Tag Archives: Ferrari

Another Ferrari 250 GTO Breaks Record

FerrariIt was only back in June that we wrote about a classic 1963 Ferrari 250 GTO that was sold privately for about £52 million making it the most expensive car in the world yet here we are again telling you about another of these classic vehicles that has been sold and has broken another record.

This time, a very rare 1962 Ferrari 250 GTO was sold for a record auction price of $48.4 million. The RM Sotheby’s auction took place at Monterey, California, USA on the 24th to 25th August 2018 and the wonderful classic vehicle attracted a considerable amount of interest as such cars always do. The sale price was in excess of $10 million more than the previous record.

The car had remained in the possession of the same owner for around twenty years during which time it had no doubt been well looked after. Initially, bids of $35 million were sought to get things going. There were three telephone bidders in particular who were outbidding each other over a period lasting almost 10 minutes before the car was sold for $48,405,000.

As we stated back in June, there were very few of these classic Ferraris built which is no doubt one of the reasons why they command such high prices when they do come on the market which is not normally all that often.

You cannot help but wonder just how long it will be before a classic Ferrari 250 GTO sells for $100 million somewhere in the world. Needless to say, we will do our utmost to let you know should this happen.

Here at AIB Insurance, if you are looking for classic car insurance, why not give us a call on 02380 268 351 and speak with a member of our experienced team who will be pleased to discuss your requirements and provide a bespoke, competitive quotation without any obligation. We look forward to hearing from you and being of assistance.

BMW Owned By Racing Legend Sells For Almost £4 Million

John SurteesAt the Goodwood Festival of Speed Sale that took place on the 13th July, a 1957 BMW 507 Roadster with hardtop was sold for a staggering £3,809.500 – just short of £4 million. So, how was such a classic sports car able to achieve such a price?

Well, a major factor was that it had been owned by the late John Surtees CBE who had the vehicle in his possession from new until he died on the 10th March 2017 at the age of 83. Many of you will be aware that John Surtees was renowned as being not only the winner of motorcycle world championships but also was a Formula One World Champion – a feat that only he has achieved.

Mr Surtees was the 500cc motorcycle world champion on four occasions – in 1956, 1958, 1959 and 1960. He later went on to become Formula One World ChampJohn Surteesion in 1964 with Ferrari.

The above classic car was one of only 252 built and was adapted to include Dunlop disc brakes on all four wheels and also had some mechanical work carried out that increased its speed so that it was capable of getting to just over 140mph as Mr Surtees had felt it was not quick enough. It is left hand drive. It is a solver/blue colour and in immaculate condition.

Apparently, following Mr Surtees becoming motorcycle world champion for the first time in 1956 with MV Augusta, he was approached by Count Augusta who offered to buy him a gift and it is believed that the racing team contributed 50% towards the purchase of the above vehicle that originally cost £3,200. It has certainly proved to be a sound investment although perhaps Mr Surtees did not buy it for such a purpose as he no doubt enjoyed driving it.

Here at AIB Insurance, we have arranged classic car insurance on many vehicles. So, if you are looking to insure your vehicle why not give us a call on 02380 268 351 and we will be pleased to provide a competitive quotation from our panel of specialist insurance companies.

 

 

 

Introducing Daley Grice

Daley Grice

Airsports Insurance Bureau (AIB), the niche and high net worth insurance broker, has appointed Daley Grice as Specialist Insurance Consultant within the personal lines and high net worth team.

Daley has over 5 years of experience in the insurance industry, and brings with him a wealth of knowledge and transferable skills to nurture new and existing clients. He joins from Business Choice Direct where he worked within the commercial sales department, focussing on courier and taxi business.  Prior to this Daley worked at both A-Plan Insurance and Ageas both locally in Eastleigh.

Daley David HayeThe division Daley joins within AIB specialise in meeting the insurance requirements of individuals and companies that may have high net worth, performance and exotic cars.  AIB can cover vehicles such as Ferrari, Porsche and McLaren as well as collections of classics and vintage vehicles and modified, kit and imported cars.  They have a broad selection of products for unusual and non-standard homes, such as thatched, flood risk and clients with higher sum insureds as well as being able to cover unoccupied, holiday homes and rentals.

Daley was born in Winchester and attended Toynbee School in Chandlers Ford.  He has 2 small children, still lives locally and his claim to fame is he once met and spent a morning training with boxing legend David Haye at his gym.

Councillor Murray Johnston

 

In other news AIB are delighted to announce experienced team member Murray Johnston recently won the local election whilst representing the Liberal Democrats and is now Councillor for Rowner and Holbrook within the Gosport Borough.

Welcome on board Daley and well done and congratulations Murray.

 

 

Classic Ferrari Sells For World Record Price

Those of our customers who are classic car enthusiasts will no doubt be aware that classic Ferraris are highly desirable vehicles with many commanding high prices as and when they are offered for sale. The Ferrari 250 GTO is reputably the most sought after of them all with, it would be fair to say, a value far exceeding what most people can afford to spend. For instance, back in 2013, it is believed that one was sold privately for around £40 million.

Well, it is believed that that figure has recently been exceeded with a 1963 Ferrari 250 GTO fetching in the region of £52 million. This would make it currently the world’s most expensive classic car. Apparently, when originally sold brand new, this make and model of car could be bought for around $18,500. We are sure that you will agree this is a significant increase in value over the years and has probably provided a greater investment return than any other asset.

Who has paid that sort of money for such a wonderful vehicle? Well, it is believed that a businessman called David MacNeil from the USA is now the proud owner of this classic sports car. He owns a business that sells car mats and, by the sounds of things, appears to have made a considerable amount of money doing so.

Only thirty-nine Ferrari 250 GTOs were built between 1962 to 1964. So, it is an extremely rare classic vehicle with this no doubt having a considerable bearing upon its value. These models were capable of rocketing to a top speed of around 174 mph.

This particular Ferrari 250 GTO actually won the 1964 Tour De France so this will no doubt have had an impact upon its value. It has also taken part in many other motor racing events.

The premium to insure such a classic car would no doubt be considerable and there are possibly not too many insurance companies that would be prepared to take on the insurance risk. In this respect, if you are the proud owner of any make and model of classic or vintage vehicle and require a quotation for classic car insurance then why not get in touch with us on 02380 268 351 and one of our experienced members of staff will discuss your requirements with a view to doing all that can be done to obtain a competitive quotation from our panel of insurers.

 

Drop In Sales At Monterey Classic Car Auctions

If you are a classic car enthusiast, you may well be aware that the annual Monterey Car Auctions that took place this August in the USA is one of the most exclusive of such events. There were six major auction houses offering classic vehicles for sale including Bonhams, RM Sotheby’s and Gooding & Co with some cars being sold for in excess of $10 million each.

Whilst the final figure for the total amount generated is not yet available, the indication is that there has been a reduction in the value of sales from the various auctions in comparison to last year. In fact, this is the second year in succession that there has been a fall in the amount generated from the sale of classic cars at these auctions.

The figure so far generated from this August’s auctions is $344.9 million. Last year the figure was $396.8 million.

Apparently, the Monterey Car Auctions are a good indicator as to how classis car values are doing. For quite some time now, classic cars have been viewed as an excellent form of investment in comparison to the likes of stocks and shares. It will be interesting to see if this continues to be the case.

The top 5 sales at the above auctions were: –

Jaguar D Type

1. 1955 Jaguar D-Type Roadster that was sold for $21,780,000.

 

 

 

 

Alfa Romeo

 

2. 1939 Alfa Romeo 8C 2900B Lungo Spider that went for  $19,800,000.

 

 

 

 

Ferrari 250 GT California
3. 1959 Ferrari 250 GT California LWB Alloy Spider that achieved a sale price of $18,150,000.

 

 

 

 

Shelby Cobra 260 Roadster

 
4. 1962 Shelby Cobra 260 Roadster that went for $13,750,000

 

 

 

Ferrari 250 GT SWB
5. 1960 Ferrari 250 GT SWB Competizione Coupe that fetched $13,500,000.

 

 

 

In fact, 5 of the classic cars that featured in the league table for the 10 top selling vehicles were Ferraris. Perhaps this is not surprising when you consider that a 1962 Ferrari 250 GTO Berlinetta was sold at auction in August 2014 for a world record price of $38,115,000.

If your classic car insurance is coming up for renewal then why not get in touch with a member of the knowledgeable team here at AIB Insurance on 02380 268 351 with a view to obtaining a competitive quotation.

Thousands Of Uninsured Cars Seized

FerrariOwners of motor vehicles are well aware that, unless declared SORN (Statutory Off Road Notification) and kept off the public highway, it is a legal requirement to insure their vehicles. Therefore you may be somewhat surprised to read that Churchill Car Insurance has found that over 27,000 cars have been seized by 23 of the police forces around the UK so far this year because they do not have any insurance on them. In the whole of 2014, there were over 70,000 cars seized.

The worst area is in London where the Metropolitan police force has had to seize almost 10,000 cars. West Yorkshire police force is in second place having seized over 4,000 cars so far in 2015.

You may have thought that it is motorists that own older vehicles that are more likely to not bother to insure their cars. Well, surprisingly, a significant number of cars that were taken off the road by the police due to not being insured were luxury cars. The list includes 10 Bentleys, 3 Lamborghinis, 2 Ferraris, 40 Porsches, and 1,767 BMWs.

LamborghiniSo far this year, 1,892 cars that have been seized have been sold at auction generating over £1 million. Interestingly, the most realized for one car in the last three years was £217,933. There have also been 6,736 cars scrapped raising further funds.

The penalty for someone not insuring their car is £300 plus they will get 6 points on their license. In addition, the cost of arranging car insurance will be more expensive for many years to come. Therefore, it does seem rather shortsighted of those people that are not bothering to insure their vehicles.

Here at AIB Insurance, we arrange car insurance on numerous makes and models including some of the luxury makes mentioned above. So, why not get in touch with us on 02380 268 351 and speak to an experienced member of our team to obtain a competitive quote.