On May 5, a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe sold for $142 million during an auction at the Mercedes-Benz Museum in Stuttgart, Germany. This figure set a record as the highest price ever paid for a car at auction, surpassing the eight-figure Ferrari sales that had long led the luxury market.
The identity of the buyer remains a mystery, but what is certain is that an item of such value will require a solid insurance policy if the new owner plans to drive it. According to analysts at Hagerty, a collectible vehicle insurance firm, if the car is never driven, it will not legally require insurance. However, if you decide to insure it, a marine inland insurance policy would be the most likely option.
These policies, commonly used to protect works of art and objects of cultural value, provide broader coverage than standard automobile insurance policies. They cover damage or loss due to theft, accidents, or mishandling, as well as damage from fire, wind, hail, or water. However, they do not cover war damage or mechanical failures.
The insured value for such a vehicle is usually agreed upon between the owner and the insurer and can significantly exceed the purchase price, especially if the car has been restored. In addition to the value, the location and storage of the car also affect the cost of the policy. To keep costs down, owners should store the vehicle in a safe location, away from areas prone to natural disasters, and use appropriate security measures such as surveillance cameras and alarm systems.