Things You'll Need:
- Photos
- Bill of sale
- VIN or serial number
- Current appraisal
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Step 1
Ask any potential insurance company how the company defines stated value and agreed value and which one is better for your circumstances. Agreed value coverage will provide the full value of the car if it is declared a total loss. An agreed value is one that you negotiate with the insurer based on an independent appraisal. A stated value policy, on the other hand, will pay only the value listed in the policy if the loss is total.
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Step 2
Buy comprehensive-only protection when you are restoring the car, when you loan it out to a museum for display or when you place it in long-term storage.
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Step 3
Make sure your policy addresses your specific insurance needs. Coverage needs for cars you only drive in parades or to and from car shows differ from that required for cars that you use almost daily.
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Step 4
Abide by your policy's parking and storage restrictions. These usually involve keeping the car in a locked garage or trailer when you aren't using it. If you take it out of town, resist parking it in a motel lot or on the street where it will make a tempting target for a thief.
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Step 5
Take photos of the car for documentation, and keep them in a safe place. Include pictures of the exterior from different angles, views of the engine, the interior and, if it's a pickup, the truck bed.
