Obtaining Specialty Coverage Auto Insurance

Specialty car insurance coverage can be as costly as the car you bought. For example, insuring a Lamborghini will cost you between $5,000 and $20,000 a year.

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Zaneta Wood, Ed.S. has over 15 years of experience in research and technical writing bringing a keen understanding of data analysis and information synthesis to reach a wide variety of audiences. She studied adult education and instructional technology at Appalachian State University as well as technical and professional communication at East Carolina University. Zaneta has prepared technical p...

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Joel Ohman is the CEO of a private equity backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Jo...

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Reviewed by Joel Ohman
Founder & CFP®

UPDATED: May 26, 2020

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Here's what you need to know...

  • If you own a special car or are rebuilding a classic then you need specialty car insurance
  • There are established guidelines that determine what constitutes a special car
  • Only a small percentage of exotic car owners are aware of the savings they could have
  • There are a few companies that are specifically geared towards offering specialty coverage
  • Insuring a Lamborghini will cost you between $5,000 and $20,000 a year

There are some cars on the road that stand apart from the average vehicles.

These are the cars that we immediately recognize on their way to trade and road shows, festivals, and on Sundays.

To learn more about which vehicles qualify for specialty coverage, and exactly what that insurance provides, read on.

Then enter your ZIP code to get your car insurance quotes now.

What is specialty insurance?

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A vehicle has to qualify for specialty policies. Here are some of the characteristics of a special car or vehicle:

  • Antiques over 25 years old
  • Hot Rods restored or built before 1949
  • Restored or Custom built after 1948
  • Exotic rare vehicles valued over $100,000
  • Replica kit car

Original antiques that have not been restored yet also qualify for specialty car insurance.

Classic car insurance is one form of specialty car insurance.

Hot rods include low riders and motorsport type race cars. Race cars can also fall

Race cars, or pro-street cars, can also fall under exotic cars as well. They do require additional inclusions, though.

Commercial Coverage

Old fire trucks and military vehicles would fall into this category. Some are antique commercial vehicles that are already preserved in museums.

Limo companies sometimes have Rolls Royce and Bentley kits installed which gives them a classic flair that is attractive for special occasions.

Motorsports vehicles require special provisions aside from the standard specialty car insurance policies because they are used in racing.

Racing increases the likelihood of a crash which will utilize the replacement claim option more often than any other vehicle.

In addition to coverage on the track, these vehicles need transit coverage from race to race. The trailer that transports the race car needs to also be covered.

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Specialty Auto Coverage Inclusions

Along with the standard clauses, inclusions, and exclusions, specialty car insurance companies have experts in the field of car collection:

  • They know where to order replacement parts that are unique and outside of the mainstream.
  • They specialize in in-house claims adjusting and underwriting for your particular vehicle.
  • They offer their policyholders resources such as other collectors, museums, auction houses and storage facilities.
  • They also have marine resources and motorcycle options as well.

Boats and throw back motorcycles are on their list of specialty vehicles.

Instead of determining replacement value with actual cash value or stated value, they use agreed value which is determined by the owner and the insurer.

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How much is specialty car insurance for an exotic car?

Specialty car insurance is less than standard car insurance.

Although each policy hinges on which state the policy is purchased in, the markup can be as much as 500 percent higher on standard car insurance.

Collision coverage is cheap for collectors.

You may have to add a few extra dollars for each additional car, but there is a flat liability charge for every car in your collection.

To take advantage of the savings, however, there are some restrictive usage guidelines on certain cars that fall under this type of coverage

Are there specialty car insurance carriers?

While most of us are familiar with the major car insurance carriers, there are specialty car insurance carriers such as Hagerty and American National Property and Casualty.

These carriers have restrictions on how special cars are used on the road. Some of those restrictions include:

  • No passengers during transport
  • No transporting of goods
  • Not meant for racing
  • Not meant for daily transportation

As mentioned, racing requires a different type of specialty car insurance than collector specialty insurance.

There are also age restrictions with some carriers. Most require the driver to be at least 25, but there are some exceptions for younger drivers with clean driving records.

A search for this type of policy may not be as easy as searching for a standard policy.

To find affordable specialty car insurance quotes, fill in your ZIP code on the search tool now.

References:

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