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Frequently Asked Questions
- When did the antique automobile hobby begin?
- When did antique car insurance originate?
- What is Agreed Value?
- Is my car covered while parked outside or left unattended?
- What is the importance of a financially strong Insurance Company?
- How much insurance should I carry on my car?
- Is there an age limitation for the vehicle, or are some models excluded from eligibility for collector vehicle insurance?
- How many miles can I drive my car each year?
- How does Grundy Worldwide handle a claim?
- Is Grundy Worldwide licensed in my state?
- Can Grundy Worldwide help if I take my car out of the country?
1) When did the antique automobile hobby begin?
In 1936 the President of Grundy Worldwide's Grandfather Samuel E. Baily dragged a 1909 Pierce Arrow out of a Philadelphia scrap yard and subsequently totally restored the vehicle to original condition. It is still running today and has not been restored since. The Antique Automobile Club of America recognizes this as the origin of our hobby.
2) When did antique car insurance originate?
In 1947 Jim Grundy Sr. employed the theory of Agreed Value comprehensive and collision vehicles with the same coverage that Grundy Worldwide sells today. Other insurers who recognize that Grundy's basic formula was and is the superior coverage for old cars have imitated Grundy's theory.
3) What is Agreed Value?
An Agreed Value Policy as opposed to a Stated Value or Actual Cash Value Policy is the only way to know in advance how much you will receive from an insurance company if your car is destroyed or stolen. With Agreed Value you will get the amount listed on your policy and it is also the basis of your premium.
4) Is my car covered while parked outside or left unattended?
Underwriters will want to know that you take extraordinary care of your collector car and will require that you have a garage for it when it is not in use. However, leaving a car unattended or in the driveway overnight is not the basis for denying a claim. Insurance Companies and their policies are carefully regulated by 50 separate state Insurance Departments to protect you from unclear, hidden, or fine print exclusions.
5) What is the importance of a financially strong Insurance Company?
Insurance Companies are rated on their financial strength and claims paying ability in the event of a catastrophe. Best's Guide rates carriers between A++ and B-. Whenever possible, you should consider this rating before purchasing coverage. Grundy Worldwide uses A++ and A+ rated carriers for our Collector Vehicle Program.
6) How much insurance should I carry on my car?
You should always insure your car for a recent purchase price or current market value. In the event of a partial loss to an underinsured vehicle the company could total your car and if you had it insured for less than its true value you would suffer a financial loss. With each renewal you should review your values to ensure you are current with market trends.
7) Is there an age limitation for the vehicle, or are some models excluded from eligibility for collector vehicle insurance?
In most states any vehicle in excellent original or restored condition, used and maintained as a hobby vehicle can be considered for classic car insurance by Grundy Worldwide. (Other carriers have age limitations).
8) How many miles can I drive my car each year?
Unlimited - The Grundy Family owns cars dating back to 1909, and recognizes that an attempt to monitor or audit mileage would be nearly impossible. In addition, the Grundy's personally drive thousands of miles a year in organized touring events and simply enjoying and maintaining their cars. You can too!
9) How does Grundy Worldwide handle a claim?
Small claims can be adjusted within a few days simply by submitting an estimate and a photo of the damage with a claim report. Larger claims are reported to Grundy's home office who assigns them to an adjuster near you and then monitors your settlement to make sure it is prompt and fair.
10) Is Grundy Worldwide licensed in my state?
Grundy Worldwide's carriers are licensed to sell collector vehicle insurance in all 50 states, including Massachusetts, South Carolina, Alaska, and Hawaii. If you are from one of these states you know how hard Grundy Worldwide has worked to support your insurance needs.
11) Can Grundy Worldwide help if I take my car out of the country?
Yes, Grundy Worldwide's carriers offer a host of coverages including Ocean and Air Transit, Foreign Liability, and Physical Damage Coverage extensions in most foreign countries. If you are planning a trip overseas, contact Grundy Worldwide's underwriting department at least 2 weeks in advance to obtain the necessary coverage you will require.
