Grundy Worldwide Collector Car Insurance Review
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UPDATED: Sep 9, 2019
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Grundy Worldwide got its start selling insurance coverage for antique automobiles many years ago, back in 1947. The company is located in Horsham, Pennsylvania and works closely with the leading A++ and A+ rated insurance carriers to bring quality coverage to collector car owners.
Many car collectors, along with insurance agents look to Grundy Worldwide as the top-of-the-line insurer serving the needs of the serious collector.
Grundy’s initial policy, called “The old original” was created to fit the special needs that car collectors have. Today, Grundy Worldwide acts as a representative of some of the finest insurance providers in the nation. The Classic Car Club of America and Grundy Worldwide have a long history of doing business together.
The CCCA has named Grundy as its preferred insurer, based on a long time relationship that includes four generations of successfully providing insurance and other services to car collectors.
Additionally, Grundy supports many CCCA events, both in person and financially.
Grundy Worldwide has dedicated its efforts to preserving all antique automobiles and the car clubs that support the “hobby” that has stayed alive in the Grundy family for more than 75 years.
A few generations have been involved in running and growing the company, driven by their passion for antique and collector automobiles.
Grundy Worldwide understands how important a car or a collection of vehicles is to its owner. The company is committed to providing outstanding service, with more than 1.5 million collector vehicles insured since the company’s beginning.
Jim Grundy Jr, who joined his father in the family insurance business back in 1980, operates the company today. As a man with a passion for antique cars, Jim Grundy Jr. brings vision and a deep commitment to the collector car industry.
His hobby and passion resulted in him taking over the reins of Grundy Worldwide starting in 1996.
Under Jim Grundy Jr.’s leadership, the company has had a mission to give optimum insurance protection to all car collectors, and to bring cost-effective, simple insurance plans that allow people to enjoy their most beloved possessions.
Agreed Value Insurance
Grundy provide “agreed value” insurance, which allows customers to predetermine a value for their collector car. Once the insurance underwriters have agreed to the value, it sets the limits of coverage for the policy’s term. An agreed value policy is best used on vehicles that hold their value or grow in value through the years.
It is advisable for consumers who take out an agreed value policy to update the vehicle’s value annually with the insurance company to make sure they receive the full value for the car in the event of an accident, or if the car is totaled.
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How to Obtain Coverage
The process for obtaining an agreed value policy is quite simple. An applicant indicates the value he wants to insure on his insurance paperwork.
Underwriters will examine photos of the vehicle and any supporting documentation provided by the applicant, and then the car’s value will be compared to guidelines the agency uses for similar cars in similar condition.
The company approves 95% of its applicants’ requested values. Occasionally, restoration receipts or a few more photographs will be requested to substantiate an insured value. Underwriters will inform the applicants if the insured value requested is too high or too low.
The goal is to insure the vehicle for the owner’s investment and the car’s market value, rather than under-insuring or over-insuring. Once this process is complete, the new agreed value insurance policy is issued.
Grundy Insurance Products
Grundy Worldwide offers a selection of other products in addition to auto insurance. The company provides classic boat insurance, restorer & builder insurance and water and sewer system insurance.
Additionally, Grundy provides insurance protection for valuable possessions, water and aircraft, historic home, and personal access and kidnap/ransom protection.
The company offers agreed value insurance to owners of antique cars, street rods, classic cars and other important collector vehicles. The company considers these cars works of art, and like many other beautiful artistic works, these vehicles tend to appreciate over time in value.
An agreed value policy through Grundy worldwide provides consumers with many advantages:
- No limitation on the model or year
- Highest liability insurance limits, up to $1 million
- Automatic insurance coverage for two weeks on newly purchased collector cars
- No limits on mileage
Along with the benefits of Grundy’s agreed value insurance, insurance underwriters provide:
- Coverage for spare parts
- Towing and labor coverage
- Trip interruption protection
- Inflation guard
- Medical reimbursement for auto shows
- Worldwide coverage for touring
- Foreign liability
- Air/ocean cargo coverage
Grundy Customer Service Review
Grundy insurance provides a good deal of information on its website, in addition to a free quote utility, online bill paying and homeland claim reporting.
The company also provides insurance one-to-one in Grundy’s online insurance classroom, publishing a series of insurance topics to help consumers understand more about their coverage.
Grundy has a section on its website dedicated to web links that lead customers to other helpful resources. Several appraisal companies are recommended, along with many auto restoration shops and auto storage.
Cool Car websites, collector car publications and car clubs are also listed.
How much is Grundy Car Insurance?
Grundy’s auto insurance covers cars in a different way than standard auto insurance. Collector cars, antique vehicles, street rods, and other collector vehicles are subject to different kinds of risks than daily use vehicles.
A collector car may be a car that is in excellent restored or original condition, maintained as a hobby automobile.
Due to the different risk profile, collector car insurance may seem much less expensive than insurance for daily use cars. The trade-off, however, is that collector cars usually must be kept garaged, not used for daily transportation, and given extraordinary care.