Ok, think I'm squared away. Figured I'd share this info in case others are interested.
State Farm assigns cars numbers. I think a lot or all companies use these number scale. A Ford pickup is like a 15, a Corvette like a 30. When the underwriters originally wrote it up based on a $300K MSRP, the number was a 72. They said that if using a more realistic market value more in line with what I paid, it came down to a 61.
This lowered the premium from roughly $6000 to $4800. Still very high IMO, but I think that illustrates the difference of using a $300K value vs a $200K value. However, I don't really know what the overall effect on your payout would be if you totaled it.
An agreed upon value policy is probably a better way to go if you paid a lot more than I did since you'd actually recoup some of the depreciation or if the prices were in fact holding/appreciating. Is having a bit higher of a premium worth getting paid out a higher than market value should you total it? Entirely up to the person I suppose.
I personally am only interested in covering the real value of the car. I never expect to total a car and I expect it to depreciate in the first place, so paying a higher premium for a higher agreed upon value isn't something I'd normally consider. If I was to do an agreed upon value, I'd probably want to update the policy each year to reflect market prices.
At least for me, in MI, I got much better quotes from specialized insurance dealers, like classic/exotic companies. I just got a good quote, relatively speaking from the place DBK recommended -- classicins.com. They said $2800 annual for 3K miles per year, or $3100 for 6K miles per year. $1000 deductibles, typical 100K/300K liability. Not bad compared to what the few others that even agreed to insure it in the first place had quoted me.
I think however that I'm going to go with State Farm given the amount of time I'm around to use the car and the weather in MI. Their flexibility in storage rates make up for the high premiums. $4800 is steep, but a good chunk of the year it is not in use and the premium for storage is only $700 annual. If I drive 5 months/year, that's only $2000 for driving months + $420 for storage months.
If you live someplace where the car is in storage all winter, I think State Farm is the way to go, especially if you get decent rates in the first place. The fact that they let you switch between usage/storage on a monthly basis can really lower your overall insurance cost.
Yeah, I know -- what's an extra $1000 in the scope of things? Sounds like you a lot of you guys have pretty good rates in general and might be a hassle to switch a bunch of stuff just to save $1000. Normally I wouldn't care, but if it's easy and makes sense, then might as well. Ill spend the savings on some CF paddle extensions and a decent detail
Thanks to everyone for sharing their rates and other info. Much appreciated.