Solution to insurance companies lowballing value is...

[94 RT/10 Black MAMBA]

Buy your insurance from www.grundy.com and get an "AGREED VALUE" policy. My insurance costs me $660 per year with no deductable and no mileage restrictions. I can't understand why everyone doesn't know about this company. I hear about people paying many thousands of dollars to state farm, allstate etc. DUH...try Grundy. you can get a quote online!!!!

Good Luck to all.

 

[Steve-Indy]

Thanks, Paul. Would add that "agreed value" policies also wqritten by many other companies. The REAL worry is "diminished value" which represents YOUR loss AFTER your company pays for wreck repair, but now, the next buyer will NOT pay a strong price for a "wrecked" car. This has to be negotiated in advance (and in written CONTRACT)as most states (Ind. is one of 33 such states per auto mag) have allowed legislation to creep in that favors the insurance company and NOT the car owner, as I understand the situation.

 

[1TONY1]

What does Grundy say about tracking the car at a school ?

 

[Bugeater]

Yeah, what Tony said...?

 

[Tomer]

Does anyone know if insurance companies will/should pay dimished value in the case of a single vehicle accident. I suppose it might depend on whether cops issued any tickets for say speeding or wreckless driving, etc?

Tomer

 

[ryan 94RT]

Well guys i will say they will pay for anything that happens to your car except you cant do anything with your car. If you read the policy it says you cant use the car for anything except club and hobby events. That means no tracking no lunchin dates etc. You can go get gas and take it for a drive with no destination in mind. Also no leaving the car in any parking lot anywhere.
I am not saying you dont get awesome rates for the average viper owner because you do. I am the guy that doesnt want any restriction to anything and for that reason i went with state farm. They have paid for DE track day problems for other people
i know who crashed. I say get the insurance that best fits your driving habbits. You alone can judge which one is for you.

see ya
flyin ryan

 

[Steve Ferguson]

Tomer, your agent should know the policy language. If you want the "diminished value" endorsement I would think they can add that, but it will usually come at an up-charge.

 

[IMSOSLO]

I am trying to get insurance on a '49 dodge pickup (my new tow vehicle). Tried Grundy and got $1,013 per year!!! Double what I have been quoted from others.

However, I am running into the same restrictions as I want to use the truck as my daily driver. If anyone has any more ideas let me know.

Pics will be posted soon with the matching red truck with viper in tow.

Ken

 

[Gerald]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by 94 RT/10 Black MAMBA:
Buy your insurance from www.grundy.com and get an "AGREED VALUE" policy. My insurance costs me $660 per year with no deductable and no mileage restrictions. I can't understand why everyone doesn't know about this company. I hear about people paying many thousands of dollars to state farm, allstate etc. DUH...try Grundy. you can get a quote online!!!!

Good Luck to all.

<HR></BLOCKQUOTE>

That's per year and not 6 months????

 

[RX VIPER]

The quote about having 'no driving destination' in mind is true for Leland West Insurance in duPont as well. I got a great quote from them, actually half of what I pay Triple A, but you can't even drive your car to work. I was on the phone and asked them how would you know I was driving my car to work if I had a wreck. The lady said they throughly investigate all their claims. I said have a nice day. I don't want those kinds of restrictions to save less than a Bill Clinton haircut on an airport runway

. Also, to answer the other question, no racing, track events, or driving schools are covered. If you don't mind all the disclosures you can call them at 800-237-4722 and as CarrotTop says- save a buck or two..

Michael

 

[94 RT/10 Black MAMBA]

YESSS! $660 per year! Go to the site and get your own quote. By the way...they are a very good company. I've had claims with them on other collectable cars. They pay off with nothing but quality parts and excellant service. No haggling about repairing dented fenders etc. They know these are quality collectable cars and always use new parts for repairs. Diminished value is not an issue at Grundy. They only use new parts for ALL repairs or they will just pay your "AGREED" value and take the car! I wish I could insure my other cars with them, but they only insure collectable cars.

 

[John ACR]

Paul,
What agreed value did you get?
Thanks.

 

[Steve-Indy]

Paul, your rates look like a good deal...and, yes, I am familiar with Grundy.

Regardless of use of NEW, OEM parts...in the collector car area, a "wrecked car" is a "wrecked car" and will NOT be of the same VALUE as a non-wrecked/damaged car...hence the worry about "diminished value". One HAS to be aware of the difference, and decide if it is worth the extra $$$ to write in this type cause.

 

[Chuck 98 RT/10]

Everything is like a used car salesman anymore. Insurance companies try to get you on board and then the following year they raise the price on you and force you to shop around again. It becomes an annual thing.

 

[MOUNTAINWOLF]

Hey, I think Grundy looks great. I am currently adding my viper to my insurance ( with Z06, 300zxtt, & 95 tacoma ) Grundy would only take the viper & z06, but the rate for both was only $849/year ! With anyone else they were more like 1,000/year each. They are underwritten by Chubb (reputable company), and I am working switching to them right now .

 

[J DAWG]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by MOUNTAINWOLF:
Grundy would only take the viper & z06, but the rate for both was only $849/year ! With anyone else they were more like 1,000/year each.

<HR></BLOCKQUOTE>

Congrats on the rate. Almost sounds to good to be true. Anyone have any other experiences with this company?

 

[malcoll]

Having been an insurance agent for three years and a claims manager for 10 years before that (all with Nationwide Insurance), I would first recommend against an agreed value policy if you intend to drive the vehicle.
Most agreed value policies DO include several restrictions on mileage, useage, etc.
Also, with most agreed value policies you get the agreed value or current market value... whichever is LESS. That means if the value of your collectable vehicle increases significantly over the course of the policy year...... you may not get the full value in a total loss.
Yes with a plain vanilla auto policy you will pay more premium, and yes you may have to battle with the claims people in a total loss...... but for instance my 1989 Jaguar XJ-S V-12 Convertible caught fire in June. The first total loss offer was $8,900. I did my research to find a true cost to replace with the same vehicle and I was able to document and settle the claim at a vehicle value of $12,300.
Diminution of Value is allowed in most states. The insurance company will entertain DV in any accident when your car is damaged. It is easier to receive DV from someone who hits YOU, than it is to receive from your insurance company, but it has been paid in most states.
If someone insists on collector car insurance, I usually recommend Haggerty Insurance. I wrote a policy on a 1959 Ford Galaxy with few restrictions and a premium of $125 per YEAR. A Haggerty policy for my 1969 Mach I, would be $94 per year.
Just food for thought. If anyone wants to discuss further just drop me an e-mail at [email protected]

Lance

 

[Steve Ferguson]

Hey Lance, our company writes Nationwide special rick coverage as a MGU. Are you an agent or do you work for the company?

 

[MOUNTAINWOLF]

Lance, thanks for your input, there are usually 2 sides to every coin. But in this situation, I like the agreed value concept. The GTS and the Z06 are both too new to increase in value the way a collector car would. Yes the GTS's will go up in value but probably not for some time. You also have to take into account how much money you are saving every year with the much lower premium. My agent also carries Haggarty (good company), but my daily driver is a 95 tacoma pickup. With Haggarty, your daily driver has to be valued at 20k plus so that didn't work for me.

ps. Just found out today that my $849 amount above does not include any medical or uninsured motorist insurance, my agent thinks we can add both for not much more. Some say do not get medical (because your liability will cover medical), any thoughts on that ?

 

[Achilles99]

Mountainwolf, MAMBO, and whoever else may consider Grundy,

I'd just like to re-iterate what Ryan said. With Grundy, they gave me a GREAT rate. It was less than half of what I currently pay. However, the insurance ONLY covers when you are going to a car club event. It does NOT cover going to grab a bite to eat, etc.

It also has to be garaged. If you are in a parking lot and it gets keyed or a giant truck runs into it, you are NOT covered. If you are driving to work (or, just driving it without going to a club meeting) you are NOT covered.

Correct me if I'm wrong, but that's what the agent told me over the phone, and that's what the policy reads.

I for one will not risk my Viper to save a few hundred dollars a year. That's too risky a gamble in my book!

 

[malcoll]

I am what is referred to as a "Captive Agent". I am an independent agent, but I have a contract with Nationwide which precludes me writing for any company other than Nationwide, unless Nationwide approves my contract with that company. That is how I can broker coverage when the need arises.
Regarding medical payments and uninsured motorist. Given the huge numbers of uninsured motorists out there.... I would never recommend someone NOT carry uninsured motorist. The medical payments should be a minimal premium so I'd keep that too.
I am not fully familiar with exactly how uninsured motorist coverage works in Georgia (I am in Florida), but the UM coverage in Florida only kicks in where the other persons liability should have picked up.
We have "no-fault" in Florida which means the first $10,000 of injury is paid by the insurance company regardless of fault... so UM would not be a factor until after the threshold was crossed.
I know this is getting off topic, so before the hook arrives, I'll get off my soap box!
Lance

 

[MOUNTAINWOLF]

Thanks for the replies. I have now found out Grundy quote does include basic UM and medical coverage.(medical is only $1000, not sure how the UM "basic coverage" works). My agent also called Grundy to find out about the wording in the contract as to when you are covered. It covers you driving the car for pleasure, not only going to car club events. If you go out for food, cruise parking lot, etc., you are covered. The only specific times you are not covered (as understood by my agent) is if you use the automobile for transportation to work or school. Basically, he says they do not want you using the auto for primary or backup transportation, only for driving for pleasure. Thats all I do with these cars so I am proceeding in my switch to Grundy.

 

[VIPR GTS]

The Grundy quote was almost $100 higher than my current Westfield policy. That surprises me. Old age has some
benefits after all.

 

[Lee00blacksilverGTS]

Mountainwolf....Thank you, not only are you driving a car of the best color composition, that you have purchased from a member of the highest standing...but hopefuly you have explained to the rest of the group what this is all about....Listen up guys, if you go with Grundy or Haggerty then you agree what your car is worth..pick a value, especially with mods. they might require pictures, but if some idiot t bones you in a 2000 gts with a Doug Levin system on it that you value at $100,000 then THAT is the AGREED VALUE. AND THAT IS THE CHECK THEY WRITE. No questions asked...agreed value. The only downside is what has been mentioned they do not want it driven to school or work, puleeze, if you do take it there, is it really gonna be whacked so bad in a door nicker that you can't fix it yourself.

 

[94 RT/10 Black MAMBA]

A lot of opinions are being written here regarding what/when a car is covered when insured by Grundy.....

Now here are the FACTS:

I have another car ('70 Cuda) insured with Grundy. Last year I hit a deer with it and then slid into a corn field!!!! It had an Agreed Value of $35K. They asked me what I was doing when I hit the deer and I told them I was out for country drive. No problem your covered!!!

I elected to have it repaired, which CHUBB (great people) did using all new parts at the Best Shop I could find (cost them $17K). No problem.... I am VERY particular about my cars. It was repaired to my satisfaction and beyond.

Check out "Who" else insures their cars with Grundy:
Rick Mears
Reggie Jackson
Jay Leno
The list goes on.

 

[MOUNTAINWOLF]

Signed the paperwork this AM to submit to Grundy. Yes they did require pictures of the car, including the engine & interrior. Thanks for everyone's input, and for the original post Paul. My agent actually did not represent Grundy until I mentioned that I was interested in it ( I was thinking of leaving him to go with another company), so the forum still works.

 

[Achilles99]

MAMBA,

While I don't doubt that you had your vehicle repaired while out on a country drive, I just wanted to clarify what Grundy WILL NOT cover. If you are out on a pleasure drive in town, and you get hit, you will NOT be covered. If you are getting dinner or running errands, you will NOT be covered.

I just got off of the phone with the representative from Grundy. They only cover stuff while you are going to and from car shows. Yes, if you are getting dinner out of town while at a show, you are covered. If you are in town, you aren't covered.

If you can give a name from Grundy that will state otherwise, GREAT! I'd love to save money, and this is not intended to be a flame. I just wanted to get not only the facts out there, but also a real-world example that is more applicable. According to a Grundy rep at their headquarters, it is not enough that you are out on a "pleasure" drive. You HAVE to be going to or coming from a car show.

As for whether or not they check... the answer is yes. They will send an inspector out, and from what my friend who filed a claim said, they are VERY thorough in their investigations. Just an FYI...

 

[MOUNTAINWOLF]

Though my agent had already checked this, after Achilles last post, I wanted to be sure that I would be covered driving my cars around no matter where I was. Just got off the phone with an agent @ Grundy who says that your only coverage limits are:
1. No driving to work 2. No driving to school 3. No running errands in the car. Any other driving wheather going to a car club event or not, driving in town, out of town, or whatever pleasure type driving you may do... You are covered.
ps. Achilles I got your email & I am going to call you @ work with any information you need.

 

[94 RT/10 Black MAMBA]

I don't know who you talked to but there are no restrictions to driving your car for pleasure!!! See the website's front page here....www.grundy.com

It is CLEARLY stated there "Unlimited mileage for touring and pleasure driving".

What part of that statement don't you understand?

Look if you don't trust them or whatever then "DON"T BUY INSURANCE FROM THEM". But you shouldn't be spreading information that is incorrect.

 

[Achilles99]

Hey Paul. No need to get personal... just trying to get the facts straight

I appreciate you keeping on me, though, as I have found new info to share.

Nicole at ext. 111 was the original person who stated that going to get dinner in town was not covered. However, I called back and got Jennifer at ext. 132. She says that they will cover that within reason.

The policy states:
This policy authorizes unlimited hobby use of your collector vehicle in collector activities, exhibits and parades. While participating in these events, owners are free to enjoy their collector vehicle without monitoring the odometer.

Jennifer was simply more liberal in her definition of collector activity. If in town, and I were on my way to see other Viper Owners, I would be covered during reasonable hours. According to Jennifer, if the occurrence happened at 6 pm in rush hour, I probably wouldn't be covered. If I was driving at 6 am on Sunday, she said I would definitely be grilled on what I was doing driving at that time.

Bottom line is what Paul said: If you are comfortable driving with this policy, do it. Just know that you will have a set of rules you'd have to follow. No track events would be covered, according to Nicole.

Again, I welcome any new info. Looking forward to getting in touch with you Mountainwolf.

Paul - No hard feelings on my part... I hope there is none on yours.