Specialty Auto Insurance Products

If you are a car enthusiast who owns an antique or high value vehicle, you will want to purchase a different insurance product than standard auto insurance coverage. These specialty policies are much different than standard policies because most owners of antique or high value vehicles limit their use to just weekend and pleasure driving or special events.

Antique Auto Insurance

Most classic car owners only drive their vehicles on special occasions or events such as car shows, exhibitions, and parades, thus reducing the total number of miles driven compared with a vehicle used for a daily commute. Because the use of these vehicles is limited, antique or classic car insurance policies typically provide basic liability coverage at affordable rates.

However, because antique vehicles are rare and replacement parts are much harder to find, many insurance companies require that they be stored in a locked garage when not in use to reduce the chance that they will be damaged.

It is also very important for you to determine how much your antique or classic car is worth. Because these vehicles actually appreciate in value over time, insurance companies use the “agreed value” method to determine how much they are worth at the time you take out your policy. This agreed value is an amount agreed upon by both the insured and the insurance company, and makes sure that the policyholder will receive the proper amount in the event of an accident.

High Value or Exotic Auto Insurance

Like classic and antique vehicles, high value or exotic vehicles are typically driven on a limited basis and not used every day. This limited use allows insurers to offer special programs that include higher coverages at a minimal cost to the car owner.

High value vehicle insurance policies differ from standard auto policies because they may limit the total number of annual miles driven for these vehicles. Also, because these vehicles are worth much more than the average vehicle and cost much more to repair or replace, high value vehicle insurance policies may have much higher deductibles than the standard $500.