It's not only carriers with a focus on high-net-worth clients and classic-car managing general agents that cater to this niche of business; the auto-insurance giants are players as well.

In fact, State Farm is a major provider of this coverage and has its share of ultra-high-end rides, such as Lamborghinis and Mustang Shelbys, on its books.

State Farm's Antique policies are for vehicles at least 25 years old; its Classic policies are for cars at least 10 years old and produced on a limited basis. As with other Classic Car programs, physical damage is on a stated-value basis and usage is restricted to exhibitions and parades, resulting in low liability premiums.

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