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It appears AZ defines 'collectible' as a car that qualifies for collector car insurance.
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Absolutely correct. This week I went to the AZ MVD office to register my Chevelle. I took my letter from MK Insurance proving that it was insured on a Collector policy, which was sufficient to give me exemption from the emissions test. To go one step further, I had a set of 1969 Arizona passenger car license plates, and I asked if I could legally register those plates to the car. The young lady at the MVD office had to ask a couple questions and make a couple phone calls, but eventually it got done