's value to an adjuster, just like I'd have to do with my normal policy. Plus the limited use and garage issues. So I decided to keep them all on regular policies instead.
Now that I've got a 50x40 building, it's probably time for the change.
CBODY67