Summer is the season for taking antique and classic cars out of the garage and showing them off in club events and parades.
Those vehicles can demand separate insurance from your regular car because of their more limited use and their value. Collector cars can become much more valuable as they age.
Insurers offer agreed-value or stated-value policies. You'll likely want agreed-value, which means you and your insurer agree on the car's value. In case of loss, the company will pay you the full amount on the policy, less your deductible. Stated-value policies leave the value of your old classic open to interpretation by the insurer, according to the III, which adds that these policies are rarely sold.
See if your insurer has the resources to help find rare parts and mechanics with the know-how to handle any damage to your baby. Ask if you'd be able to send the car across state lines to a mechanic of your choice.
Liability coverage is especially important with collector cars that can be difficult to drive if they have small windows or lack mirrors, notes Jay Quail, executive director of the Classic Car Club of America.