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.

Exotic Auto Insurance: Defining “Exotic” in Auto Terms

According to the Merriam-Webster dictionary, by definition the term “exotic” means “very different, strange, or unusual”. Often applied to the physical appearance of an object or individual, the term “exotic” has also adopted the connotation of intrigue, mystique and complexity. When applied as a term used to both describe and classify vehicles, auto experts and enthusiasts have a few distinct criteria an auto must meet to be truly classified as an exotic vehicle in auction or appraisal.

If a vehicle classifies as “exotic” it will likely meet some of the following criteria:

Rarity- A fundamental tenant of an exotic vehicle classification is that they are difficult to come by. Limited production models, for example, are often some of the most prized and sought after vehicles and often fetch millions of dollars at auctions and private sales. Original batch vehicles, or models which were originally built to be made in limited quantities but became widely popular that the public demanded more, are also highly popular among collectors and enthusiasts. Exotic vehicle producers do not intended to sell to the general population, but rather appeal to a very specific buyer market. Their prestige and appeal are often generated as a result of their rarity and unattainability to all but a select few.

Customization- Exotic vehicles are often hand assembled, or created through non-standard manufacturing processes. These vehicles often rely heavily on personalization and customization and are typically built exactly to the specifications of either the owner or the designer. They also tend to incorporate new technologies, materials, and other non-traditional components into the function and design of the vehicle. Exotic vehicle will often have a story of creation which typically includes personal history of individuals or design teams. Most exotic vehicles will have “pedigree” papers or original documentation of all owners, dates of purchase and sale, maintenance records and other documentation.

Performance– A key feature in many exotic vehicles are the extensive design elements geared towards enhancing the driver’s experience. Many exotic vehicles have competed in race or competitive environment, while others were designed for high-performance speed and driving pleasure. As opposed to other classes, the emphasis for exotic vehicles is most often speed and handling capabilities, along with style.

Look- Aesthetics are fundamental tenet of exotic vehicles design and classification. By nature, exotic vehicles tend to have strange and unusual appearances from concept to design. Many include unusual functions such as non-standard door designs or aerodynamic body designs, or enhanced motor designs, fuel systems and other features. However, exotic “look” is an ever evolving concept, what may be considered “exotic” in one generation of vehicles may become the norm later on.

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

Classic Car Insurance: History of ‘Coke-bottle’ Styling

One of the most iconic features of mid-century American automobiles is the pervasively curvaceous body styling which began in the late 1950’s and early 1960’s. Stepping away from straight-edged boxy and envelope styling of the early 1900’s vehicles, designers in the mid-20^th century began to incorporate chiseled edges, dramatic fenders and curvature into the automotive body styling with both performance and aesthetic intent.

To auto enthusiasts and collectors this design has come to be known as Coke-bottle styling, named after the resemblance to the classic contoured bottle design of popular American beverage producer Coca-Cola. Many tenants of Coke-bottle styling were originally crafted by aircraft manufacturers who had been streamlining aircraft design to improve aerodynamics and reduce drag and air resistance for better flight performance.  When automakers began incorporating functional curvature, wasp-waste body modeling and other elements into their vehicles, the performance improvements and consumer response was staggering.

Throughout the 1960s automakers such as Studebaker, Pontiac and Buick began to incorporate subtle horizontal creases and a slightly pinched middle section which swelled out again in the rear of the vehicles. By 1966, the General Motors A-body sedan had incorporated the softer more aerodynamic curvature into their design with a mid-riff pinch and slightly tilted fenders. However, it was the 1968 Corvette Stingray which brought Coke-bottle styling to prominence.

The new shape of the 1968 Corvette Stingray, first of the C3 generation, featured improved aerodynamics when compared to the C2 Corvettes, an iconic pinched mid-section and fenders which bulged out and arched upwards. The design was adopted in response to racer complaints about drag and high speed front end lift experienced my drivers in earlier models. The C3’s new Coke-body styling was so successful that it would be a staple for the next four generations of Corvettes and inspire other auto makers such as Ford, Dodge and GM to adopt similar styling in their sports, muscle and race car models. By the 1970’s tailfins had been incorporated into coke-bottle styling, and the combined design would be adopted almost unilaterally among American and foreign automakers over the next decade.

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 car insurance specialists today at (866) 291-5694.