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.

People who own and drive collector cars have different needs for their collector car insurance than they have for their cars that are driven every day.  A collectible car is by definition “special”, and so it has special considerations to take into account when it comes to insurance.  Your everyday insurance provider that insures the vehicle you drive to work is accustomed to dealing with claims on modern cars that depreciate in value as they age, and the average owner doesn’t notice the difference between a $2000 paint job and a $10,000 paint job.  A company that specializes in collector auto insurance has several key benefits to offer the collectible car owner.

Benefit # 1:  Lower Premiums – A collector car is normally only driven on a limited basis, stored indoors, not driven in bad weather, and generally leads a “babied” life.  Most classic car insurance companies are also somewhat selective in who they will insure.  These two factors allow the classic car insurance company to charge much lower premiums than conventional insurance companies, because they know that the collector’s car is less likely to be in an accident.

Benefit # 2:  Agreed Value Coverage – Most classic car insurance companies offer an Agreed Value policy, which means that you come to an agreement with the insurance company on what your vehicle is worth before the policy is written.  If you have a total loss accident or theft, an Agreed Value policy will reimburse the total amount that was agreed upon when the policy was initiated.  Very few conventional insurance companies offer a true “Agreed Value” policy.  They offer a “Stated Value” or “Stated Amount” policy has a clause that allows them to only pay what they “think” the car was worth, and it makes the assumption that your collector car is depreciating like a typical used car!

Benefit # 3:  They Understand Your Needs – Specialty collector car insurance companies understand your needs better than a typical insurance provider does because in many cases the insurance agents and possibly even the owners of the company are car enthusiasts or collectors themselves.  They realize how much your collector car means to you, and they understand the importance of the car being repaired correctly so that it retains its value.  When presented with a claim they will give you much less argument and more leeway to get your car repaired the right way the first time.

Benefit # 4:  Repair Shop Of Choice – Many everyday insurance companies will only pay a set rate for collision repair at a high-volume body shop that does average-quality work on modern cars.  If you take your car to a shop that specializes in restoration work, you may be left footing the bill for the difference in cost.  Many antique car insurance companies will allow you to take your car to a specialty repair shop, and they will pay what it costs to have the car repaired the right way by a craftsman that is skilled in restoration work.

Benefit # 5:  OE Parts – On a similar note, many everyday insurance companies will only pay for less expensive aftermarket repair parts.  Using non-original parts can reduce the value of your vintage car considerably, as they may not fit as well as original equipment parts and an all-original car is always worth more.  Many specialty insurance providers allow for the higher cost of using original equipment parts.

Benefit # 6:  Perks and Special Situations – Some collector car insurance companies offer many other types of benefits, such as coverage for spare parts, memorabilia, tools, car trailers, coverage for overseas transport, etc.  Some even offer medical coverage for personal injuries that occur at car shows, and “event disruption” insurance that reimburse car show entry fees and non-refundable hotel deposits if you miss an event due to a mechanical breakdown on the way there!

All in all, specialty collector car insurance companies have a lot of advantages for the classic car owner.  If you own and drive a collector vehicle, you will find that an everyday insurance policy from an everyday insurance company is severely lacking in comparison.