A Toyota 2000GT model was sold for a staggering $2.53 million at an auction in Florida on 4 Mar 2022, making it the most expensive Japanese car ever sold!
Usually, the 2000GT models sell for more than $1 million on the auction block on account of their rarity (there were only 337 of the models ever sold).
However, this particular piece was worth almost 3 times that! This is largely due to the car’s history.
Perhaps better known as the 1967 Toyota-Shelby 2000GT, this car was previously owned by racing legend Carroll Shelby, who was famously portrayed by Matt Damon in the 2019 film Ford v Ferrari. The car has competed in dozens of classic car and exhibition racing events, making it a collector’s item.
But, the exorbitant price this vehicle fetched begs the question - how do collectors ensure that their prized possessions are safe from harm?
A Collectibles Insurance policy generally takes care of any harm that may occur to rare items. This includes damage due to fire, theft, floods, accidents and natural disasters.
Under this insurance, high value items like artwork, coins, stamps, model trains, sports memorabilia, etc. can be covered.
However, car collectors usually go for a related insurance policy known as Collector and Classic Car Insurance. This policy specifically covers antique cars on an agreed value basis while also providing added benefits like towing and labour coverage, vehicles in restoration coverage, etc.
Antique car insurance also exists in India under special conditions laid down by the insurance company and with uncommonly high premiums.