5 Classic Cars That Cost A Fortune to Insure

Classic cars are much like wine, they get more valuable and even better with age, as hardcore enthusiasts from all over the world struggle to get these vintage rarities into their garage. Oldies turned into goldies — most antique cars have an increased value because of their history, condition, and rareness. Even more, replacement parts are expensive and hard to find. Insurance premiums are often higher for classic automobiles, since they are considered a specialty insurance product. Even if the classic car is driven less or only on special occasions, they are more expensive to fully repair and almost impossible to replace, making vintage cars extremely costly to insure and maintain. Even still, they are in high demand, as long as classic car enthusiasts are willing to pay top dollar. Here are five classic cars that cost a fortune to insure, but are worth every penny.

  1. Mercedes-Benz 540K Special Roadster

    The 1930s were a time in which the mechanics and handling of the automobile was still being developed and perfected. However, Mercedes was succeeding in everything from control to power to precision. Just 26 models of the Benz 540K Special Roadster were ever produced and just six of those feature the original spare tire. With just 11,000 miles on it, Jack Warner bought himself one of the original models with the spare tire at the Berlin Motor Show in 1937, and brought it to America for $3.63 million. We can only imagine how much it costs to insure this rare beauty.

  2. 1931 Type 41 Bugatti Royale

    Three and a half tons and almost 14 feet of magnificent steel and wood, the Bugatti Royale Type 41 is made using only the finest materials on the planet – rare woods, leathers, and precious shiny metals give it stunning appeal and grace. All these features also add much to its overall cost. Only six models have ever been produced, which contributed to its 100% increase in cost of common vehicles in 1931. A model was auctioned in 1981 at Christie's in London for $8.7 million.

  3. 1964 Shelby Cobra Daytona Coupe

    Built for auto racing, especially when competing against the Ferrari GT classes, just six Shelby Daytonas were produced between 1964 and 1965. An iconic car that played a critical role in the domination of Ferrari 250s at the United States Road Racing Championship, you can buy this car for well over $4.4 million today. Racing vintage cars are even more expensive to insure, so be sure to balance your budget accordingly.

  4. 1954 Mercedes W 196

    A dominating force in the racing championships of 1954 and 1955, the Mercedes W 196 was known for its innovative valve system that didn't use springs. Fuel injection was also first developed by Mercedes engineers for supercharged power ability and muscle. Today the value of the car has risen to about $24 million; it sits heavily insured in a museum.

  5. 1962 Ferrari 330 TRI/LM

    A true legend among race cars, the 1962 Ferrari 330 TRI/LM Testa Rossa had a front-engine masterpiece that was among the most powerful of its time. Originally designed in 1960, the 330 TRI underwent several overhauls and redesigns until it took its present legendary form. For a whopping $9.29 million, the Ferrari Testa Rossa continues to live out its stardom.

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