Summer insurance: What you'll need
It's not just any ol' car
That classic car calling from the garage for its chance in the sunlight demands separate insurance from your regular set of wheels because of its limited use and higher value.
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, minus your deductible. Stated-value policies leave your classic car's value open to interpretation by the insurer, according to the institute, 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, which 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.