Yes, it exists. It can be expensive. But, is it worth the extra money?
I think it is. There is one major difference between a policy for a classic car and a standard auto policy. That difference: how much you get paid for your car.
Suppose you are driving your 65 Mustang and you are hit by some guy in his Hummer. The Mustang is a total loss. Under a standard auto policy, they are going to pay you the fair market value of your car. What is your car being sold for? Go look in the newspaper and 65 Mustangs have a huge range – primarily because of the condition.
However, if you have a classic car policy, they are going to pay you the stated value of the car. So, you fully restore your Mustang before the accident. You get an appraisal for $12,000. The insurance company, in the event of a total loss, will pay you $12,000. That seems like a better deal to me.
You need to read the policy carefully, but if you have a classic car, consider getting a classic car or stated value policy to protect your investment.