Individuals insuring classic cars should purchase policies that include agreed value, spare parts, restoration and inflation guard coverage, according to American Collectors Insurance. Agreed value insurance ensures that if a total loss occurs, the policy pays the full value of the classic vehicle with no depreciation.
Classic car collectors can benefit from insurance that offers a variety of mileage plans, such as coverage up to 7,500 annual miles plus occasional general use, explains American Collectors Insurance. Spare parts coverage includes payment up to a specific amount for loss of or damage to a classic spare part. Restoration coverage protects classic cars during restoration. Inflation guard coverage automatically increases the vehicle value up to certain percentage.