Specialty insurance from a classic car insurance company offers a number of benefits for those who own and drive collector cars. Companies that specialize in antique car insurance can offer better coverage with lower premiums than a standard auto insurance company, but the better coverage and lower premiums come with some restrictions. There are a lot of points to consider when choosing a classic auto insurance provider, so it is important that you do your homework in order to find the antique auto insurance provider that is the best fit for you.
Grundy Worldwide is one insurance company that specializes in collector car insurance. They have been in business since 1947 in Horsham, PA just north of Philadelphia. Since their beginning, Grundy Classic Car Insurance has covered over 1.5 million collector vehicles, and they are one of the fastest growing classic auto insurance companies. The owner is a car collector and restorer himself, having won awards at several of the major collector car events in the US. His involvement in the hobby helps him to understand the wants and needs of other car collectors.
Grundy Classic Car Insurance is the originator of the Agreed Value policy, in which the insurance company and the car owner set an agreed value on the vehicle before the policy is initiated. If there is a total loss, the car owner receives the full value of the car, instead of what the insurance company decides the car was worth after the fact. Grundy will insure any year vehicle, even late model cars as long as they are used for show, hobby and pleasure purposes only. Many other collector auto insurance companies will only write policies for vehicles of a certain age or older.
Grundy only uses underwriters with an A.M. Best rating of A+ or higher, which means the companies are very stable financially. They offer liability up to one million dollars, and have a single liability charge for collectors with more than one vehicle. Grundy’s antique auto insurance policies have a number of built-in coverage perks, which include towing and labor expenses, car show medical reimbursement, automatic 30-day coverage for new acquisitions, and coverage for the loss of spare parts. They even have “Trip Interruption” coverage for costs incurred from a breakdown on the way to a show (such as transportation, lodging, and meal expenses). One feature that Grundy provides that many others do not is their “Inflation Guard”, which automatically increases the amount your vehicle is insured for by 4% each year.
Like any other vintage car insurance provider, Grundy has some restrictions. Your car must be stored inside a locked garage when not in use; you must have a daily driver vehicle for each licensed driver in your household in addition to the classic vehicle; and the car must be in excellent condition. The vehicle should only be used for collector activities, but one feature that sets Grundy apart from many other classic antique auto insurance providers is that they do not have a mileage limitation. Many antique classic car insurance companies have limits ranging from 1,000 miles up to 6,000 miles per year, but with Grundy Nationwide you can drive the car to as many distant car shows as you like without worrying about exceeding a yearly mileage limit.
Grundy also offers specialized insurance for restoration shops. It provides Agreed Value coverage for the Garagekeepers portion of the policy, instead of the Actual Cash Value coverage that other insurance providers offer. Since they don’t offer this policy to mainstream collision repair shops, the premiums are lower than they would be for the often inadequate protection a specialty shop gets from a standard insurance provider.
Grundy Classic Car insurance has a lot to offer for the car collector. Whether you need muscle car insurance, antique car insurance, or collector car insurance for a late model specialty car, Grundy can provide an Agreed Value policy that will most likely suit your needs. However, they are just one of many different classic auto insurance providers out there. Do some research on several different specialty insurance providers to find the one that is right for you.