Grundy and Haggerty are going to be busy over the weekend.
Think about that for a moment. These insurers built their business issuing policies for low mileage, rarely driven, totally babied enthusiasts cars. So their risk is spread out across the country and claims are usually isolated incidents. Not this one...You had a HUGE CONCENTRATION of collector cars all in one spot.
I'm not suggesting that the claims will sink these insurers. But I wouldn't be surprised if premiums were to be increased to deal with the cash drain.
And does anyone know if BJ and Russo "take ownership" of the car once you sign over the pink for consignment? If that is the case, they just took it in the shin for the cars that were not sold (at least BJ does...Russo may be different because of their reserve auction process).
-Dean