Did you know that America’s car capital is broke? Detroit, MI, this country’s long-standing hub of car manufacturing, and the epicenter of the history of many of our great car brands and traditions, is suffering under $17 billion in debt and has begun to take drastic measures in an effort to avoid filing for bankruptcy.
As part of this new effort, many history lovers and car fanatics have been afraid that Detroit would lose its largest pieces of history, the massive classic car collection that so loudly speaks of the rich history this city offers.
Housed largely at the Detroit Institute of Arts and the Detroit Historical Museum, the collections includes cars like the original 1963 Ford Mustang, a few of the remaining Chrysler Turbine cars, some of Henry Leland and John and Horace Dodge’s personal collections, as well as a barrage of others, it appears that the collection is safe from sale or any type of repossession.
The man appointed to the head of Detroit’s financial restoration, Kevyn Orr, announced last week that after long meetings with the creditors and banks, the city’s plan does not include the sale of assets as any form of debt satisfaction.
Even though the city’s collection has been housed in storage for many years and kept away from the public eye, there is hope that this financial restoration might bring some of this collection out again for public viewing.
If you are a classic car collector yourself, you know how important this history is to the city of Detroit, and you also know how important it is to protect the cars in your collection. How long has it been since you’ve compared prices on collector car insurance? Classic Auto has excellent rates, customizable plans and even offers perks like roadside assistance. Give us a call today if you’re curious about securing better protection for your classic cars!
About the Author
Drew Yagodnik is Vice President of Classic Automobile Insurance Agency, Inc. Classic Automobile Insurance Agency has been protecting collector, classic and exotics since 1992.