Agreed (Guaranteed) Value means the carrier pays the full amount you and the insurer agreed the vehicle is worth at policy inception-no depreciation, no ACV calculation, no negotiation at claim time. Stated Value sounds similar but often pays the lesser of the stated amount or the actual cash value at the time of loss, which can leave you well short of what the car is actually worth. For a collector vehicle with stable or appreciating value, Agreed Value is almost always the better choice. We'll help document your vehicle's condition, provenance, and recent market comps to establish a defensible figure.

NM MVD Historic registration generally requires the vehicle to be at least 25 years old, in original or restored condition, and used only for exhibitions, club activities, or parades-not daily driving or commuting. Qualifying vehicles receive special historic plates and are often exempt from emissions testing. The insurance policy must align with these limited-use terms; a specialty collector policy structured for pleasure and exhibition use satisfies both state requirements and carrier underwriting.

New Mexico allows collector vehicles with limited annual mileage (typically ≤5,000 miles/year), proper garaging, and insurance as limited-use vehicles. Documentation from the MVD supports special status, and policies must reflect non-commuting use to maintain favorable terms and exemptions where applicable.

No-daily commuting and regular transportation use void the favorable terms of specialty collector policies and disqualify historic registrations under NM rules. Specialty carriers permit pleasure driving, car shows, club events, exhibitions, and occasional weekend use, but not primary transportation. Most carriers also require that every licensed driver in the household has a separate daily-driver vehicle covered by a standard auto policy.

Most specialty carriers require the vehicle to be stored in a fully enclosed, locked garage-not a carport, driveway, or open lot. Garaging address is a key underwriting factor, and carriers may ask for photos of the storage space including the door, lock, and any alarm system. In New Mexico's expansive areas, underwriters emphasize monitored alarms, battery kill switches, hidden GPS trackers, and steering locks to mitigate theft risks.

Not automatically-spare parts and tools require a specific endorsement with their own sublimit. If you maintain an inventory of NOS or hard-to-find components, schedule them separately so they're covered at replacement value, not ACV. Restoration work in progress is a separate question: a vehicle actively being disassembled or rebuilt may not qualify for a standard collector policy and might need a storage-only form or a builder's risk-style endorsement until complete.

The Agreed Value should reflect what it would cost to replace the vehicle with a comparable example at today's market prices-taking into account condition grade, matching numbers, documented provenance, factory options, and recent restoration work. Useful references include recent comparable auction results, dealer asking prices, and valuation guides like Hagerty. For higher-value vehicles, some carriers require a professional appraisal. We'll help gather documentation and work with the carrier.

Yes, with the right endorsements. Specialty collector policies typically cover the vehicle while it's being trailered to and from events. Worldwide transport by enclosed carrier can be added for major events. For roadside, opt for flatbed-specific assistance to protect classics from improper towing; trip interruption coverage reimburses for breakdowns during events.