Collector Car Insurance: Spotting a Modern Classic

One of the best things about auto collection is that the market is always expanding. Today’s “new car” can be tomorrows highly prized collectors piece. But not every car driven off the lot will become a collectable, in fact most will not. There is an art to predicting which vehicles will appreciate in value and those that will depreciate into simple used vehicle status. The trick is to invest wisely in the moment.

In a recent article, Popular Mechanics investigated the auto industry over the last few decades in search of the “new classics” or vehicles which are fetching increased prices on the collectors market. Here are a few of their findings:

Porsche Carrera GT (2004-2006)

Why: Rarity. While Porsche’s are known for holding their value well, only a few modern models are being sought after in collector circles. The Carrera GT is one such model. The V10 powered sports car boasts 605 hp which allowed Jay Leno to set three standing-start speed records in the model. Only 604 GT’s produced were available to the U.S. and a grand total of 1270 were ever made. While not yet a classic or officially a collector’s piece, the Carrera GT has held its value and is predicted to increase over time due to rarity and performance capabilities.

VW Vanagon Camper Syncro (1986–1991)

Why: Niche Market. While VW does not have a strong presence in the collector car market, their van models have become routinely sought after in certain niche markets. The Type 2 Microbus for example, the groovy one from the 60s, has fetched six digit prices at auctions. According to Popular Mechanics, the Type 3 released during the 1980’s through 1991 has increased in value as well. Much of the draw to these models are the built in camper functionality and easily modified to increase power and performance.

Ferrari F40 (1987–1992)

Why: Record Breaker. Ferraris notoriously hold and improve their value when properly maintained, but the F40 has doubled in value in the last 20 years. Weighing less the 2500 pounds and sporting 471 horsepower, the F40 was the first street legal production vehicle to ever break 200 mph. Its styling, performance and reputation have made the F40 a sought after prize and investment.

To read the full Popular Mechanics article, visit their website.

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

Collector Car Insurance: History of Lotus Part 2

In the first of our posts recounting the history of Lotus we discussed the auto brand’s founding and early victories in both the consumer market and racing circuits. However, the brand struggled to retain financial security, and over the years founder Colin Chapman have to come up with some creative solutions to keep his operations running.

Despite their early success throughout the 1960s and 1970s, by the 1980s the Lotus Group faced serious financial complications as production and sales dipped to less than 400 vehicles a year. In 1982 Chapman who was still running the Lotus Group came to a collaborative agreement with Toyota. Lotus Engineering helped Toyota develop the Toyota Celica XX, which gave Lotus the funding to launch the Excel. The Excel was built using Toyota components which allowed the vehicle to be produced and sold for much less than their previous models. During this time Chapman launched a new American branch, Lotus Performance Cars Inc., which was incredibly well received in the American market. Revenue from Lotus Performance Cars Inc. was able to provide fresh capital to the Lotus Group back in the United Kingdom.

Rocked by scandal involving a botched deal with the DeLorean Motor Company and the death of Chapman in late 1982, the Lotus Group was once again near bankruptcy by 1983. After the demise of Chapman, the brand would change hands and focus a number of times. The Group was purchased by new investors and an entrepreneur named David Wickins who would later facilitate the sale of Lotus to US based General Motors. In 19930 Gm decided to sell off their shares in the Lotus Group to to A.C.B.N. Holdings, who also owned Bugatti Automobili SpA. Three years later A.C.B.N. Holdings sold their share in Lotus to the Malaysian automaker Pronto.

In 2009 Dany Bahar of Farrari took over as CEO of what is now known as The Lotus Group International Limited which had been established in 2006. Bahar was let go in 2012 and a new CEO was appointed to guide the brand forward.

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

Collector Car Insurance: The History of Lotus Part 1

Mention the brand Lotus around any sports car and racing enthusiasts and you will undoubtedly be met by a chorus of oos-and-ahs. Over the last 60 years Lotus has carved out a name for themselves among aficionados on and off the track as exemplary examples of British auto engineering and craftsmanship.

Founded in 1952 by engineer and motorsports enthusiast Anthony Colin Bruce Chapman, better known as Colin Chapman, and his friend Colin Dare, Lotus Engineering Ltd had lofty aspirations from the start. Chapman’s desire to create competitive race cars in the years after WWII drove him to produce his first road vehicles as a way of financing his racing ambitions. In 1954 Chapman emphasized his serious interest in motorsports vehicle production by founding a separated division for racing vehicle production. In 1959 Chapman created the Lotus Group which consisted of three separate entities: Team Lotus, Lotus Cars, and Lotus Components. Team Lotus which was completely designated to motorsports, while the Lotus Cars division would focus their efforts on road vehicle manufacturing, and Lotus Components emphasis was custom vehicle production.

Between 1954 and 1994 Team Lotus engineered and entered vehicles in many series, including Formula One, Formula Two, Indy Car and sports car racing. The team won a number of titles and accolades for speed and design becoming one of the most successful racing teams of all time. Simultaneously, Lotus’s early road cars were produced and purchased only as kit cars, which lasted through the late 1960’s. After which time the auto makers began work on their first fully assembled commercial vehicle. After a collaborating with Ford on the Lotus Cortina, a kit style racer featuring a Ford engine block with Lotus head and valve gear, Lotus released the Lotus Elan Type 2 which became that first Lotus road car not offered in kit form. The Elan Type 2 was modeled after the racing version of the same model. By the mid 1970’s Lotus was producing their renowned Eclat and  Elite  models as fully factory built vehicles.

To learn more about the history of Lotus read on here.

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

Classic Auto Insurance: A History of the Bentley Brand

The origin of the Bentley brand start as many automakers do; in a small town by a man who was obsessed with engineering, design and speed. This particular entity was founded in January of 1919 by an English engineer named Walter Owen Bentley. Known to most as “W.O.”, Bentley got his start selling French automobiles with his brother. During a trip to an auto factory in 1913, Bentley came up with the idea of using the lightweight metal instead of cast iron to make engine pistons as a lighter weight alternative to the cast iron standards of the day.

During World War I, Bentley struck out on his own and began manufacturing the aluminum pistons he dreamed up which were incorporated into aero engines for military vehicles. After the war, Bentley continued making auto parts and in 1919 he build his first chassis for the London Motor Show and later that year the first car to bear his name pulled out onto the streets of London. With the assistance of aviation engineer Clive Gallop early Bentley models featured an unique multi-valve engine designed with 4 valves per cylinder for greater power and speed. Even from the beginning Bentley was committed to luxury, quality and speed.

Despite early successes, the company was financially unstable, underfunded and struggling. In the mid-1920s Racer and motorsport enthusiast Woolf Barnato became a major investor and restructured the operation. With a new financier and his strong values, W. O. Bentley was able to produce a new line of vehicles ultimately leading to five victories at Le Mans in the 1920s.

By the 1930’s early Bentley models gained such prestige that they were being incorporated into contemporary culture and media. The 4½-litre model would later become famous as the vehicle of choice of James Bond in the original novels, however they were not so popular in the film adaptations. The 19301 8-litre engine was a huge success, and it is commonly believed that Rolls-Royce purchased Bentley Motors to prevent it competing with their Phantom II. W. O. Bentley remained with the company until 1935, after which time he left to join Lagonda.

Rolls-Royce’s advertised Bentley vehicles as the “the silent sports cars”, in reference to their luxurious ride and speed emphasis, until the 1950s. During World War II Rolls-Royce and Bentley shifted production focus to aircraft engines in a new factory. For a long time after World War II, most high-end motorcar manufacturers like Bentley and Rolls-Royce did not supply complete cars. Instead the automakers sold “rolling chassis” composed of engines and many of control elements. Auto buyers would order their vehicles through a separate body and coach manufacturer. To compete in overseas markets and with American manufacturers Rolls-Royce began releasing fully complete models and Bentley brand models in the mid twentieth century. In the 1950s Bentley released the R-Type Continental which the company claims to be “this was quite possibly the finest motor car available to humanity, combining speed, performance, luxury, elegance, exclusivity and the evocative Bentley name.”

Rolls-Royce eventually collapsed as a corporate entity in the 1970s, leaving the Bentley marquee floundering. It wasn’t until the brand was picked up by German automakers Volkswagen that the Bentley name was on the road to recovery. Today Bentley has reclaimed much of their status as a world class leader in luxury vehicles and sports cars.

At Condon Skelly, we know how exciting collecting exotic, classic and sports cars can be. That’s why we specialize in offering complete collector 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 classic car insurance coverage to protect your classic, antique, or exotic vehicles. For more information, contact our classic auto insurance specialists today at (866) 291-5694.

Collector Car Insurance: Classic, Antique, or Just Outdated?

When it comes to collecting automotive, the age of a vehicle often plays a large factor in value, classification, registration and even insurance rates you’ll pay to protect your “baby”. Evaluating a vehicle’s classification also takes into account the year, make, model and any modifications made. Classifications like “classic,” “vintage” and “antique” are often colloquially misused by the average consumer and even some enthusiasts. This is likely because there is no universal standard definition of any of these classifications.

For example, According to the Classic Car Club of America, to earn a “classic” label the auto must be between 30 and 49 years old from the post-World War II era. However, the group makes the distinction between “classic” and “Full Classic Car” which is defined as a specific set of vehicles produced between 1925 and 1948. The group also acknowledges that time-period appropriate mechanical and vehicle components are also factors when classifying a vehicle.

However, the legal definition in most states for a classic vehicle is any older motor vehicle manufactured 20 years prior to the current year which has been maintained or restored to a condition which conforms to the manufactured specifications. Authenticity of production is another critical factor in classification as replica and reproductions are not considered classic vehicles. What’s more, most insurers set their own standards when it comes to classifying automotive, which can range from specific decade markers to specific years of release.

So is there a general rule for determining whether your vehicle is classic, vintage, antique or just plain old? Not really.

Based on the combination of guidelines and definitions set by collectors clubs and other industry authorities, a classic vehicle is one which is produced between 25 and 50 years ago. While “antique” vehicles are traditionally thought of as those automobiles produced before World War II, the Classic Car Club of America and the Antique Automobile Club of America (AACA) any vehicle 25 years or older can qualify as an antique. Thus more collectable vehicles are “antique” than truly Classic or otherwise classified.

Luckily age isn’t the only thing that matters when it comes to collecting vehicles, in fact, for many age comes as an afterthought to styling, features, performance, rarity and other factors. Whether you like the look and performance or the history of your collectables it’s important to keep them protected.

At Condon Skelly, we understand the importance of protecting your collectible, antique, classic, muscle and exotic 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.

 Collector Auto Insurance:  A Brief Maserati Timeline

This December 1^st marks Maserati’s centennial birthday. Founded in 1914 in Bologna, the Italian automaker has become one of the leading names in luxury, speed and style around the world over the last century. Humble roots and amassing achievements both on the road and the race track have helped fashion the company’s character, personality and prestige among collectors, enthusiasts and other industry members.

While you may know Maserati for their powerful engines and sleek styling, there is much more to the auto maker’s rich history than you might realize. Here are a few interesting facts about Maserati to celebrate their 100 years of accomplishments.

– The Maserati brothers, Alfieri, Bindo, Carlo, Ettore, and Ernesto were all involved in automotive manufacturing, production and racing as adolescents in the beginning of the 20th century. The bothers worked for various Italian transportation manufactures including Fiat S.p.A and Diatto. Led by Alfieri, the brothers began working as a joint-stock company under the family name.

– The logo was designed in 1920 by fifth son Mario Maserati who was an artist and the only Maserati brother not involved with engine production. The trident was chosen at the suggestion of a family friend due to its connection with Bolognia, and connotation of Neptune’s virtues of strength and vigor. Mario incorporated the colors red and blue from the flag of Bologna into the design, which remain symbolic of the brand to this day.

– For the first 12 years the brothers specialized primarily in engine building. It wasn’t until 1926 when that the Tipo 26 became the first vehicles to sport the Maserati name. After that early success the brothers began producing race cars with 4, 6, and 8 cylinder engines. They took engine performance a step further by creating a model with two twin 8 cylinder engines mounted side by side, to create a powerful 16 cylinder performance racer which would shatter speed records and help win the Maserati brothers racing prestige.

– In 1929 Maserati set the world speed record for reaching finish line speeds of 246.069 km/h, their record would remain unbroken until 1937.

– In 1939 Maserati became the first and only Italian automaker to win the Indianapolis 500, and even more impressively they were able to repeat their win the following year.

– During World War II Maserati endeavored unsuccessfully to construct a V16 towncar for Benito Mussolini before Ferry Porsche of Volkswagen could build one for Adolf Hitler. Throughout the war they became one of the largest producers of spark plugs, batteries and other automotive components for the military.

– In 1957 Maserati retired themselves from race car production to focus on road cars commercial luxury auto production. They did however continue to produce racers for privateers on a case by case basis.

– Maserati passed through a number of corporate hands over the next few decades until Fiat acquired the brand in 1993. Fiat reinvested in the Maserati brand and line at which time the brand saw a resurgence of enthusiasm and public appeal. In 1997 Fiat sold 50 percent of the Maserati to long-time German rival Ferrari. In 2007 Maserati made a profit for the first time in 17 years.

At Condon Skelly, we know how exciting collecting classic, exotic, 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.

American Classic Car Insurance: History of Dodge

Long before Horace and John Dodge ever produced a vehicle under their own brand, the brothers were fully engaged in the art of auto making in the early twentieth century. Horace and John Dodge founded the Dodge Brothers Company in 1900, originally as a supplier or automotive parts and components for many of the local Detroit automakers. In 1903 the bothers entered an exclusive agreement with Henry Ford where they agreed to supply the freshly incorporated Ford Motor Company with 650 automotive chassis complete with engines, axles and transmissions as the first contract. The brothers also agreed to invest $7,000 in materials and $3,000 in bank notes in Ford’s new endeavor for 100 company shares. These chassis would be the basis for the first Ford automobiles to roll off the line. Their partnership continued over the next fifteen years however by 1905 Ford began preparations to produce their own engines to keep costs down for the upcoming Model N.

Ford later bought out the 100 stock shares owned by the brothers, who at that point had seen a 32 million dollar return on their initial investment in the Ford Motor Company. This lucrative partnership allowed the brothers to gain their own prominence and momentum in the automotive industry. In 1913 Ford and the Dodge brothers severed their relationship with Ford to begin manufacturing and assembling their own automobiles. The Dodge reputation for quality was reportedly so widespread that some 13,000 dealers asked to become Dodge agents before the brothers even released their first vehicle. As their first order of business, the Dodges decided to produce a high-quality vehicle that would sell for about $800, and therefore not have to compete with Ford’s Model T. Their first model affectionately deemed “Old Betsy,” was methodically tested for safety and functionality before it rolled off the assembly line to much success in 1914. The following year Dodge produced 45,053 cars at their Michigan plant. In1920 Dodge had its most successful year to date, they produced145,000 vehicles despite losing founder Horace.

In 1928 Walter P. Chrysler bought Dodge, rescuing the then luxury car brand from weak profits and near bankruptcy. With the addition of Dodge, Chrysler now held four major car lines and instantly became America’s third largest automaker. To fit better into the Chrysler Corporation lineup, Dodge’s production lineup was trimmed down to a core group of two lines and thirteen models which would be priced as mid-level autos above Plymoth and DeSoto. The Dodge adding a new eight-cylinder engine into their line up reasserting themselves as a powerful yet safe family friendly vehicle line. During World War II, Dodge gained prestige with civilians and the military for their heavy-duty, durable and dependable trucks and medical vehicles. This notoriety would lead to a longstanding investment in commercial vehicle production.

Today dodge is known for their truck and commercial vehicle, as well as their strong presence in the American muscle car sector. The Dodge Charger being one of the bands most notable claims to fame.

At Condon Skelly, we know how exciting collecting American Classic and vintage vehicles 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 collector auto insurance coverage to protect your classic, antique, or exotic vehicles. For more information, contact our American classic car insurance specialists today at (866) 291-5694.

Antique Auto Insurance: A History of Oldsmobile

We can hardly speak of antique and classic cars without referencing an Oldsmobile. Founded in 1897, as the Olds Motor Vehicle Co. by Ransom E. Old, Oldsmobile was one of the oldest surviving American auto brands in the General Motor portfolio until it’s dissolution in 2004. For over one-hundred years Oldsmobile pumped out classic, reliable and sophisticated vehicles totaling roughly 35.2 million by the end of their production days.

In 1901, just four years after opening their doors, Olds produced a total of 425 vehicles, which gave the brand the distinction of becoming the first high-volume gasoline-powered automobile manufacturer. Although often credited to Henry Ford, it was Ransom Olds who pioneered the first automotive assembly line.  His innovative auto production strategies lead to the production of their first major success, the Curved Dash Olds automobile, which was colloquially shortened to the Oldsmobile by consumers. Some 19,000 Curved Dash models where produced over all between 1901 and 1907 at which time they sold for just $650 dollars.

In 1908 the company was purchased by General Motors, and in 1910 Oldsmobile began producing the widely acclaimed “Limited” Touring car. The model was luxurious; it boasted a 60 horsepower engine, factory white wheels, goatskin upholstery, and spacious accommodations for five. The Limited gained notoriety after winning a race against the 20^th Century Limited Train which was immortalized in a painting by William Hardener Foster. In the 1920’s Oldsmobile was rebranded as a middle class vehicle line in the General Motors product ladder, it would later be placed above the Chevrolet and Pontiac lines and below Buick and Cadillac products. In 1929 Oldsmobile introduced the Viking line as a slightly escalated caliber of vehicles from the now common Olds however the line failed less than a year later with only a limited number of Vikings produced.

In 1940 Oldsmobile became the first auto manufacturer to offer a fully automatic transmission, called the Hydramatic, which featured four forward speeds, no clutch and a gear selector on the steering column. Olds soon after introduced their two digit model designation system which would go on to be used for all vehicles produced between 1941 and 1996. The designation system was originally implemented to reflect the design and performance elements of the vehicle. The first digit would signify the body size while the second represents the number of cylinders used in the vehicles engine. Original body sizes were 6, 7, 8, and 9, and the two options for engine size were 6 or 8-cylinder. As such, subsequent Oldsmobile models were named 66 through 98.

During World War II, Oldsmobile shifted focus to weapons and munitions production, creating numerous material for the war effort, including large-caliber guns and shells. After the war their efforts returned to vehicle production and in 1949 Oldsmobile introduced the Rocket V8 engine which utilized overhead valve systems rather than the flathead systems which we prevalent at the time. Through the 1950s, Oldsmobile played up the jet plane styling angle, incorporating twin jet pod-styled taillights and “open maw” grills as a nod to its “Rocket” motif. Heavy chrome styling and exaggerated features were staples of the Oldsmobile aesthetic, however there were not always well received.

Over the next few decades there would be a number of firsts pioneered by Oldsmobile including the first turbocharged engine in 1962 and the first modern front wheel drive capabilities. Oldsmobile was a landmark auto producer and earned their rightful place in the hearts of enthusiasts and collectors of vintage, antique and classic vehicles.

At Condon Skelly, we know how exciting collecting antique and vintage vehicles 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 collector auto insurance coverage to protect your classic, antique, or exotic vehicles. For more information, contact our antique auto insurance specialists today at (866) 291-5694.

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.

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.