Insurance

Has anyone had experience insuring their Jeep with Grundy Woldwide?
Just going with the agreed value because I hardly ever drive the Jeep.

 

Never used Grundy. I'm curious as to what the "agreed value" is, and what year your jeep is. When they get to be as old as many of ours here are, insurance gets kind of wierd.

Geoff

 

I have my Mustang insured thru Grundy. The Jeep is insured thru Hagerty.

 

I used Grundy years ago. I priced them a week or so ago for my dad's collection. Their website says min. is $5,000 value, but after I sent in the first 5 I wanted to insure they said for trucks or trucks and jeeps (don't have it in front of me), their min. is $10k.

They were always a good company. I'm still sticking with Hagerty.

B

 

Just got off the phone with them. I just paid $4k for the Jeep (66' CJ 5), I'm insuring it for $5K. With $100K liability, the premium is $100 a year. No limit to the amount of miles a year. They just want a picture of the Jeep.

 

I'm using Grundy since I hardly drive the 2A. 10,000 coverage and no min. collision. $10,000.00 but for $98 a year who cares.

I just sent a picture off of the copier in the office.

They want:
A hard locked garage
Driver must have 10 years driving experience
NOT a daily driver (occasional drive or shows)

Can't really remember since my 2A isn't on the road that much I don't worry about it

 

Was just told by Progressive earlier today they can insure restored/collectors vehicles for replacement value by having the car appraised by a professional mechanic. They'll even accept the appraisal from the mechanic of my choice, provided he's got a business license and not a "shade-tree" mechanic. Not far enough along to quote a price to you all.

 

good to know.

 

would you consider getting it appraised as a restored/ collectors item?

 

I'm paraphrasing a bit when I call it that. She listed some other categories too such as "hobby" and "specialty" vehicles. Bottom line, the NADA blue book on a '56 CJ5 would be extremely low, if available at all, and I wouldn't want it totalled and handed a check for $50. By having it appraised, the insurance company has an alternative to assessing it's true, more accurate value should it need to be repaired or replaced.

Was there a reason NOT to consider getting it appraised in this manner?

 

I've seen this 'Grundy' mentioned before here but never heard of them. Do they deal strictly in specialty vehicles? If so, would their coverage include 'daily drivers'? Anyone have any experience getting them to pay a claim? Most improtantly: Anyone got a link or other contact info?

Thx!

 

If you insure thru Grundy the vehicle can't be a daily driver. You have to give them info on your daily driver and the insured vehicle must be kept in a garage. They will want pictures of your Jeep and of the garage.

 

FYI...

Grundy does not insure 4x4's that have larger than stock tires and or if the vehicle is used "off road".

 

Well, from what y'all have said about Grundy's, sounds like... how would we programmer's say it?... Grundy's can mega-byte me! :twisted:

Seriously, thanks for the info. I think I'm going to run with this appraisal to Progressive and see what they can come up with. Since others may be interested, I'll let you know how it comes out.

Thanks all!

 

Good discussion everyone. I ususally recommend collectors vehicles to Hagerty but I have heard Grundy is good. I have worked in insurance for 11 years, so I am speaking from experience and I hope I can help a little to clarify.

***Disclaimer! Every state is different in terms of defining a "street legal" vehicle and also in the way your insurance policy contract reads. It is very important to show your agent your vehicle in person or supply updated pictures so the underwriters can approve the appropriate policy for you. Also, make a point to read your policy! Tedious yes, but informative - and if you have any questions most agents are happy to explain the answers to you. This is very important to prevent getting screwed on a claim in the event of a loss.***

What I want to point out in this discussion are a few things:

1- If you have a trail rig, I do not know of any major company that will cover it. This would include State Farm, Allstate, American Family, Progressive etc. If your company is covering it, make sure your agent has seen the Rig and documented your file. Normally, you have to look for a specialty company that has a book of biz for off-road trail rigs and modified rigs.

2- If you go the "appraised value" route, please ask your agent how often they require an updated appraisal. Most major companies require one every year, some every other year. That can get quite expensive and also be a pain in the butt for the vehicle owner.

3- Most auto policies read "actual cash value (ACV) at the time of loss". That means you don't need to list it as anything special, just save the receipts and take lots of pictures in the event you need to prove to your adjuster just what you had into your vehicle. That results in cheaper premiums, because most companies have low factors for older vehicles. In the event of a loss, they will look at a number of factors. The money you have into it, the condition of the vehicle, and they look at collector price guides in addition to blue book. When in doubt on that cheap policy, just add the customized vehicle endorsement with X amount of dollars on it to cover above and beyond the blue book value.

4- Be honest with yourself and your agent. If it is not street legal with that lift kit and tires... it won't be insurable. See #1.

Hope this helps!
~Miki

 

Since I take my jeep to a truck and offroad auto shop, Progressive is allowing this shop owner to do the appraisal as a professional in his field. And because he's my mechanic, he's doing my appraisal free of charge. Here is the wording he's using...

"Because of my expertise in the field of automotives, I have been asked by Jack Storey to assess a monetary value on his 1956 Willys CJ5 Jeep, VIN number ###############. Close inspection of the vehicle confirms Mr. Storey's claim that the vehicle has recently undergone a complete rebuild from the frame up. Although not a true "restoration", as modifications have been made not contained in the original factory specifications, the jeep is in excellent condition mechanically and aesthetically and is in near show-room condition. Almost everything about the jeep is either new or rebuilt to 'like new' condition. The cost of replacing this jeep with one equal to its current condition would easily cost $9,000, which is also a fair appraised value for this collectible."

 

We've had this discussion a number of times before. ALL of the major antique and classic companies

J.C. Taylor
Condon & Skelley
Grundy
Hagerty
Am. Collectors

are essentially the same. They insure collector vehicles. Some will not insure over a certain size and many frown on jeeps. If you are not using your vehicle for a D.D., then this is your best bet. They generally want to insure stock vehicles and non want to know or hear that you're taking it out on the trail.

If you want to insure it through one of these channels, then don't plan on making a claim for rock rash or when you do trail damage.

The fees are cheap. You pay annually. The min. values vary from $3500-5k.

Hopefully you'll never need insurance. If you vehicle is stolen or some other driver plows into it and totals it, then at least you're covered. You wouldn't be under your D.D. type companies such as State Farm.

I've been dealing with antique insurance companies for about 25 years now and have had policies either myself or through the collection my father and I have and know the ropes.

Beth

 

Here are links to a few of the threads on insurance. Use search and you'll probably find more.

http://www.earlycj5.com/forums/showthread.php?t=14866&highlight=insurance

http://www.earlycj5.com/forums/showthread.php?t=13315&highlight=insurance


http://www.earlycj5.com/forums/showthread.php?t=3731&highlight=insurance


http://www.earlycj5.com/forums/showthread.php?t=2394&highlight=insurance


http://www.earlycj5.com/forums/showthread.php?t=1633&highlight=insurance