Specialty auto insurers typically charge what kind of premiums?

Specialty auto insurers typically charge high premiums for minimal coverage required because they focus on high-risk drivers or vehicles that do not fit standard insurance categories. This includes unique situations like high-performance cars, vintage vehicles, or drivers with significant claims histories. Due to the increased risk associated with insuring these types of vehicles or drivers, insurers set higher premiums to ensure that they are adequately compensated for the potential losses they might face.

Insurance for specialty vehicles often has limited availability, and the coverage required may not correspond with the standard level, which further contributes to the cost. These high premiums are necessary to manage the risk of potential losses effectively and to provide the specialized coverage that these drivers need. In contrast, other options reflecting low premiums or standard pricing don't align with the high-risk nature of the clientele specialty insurers serve.