(WHTM) — With used car prices so high, would you be able to replace your car if it was involved in an accident? Watch out: yours may be insured for much less than its replacement cost.

Herm Harrison loves restoring old things whether eclectic transformers, or his pride and joy, his 20-year-old Ford Crown Vic. But a few months ago, someone hit that pride and joy in the rear quarter panel.

It’s a 2002 Crown Victoria LX Sport. Body shop pulled it out, straightened the panel,” Harrison said.

When he asked his insurance company to pay the $3,000. He was stunned. Instead, he got a letter stating the repair cost was more than half the car’s market value. So, they would be “totaling” the car, and giving him less than $2,000.

“1,800 and 17 or 20 dollars, something of that neighborhood, if I wish to retain the car, and then they would assign a salvage title,” Harrison said.

Harrison said he sees cars like his in this condition selling for between six to ten thousand dollars on auto traders and eBay. But, he said his insurance company values it as a $1,800 junker.

Jonathan Klinger is a vice president with Hagerty Insurance, which insures older and collector cars. He said with a car like Harrison’, you need to ask for stated value coverage, which is a specific worth if it is damaged.

“The value of the vehicle, its market value, that is agreed at the time the policy is issued. And if something terrible is to happen to the car, and it is a total loss, there are no questions, no determining the value at the time of the loss,” Klinger said.

Otherwise, a fender bender could leave you thousands of dollars in the hole.

Have an older car? Check to see what it is insured for so you don’t waste your money.