Classic car insurance is not like regular car insurance and the differences can cost you if you're not paying attention. Agreed value policies — where the insurer pays the stated value with no depreciation — are the only acceptable option for a restored classic. Actual cash value policies will pay you a fraction of what you have invested.

Get the car appraised by a qualified appraiser before you insure it. The appraised value is the basis for your agreed value. If you've done a high-quality restoration, the appraised value will be more than you paid for the car and possibly more than you spent on the restoration.

The major specialty insurers are all reputable but the details of their policies vary. Read the mileage limits, the storage requirements, and the coverage exclusions before you sign.