At the recent 2018 Monterey Car Week, a 1962 Ferrari 250 GTO broke the record for the most expensive car ever sold at public auction—bringing in more than $48 million. While an eye-popping number, it is indicative of a larger trend: successful individuals investing in collector cars as a means of diversifying their financial portfolios.
But a collector car’s value isn’t the only differentiator from “everyday” vehicles, even luxury ones. Rather, they require special care and risk mitigation measures in order to protect, both in terms of financial value and driving condition.
Regardless of whether you plan to put your collector car on the auction block or keep it for driving pleasure, here are a few “rules of the road” to keep in mind:
- Ensure your collector car is in good driving condition before hitting the road. Regular inspection by a mechanic who specializes in your car’s manufacturer, make and model is always a good idea.
- In the event of an accident while driving, avoid causing further damage by only using a roadside assistance provider with the experience and capabilities to transport collector cars (hint: using a standard double decker car trailer won’t cut it).
- Upon return, and especially if you won’t be driving again for some time, consider emptying the fuel tank and overinflating the tires to avoid parts erosion and flat spots, respectively.
Want to learn more about how to protect your fastest asset? Head over to ThinkAdvisor for more: https://www.thinkadvisor.com/2018/08/28/how-to-drive-value-from-your-clients-fastest-asset/
Fran O’Brien is Division President, North America Personal Risk Services, Chubb.