John Jackson's photos were taken after the fire that destroyed Jason Graham Hot Rods & Coo
For example, the CHROME/ANPAC website lists six categories (for which CHROME is an acronym). They are Classic (including antiques and modern classics), Hot Rod (for modified pre-'49 cars), Replica or Kit Car, Original (un-restored cars), Modified or Custom (for modified post-'49 cars), and Exotic (including rare, one-off, limited production vehicles valued in excess of $100,000).
J.C. Taylor has slightly different categories: Antique (original vehicles 19 years and older), Street Rod (modified pre-'49), Customized/Modified (modified post-'49, 20 years or older), Replicar (commercially assembled reproduction of a vehicle at least 25 years old), Kit Car (buyer-assembled vehicle at least 25 years old assembled by the buyer from separately manufactured components), and Exotic (a vehicle that because of its specific make, model year, and condition is considered to be increasing in value).
You get the idea. The point is to make sure your insurance company knows where your car (most likely a street rod since you're reading STREET RODDER) fits according to their terminology so that it is covered properly. And we don't have to tell you that misrepresenting your car in any way is going to backfire on you, should you ever have to file a claim.
Getting the Right Policy
There are three basic types of automotive insurance coverage and three basic types of policies. The three types of coverage are liability, collision, and comprehensive. Liability protects you in case you are in an accident and are found to be at fault. Collision covers repairs to any damage to your car in the event of an accident. Comprehensive covers virtually everything not covered by liability and collision, such as theft, vandalism, and accidental damage, including damage while at a shop.
Which forms of insurance you want, and how much coverage you want can be determined between you and the insurance company. Some companies require customers to carry comprehensive, and these are by far the most common claims filed. If you drive the car, liability insurance may be required by the state you live in. If the car is inoperable or displayed behind velvet ropes in your personal museum, you might be able to forego liability and collision.
The three types of policies, which will determine how much money you'll receive in the event of a total loss, are "actual cash value," "stated value," and "agreed value." The first type, actual cash value, is probably how you insure your ordinary cars and trucks. In the event of a total loss (accident or theft), the insurance company will pay the cost of replacing that car minus depreciation.
Stated value policies were popular when specialty car insurance was something new. This type of policy is still frequently confused with agreed value policies. With a stated value policy, the insurance company will pay up to the value of the car stated in your policy (but not necessarily the full amount) or the cost to repair the car or the current market value of the car, whichever is lowest.
Street rodders and other specialty car owners should choose an agreed value policy for their cars. With this type of policy, the car owner and insurance company have agreed upon a value. In the event of an accident your insurer will pay the full cost of repairing the car up to that agreed dollar value (minus any deductible if applicable); in the event of a loss, the insurance company will pay you the entire agreed upon dollar amount.
We asked several different companies how agreed values were agreed upon between the customer and the company. Typically, it's a simple process. You, the customer, provide a thorough description of the vehicle along with photographs and your declared value. If your value is reasonable, the company writes your policy.