A $30 million 1962 Ferrari GTO doesn’t have the standard type of coverage.
Car collectors, auctioneers, and enthusiasts all hung their heads when an auto insurance claim had to be made on the most expensive crash in the world involving a 1962 Ferrari GTO.
These cars are often considered to be investments and lots of fun to own and drive.
This is what makes it worthwhile for millionaires to continue to cover a vehicle estimated at being worth $30 million, with a unique auto insurance policy. Ownership of this type of vehicle demands this special coverage. If anyone had doubts of this fact in the past, the recent accident of the classic car.
According to media reports, the vehicle was owned by American millionaire investor Christopher Cox, when the 1962 Ferrari GTO was banged up in France during a rally. Cox was apparently behind the wheel and was struck by another vehicle in the rear during a turn, forcing the car into a crash that badly damaged the front end.
Both Cox and his wife – who was a passenger at the time – have been treated for their injuries and are fine.
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The next step is the calculation of the financial damage for the auto insurance claim.
Following the initial shock of the destruction of such a rare classic vehicle, financial damage needs to be calculated. It is not precisely known what was paid for the car when Cox purchased it in 1995. This particular vehicle is considered to be the automobile equivalent to a Picasso, as only 38 were ever built (from 1962 to 1964) and the original buyers were personally selected by Enzo Ferrari.
Recently, a similar vehicle, owned by racer Stirling Moss, sold for $35 million at auction to Craig McCaw, telecom magnate. Cox’s car was baby blue, with a racing stripe in canary yellow, and estimates have placed its worth at around $30 million.
That particular vehicle had already been involved in an accident in 1976, when it was rebuilt. It is hoped by many that the new auto insurance claim will allow it to be rebuilt once more.