by Stacey Croteau on Sep 9, 2013
The following losses and lessons from Hagerty Collector Car is not for the faint at heart but it is a cautionary tale for anyone who thinks that just because there car is not registered means it doesn't need insurance.
WHAT WENT WRONG: Whether or not you’re a classic motorsports fan, this story will leave you with a sick feeling in your stomach. The owner of three 1960s race cars had the vehicles trailered by a race prep shop. On the way to a show, the truck hauler caught fire and the flames moved quickly to the trailer. Before the cars could be removed, all were lost.
DAMAGE/LOSS: The ’65 GT350 (valued at $160,000), ’69 Porsche 911 ($80,000) and ’69 Camaro ($65,000) and were total losses.
LESSON: Losing three classic automobiles with racing pedigrees was tough enough to swallow. But the story gets worse. The cars were not insured by the owner, who thought off-track insurance was pointless and also figured that the prep shop’s insurance would cover any damage en route. It didn’t. When you self-insure your classic cars, you roll the dice. In this case, proper insurance coverage would have cost the owner a small fraction of the $305,000 that was lost.
Editor’s note: While this month’s “Losses and Lessons” is based on a true story, the actual cars in the story have been changed to protect the privacy of the owner.
At Georgetown Insurance we specialize in helping classic car owners determine what type of coverage they really need and then help them secure it. The worst thing that can happen is having an uninsured loss.
Call us today at 1-978-352-8000 or email info [at] georgetowninsurance [dot] com