Grundy Classic Car Insurance – A Review of Their Benefits and Restrictions

Specialty insurance from a classic car insurance company offers a number of benefits for those who own and drive collector cars. Companies that specialize in antique car insurance can offer better coverage with lower premiums than a standard auto insurance company, 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, 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 auto 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. 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 insured for by 4% each year.

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 vehicle 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, 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 antique classic car insurance companies have limits ranging from 1,000 miles up to 6,000 miles per year, but with Grundy Nationwide 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 specialized insurance for restoration shops. 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.

The Future of Auto Mobility and Insurance

Mobility has taken over every industry and has dipped its proverbial toes in the auto insurance industry as well. With GPS and accelerometers as high-tech accessories, mobile technology for the automotive industry too has come a long way and has many more miles to go. In an age where digitization and mobility is one of the bare necessities, most auto insurance providers are lost under heaps of paperwork. That’s the reason why the concept of auto mobility has shifted its focus to the insurance industry.

A combination of mobility solutions – telematics, analytics and communications, has eased the burden for auto insurers through information on driving style, collection of the same, analyses and reports that benefits all the stakeholders.

User-Based Insurance (UBI)

Insurance providers struggle with allocating premium amounts for their clients. Despite their best calculations, they have incurred losses. Traditionally, insurance companies calculate premiums based on driving records, vehicle use, previous claims, insurance scores based on credits and so on. Policyholders believe that these premiums are usually a fixed value.

Telematics technology will change the face of auto insurance through the usage-based insurance (UBI) pricing system where clients pay as per their usage, driving behavior that is. Pay-as-you-drive gives clients and insurers the freedom to calculate premiums based on not just driving records and vehicle usage but actual or real-time driving information.

Real-time Information

Telematics can calculate every minute detail of the client’s driving style, including every hard brake, rapid acceleration, parking style, etc. Analytics will amalgamate, analyze and interpret this data, simplifying it to understand the driving patterns of the client and the risk(s) involved. This driving information will be shared with the insurance provider who can use the same to allocate the insurance premium amount for the respective client.

Vehicular insurance companies have realized the difference that real-time information makes in processing claims. With the ability to capture real-time data in the form of images, videos, driving information, etc., there will be adequate information to process a claim or to decide the insurance amount for a client. It will eliminate the possibility of modified data and increases the accuracy of information analyzed.

Time and Efficiency

Time is everything. Waiting for weeks for insurance agencies to process a claim can be painstaking. Insurance companies will soon provide every client a more personalized and expedited service. Mobile devices will enable evaluation of claims or consultation with clients in their comfort zone. In the case of an accident, real-time data can be captured in the form of videos or images, eliminating the possibility of improper claims or incomplete information, which can prove to be a loss for both parties. Automation will reduce paperwork and redundancy. At the same time, it will increase efficiency and accelerate processing of claims.

Management of Data

With the reduction of paperwork and introduction of technologically advanced analytics frameworks, managing vast quantities of data has become a child’s play. Analytics use complex algorithms and mathematical equations to organize, analyze and interpret huge volumes of information. The ability to retrieve relevant information instantaneously and accurately will save a lot of man-hours.

Beyond Insurance

Mobility solutions for auto insurers come with additional services such as roadside assistance in case of an emergency, geo-fencing for parents to monitor their teenager’s driving, customer engagement to ensure the loyalty of the client, driving suggestions and other customizable options. Insurance companies will be able to go beyond their regular services for the client’s convenience.

Challenges of Telematics

However, there are a few concerns with telematics being used by insurers. Standardized regulations on data capturing and its process is yet to be determined. This raises concerns for loss of privacy or misuse of data. The other concern is when the client wants to switch to another insurance provider. The new insurer might not accept their driving data as the method of data collection is different. This could result in the client losing his benefits and has to start from scratch.

Nonetheless, telematics technology is relatively new and is yet to take over the market fully. Like any new technology, there will be glitches which will be fixed in due time. These challenges will not be an obstacle for auto mobility to be integrated with insurance, as the pros of auto mobility outweigh the cons. Gradually all insurance providers will largely depend on mobility solutions in order to develop their business and will become inevitable for auto insurance to use.

Does My Auto or Homeowners Insurance Police Cover Mailbox Damage?

Since 2013, the United States Postal Service has furthered a move that will save the agency billions of dollars. By requiring owners of newly constructed homes to use curbside mailboxes like those used by millions of other homeowners and renters, associated costs will be cut significantly.

Though the change favors cost-cutting efforts, it does involve a degree of inconvenience for those used to the traditional delivery at the door front. That downside, however, does not compare to the real risk the newly introduced location – near the road – presents: exposure to damage from a colliding auto or other type of vehicle.

Due to the fact that mailboxes located at the side of the road are in close proximity of constant car and truck movement, there is an extremely heightened risk of them getting hit and damaged.

Can I File a Related Insurance Claim?

Should another driver hit your mailbox, be sure to ask for his phone number and address as well as his driver’s license information. Following that, make an official police report and file an insurance claim with the driver’s auto insurance. Buy another mailbox like the one you are replacing and save the sales slip so that there is cost proof for insurance recompense.

As life goes, chances are you may not be home if and when your mailbox gets damaged by another car. Then what, right?

Check your doors for contact info that may be left by a summoned police officer or the driver him or herself. You can also call the police and see if there was a police report filed about the accident. In the event you do not discover a note with pertinent contact information or anything about an associated police report, be sure to file a hit-and-run accident police report as soon as possible. If that leads you nowhere, you can still opt for a homeowners insurance claim. Be prepared for either a flat out denial or a denial based on not meeting deductible requisites, though.

In the event your mailbox retained damage due to vandalism, you can do either of the following:

• Make a police report so that you will get repaid by the vandal when apprehended as part of a court decision.

• You can also see if your homeowners insurance policy will cover you for an act of vandalism of this sort. Consult with your independent insurance agency for a professional take on the matter.