Specialty Car Insurance

Specialty car insurance is necessary for valuable vehicles like antique cars. Specialty car insurance companies include (1) Hagerty, (2) J.C. Taylor, and (3) Grundy Worldwide and usually determine rates based upon agreed-upon value. To begin comparison shopping for great car insurance rates, enter your ZIP code now.

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A former insurance producer, Laura understands that education is key when it comes to buying insurance. She has happily dedicated many hours to helping her clients understand how the insurance marketplace works so they can find the best car, home, and life insurance products for their needs.

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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: Jan 19, 2021

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Here's what you need to know...

  • Specialty car insurance is usually needed if the automobile is worth more than where it is parked
  • To determine the value of a specialty car, the insurance agent will need to take photographs and have the vehicle inspected inside and out
  • There are many contributing factors and companies to consider when looking into specialty car insurance

Specialty auto insurance is needed to completely insure or cover special motor vehicles that need special car insurance coverage since regular insurance wouldn’t cover.

How to choose whichever insurance company is best needs to be evaluated by each individual prospective person looking for special insurance.

First, you need to decide if specialty car insurance is necessary. Then you must consider the type of specialty insurance coverage that will protect you. Finally, you must find an insurer to provide that coverage.

Looking to buy specialty car insurance? Compare online speciality car insurance rates with multiple specialty car insurance companies by entering your ZIP code now.

Specialty Car Insurance

There are lots of ways to determine if specialty car insurance is needed.

The types of automobiles that are insured sometimes depend on the insurance company and the condition of the car.

What is specialty insurance?

Usually, specialty car insurance is needed if the automobile is worth more than where it is parked.

A great example would be if someone has an automobile that was worth over $500,000 and the place where it is parked or stored only covered $100,000. If the car was destroyed where it was parked then the owner would only receive $100,000  for the car, nowhere near what the car is worth.

That’s why this type of insurance usually determines the value of a vehicle by using agreed-upon value rather than the Kelley Blue Book value.

Agreed-upon value is the value of your vehicle that you and your insurer agree upon before insuring the vehicle. For instance, if you have a classic car that you’ve dumped thousands of dollars into, your car’s value will be much higher than the base model that a classic policy would insure it for.

For man policies that use agreed-upon value to price your policy, you’re completely covered with no depreciation in value for your vehicle if something happens. That means that, if your beloved car is destroyed, they’ll cover the value with sales tax included and without calculating depreciation on the value of your vehicle, which is what standard coverage does.

This video from Heacock Classic talks a little bit about agreed-upon value.

You want to make sure your car is insured for its true value. The Insurance Research Council estimates that one in eight drivers is uninsured, and you don’t want one of them to hit your car and not be able to pay.

Not every specialty car is incredibly expensive. Classic specialty motor cars also often use agreed-upon value for coverage. The table below shows classic car insurance rates per state in the U.S.

Average Annual Classic Car Insurance Rates by State
StatesAverage Annual Liability Insurance RatesAverage Annual Comprehensive Insurance RatesAverage Annual Collision Insurance RatesAverage Annual Full Coverage Insurance Rates
South Dakota$180.13$154.87$125.15$460.15
North Dakota$178.91$138.62$146.45$463.98
North Carolina$215.65$81.65$176.15$473.45
New Hampshire$240.34$66.46$184.45$491.25
New Mexico$292.82$103.54$166.19$562.55
South Carolina$316.25$108.56$159.04$583.86
West Virginia$295.10$122.57$197.80$615.47
Rhode Island$455.88$79.31$246.91$782.10
District of Columbia$377.29$139.94$281.20$798.44
New York$482.71$102.67$231.01$816.40
New Jersey$521.74$78.81$229.12$829.67
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Obviously, more expensive vehicles will be much more than this, but this is the average for classic cars.

You also have to make sure that you keep at least the minimum required coverage for vehicles in your state. The Insurance Information Institute has compiled these requirements in the table below.

Minimum Liability Car Insurance Requirements Per State
StateInsurance required Minimum liability limits
ALBI & PD Liab25/50/25
AKBI & PD Liab50/100/25
AZBI & PD Liab15/30/10
ARBI & PD Liab, PIP25/50/25
CABI & PD Liab15/30/5
COBI & PD Liab25/50/15
CTBI & PD Liab, UM, UIM25/50/20
DEBI & PD Liab, PIP25/50/10
DCBI & PD Liab, UM25/50/10
FLPD Liab, PIP10/20/10
GABI & PD Liab25/50/25
HIBI & PD Liab, PIP20/40/10
IDBI & PD Liab25/50/15
ILBI & PD Liab, UM, UIM25/50/20
INBI & PD Liab25/50/25
IABI & PD Liab20/40/15
KSBI & PD Liab, PIP25/50/25
KYBI & PD Liab, PIP, UM, UIM25/50/25
LABI & PD Liab15/30/25
MEBI & PD Liab, UM, UIM, Medpay50/100/25
MDBI & PD Liab, PIP, UM, UIM30/60/15
MABI & PD Liab, PIP20/40/5
MIBI & PD Liab, PIP20/40/10
MNBI & PD Liab, PIP, UM, UIM30/60/10
MSBI & PD Liab25/50/25
MOBI & PD Liab, UM25/50/25
MTBI & PD Liab25/50/20
NEBI & PD Liab, UM, UIM25/50/25
NVBI & PD Liab25/50/20
NHFR only25/50/25
NJBI & PD Liab, PIP, UM, UIM15/30/5
NMBI & PD Liab25/50/10
NYBI & PD Liab, PIP, UM, UIM25/50/10
NCBI & PD Liab, UM, UIM30/60/25
NDBI & PD Liab, PIP, UM, UIM25/50/25
OHBI & PD Liab25/50/25
OKBI & PD Liab25/50/25
ORBI & PD Liab, PIP, UM, UIM25/50/20
PABI & PD Liab, PIP15/30/5
RIBI & PD Liab25/50/25
SCBI & PD Liab, UM, UIM25/50/25
SDBI & PD Liab, UM, UIM25/50/25
TNBI & PD Liab25/50/15
TXBI & PD Liab, PIP30/60/25
UTBI & PD Liab, PIP25/65/15
VTBI & PD Liab, UM, UIM25/50/10
VABI & PD Liab, UM, UIM25/50/20
WABI & PD Liab25/50/10
WVBI & PD Liab, UM, UIM25/50/25
WIBI & PD Liab, UM, Medpay25/50/10
WYBI & PD Liab25/50/20
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But chances are, if you have a specialty car, you are looking for much more than that.

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Vehicles That Usually Require Specialty Car Insurance

Specialty car insurance applies to any type of vehicle that isn’t your run-of-the-mill low-cost Ford or Honda from the lot. Several types of vehicles fall into this category:

  • Antique Vehicles
  • Kit cars
  • Classic Vehicles
  • Newer Vehicles
  • Limited Production Vehicles
  • Exotic Vehicles
  • Imports
  • Motorcycles
  • Scooters
  • Vehicles under restoration
  • Retired Commercial Vehicles
  • Motorsport and Racing Vehicles

Quite a few specialty cars are for imports or partial imports that get turned into kit cars. The International Trade Administration reports that about 50,000 used vehicles are imported each year, but they do have to meet emissions standards from the Environmental Protection Agency (EPA), and most of these are going to be over 25 years old.

Who has the best classic car insurance? This comes down to your specific needs, and it’s a great example of why it’s so important to shop around.

You can easily source motorcycle insurance, business car insurance, antique car insurance and the other types of specialty coverage mentioned.

Looking for specialty car insurance quotes?  Enter your ZIP code below to compare rates now.

How Specialty Car Insurance Rates Work

The first thing to consider is how often the automobile is driven. Some automobiles are driven every day and some automobiles are only driven in an automobile or car show.

There is insurance that allows specialty cars to be driven every day or be restricted to being driven very few times a month.

The next thing that needs to be determined is what the stated value or agreed value of the automobile is.
Specialty car insurance policies can be based on:

  • Type of Vehicle
  • Age Of The Vehicle
  • How Often Vehicle Is Driven
  • Monthly Mileage
  • Age of Driver
  • Number of Drivers
  • Secondary or Primary Vehicle
  • Condition Interior and Exterior of The Vehicle

To determine this value, the insurance agent will need to take photographs and have the vehicle inspected inside and out.

Specialty Car Insurance Companies

Who insures classic cars? It’s certainly a little different in the U.S. than if you’re looking for specialty car insurance in Australia or Ontario, Canada. You have a lot of options to choose from.

There are several companies that offer specialty insurance including Pacific, Diamond, and Kemper specialty car insurance companies. Some of the biggest ones, though, are below.

Hagerty Classic Specialty Automobile Insurance

Is Hagerty Insurance any good? Hagerty specialty car insurance has been insuring classic cars with specialty insurance for over 20 years.

Here are some of the things that Hagerty Classic car Insurance claims to offer with its specialty insurance:

  • A low premium with full coverage, collision, and liability
  • Agreed Value for the automobile being insured
  • Employees that are knowledgeable of classic cars and must pass collector car training
  • Vehicle repairs for classic car repairs
  • Specialty insurance plans customized to each individual driver
  • Roadside assistance
  • Medical reimbursement for injuries while competing at an auto show

J.C. Taylor Specialty Automobile Insurance

This company offers specialty insurance and offers quotes online. The application can be completely filled out online.

The automobile and its driver have to meet certain qualifications like:

  • Vehicle must be a factory original and have little to no changes
  • Must be used as a secondary car and meet a monthly minimum mileage
  • 25 years old minimum
  • Have received no more than one moving violation

Grundy Worldwide Specialty Automobile Insurance

Grundy specialty car insurance offers specialty automobile insurance and has been in business for over 60 years. The vehicles must be in excellent condition or in restored condition.

Here are some of the things that Grundy Worldwide claims to offer:

  • Agreed Value for Automobiles
  • High Liability limits
  • Mileage is unlimited
  • Spare parts and repair are offered
  • Depending on coverage, towing and Labor parts covered
  • Medical Reimbursement for injuries received at an auto show

Heacock Specialty Automobile Insurance

This company has been in business for over 30 years and offers specialty insurance on all types of vehicles and boats.

They have some qualifications when it comes to the drivers and the type of cars.

Here are some of the things that Heacock claims to offer:

  • Premiums to fit any budget
  • Agreed Value For Cars
  • Encourage Pleasure Use
  • One Liability Charge
  • Choice of Picking a personal repair shop
  • Roadside Assistance
  • Zero deductible

Specialty automobile insurance for unique vehicles is necessary when it comes to completely protecting special or classic vehicles.

With all of the different insurance companies offering specialty insurance plans with different benefits and coverage, any driver is more than able to find the right plan to cover their vehicle.

Choosing the right insurance can only be determined by the type of vehicle and lifestyle of the driver. It is also smart to read all the fine print before signing any agreement.

The best thing to do is to find out the coverage that you need and to shop around for the best price.

Looking for affordable specialty car insurance? Enter your ZIP code below to get FREE car insurance quotes for your specialty vehicle.

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Enter your ZIP code below to view companies that have cheap car insurance rates.

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