Collector car owners can be found across this country; in fact, they are all over this world. Since members of the Grundy family and their friends started restoring and preserving old cars many years ago, outside of Philadelphia, the hobby has boomed in popularity and participation; and, it constantly evolves and grows. Today, there are “car guys” of all kinds: from the antique car owners who cherish the history and preservation of their cars to the muscle car and hot rod owners who divulge in nostalgia… and, from the low-riders of Southern California and the tattooed crowd that partakes in the “Kustom Kulture” scene… to the luxury car owners who attend Concours events. As diverse as these folks may be, they all have one thing in common: they love old cars.
While possessing such love and passion for old cars, it seems natural that car guys would seek out special insurance to protect their most valued possessions. During the search for insurance for a specialty vehicle, there are a few things we at Grundy Worldwide would advise car collectors to consider. We have compiled the following list to help you shop for collector vehicle insurance. We, of course, urge you to insure with us!
1. Agreed Value Insurance
2. What’s Covered
3. Superior Claims Service
4. Company Reputation
5. Customer Service
6. Usage, Storage and Mileage Restrictions
Agreed Value Insurance
When insuring your collector vehicle, it is critical that you seek out “Agreed Value” coverage. Over 60 years ago, James Grundy, Sr. invented the idea of Agreed Value insurance, and it has worked ever since. With Agreed Value insurance, you, the customer, and we, the insurance company, agree on the value of your collector car. In case of a total loss, you will receive that amount—it’s that simple.
A handful of other companies have picked up on the Agreed Value idea; yet, there are still many companies offering policies that sound similar to Agreed Value, but they are actually very different. Beware! We would not suggest insuring a collector car with a Stated Value or Actual Cash Value policy.
While the names of the policies may sound similar, there is a huge difference between our Agreed Value policy and a Stated Value policy. Some people (including insurance agents) mistake Stated Value for Agreed Value— that’s a big mistake. Stated Amount forms say that the insurance company will pay the lesser of: a) The Stated Amount, b) the cost to repair the vehicle that doesn’t exceed the Stated Amount or c) the “Actual Cash Value.” And, with that third statement, a claims adjuster is allowed to settle your claim for LESS than the Stated Amount.
Actual Cash Value refers to the cost to replace the vehicle with new property of like kind and quality, less depreciation— the “fair market value.” If you look up the “fair market value” for your collector car, you will understand why you do not want to insure your car with such a policy; you will receive close to nothing. If you buy a Stated Value or Actual Cash Value policy and experience a total loss or have your car stolen, you will learn the hard way that your car is not properly covered. Why take that risk?
Grundy Worldwide understands that collector vehicles do not depreciate in value, over time; we know that the values of these cars typically increase. Our Agreed Value policies account for the true values of collector vehicles.
At Grundy Worldwide, we are confident that we will offer you the most coverage for your collector vehicle. Our policies include coverage for liability, comprehensive and collision, and loads of “bells and whistles” features that few others can offer you.
Liability coverage is the foundation of any auto insurance policy; and, you want to make sure that you have enough coverage. This coverage protects you from accident-related lawsuits and the burdens of repair and replacement costs. If you are at fault in an accident, your liability coverage will pay for the bodily injury and property damage expenses caused to others; property damage coverage pays for the repair or replacement of property (that is not yours) that you damage. Our policies include Medical Payments, P.I.P., No Fault and Uninsured Motorist Coverage, as required. Coverage and limits vary by state.
Our policies also cover physical damage to your vehicle— “comp and collision.” And, in most states, Grundy’s insurance also includes some essential add-ons that make our coverage tailored to the car collector like no other insurance policy. This extra coverage includes: towing and labor expenses up to $250 each occurrence; auto show medical reimbursement, $5,000 each person, up to $10,000; spare parts coverage, up to $500; trip interruption coverage, up to $600 reimbursement for transportation expenses, lodging and/or meals in the event of a collision or mechanical or electrical breakdown; and, inflation guard, with an annual increase of 4 percent each year.
Superior Claims Service
When an owner of a collector car is protected by a good insurance company, with good claims settlement, the hobbyist is provided with peace of mind. Grundy Worldwide maintains the highest claims settlement ratings of all companies.
Be sure to look into AM Best ratings. Grundy Worldwide only works with companies that carry the highest claims ratings in the industry. We provide insurance to car collectors in all 50 states; and, in most states, Grundy's Collector Vehicle Program is underwritten by A+ rated Philadelphia Insurance Company. In Massachusetts, South Carolina and other special circumstances, Grundy uses United States Liabilities Insurance. U.S.L.I. benefits from an A++ rating and reputation. Trained representatives work hard to achieve a settlement that is swift, equitable and trouble-free.
It is also important to point out that, a few years ago, Grundy launched a nationwide-search for adjusters who are “car guys.” As a result we are certain that when we send a claims adjuster to assess damage on a collector vehicle, they really know what they are talking about! Imagine having an adjuster assess the damage on your car after looking puzzled upon their first glance at the unique vehicle! We are sure you would feel a bit unsettled. At Grundy, our adjusters are familiar with collector cars; many of them are hobbyists, themselves. We are confident that our customers will be confident in our adjusters. We are car people just like you!
This brings us to company reputation. Grundy is known to be the leader in collector car insurance, having started insuring such vehicles, in 1947. As the inventors of Agreed Value insurance, we have been in business longer than any other collector vehicle insurance company. The Grundy name, employees and insurance product are known, respected and recommended by members of the collector car hobby. In fact, a great percentage of Grundy clients learn about us through word-of-mouth referrals from their car buddies who currently insure their collector vehicles with us.
When searching for the right company to insure your collector car, you want to make sure you are comfortable with the company’s customer service and their knowledge of collector cars.
We are proud that when you call Grundy, you can talk to a real person! And, “our people” are hobbyists, just like you. Jim Grundy, the company’s President and CEO is a collector; his father and grandfather were collectors, as well. A love for old cars runs in the family blood… and the company blood, too. Chuck Wasoski, VP Collector Vehicle Program, is a life-long car enthusiast and hobbyist who has been in the collector vehicle insurance industry for over 17 years; for the last 11 years, he has worked at Grundy Worldwide, where we have insured collector cars longer than any other insurance agency. Our knowledge of the industry is exceptional; our representatives understand you, your car and your insurance needs.
Usage, Storage and Mileage Restrictions
Make sure that you ask about any usage, storage and mileage restrictions. Most collector car insurance companies, including Grundy Worldwide, will require that your vehicle be stored in a fully-enclosed and locked garage and be used for “pleasure and hobby use.” Pleasure use is driving your vehicle at your leisure, like going out to a nice dinner with your spouse, or taking a cruise in the country. And, hobby use includes shows, parades and different events. We ask that you not use your collector vehicles as your main means of transportation, but Grundy wants you to enjoy your vehicle. Some companies have annual mileage restrictions; however we offer Unlimited Mileage on all of our insurance policies. You can drive your car as far and as often as you’d like, as long as it is not used for daily transportation. We encourage our drivers to get on the road and remain active in the hobby.
We cannot forget to mention insurance rates. We would not advise you to shop for insurance by price only; if you shop that way, you may find inexpensive policies that do not offer enough coverage. At Grundy, we offer peace of mind with policies that include the proper coverage at a price that is easy on your wallet. Our rates are so low, because we specialize in insuring collector vehicles, which we understand are used on a limited basis. These cars are not used for every-day transportation, but rather for pleasure and hobby use, club events, parades and car shows. They are garaged and well-maintained. Grundy Worldwide understands that car collectors take extra special care of their extra special vehicles. Our customers are safe drivers, and we believe they deserve the best rates. As a result, we have found that often our policy premiums are up to 70% less than those offered by standard insurance companies.
To learn more about our custom-tailored polices and to see how much you can save, call 800-338-4005 or log-on to www.grundy.com.