Estate Living Digital Publication Issue 3 March 2015 | Page 33

RISKY BUSINESS

33

GOLDEN OLDIES
James Bond’s Aston Martin and
James Dean’s Porsche 550 Spyder are
synonymous with the 1950s. As cars,
they are arguably as famous as their
action hero drivers and, coupled with
iconic vehicles of the silver screen
like Batman’s original 1955 Ford
Lincoln Futura Concept Car and David
Hasselhoff’s 1982 customised Pontiac
Trans Am in Knight Rider, they generate
a unique nostalgia of yesteryear – a
piece of the past still loved and lived
today.
Fast forward a couple of decades
and recent technological advances
have created an insatiable need for
speed, sophisticated design and
luxurious class, culminating in moving
masterpieces of engineering art that
come with a price tag to match. Last
year alone, a 1962 Ferrari 250 GTO
sold at Bonham’s Quail Auction for
a staggering $34 million, breaking
the record previously held by a 1954
Mercedes-Benz W196R race car, which
had sold for a then record-breaking
$30 million at auction in July the year

before. Rare automobile collecting
was once considered a pastime for
only the outrageously wealthy like, for
example, the Sultan of Brunei, who
possesses the largest, rarest and most
expensive car collection in the world.
His 5000-plus assembly includes a
$14 million custom Rolls-Royce Silver
Spur Limousine decorated with 24k
gold trimmings and one of only eight
McLaren F1s in the world, as well as
a Ferrari FX, Mercedes-Benz CLK GTR
and Bugatti Veyron 16.4. Yet this elite
perception is slowly changing.
Whilst engineering advances mean
cars are likely to enjoy even greater
developments, there has been a recent
upsurge in the high end vintage vehicle
market. The allure is self-evident;
vintage cars fulfil a part of us that is
enthralled by the enduring appeal
and design and lend themselves to a
particular way of life from years gone
by.
As well as a lengthy and intriguing
history, old cars come with unique

quirks and very few safety features, so it
is little surprise that vintage cars require
greater insurance considerations.
Whilst there are some extremely
important features that car owners
should take into consideration when
insuring any kind of vehicle, owners of
vintage vehicles are unique individuals
with a very specific set of insurance
requirements. Ordinary insurance
factors – such as obtaining an
approximate value of projected annual
distances travelled, details of who will
be driving the vehicle (nominated
driver) and the excess value or the
amount first payable if you are
involved in an accident – should never
be overlooked; there are a number of
specialist insurance packages available
that specifically cater for vintage cars.
In general, vintage insurance cover
is typically lower than standard auto
insurance rates since these types of cars
tend to be well maintained and driven
less often than everyday cars. Another
key difference is the fact that classic