Whether you own an antique from the 1940s or a muscle car from the 1970s, you probably know that collector cars have special insurance needs. Most insurance companies insure vehicles based on their list price, which doesn’t take into account all of the painstaking hours of work that have gone into your restoration project. If you insure your vehicle with the wrong type of policy, you will end up paying too much without getting the protection your car needs.

The only way to properly insure a collector car is to purchase a stated value policy. This type of policy requires you to have the vehicle appraised. The vehicle will then be valued at the appraisal value rather than the list price for its make and model. Most policies for classic cars also place limitations on the vehicle, such as requiring limited annual mileage or having storage requirements for where and how the vehicle can be kept.

Most collectors already take excellent care of their cars, so meeting these requirements shouldn’t be difficult. In most cases, insurance policies for collector cars are very inexpensive, even if the car itself is rare and valuable. This is because classic cars are usually protected from damage and are thus a much lower risk to insure than commuter vehicles.

Although there are many insurance companies that will insure classic cars, it’s a good idea to comparison shop among providers to find the best insurer for your vehicle. Major insurance companies like Allstate or State Farm do offer stated value policies, but they’re not always the best choice for your classic auto. An insurer specializing in classic car coverage may give you a better value and more thorough coverage. Some of the most popular classic car insurance companies are:

— Grundy Worldwide

An insurer specializing solely in collector cars, Grundy is one of the best-known names in the industry. One unique feature that the company offers is an “MVP” policy that allows drivers to insure all of their vehicles through a single policy with uniform coverage. Depending on the size and scope of your collection, this can be very convenient. It’s important to note that Grundy is an agency, not a direct insurer; this means that your policies will actually be underwritten by various companies and simply brokered by Grundy. This is common with antique car policies, but it does mean you might get a better deal by approaching insurers directly.

— Hagerty Insurance

This company focuses solely on classic cars, and this narrow scope allows it to offer specialized customer service and low rates. Hagerty Insurance is international, allowing it to service policies in the United States, Canada and the United Kingdom, but it does not offer all of its policies in every state. Unlike Grundy, Hagerty underwrites its own policies and handles its own claims. It also has a network of repair specialists who are equipped to handle exotic and rare vehicles.

— J.C. Taylor

The world’s largest collector car insurer, J.C. Taylor provides policies to both antique and modified vehicles. This insurer sells policies through independent brokers and agencies; you can also buy policies direct through its website. This is one of the few car insurance companies that specializes in coverage for modified hot-rods, street-rods, replicas, rare vehicles and kit cars, so if you have this type of vehicle, J.C. Taylor might be the best fit for your insurance needs.

— The Hartford

Although this company doesn’t specialize in classic cars, it does offer attractive policies to collectors. The Hartford is the insurance carrier for AARP, and it insures a large population of seniors because of it. By focusing on this niche as well as collector cars, The Hartford Insurance is able to keep its risk pool fairly small and keep its costs down. This means that your classic car coverage may be cheaper through this company than with its competitors. You can also qualify for a multi-policy discount if you insure all of your vehicles through The Hartford.

If you’re not sure what company to choose, you can ask around at car shows and conventions for suggestions. Other restoration hobbyists will be happy to share their experiences about car insurance with you and steer you toward the best insurer. You can also submit for a free quote online to see what insurers are available, and you can talk to your current insurance company to see if they offer classic car policies. By shopping widely, you can be sure to get the best deal.