Ferrari 250 GTO: a car crash worth millions- Will insurance cover these astronomical costs?

Earlier this month a 1962 Ferrari 250 GTO, estimated to be worth $40 million dollars, crashed into a Hyundai minivan on a highway near Blois, France. French authorities are investigating this priceless crash which occurred while the 250 GTO was on its way to participate at the Goodwood Festival of Speed. However shortfall of information is making investigation into the cause and effect of the accident difficult and time consuming. Both parties involved are mum and authorities are finding it difficult to put a price to the damages caused.

The Ferrari sportscar has reportedly suffered severe damages both to its side and front. Owner and driver of this Ferrari, Christopher Cox and his wife Ann too have suffered injuries. Mrs. Cox broke her ankle. All attempts to contact the duo were a failure.This is not the first time that Mr Cox's multi million dollar Ferrari GTO has been involved in a crash. According to Barchetta.cc, this is the third time the car has crashed.

Obviously, cost to cover the repairs to this priceless vehicle would be astronomical and it is now to be seen who bears the cost of these damages. David Gooding, President, Gooding & Company auction house, said, "If a car is properly restored, damages don't necessarily affect the value, especially in the circumstance of a rare Ferrari 250 GTO."

But who will be able to afford to restore and repair the much damaged and highly expensive vehicle needs to be seen. According to McKeel Hagerty, Chief Executive, Hagerty Insurance, said, "These Ferraris are bought for tours like this; failing to insure them is not as uncommon as you might think. Collectors tend to consider the chassis the car, not the body, in vehicles such as this. But as time goes on, and the vehicle becomes based on less and less original content, questions can be asked about its valuation."

Speaking about the cost to fix the Ferrari, Hagerty said, "It can certainly be fixed for far less than the total value of the car. If the car had still had its original body, the owner might have tried to save as much of it as possible. And that would have cost much more, in terms of repairs and in terms of time." For example, a unique 1962 Jaguar E-Type Low Drag Coupe crashed badly some years ago. "The owner was determined to save the original body, and what resulted was a repair that took years and cost millions of dollars," Mr Hagerty added.

The image above, U.S. businessman Christopher Cox, pictured behind the wheel next to his wife Ann.