Collector Auto Insurance: A Look at the 1962 Ferrari 250 GTO

Collector Auto Insurance A Look at the 1962 Ferrari 250 GTO

Collector Auto Insurance: A Look at the 1962 Ferrari 250 GTO

Ferrari made headlines this summer after a 1962 Ferrari 250 GTO became the most expensive car in the world when it sold for over $38 million at a California auto auction. The model, chassis number 3851GT, was number 19 of just 39 250 GTOs ever produced. As such the vehicle had been highly anticipated and discussed prior to the auction event and buzz generated quickly about its hefty reaping.

So what makes the 250 GTO’s so special? Actually, quite a bit.

The Ferrari 250 GTO was originally produced between 1962 and 1964 as a racing vehicle for the FIA (International Automobile Federation) Grand Touring category 3, which in turn is where the racer got its name. GTO stands for “Gran Turismo Omologato”, or Grand Touring Homologated, which is in reference to the type of racing while the numerical component references the displacement capacity of the powerful engine cylinders that give the model its speed. Originally the sales price for a new Ferrari 250 GOT was $18,000 on the American market, and at the time all buyers had to be personally approved by Enzo Ferrari himself and his North American dealer.

Between 1962 and 1963, Ferrari produced 33 250 GTO models with their original body styling, which can be found on the recently auctioned model. In 1964 Ferrari produced only six more 250 GTOs sporting an updated body and adjusted styling features. Such rarity highly contributes to the draw and prestige of these vehicles, which in turn sets their value on the collectors markets. However, the scarceness is not the Ferrari 250 GTO’s only asset.

As previously mentioned, the 250 GTO was designed to compete in GT racing where it was set against some of the fastest and sleekest vehicle in the world. At the time its rivals included models like the Shelby Cobra, Jaguar E-Type and Aston Martin DP214. As such, performance was paramount when designing the 250 GTO and it took a team of Ferrari engineers to craft the racer. While typically credited to Giotto Bizzarrini, as he was the initial lead engineer on the project, the 250 GTO’s creation actually passed through a number of hands, especially in 1962 when many of the major engineers were fired due to a dispute with Enzo Ferrari himself. The body design and further development of the 250 GTO was then spearheaded by engineer Mauro Forghieri and Sergio Scaglietti.

One of the most acclaimed features of the 250 GTO, it’s stunningly sleek body styling, was the result of incorporating extensive aerodynamics research into their design in an attempt to improve top speed and stability. According to experts, the final 250 GTO’s body design was shaped based on both wind tunnel testing as well as road and track testing of several prototypes and in fact continued to change and evolve through the course of the vehicle’s production. The result was the 250 GTO’s iconic all-aluminium body with a long, low nose, small radiator inlet, and distinctive air intakes on the nose with removable covers. The styling was not only incredibly efficient; it was attractive and would become synonymous with the Ferrari brand. Critis, enthusiasts and collectors adore the model so much that in in 2004, Sports Car International noted that the Ferrari 250 GTO could be the top sports car of all time.

At Condon Skelly, we know how exciting collecting classic muscle and sports cars can be. That’s why we specialize in offering complete collector auto insurance. We’re a group of collectors, enthusiasts, and professionals who specialize in insuring all types of collector vehicles. Our team is as passionate about protecting your vehicles as you are about collecting them. We can help you secure affordable, industry-leading specialty car insurance coverage to protect your classic, antique, or exotic vehicles. For more information, contact our collector auto insurance specialists today at (866) 291-5694.

Classic Cars: The History of Sports Cars

Classic Cars The History of Sports Cars

Classic Cars: The History of Sports Cars

Defined by a Wikipedia article as a “small, two seated, two door vehicle designed for spirited performance and nimble handling”, the sports car has long fascinated classic car enthusiasts. Car lovers nationwide have differing opinions about what makes sports cars so great; is it the elegant body design, the tremendous power output of the high-rev engines, or the distinctive throaty musical note of the exhaust pipes?

Of course originally, cars were created as a functional solution to a problem, rather than an aesthetically pleasing piece of art. Although throughout the years we have had an eye for beauty and a thirst for power and speed when it comes to vehicles. This truth of human nature is what led to the development of the first “sports cars.”

The birth of the sports car can be attributed to the early 20th century touring cars and roadsters. These were raced in early rallies, such as the Herkomer Cup, Prinz Heinrich Fahrt, and Monte Carlo. The actual term “sports car” did not make its way to standard car vernacular until after World War One, but the first sports cars are thought to be the 3 litre 1910 Prince Henry (Prinz Heinrich) Vauxhall 20 hp and the 27/80PS Austro-Daimler designed by Ferdinand Porsche.

Although there have been many developments throughout the years regarding different versions of the sports car, two companies ended up offering the first truly reliable sports cars. This was Austin with the Seven, and Morris Garages (MG) with the Midget.

One of the discoveries made about the development of sports cars as they entered the driving world more rapidly included the fact that the drive train and engine layout significantly influenced the handling characteristics of an automobile, which is crucially important in the design of a sports car. In order to potentially improve handling and weight distribution, alternate layouts were sometimes used in place of the standard front-engine, rear-wheel-drive layout of vehicles not classified as sports cars.

Prior to the 1980’s it was rare for a sports car to use four-wheel drive as this traditionally added a lot of weight to the vehicle. However due to safety issues, especially in adverse weather conditions, four-wheel drive has become a necessity and is quite commonly found in high-powered sports cars, such as the Porsche, Lamborghini, and the Bugatti Veyron.

Whether you own a classic sports car or any other type of classic or antique car, it’s important to protect it financially with the right type of insurance coverage. At Condon Skelly, we know how exciting it can be to start a classic car collection. We’ve been helping our customers protect their classics with affordable, industry-leading insurance coverage since 1967. We’re a group of collectors, enthusiasts, and professionals who specialize in insuring all types of collector vehicles. For more information, please contact us today at (866) 291-5694.