Collectible Car Insurance: Lessons from a Lost Collection

A recent Yahoo Auto article focused on a newly rediscovered collection of Chevrolet Corvettes that once belonged to artist Peter Max. The collection of some 36 vehicles, one from every year of Corvette production between 1953 and 1989, has been stuck in storage for nearly two a half decades collecting dust and slowly deteriorating, much to the horror of some enthusiasts and collectors. How such an intriguing collection came to be forgotten for such a long time is an interesting tale.

According to Yahoo’s report, the owner Peter Max, purchased the collection from the winner of a VH1 contest which was raffling off the vehicles as part of a promotional campaign. Max allegedly purchased the Corvettes with the intent of incorporating the vehicles into an art collection for which he repainted many of the models in bright striking colors. Because the artistic endeavor was never complete the collection was locked up in a storage facility in New York City. Reports indicate the Max considered “completing” his collection by adding 14 more vehicles, one from each year through 2010, however the acquisitions never came to pass. The collection was recently sold to a Corvette enthusiast and collector who is looking to invest in the restoration of the Corvettes and restore them to their show-ready conditions. The restorations however will be no easy undertaking. While some of the models need some basic restoration, many others will require extensive repairs due to corrosion, dry-rot and other deterioration.

When vehicles are left unattended for a long duration of time, they become exposed to a myriad of risks which can contribute to deterioration. However, much of the damage suffered by these Corvettes could have been avoided had the proper long term storage preparations and maintenance measure been taken. Most experts suggest that no vehicles should be stored for longer than a year at a time without being service to ensure the health and longevity of the vehicle. Many collectors wouldn’t dream of being separated from their babies for that long and only store their classics over the winter or non-show season, but even inactivity for three to six months can take a toll on your prized vehicles. As such it’s important to prepare your collectibles for long term storage.

At Condon Skelly, we understand the importance of protecting your collectible, classic, muscle and sports cars is. That’s why we specialize in offering complete collectible car 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 collectible car insurance specialists today at (866) 291-5694.