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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:
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.
The opinions and positions expressed are the authors’ own and not those of Chubb. The information and/ or data provided herein is for informational purposes only and is not a substitute for professional advice. Insurance coverage is subject to the language of the policies as issued.