Q:

What kind of insurance do you need for a classic car?

A:

Quick Answer

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.

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Full Answer

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.

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