What’s new in garaging car collections? Condos. Seriously.
A creative way to obtain state of the art security, save on insurances and enhance a car enthusiast’s lifestyle, garage condos are increasingly becoming the choice option for those without a secure facility for their vehicles. They’re also the newest and most exciting trend we’re seeing in car risk management.
Popping up all over the US, these types of facilities provide owners and members access to a car devoted community, club houses, invitations to special events and drive experiences. Some facilities allow you to customize your individual unit; add a bar, TV or office space where you can hold business meetings in a unique setting.
Vintage car racing enthusiast and prominent Silicon Valley commercial real estate developer Ralph Borelli, for instance, Chairman of Borelli Investment Company and partners, has mastered the lifestyle and risk management balance with the development of several highly sought after luxury garage-condo complexes such as; Auto Sport Silicon Valley, Garage Unlimited Santa Cruz, Garage Unlimited of Monterey and Monterey Motorsport Park - with more coming to keep up with demand. Check their Web site for the full scoop.
Other styles of new and secure luxury car storage facilities include:
- Wharehouse style like Otto Car Club in Scottsdale, AZ. Conveniently located next to the airport and hosting several exclusive events during Car Week in Scottsdale. Their head-turning-line up of vehicles in storage certainly got my heart racing!
- Livingroom style which can be found in The Porsche Design Tower in Miami, Florida a residential tower inclusive of a 60 story glass car elevator that residents use to drive their car right in to their unit.
- Track style such as INDY MotorSports, in Arizona, a motorsport lifestyle community of garage condos surrounding a 2.75 mile turn track and an FAA approved run way for your private plane.
It’s not just car enthusiasts who are getting into these type of facilities. Insurance companies, too, are jumping on this bandwagon.
Firms like Hagerty, AIG, Chubb and PURE offer policies tailored to those who own classic, antique, specialty and super cars. And while we are seeing some insurance carriers in California refuse to write auto insurance for vehicles that are unprotected or garaged in highly wildfire-prone areas like Tahoe, Napa Valley and LA Counties or flood prone areas across the country like Florida, they are rewarding clients with credits and discounts for storing vehicles in facilities that have good risk prevention.
Garage condos, in turn, are increasingly becoming the choice option for those without a secure facility for their vehicles to obtain state of the art security and insurance savings. The Monterey Motorsport Park cited above, for instance, brings the definition of “safe” to a whole new level. The facility has a cutting edge security systems that utilizes A.I. technology and proactive remote guarding for maximum protection. The buildings themselves are made of materials that significantly decrease the chance of fires. They’re equipped with fire sprinklers and fully monitored alarms to mitigate any potential losses that do occur. The exceptional design will also help keep people and vehicles safe in the event of a big quake.
If you live in San Francisco, New York, Los Angeles or similar metropolitan areas you know how expensive just one parking spot can be. Storing your cars at one of these facilities frees up garage space, while providing a safe and cost-effective way to house your growing car collection and enriching your car enthusiast lifestyle. Also, if you purchase a unit, don’t forget to ask your CPA about the potential tax benefits from purchasing a garage-condo.
After a loss, proper insurance cover will make you financially whole, but it won’t replace the sentimental value of your car. It also can’t give you back the time you’ve lost dealing with insurance claims and vehicle repairs. Only more exceptional forms of risk management can give you the peace of mind you desire.
For more information on specialty car insurance and risk management, garage-condo insurance or a reputable garage condo facility you can reach me, Sheri Jamme, at sjamme@risk-strategies.com.
Sheri Jamme is a Family Office Practice Risk Advisor with Risk Strategies who provides creative risk management solutions and insurance strategies for successful families and enterprises.
