Your coverage does not mean what you think it does. Here are some definitions. They are as international as the insurance industry is.

ACTUAL CASH VALUE: This is normal insurance. If you have this coverage, you'll get somewhere between wholesale and retail blue book in the event of a total loss.

STATED VALUE: This is the classic 3-card Monty of the insurance world. Pays either the stated value, or actual cash value, whichever is LOWER. Have to be careful here, because you may pay a premium for the higher value you think it's worth, but still get only actual cash value in terms of a total loss. On total loss, it is WORSE than actual cash value because you might unwittingly set a value lower than what they would have paid without it. They will NEVER pay you more because of it, only less.

AGREED VALUE The ultimate for a classic or collector car. Initially based on the INSURER'S detailed appraisal of your car, then the "agreed value" is the sum you'll receive in the event of a total loss.....no
research, no questions, no arguments. Needs to be updated every three years. Your premium will be adjusted to reflect that potential loss. Note that if you enhance the value significantly with restoration or
whatever you should report that fact to the insurance company. In most cases it won't increase the premium, but it will ensure you're compensated for it in the event of a total loss.

Click here http://info.insure.com/auto/vintageautos.html for more

TOTAL LOSS

Normally defined when the cost of repairs exceeds 65% of insurer's valuation of the vehicle after the accident. (Few Morgans are "too far gone" when they require only 65% of their lowest possible value to
repair.)

SALVAGE CLAUSE

The insurance company will force you to scrap the car if the damages are more than 65% of the wholesale value. Some policies may allow you to keep the damaged car. However the insurers will report it to the government as severely accidented and unroadworthy and require you to surrender the registration plates prior to their payment. With the loss of the originla chassis number, the authenticity of the car becomes suspect to buyers and a large portion of its resale value is gone.