According to reports, while Cox and his wife were riding the said car, another car from behind struck them and damaged the car’s front end. Cox and his wife are now fine after being treated for minor injuries.
In 1976, Cox’s car had been involved in a car crash. Experts say that if a car is properly restored, its damages will not necessarily affect its value, particularly in the circumstance of a very rare Ferrari 250 GTO. However, the total amount of the crash remains to be undetermined at present. Experts speculated that damages could amount to a million dollars.
Cox bought his Ferrari GTO way back in 2005. The car is considered as the “Picasso” of the auto industry and a true work of art of prized rareness. Only 38 of its kind were built between 1962 and 1964. Ferrari founder, Enzo Ferrari, in fact personally selected and approved of the original buyers of the limited units.
Reports said that Cox’s Ferrari was colored red before but was repainted baby blue with a canary-yellow racing stripe down the middle in 1963. Such color coordination was applied to honor Swedish race car driver Ulf Norinder.
Several auction experts and car collectors said that most high-end collectible vehicles are insured with special “collector” or “hobby” policies. Said policies usually limit the owner from driving the car. Owner can only drive their cars to car shows and rallies. The policies usually don’t cover vehicle accidents or damages incurred during daily use, like for commuting or grocery trips.
Consequently, a Los Angeles injury attorney suggests owners of such high-end and collectible vehicles to take extra good car when taking their rides on the road. If owners want to preserve their investment, then it would be best to keep such pricey cars in their garage. Unfortunately, they can’t definitely find fun with that.