Most classic car insurance policies offer “agreed value” coverage. That means you and the insurance company would agree to insure your vehicle for a specific value. Then if there if there is a total loss to the vehicle, that is the amount the insurance company pays. This type of policy allows you to properly insure your classic car at the true market value.
Regular auto insurance policies cover your vehicle for the “actual cash value” at the time of the loss. The insured value of your vehicle depreciates as the vehicle ages. Because of that, normal car isn’t sufficient to cover the higher value of a classic car.