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what Allstate is saying. Seems like a contradiction that your policy rate would go down when you up the value of your car with a stated value policy. Most retail insurance firms do not even want to write collectible policies since resale data is not as readily available as traditional auto sales data from dealers. Insurance co's get sales data from new and used car dealers and when a vehicle is totaled, they usually go with the average retail sales data to value a car. But collector car sales are not recorded as often since dealers do not see these cars that often, exept at auction houses. No dealer would give you $20k trade in value for a car with mods. Call a collectible insurer, for details, so talk to an expert who deals with higher value autos. I'm thinking that they will require proof like reciepts for parts and labor done to a car. Companies like Automatic Data Processing ( ADP ) compile sales data from car dealers, auction houses, etc....
So they will have a database of sales info as well, but I'm betting the policy rate will be higher than a retail insurance policy because if the vehicle were stolen or totaled, they payout would be higher.
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