Classic cars can inspire passion like few other things. Enthusiasts around the world spend vast sums of money on these vehicles and give up their spare time to lovingly restore them and show them off. Here, we take a look at some of the most valuable classic cars going and offer advice on how best to insure them.
Most sought after models
Preferences in terms of classic cars vary markedly, but there are some models that are guaranteed to get investors and collectors hot under the collar. For example, when a 1962 Ferrari 250 GTO went under the hammer in Pebble Beach, California last summer, it fetched a staggering $34.65 million (£22.2 million). With its curvaceous chassis and iconic Ferrari detailing, it’s no surprise that this 53-year-old vehicle made its mark at auction.
Another Ferrari, this time a 1967 275 GTB/4S NART Spider, also fetched an impressive price at auction when it was sold by the family of a North Carolina businessman for $27.5 million in 2013. Only ten of these cars were ever built and one appeared in the 1968 film The Thomas Crown Affair starring Steve McQueen. Other classics to have sold for millions include a 1928 Mercedes-Benz 680S Torpedo Roadster, a 1958 250 GT LWB California Spider and a 1997 McLaren F1.
Top insurance tips
Given their prized status, it’s no surprise that the owners of classic cars are keen to get suitable insurance for these vehicles. If you have a car like this, you could end up spending a small fortune on financial cover. However, there are ways to save money. For example, you can use the services of brokers such as Chill.ie to help you find competitive offers. It’s also worth considering getting a policy specifically designed for classic cars rather than opting for a regular ‘everyday use’ policy.
Classic car insurance can be much cheaper than a conventional policy. However, these agreements do include restrictions in terms of the way you use the car. For example, there will be a limit on the number of miles you can do. Most of the policies have caps of 3,000 or 5,000 miles, but in some cases this figure is as high as 7,500.
Also, bear in mind that if you modify or restore your classic car, you’ll need to let your provider know to ensure that your policy covers the repair or replacement cost of all the components of your vehicle. These changes often cause premiums to rise, but in some cases they can actually lead to a drop in price. This is because certain modifications are deemed to make the vehicles safer and more secure.
Regardless of the classic car you have, whether it’s worth millions or it’s a little more modest in terms of its value, it’s vital that you have suitable insurance in place.