Frequently Asked Questions
- When did Agreed Value insurance originate?
- What is Agreed Value?
- Are my cars 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 motor vehicles?
- How many miles can I drive my car each year?
- How does Grundy Insurance handle a claim?
- Is Grundy Insurance licensed in my state?
- Can Grundy Insurance help if I take my vehicles out of the country?
1) When did Agreed Value insurance originated?
In 1947, Jim Grundy Sr. employed the theory of Agreed Value comprehensive and collision, with the same coverage that Grundy sells today. Grundy now offers Agreed Value insurance on not only old cars, but all of your motorized vehicles through our Motor Vehicle Program. We also offer this coverage for boats, through our Marine Insurance program.
2) 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. It is also the basis of your premium.
3) Are my cars covered while parked outside or left unattended?
Underwriters will want to know that you take extraordinary care of your motorized vehicles and require that your cars are garage-kept; 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.
4) 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 uses A++, A+ and A rated carriers for all of our insurance programs.
5) How much insurance should I carry on my motor vehicles?
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 insurance company can total your car. If you insure it for less than its true value, you will suffer a financial loss. With each renewal, you should review your values to ensure you are current with market trends.
6) How many miles can I drive my car each year?
Grundy offers Unlimited Mileage on all of your vehicles - including older vehicles - through our Motor Vehicle Program. Personally, the Grundy's drive thousands of miles a year, while participating in organized touring events, simply enjoying their cars and keeping up on maintenance. You can, too!
7) How does Grundy Insurance handle a claim?
Small claims can be adjusted within a few days, by simply submitting an estimate and a photo of the damage with a claim report. Larger claims are reported to Grundy's home office. They will assign a local adjuster and monitor your settlement to make sure it is prompt and fair.
Our insurance companies are available to respond and assist you 24 hours a day, 7 days a week, 365 days a year; and they deal with claims quickly and efficiently. We choose the top-rated companies that promise to action all claims immediately. They keep you informed of the claims progress at all times and return all phone calls on the same day.
The insurance companies that underwrite our MVP accounts have networks of repairers who are available 24 hours a day. In the event of a claim, they will attend to an insured property immediately to prevent any further loss or damage. When settlement has been agreed, payment is arranged within 24 hours.
8) Is Grundy Insurance licensed in my state?
Grundy's carriers are licensed in all 50 states, including Massachusetts, South Carolina, Alaska and Hawaii. If you are from one of these states, you know how hard Grundy Insurance has worked to support your insurance needs.
9) Can Grundy Insurance help if I take my vehicles out of the country?
Yes. In most foreign countries, Grundy's carriers offer a host of coverages including Ocean and Air Transit, Foreign Liability and Physical Damage Coverage extensions. If you are planning a trip overseas, contact Grundy's underwriting department at least 2 weeks in advance in order to obtain the required coverage.