The Stovebolt Site Forums The Shop Area General Truck Talk Grundy Worldwide Collector Car Insurance

I was excited to get my insurance application from Grundy today, until I read the "Acknowledgment of Use" form. It states that you cannot drive to work or school or use for errands. Huh? When and where can I drive my truck? Pay them and drive around the block once a year!?
Their president makes regular appearances on the "My Classic Car" TV show. He states that under his company insurance you can drive to work and all around enjoy your classic vehicle.

False advertising? I've wrote back to them to clarify, but it is obvious I was lied to.

The cost would have been $233 a year for an agreed value of $30,000. Hagerty's quote was $576. Wonder if I can drive my truck under their insurance?

Do any of you have experience with this?

They want your money but don't want any risk with it. I went to see my insurance the other day, I haven't had insurance on it yet but because I was trailering it, I thought I would add some. When I told them I intended to use it as a work vehicle, with my company name painted on the side, they said they couldn't insure it. It would depreciate 30% per year and be written off before long.
I am quite happy with the insurance on the Chevelle and the Beaumont, good coverage, few limitations.

Hagerty's terms are pretty good. You can drive it to work occasionally but it is not supposed to be your "daily driver".

That's the thing with Grundy as well. I've had Grundy for three years now and there's never been an issue with pleasure driving, it just can't be your daily driver. I don't know of any collector insurance that lets you make it your daily driver.

Tiny,
The form say you can't drive it to work. To me that means if I drive it to work and get into an accident, they won't cover it. Same with the school thing, what if I drive my son to school and I get in a fender bender? Oh, you were in a school so no coverage. I don't want this truck to be a daily driver by any means, but geez I would like to drive it on errands and to work.

Did you sign that form? Have you had any claims with them?

jomichael,

Do you have another fully insured vehicle (in your name)? Have you checked with that insurance company? I recently checked with mine, State Farm, and they gave me a quote that beat Hagerty's, and State Farm had fewer restrictions than did Hagerty.

I went to my State Farm agent just last week.
I was paying $300.00 per year on my 1950 with no tow coverage.
They put me under a antique vehicle coverage.
Stated value $10,000. Parked in my garage.
Told them I will be driving less than 5k per year.
New rate $35.00 every 6 months..with tow.
All I had to do was drive it to them for some photos.
Good Luck

Yes, I have two other modern vehicles under USAA. I did check with them way back and they will only cover NADA value which is less than a thousand if I remember. I'll check again, maybe they have caught on to the classic car hobby.

Hagerty's terms are pretty good, but I'm considering checking with State Farm. Maybe even Nationwide.

Scott

jomichael, No I haven't had any claims yet & hope not to. It's been three years since I signed up and don't recall what specifically was on the forms. Remember that if you're driving it to work and/or school daily it's a "daily driver". Collector car insurance isn't what you need.

Dads50, be aware that a stated value policy means you have to prove the value of the vehicle in case of a loss. The burden of proof is on you, not them. Agreed value is where both parties agree on the value BEFORE the policy is enacted. My Grundy policy is an agreed value policy for a total loss of $32K. My policy is under $200 per year and I put 2K to 2.5K on my car annually.

Tim, I had State Farm for years until they went to a percentage deductible. I don't know if they're still that way but if you have a major loss a small percentage can be a lot of money. My Grundy policy is $0 deductible.

Thanks for that info
I haven’t received the policy yet. Not sure if it "Stated or Agreed" That may be why they required the photos.

When the agent asked me the value I told him PRICELESS since it was my Dads old truck.
I Had him quote me $8,000 and $10,000. It was the same rate.
I have home and 2 other vehicles with them
Ill carefully review the policy
Thank you

Tiny,

I asked State Farm about the deductible and about total loss and about stated/appraised values and about depreciation. I trust their answers.

First, before anyone starts the insurance company bad-mouthing (most of which is well-deserved), I have sadly had to deal with two total loss accidents (one with a death) and State Farm handled both better than I ever might have expected.

With State Farm, the deductible that you want on your old vehicle(s) must be the same (or more) than the deductibles on you regular vehicle. This is a very clever rule. I can get 0% deductible (in NY) but it is REAL expensive. Hagerty is 0% deductible on an agreed-upon replacement value (non-depreciated).

Also, with State Farm, if you have towing coverage on your regular vehicle, you will have towing coverage on the old vehicle(s) (even a 2-ton 20+' platform bed). This towing coverage is nowhere near as good as Hagerty's add-on towing coverage (125 miles).

Tiny,
Do you ever drive your truck to Home Depot or the grocery store? If you do, and get into a fender bender, then Grundy won't accept your claim. I'm so ticked off about this. It wouldn't be so bad if the darn president of the company didn't go on national TV and state that you can drive your vehicle the way you wish. It's FALSE ADVERTISING!!! I'm in marketing and advertising and understand that twisting the truth is industry norm, but this is an out and out lie.

I'm so annoyed.

This is what you signed Tiny:
Grundy Acknowledgment of use Form

I read it & don't see a problem. I have stopped at the grocery store on the way home from a show or a cruise in, both forms of hobby use. I've never driven it to the lumber yard. Since the main use wasn't running to the store I see no problem. I see nothing on the form that prevents that activity. Have you called their support people and asked? With their very public appearances on TV it would be very difficult for them to weasel out of a justified payment.

OK, I tried a couple of the usual. JC Taylor ect. I found so many conflicting rules that a lawyer could argue either way and you know your not going to win. The last straw was when one of them sent my check back and told me they could not insure my pickup because it had been modified.

So, the heck with all of them. I went to State Farm, they sent me to one of their approved appraiser's, Truck appraised for 20K, took form back to them and had insurance to drive anywhere, and any time day or night. So,I pay $280 a year and don't worry.

And, as Tim stated, I to have been in a couple terrible accidents, death included but not my fault, and State Farm stepped up to the plate tremendously and it always helps to deal with the folks you can look straight in the face at. I've been with State Farm for over 40 years.

It also will depend on your discounts as many of you know. I get multi-car,safe driver, and dicount for length of time with them as well as distance to work. I also have the house/shop with them. That said, I have checked other companies, many many of them recently, and NONE of them can beat State Farm on the IDENTICAL coverage...with the exception of maybe the old pickup.... but they are even cheap on it if I want to insure it as an antique.

Everyone'd situation will probably be different. Like I say, do your homework, put it in black and white and them move on....

I emailed them and asked about driving to work, school, and what is considered an "errand", there clear response is that they do not cover anything beyond driving to car shows and pleasure driving. I asked them to clarify what pleasure driving was and they have not responded. Obviously, they got caught in a lie.

I'm going to check with USAA and Hagerty. Will let you know how that goes.

I didn't do a search but I'm sure this has been discussed before. Be careful with "stated" vs. "agreed" value policies. Haggerty, Grundy policies are "agreed value". They will pay the full amount of the agreed value. "Stated value" policies, such as most of the mainstream insurance companies offer, use your stated value to determine the premium but will depreciate your car when you file a claim. Many local brokers don't understand this and will try to convice you they are the same. Make sure your policy uses the term "agreed value".

Hagerty is saying the same crap! Am I just supposed to lie about the use of my truck!? I spoke with a representative and said that I may want to drive my truck to work once or twice a month and go down to Home Depot to pick up a bag of mulch. His response, you can drive it to work once or twice a year and we would be on the hook if that bag of mulch flew out of the bed of your truck so no you will need to go somewhere else.

What a bunch #@%!@*!!!

Ok, Called USAA and though they do not insure classic cars they have referral programs. They transferred me to American Modern Insurance. They offered 6,000 miles a year which unused miles can be rolled over each calendar year. All they need is a photo of the odometer. It is an "agreed" value. 0 deductible. I have premium coverage for injury and liability. The total annual is $361.00. Now the good part, for an extra $50 a year they will allow you to drive to work or anywhere else. They prefer that you don't go to the shopping mall and get a ding in the door but will still cover you. Finally, some sanity!

If any of you are interested I can provide a contact number as they don't come up on the first page with a Google search. Unless a bunch of you guys write back and give me horror stories about this company, I plan on insuring the truck tomorrow.

Grundy and Hagerty can stick it.

What is the agreed value of your truck?

Based on his Webshot pictures I'd advise him to research all the available 55-59 trucks on the market and find one as well detailed as his own, see what the price is (what you could replace yours for) and insure it for that amount. The rate will probably be a bit rich for most of our pocket books. Your other option is to insure it for coverage for a crash that would not total but would require replacing fenders and doors. Seeing as you are the parent of this vehicle you could save some repair cost by the Ins company replacing parts and you hanging them on.
My two-cents.

We have American Collectors insurance for our camaro and mustang. They are under agreed to value. They have served us well so far and seem to keep up fairly well with the classic industry and requirements. They enacted a policy for us to allow my wife to drive the convertible twice a month to work or so.

It also says pleasure driving. We are looking in to state farm as we want to switch all out vehicles under one roof.

none of them that i can see want you to drive it. i talked to a Haggerty rep. at a car show he said you could drive it how you want and they would not check after the initial underwriting but i know that is a crock because all they would have to do is check the mileage driven since the first underwriting. BTW my Allstate agent is a Haggerty agent. and he seemed discourage me from buying it. i have a regular policy and i have been with them for 33 years.

Has anyone tried allstate yet?

It's obvious you don't want collector car insurance, you want regular use insurance. There is really no need to bad mouth collector car insurers because they won't insure cars for regular use. Seems to me that is like bad mouthing a paint and body shop because they won't rebuild your engine.

regular insurance is fine, I have it, but you * well better know what the agreed value is BEFORE you are involved in an accident and your vehicle is totaled....thus an appraisal ect.

Alvin, What does "agreed value" mean? Is that what the owner and the insurance company agree on?

Essentially, yes. You might have to provide an apraisal for the value. I had to do that with mine, as they would not accept what the current price guides stated. Fortunatly, i have an uncle in the used car business that provided me with an appraisal on a business letterhead, no charge.
BTW, I have Westfeild. Full coverage w/agreed value on both my '55 and my Blazer. I only pay about $95 a month.

Well I wonder if the appraiser is a dealer new or used, would he appraise the truck based on what he would be able to sell it for or what he thinks it would take to restore it to the condition it was in.
You know guys with restored trucks can never get out of it in a sale what $$ they put into it.

American Family??? thoughts??

Have reg insur with them on the 51 for an agreed amount and only had to send a couple pics. Drive it anywhere/anytime just like my modern car.

(Daily driver, 1951 chevy 3100, agreed value of 8k, 1k deduct, towing, unlimited mileage 500 a year). Good, bad, or ugly??

The big value of collector car insurance is the price. Because they aren't daily drivers the chance of a catastrophic loss is greatly minimized. Your agreed value policy for $8K with a $1K deductible has a $500 premium. My Grundy policy with an agreed value of $32K and $0 deductible full coverage is $203 a year. I agree with Cletis, the original poster was getting upset because he couldn't find regular use insurance for collector insurance cost.

Tiny,
The agreed value is $30,000. I am sure I have more money into it than that and I am ignoring the labor I put into it. I have kept my eye on Ebay and Barrett Jackson auctions and I think I'm in the right market price. If it were a completely original NAPCO I would have asked for $45,000 - $55,000.

Cletis,
Just want to make it clear why I bad mouthed Grundy. They advertised that you can "drive your vehicle and enjoy it how you wish" on national television "My Classic Car" show. It was an interview with the president. Had they pointed out the driving restrictions in their advertising, I would not bad mouth them. I will continue to bad mouth them as long as they continue deceptive advertising. I'm in the advertising business and it is unethical to lie about your companies services. I have to at least give credit to Hagerty as I don't see that deceptive advertising coming out of their company.

Zleviticus,
Is American Collector Insurance the same as American Modern Insurance? Maybe I got the name wrong.

Big Chevy, here in my state/county State Farm had some appraisers they approved for the old stuff. I took it to a guy who was approved by them and had been in the collison and antique restorations for at least 35 years. He gave my truck a real going over, gave me an appraisal of 19,500 on his letterhead and did not charge me anything. I gave State Farm a few good pictures and I'm set to go.

ADVICE from State Farm. After a few years I went over to do some more insurance business and they recommended I get some up todate photos.... I took a couple more pics and took them to them. The pics are in my file and as Terry said, "your good to go, sleep well" I pay $280 a year for FULL coverage.

Everyone has to also realize that the premiums are also based alot on the liability coverage. Some folks carry the bare minimum and some carry a larger amount so its hard to compare ones insurance against another, and as I mentioned above, it also depends on discounts ect. Just do the home work, put it in black and white, make the best decision for YOU and mooooove on.

Good point on the liability coverage Achipmunk. The quote from American Modern Insurance has 100,000/300,000 per person/per accident of bodily injury, and the same amount for uninsured motorist coverage. Basically the same I have on my regular transportation cars. Total quoted was $411 a year. Money well spent since there are no airbags!

I have fleet coverage with State Farm, homeowners and 2 homes mortgaged with them. I'll be sure to check with my agent when the time comes.

alright i have read every ones post so hear is my 2 cents i have USAA also but thay wont insure a 3 ton fire engine. so i start asking the ODSS who thay use . Thanks to john millman and billy marlow i will be going with GULFWAY inc thay do not requare a garage or havy ant restrictions on when or where i drive it for 250 per year 10000 agreed value .check them out thay also recnize this web site as a vertual car club for a discount

Got the info on the Antique or Classic Motor Vehicle policy I just got with State Farm.
I mistakenly posted the value was a "Stated" Value.
The Policy has this statement...
You and we agree that the actual cash value of your car is the vehicle value shown on the Declaration Page:

I estimated the value to the agent at 10,000
That is what is on the policy

I saved $220.00 a year by switching to the antique coverage and now have tow.

This is a good deal in my case because I occasionally drive my truck.
Like to get a Tree, or to the hardware store,maybe even to work..


Good Luck

I have Allstate. i have been an agent and a policy holder since 1974. only an agent for 2 yrs in the early eighties. i have all my insurance with them and a IRA. my agent seemed reluctant for me to go with Haggerty even though he is an agent for them. he never said not to but just seemed not very interested with subject.

It looks like to me that, of all the antique auto insurance carriers, Grundy has a higher degree of user satisfaction. Of course the standard insurance carriers will always be acceptable, only question with them is price.

So I'm trying to get a policy from my St Farm office but someone I'm being told that it doesn't qualify as antique because it's not restored and the photos I sent show a dent in a fender. The will issue a policy as a low mileage vehicle - is the definition of antique established at the agents office?