Classic Car Financing & Loans

Specialty insurance from a classic car insurance company offers a number of benefits for those who own and drive antique or collector cars.  Companies that specialize in antique car insurance can offer better coverage with lower premiums than a standard auto insurance company can, 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 and policy, 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 car 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, which lowers the total premium.  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 inured for by 4% each year to help cover inflation.

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 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, exhibits and parades, 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 other antique classic car insurance companies have limits ranging from 1,000 miles up to 6,000 miles per year, but with Grundy Classic Car Insurance 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 specialty insurance for restoration shops and professional car builders.  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.

To learn more about classic car insurance, visit American Classic Car Insurance. For directory of the most popular specialty car insurance providers, go to Classic Car Insurance Companies.

There is no doubt about it, if you own and drive a classic muscle car, there are many advantages to getting your insurance from a specialty insurance provider.  They can offer you much more appropriate coverage for less money than a standard insurance policy from the company that insures your everyday driver.  However, the way that the muscle car insurance companies are able to offer better coverage for less money is that they place a number of limitations or restrictions on the policyholder and how the car is used.  Some of these limitations may disqualify you from being able to get specialty insurance, or may be too restrictive for how your car is driven.

The first restrictions to consider are your age, driving experience, and driving record.  Most vintage car insurance companies require that you be of a certain age or have a certain number of years behind the wheel.  All of them that I have researched require a good driving record, and have a limit on the number of accidents or moving violations that you have had within a specified time frame.

The second restriction to consider is that most if not all specialty insurers require that you have a currently-insured daily driver vehicle in addition to your classic car.  Some companies require that you have a daily driver vehicle for each licensed driver in your household.  They will not offer a specialty insurance policy if your muscle car is your main mode of transportation.

The third restriction to be aware of is that many classic car insurance policies have limits on how many miles the car can be driven each year.  This may be a concern if you drive to a number of distant car shows or take it on vacation.  Most will not allow you to use your muscle car for your daily commute or for running errands, even if you meet the previous criteria of owning a daily driver.  If you drive your car quite a bit, there are muscle car insurance companies that offer unlimited mileage policies, but the number of providers you have to choose from will be limited.

Fourth, you will likely be required to store your muscle car in a fully enclosed, locked garage when not in use.  Some classic car insurance companies even require that you send them photos of the garage where the car is stored!  If your car is kept outside or even under a carport, you may have trouble getting a specialty insurance policy.

The fifth restriction you may run in to is that some collector auto insurance companies will only insure vehicles that are valued above a certain amount.  If your classic muscle car happens to be a rusty four door sedan, your number of choices for specialty insurance providers will be somewhat limited.

Each insurance company is somewhat unique in their limitations and restrictions, but the above points are common to most muscle car insurance companies.  As long as you can meet the qualifications above and can live with the mileage limits, a specialty muscle car insurance policy is most likely your best choice.  It will save you money and provide you better coverage than using a conventional auto insurance policy and provider.