“If a car is properly restored, damages don’t necessarily affect the value, especially in the circumstance of a rare Ferrari 250 GTO,” said David Gooding, president and founder of Gooding & Company, the automobile auction company.

Auction experts and collectors say most highly priced collectible cars are insured with special “collector” or “hobby” policies. These policies usually allow the owners to drive the cars to car shows or event rallies, though they don’t usually cover daily use for commuting or grocery trips.

Mark Shussel of the Chubb Group of Insurance Companies, which writes special policies for collector cars, says people who own multi-million-dollar cars take extra care when taking them on the road.

“These owners tend not to drive them frequently,” he said. “They want to preserve their investment.”

The best way to preserve you investment in a collectible car, of course, is to keep it in the garage. But where’s the fun in that?

-By CNBC's Robert FrankFollow Robert Frank on Twitter: @robtfrank

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