Classic Car Insurance - Grundy

[Mike Cobine]

Since insurance comes up rather often, I thought I'd pass this note on that I received from Grundy:

Thank You for contacting GRUNDY WORLDWIDE's web site. Unfortunately, we are
unable to insure Corvettes model year 1974 or newer unless the vehicle is
part of a collection of collector cars. Best of luck in your search for
proper coverage on your vehicle.

Respectfully,

GRUNDY WORLDWIDE

No where on their web site do they state this.

The best part, on their application, I listed this:
How many collector cars owned? - 2


I wonder what they require as a collection.

[Tom D.]

Try Hagerty *NM*

[Rick A.]

Re: Classic Car Insurance - Try ACI! *NM*

[Randy Adams]

Re: Classic Car Insurance - Try ACI!

I have used American Collectors Ins. and their coverage is good or better than the others.

[Mike Cobine]

Re: Classic Car Insurance - Try ACI!

Wow, the price is so much lower than the Grundy and Haggerty. But there seems to be a lot of forms with little explanation on some. For example, Liability includes bodily injury and property damage and has various values and rates. Then a couple of lines down is Property Damage Liability only and it only has $10,000 value. I'm assuming that somehow you can select one or the other but I don't know where you can have Liability for PD only and not have it for PD/BI.

But the rate of $52 per year sure is better than Grundy's $115 per year and Haggerty's $130 per year on a '79 at $5000.

The 2500 and 5000 mile tiers bother me, since I don't know how many miles will go on. Granted, it won't be to go to work or errands but for me to drive to Bloomington would be 3200 miles. One other long distance car show and I'm over.

[Randy S.]

Re: Classic Car Insurance - Try ACI!

Mike and all,
When I went shopping for collector car insurance, no one would give more than 100K liability. I have a Personal Excess Liability "Umbrella" policy with State Farm that starts at $300K so I had a gap in coverage. I ended up insuring the car with a declared value with State Farm eliminating the gap. My agent was unfamiliar with declared value policies but once he checked with underwriting he found out State Farm offers endorsement "6171BH Antique or Classic Motor Vehicle". To you State farm policy holders out there if you think you have a declared value policy it should reference this endirsement 6171BH.

Randy

[John M.]

Re: Classic Car Insurance - Try ACI!

Randy,
I hope you mean an AGREED value policy and not a DECLARED value policy! A declared value policy affords no better coverage than a standard actual cash value policy like you carry on your everyday car. You are still at the mercy of your insurance company when it comes time to determine the value of a complete loss. You can pay premiums based on a $75,000 value for years only to have your insurer tell you that your car was only worth $40,000 if it was stolen! With an agreed value policy, the insurer agrees up front what your car is worth in case of a total loss. In my humble opinion, a declared value policy is nothing but a fraud!

Regards, John McGraw

[Randy S.]

Re: Agreed value Classic Car Insurance

John,
Excellent point. I could not find the actual endorsement when I wrote response. I now have it and it says "You and we agree that the actual cash value of your car is the value shown on the declaration page..."

"Declaration page" and "we agree ..actual cash value" make it easy to confuse what I have but I am comfortable this is an AGREED value policy as you state. It references the value I said ( declared or ageed) the car was worth.

I am sure most of the specialty car insurers have an AGREED value policy but it was the low limits on liability that made me uncomfortable. Since most liability umbrellas don't start utill $300K or $500K I wanted no gaps in my liability. When you replace your own calipers I wanted good liability insurance :-)