10 Reasons to Choose Grundy Classic Car Insurance

grundy classic car insuranceGrundy Classic Car Insurance – 10 Reasons to Choose Grundy!

Grundy Worldwide is committed to helping you insure your Antique or Collector Car to best meet your specific needs. Whether your collection consists of one car or 25, Grundy Insurance knows how important your cars are to you.

Grundy’s coverage will include enhancements to the standard auto policy such as Agreed Value, Inflation Guard and Auto Show Medical Reimbursement to meet the unique exposures associated with the Antique and Collector Car industry.

Here are the 10 Reasons to Choose the Grundy Worldwide Collector Vehicle Program:

1. Agreed Value Policy
2. No model year limitations
3. Inflation guard protection
4. The option for electronic paperless policy deliver
5. No mileage limitations
6. Auto show medical reimbursement
7. Specialized Claims Staff
8. Trip Interruption coverage included up to $600
9. Spare Parts coverage included up to $500
10. Towing/Labor Cost coverage included up to $250

Grundy Insurance is licensed in all 50 states. So, wherever you live, or wherever you go, our coverage travels with you. And, if you tour overseas, we provide ocean / air transit and foreign liability coverage in most countries by endorsement or policy extension. In the event of a claim, trained claim representatives work hard to achieve a settlement that is swift, equitable and trouble-free. Our claim settlement satisfaction rating is one of highest in the industry.
Many of the most prestigious classic car collections are insured by Grundy. Individual collectors, often with a single vehicle, also account for a large portion of Grundy’s business. Grundy Insurance Company shares an appreciation for old cars with all their customers, and are trusted for their collector and antique vehicle insurance needs.


Top Tips For Cheaper, Better Car Insurance

Do you have the right car insurance? Do you have enough coverage? While most people know whether they have liability, collision and/or comprehensive coverage, few people pay much attention to their insurance coverage until after they’ve been in an accident. Shopping for car insurance is a financial planning topic that is often overlooked, since most teenagers are added to mom and dad’s insurance policy when they first get behind the wheel, and then later shop for the least expensive policy when they have to the pay the bill on their own. In this article we’ll go over car insurance coverage and give you some tips to help you get the most for your money.

The Basic Types of Coverage
Protecting your assets and your health are two of the primary benefits of car insurance. Getting the proper coverage is the first step in the process. These are the basic types of coverage with which most people are familiar:

-Liability: This coverage pays for third-party personal injury and death-related claims, as well as any damage to another person’s property that occurs as a result of your automobile accident. Liability coverage is required in all but a few states.

-Collision: This coverage pays to repair your car after an accident. It is required if you have a loan against your vehicle because the car isn’t really yours – it belongs to the bank, which wants to avoid getting stuck with a wrecked car.

-Comprehensive: This coverage pays for damage incurred as a result of theft, vandalism, fire, water, etc. If you paid cash for your car or paid off your car loan, you may not need collision or comprehensive coverage, particularly if the blue book value of your car is less than $5,000.

Additional Coverage
In addition to the coverage listed above, other optional coverage types include the following:

-Full Tort/Limited Tort: You can reduce your insurance bill by a few dollars if you give up your right to sue in the event of an accident. However, giving up your rights is rarely a smart financial move.

-Medical Payments/Personal Injury Protection: Personal injury protection pays the cost of medical bills for the policyholder and passengers. If you have good health insurance coverage, this may not be necessary. 

-Uninsured/Underinsured Motorist CoverageThis option provides for medical and property damage coverage if you are involved in an accident with an uninsured or underinsured motorist.

-Towing: Towing coverage pays for a tow if your vehicle cannot be driven after an accident. If you are a member of an automobile service, or if your vehicle comes with roadside assistance provided by the manufacturer, this coverage is unnecessary.

-Glass Breakage: Some companies do not cover broken glass under their collision or comprehensive policies. In general, this coverage is not worth the long-term cost.

-Rental: This insurance option covers the cost of a rental car, but rental cars are so inexpensive that it may not be worth paying for this coverage.

-Gap: If you demolish that $35,000 sport utility vehicle 10 minutes after you drive it off the lot, the amount the insurance company pays is likely to leave you with no vehicle and a big bill. The same thing applies if your new set of wheels gets stolen. Gap insurance pays the difference between the blue book value of a vehicle and the amount of money still owed on the car. If you are leasing a vehicle or purchasing a vehicle with a low, or no, down payment, gap insurance is a great idea.

Factors That Impact Your Rates
In addition to the specific coverage options that you select, other factors that affect your auto insurance rates include the following:

-Deductible: This is the amount of money that you pay out of your own pocket if you get in an accident. The higher your deductible, the lower your insurance bill. In general, a deductible of at least $500 is worth considering, as damage to your vehicle that comes in at less than $500 can often be paid without filing an insurance claim.

-Age: Younger, less experienced drivers have higher insurance rates.

-Gender: Men have higher rates than women.

-Demographics: People living in high-crime areas pay more than those living in low-crime areas. 

-Claims: Accident-prone drivers pay more. If you want to keep your rates low, keep the number of claims that you file to a minimum.

-Moving Violations: Speeding and other moving violations all have a negative impact on your insurance bill. Obey the law to help keep your rates from rising.

-Vehicle Choice: Sports cars cost more to insure than sedans, and expensive cars cost more to insure than cheap ones do. Looking into the cost of insurance before you purchase that new car could help you save a bundle on your car insurance.

-Driving Habits: The number of miles that you drive, whether or not you use your car for work, and the distance between your home and work all play a role in determining your rates.

-Theft Deterrent Systems: If you have an alarm on your car, you’ll pay less to insure your vehicle.

-Safety Devices: Air bags and anti-lock brakes both work in your favor by keeping you safer and lowering your insurance bill.

-Accident Prevention Training: Some companies offer discounts if you take a driver’s education training course.

-Multiple Policies: If you have more than one car and/or also have homeowner or renter’s insurance, keep in mind that many insurance companies offer discounts based on the number of policies that you have with them.

-Payment Plan: Some insurance companies offer discounts based on your payment plan. Paying your entire yearly bill at one time, instead of in installments, may lead to a discount.

-Credit Score: Good credit lowers your car insurance rates. Bad credit increases them. 

Shopping Tips
When you’re in the market for car insurance, careful shopping is a must. Prices, features and benefits vary widely from company to company. Minimum coverage requirements vary too. In Florida, for instance, the minimum coverage requirements are $10,000 for personal injury protection and $10,000 for property damage. 

In the personal injury department, $10,000 dollars doesn’t buy much in the way of medical services should an operation or prolonged stay in the hospital be required. The same is true when it comes to personal property, as there are many sport utility vehicles and luxury cars that are priced well above $30,000. Therefore, protecting your financial assets in the event of an accident is likely to require far more coverage.

Comparison shopping is always a smart thing to do, and there are many websites designed to help consumers compare insurance policy prices. Insurance agents can help too. Independent agents often offer policies from multiple carriers and can help you find the policy best suited to your needs. Before you eschew an agent in favor of an online provider, think carefully about who you are going to call after you have an accident. Your agent has an incentive, in the form of your repeat business, to provide good service, while an online service may come up short. 

Before you buy a policy, research your policy provider – regardless of who it is. Numerous firms rate the financial health of insurance companies, and your state also has an insurance website that rates firms based on the number of complaints they have received. (For a comprehensive list of state insurance regulators, visit the Federal Citizen Information Center.)

Shopping wisely can help you protect your health, your assets and your wallet, so put forth the effort to determine the type and amount of coverage that you need. Also make sure that you review and understand your policy before you sign on the dotted line. If you plan well, you’ll be pleased with the results, should you ever find the need to put your policy to the test by making a claim. 

5 Car Insurance Tips

Grundy-Insurance-5 Auto Insurance TipsThere are several factors that determine how much you pay for auto insurance, including your age and marital status, where you live, and what you drive. You can’t do anything about your age, and few people will move just to lower their insurance premium. You can, however, choose a vehicle that costs less to insure.

In this article, we’ll give you all of the helpful tips you need when getting car insurance.

1. Know Your Coverage Types

What is your car insurance actually insuring? Although you’re buying a single insurance policy covering a specific vehicle, a number of components make up the final cost:

  • Bodily injury liability: Covers injury and death claims against you, and legal costs, if your car injures or kills someone.
  • Property damage liability: Covers claims for property that your car damages in an accident. Because liability coverage protects the other party, it is required in all but three states.
  • Medical payments: Pays for injuries to yourself and to occupants of your car. This is optional in some states. In “no-fault” states, personal injury protection replaces medical payments as part of the basic coverage.
  • Uninsured motorist protection: Covers injuries caused to you or the occupants of your car by uninsured or hit-and-run drivers. “Under-insured” coverage also is available, to cover claims you may make against a driver who has inadequate insurance. In some states, as many as 30 percent of drivers are uninsured.
  • Collision coverage: Covers damage to your car up to its book value. Collision coverage carries a deductible, which is the amount per claim you have to pay before the insurance takes effect. The lower the deductible, the higher the premium. While it is legally optional, a lending institution or leasing company usually requires collision coverage.
  • Comprehensive (physical damage): Covers damage to your car from theft, vandalism, fire, wind, flood, and other non-accident causes. Comprehensive also carries a deductible.

2. Your Vehicle Affects Your Premium

Y­ou might want a sports car or a fancy SUV, but your insurance company may charge you more to protect you while driving it.

Insurance premiums are based partly on the price of the vehicle, which affects the replacement cost if it is stolen or “totaled” in an accident. How expensive the vehicle is to repair — including parts and labor — can also affect the cost. In addition, surcharges may apply to vehicles that are frequently stolen or involved in accidents.

Industry-wide information on injury claims, collision repair costs, and theft rates by vehicle model is available from the Highway Loss Data Institute (HLDI). You can write them at 1005 North Glebe Road, Arlington, VA 22201. HLDI is affiliated with the Insurance Institute for Highway Safety (IIHS).

According to HLDI, the lowest injury claims are from large vehicles — cars, pickup trucks, and sport-utility vehicles. Small 2- and 4-door cars have the highest injury claims. Small cars also are among the highest in collision costs, along with sports cars.

If you have your heart set on a sporty vehicle, you’ll probably pay dearly. Insuring a high-performance car can easily cost two or three times the insurance amount for an ordinary model.

Sport-utility vehicles, the hottest market segment, often have higher insurance rates than mid- and full-size cars, but some SUV models are relatively cheap to insure. SUVs are “hot” for other reasons: They are among the most frequently stolen vehicles, and they are more expensive than most cars. Cadillac’s Escalade is currently the most popular model sought by thieves, but it’s followed by the Nissan Maxima sedan. SUVs also can cost more to fix after an accident if the 4-wheel-drive system is damaged.

However, insurance companies set rates based on their own experience. If Company A has more collision and theft claims for a particular vehicle than Company B, then A will charge more for the same coverage. It all boils down to a company’s actual experience with a particular vehicle or category of drivers. That is why it pays to shop around for insurance.

3. Who You Are Affects Your Premium

Factors that you can least control may have the greatest impact on your insurance costs. Your age, gender, and driving record are key factors that affect your insurance premium.

Single males under the age of 25 pay the highest rates. Statistics show they are involved in the most accidents, so insurance companies charge young men higher premiums than women of the same age. Married men, who statistically have fewer accidents, pay less than single men. A handful of states do not allow rates based on sex or age, but that prohibition has tended to result in higher rates for women, not lower rates for men.

If you are convicted of moving traffic violations or of causing an accident, your premiums will likely go up, no matter what your age. Drivers with clean records — no tickets, no accidents — pay the lowest rates.

Where you live also plays a big role in how much you pay. Urban areas, with their greater population densities and heavier traffic, get higher rates than rural areas. According to the Insurance Information Institute, the average insurance expenditure in mainly urban New Jersey — traditionally the most expensive state — in 2002 was more than double that of North Dakota, a rural state with the lowest average premiums. High costs in states such as Florida, Massachusetts and New York are attributed to growth in fraud and theft.

In most states, too, insurers set rates by zip codes. If you live in a major city like Chicago or Los Angeles, you will probably pay more than if you lived in a nearby suburb.

4. Decide How Much Coverage You Need

While it is dangerous to be underinsured, having too much insurance can be an expensive mistake as well. Without insurance, your property is put at risk in an accident that is your fault. The minimum amount of insurance required in your state is seldom enough.

State law may require as little liability coverage as $15,000 per person, $30,000 per accident, and $5000 property damage. About half of the states require $25,000 per person and $50,000 per accident. Half of them require $10,000 in property damage coverage. If you can afford it, buy more than the minimum. After all, $10,000 for property damage may not be enough if you hit a $100,000 Mercedes-Benz.

The more assets and income you have, the more insurance you need. Most insurers recommend liability coverage of at least $100,000 per person, $300,000 per accident, and $50,000 property damage if you have assets to protect, such as a house. Some insurers also recommend a $1 million “personal liability umbrella” policy issued in conjunction with homeowner’s coverage. State Farm reports that such coverage averages $270 a year, but the amount varies significantly depending on location and other factors. An “umbrella” policy could protect a family from financial ruin in a major lawsuit.

Like buying a car, there is no single best solution when it comes to buying insurance. Rates vary widely. Surveys suggest that you could pay anywhere from $500 to $2000 annually for the same coverage from different companies. Shop for insurance by consulting two or three of the largest insurers, such as State Farm and Allstate. Then, contact one or two independent agents who can quote premiums from more than one company. In addition, there are direct-marketing companies, such as GEICO and Progressive, which do business over the phone rather than through agents and offer some of the lowest rates. Ask for an itemized list of coverages and costs.

“We’re price-competitive,” said spokesperson Dick Luedke of State Farm, whose rates dropped somewhat during 2004. But with so many factors involved in setting rates, it’s wise to check several prospects.

In 2004, the average price of auto insurance nationwide was $871, according to the Insurance Information Institute. They expected that the cost of auto insurance would rise by 3.5 percent in 2004, which would be the smallest increase in four years.

Don’t forget the Internet. Many companies now offer online quotes, and insurance shopping on the Web allows you to compare rates from multiple providers in the comfort of your own home.

5. You Can Reduce Your Premiums

The biggest difference you can make is to buy a vehicle that qualifies for a discount or at least doesn’t carry a surcharge. Ask your insurance agent about the cost of insuring vehicles you are interested in before you make your purchase decision. Here are several other ways that you can save money on your car insurance:

  • Most companies give a break to those who drive less than 7500 miles a year. If you take public transportation instead of driving to work, your premium will go down. Out of the question? Try carpooling.
  • Make sure you get all the discounts you are entitled to. You might qualify if your vehicle has an alarm, for example. Discounts used to be given for such safety features as airbags, but they’re fading away as those items become more commonplace. Discounts might also be available if you insure your vehicles and your home with the same company. People who pass a defensive-driving course or don’t smoke or drink often get discounts.
  • Review the status of all the drivers in your family with your agent. Most discounts apply only to one portion of the policy, so don’t expect dramatic savings.
  • Increase your deductible for collision and comprehensive. Switching from a $100 deductible to $1000 can reduce the collision portion of your premium by 30 percent, said Luedke. You’ll still be covered for catastrophes, but you foot the bill for fender-benders. Also, think twice about filing small claims with your insurance: Why risk a premium increase?
  • Shop around. Instead of just renewing, study the fine print of your policy to see if its terms — or your situation — have changed. Another company might have better rates, but you won’t know unless you shop. Most insurers give rates over the phone and many via online computer services, making it easy to compare premiums.
  • Drop collision coverage on older cars. Claims are limited to “book” value, so you’re not likely to get much anyway if you car is more than seven years old. A good rule of thumb is to drop collision when the annual premium reaches 10 percent of your car’s value.
  • Be a good driver. Avoid accidents and traffic violations and you will be rewarded with good-driver discounts. Bad driving is expensive. The “safer you can be” on the road, Luedke said, “the lower your premiums.”
  • Drop coverage for such extras as towing costs or the expense of renting a car while yours is in the shop. The savings are probably small, but your new-car warranty’s roadside assistance provision may provide them at no cost.
  • Have your teenager share the family car instead of owning his or her own. Be sure to tell your agent if your son or daughter makes the honor roll or moves away to college. Both qualify for discounts with most companies.
  • If your group health insurance provides generous coverage, consider dropping the medical-payments portion of your policy.
  • Keep your credit rating healthy. A growing number of insurers are considering a person’s credit score when setting rates.

10 Things You Should Know About Buying Auto Insurance

Grundy-Insurance-10 Things You Should Know About Buying Auto Insurance

  1. How is Your Insurance Rate Determined? 
    Two factors determine what you pay for auto insurance. The first factor is underwriting and the second factor is rating. Insurance companies underwrite to assess the risk associated with an applicant, group the applicant with other similar risks and decide if the company will accept the application. Based on the results of the underwriting process, the rating assigns a price based on what the insurer believes it will cost to assume the financial responsibility for the applicant’s potential claim.

    Each company adopts its own rating system, although there are general guidelines that all companies follow.
    The single greatest influence on the rating process is claim frequency. This does not mean how many times you specifically have made an insurance claim, although that will have an additional effect. Claim frequency measures how often an insured event occurs within a group relative to the number of policies contained in that group. Persons sharing characteristics with high claims groups will be charged more for insurance coverage.

  2. Specific Factors that Affect Your Rate
    • Your driving record – drivers with previous violations or accidents are considered to be higher risk
    • Your geographic territory – urban areas have more claims than rural areas
    • Your gender and age – males have more accidents; certain age groups have more claims
    • Your marital status – married people show lower rates of claims
    • Prior insurance coverage – if you have been cancelled for non-payment of premiums
    • Vehicle use – higher annual mileage results in higher exposure to risk
    • Make and model of your vehicle – luxury and sports cars average a higher number of claims
  3. Ask Your Agent About Discounts
    Discounts are awarded because the insurance company sees you as a “better risk.” Here are some discounts you should look for: multiple vehicles, driver education courses, good student, safety devices, anti-theft devices, low mileage, good driver/renewal, auto/home package and dividends. Not all states offer all discounts, so check with your agent to see if you qualify.
  4. Tort System vs. No-Fault System
    Each state must implement either a tort system or a no-fault system. The system your state has implemented will determine what kind of insurance is available to you. The three basic coverages sold under the tort system are bodily injury liability insurance, property damage liability insurance and uninsured motorists coverage. In a no-fault state, coverages will vary, but under a no-fault system your insurance company pays you directly for your losses as a result of injuries sustained in an accident, regardless of who is at fault. Check with your state insurance department for questions concerning tort or no-fault state systems.
  5. Check Into Optional Coverage
    The most commonly recognized coverages, in addition to the basic liability package, are collision and comprehensive coverages. Collision coverage pays for physical damage to your car as a result of your auto colliding with an object such as a tree or another car. This is relatively expensive coverage and is not required by law. Comprehensive coverage pays for damage to your auto from almost all other causes, including fire, severe weather, vandalism, floods and theft. This coverage will also cover broken glass and windshield damage. Comprehensive coverage is less expensive than collision, but is also optional. Other optional coverages include medical payments coverage, rental reimbursement coverage and towing and labor coverage.
  6. Where to Go for More Information
    Information is available to consumers from a number of unbiased sources. These sources include public libraries, state insurance departments, online resources, consumer groups and consumer publications. Every state insurance department has personnel available to answer questions regarding auto insurance coverage and many departments publish premium comparisons to make shopping around easier.
  7. Shop Around Before You Buy
    When shopping for auto insurance, premium quotations are a useful tool for comparison of different companies’ products. When asking for price quotations, it is crucial that you provide the same information to each agent or company. The agent will usually request the following information: description of your vehicle, its use, your driver’s license number, the number of drivers in your household, the coverages and limits you want.
  8. Where to Shop
    Check the newspaper and yellow pages of the telephone directory for companies and agents in your area. In addition, ask your neighbors, relatives and friends for recommendations on insurance companies and agents. In particular, ask them what kind of claim service they have received from the companies they recommend. Remember to shop around to get the best price and service.
  9. For Your Protection
    Once you have selected the insurance coverages you need and an insurance agent or company, there are steps you can take to make certain you get your money’s worth. Before signing an application for any insurance coverage, call you state insurance department and verify that the company and the agent are licensed to do business in your state. It is illegal for unlicensed insurers to sell insurance, and if you buy from an unlicensed insurer, you have no guarantee that the coverage you pay for will ever be honored.
  10. Read Your Policy Carefully
    You should be aware that an auto insurance policy is a legal contract. It is written so your rights and responsibilities, as well as those of the insurance company, are clearly stated. When you purchase auto insurance, you will receive a policy. You should read that policy and make certain you understand its contents. If you have questions about your insurance policy, contact your insurance agent for clarification. If you still have questions, turn to your state insurance department.

8 Car Insurance Discounts You Must Know About

car-insurance-discountsPlease don’t be alarmed, but there’s a very good chance you’re paying too much for car insurance. That is, unless you’re taking advantage of every discount available to you, and you’re probably not.

How can you use something you’re not even aware exists? Sure, there are a few auto insurance discounts you might know, but there are also many that some car insurers won’t tell you up front.

The good news is that there are more discounts available with car insurance than ever before, meaning you can save a nice percentage on your policy if you know where to look.

Some discounts you might want to investigate include:


If you have more than one vehicle, having them all insured in one policy with the same company often qualifies you for a multi-car discount of 25% per vehicle on average.

Be aware that each car must be registered in your name and driven by drivers listed on the policy.


When you combine your car insurance with other types of insurance such as renters’ or homeowners’ policies, you can usually qualify for a discount.

Not to mention, it’s a heck of a lot easier to make one payment to one company.

New Car Safety Features

When considering your purchase of a new or pre-owned car less than three years old, remember that features like passive restraint systems (airbags, motorized seat belts) can save you even more money.

Because the inclusion of safety features in new cars can qualify you for a variety of discounts, check with your insurance carrier to see which ones you can claim on your policy.

Finally, keep in mind that it’s becoming increasingly common for insurance carriers to offer discounts for alternative fuel and eco-friendly models.

Safe Driver

Many insurance providers give discounts to drivers who voluntarily elect to take a defensive driving course.

In addition, if you have a clean driving record (i.e., no accidents or moving violations for a specified number of years), you can probably take advantage of additional savings.

Finally, if your new or old vehicle is equipped with safety equipment such as antilock brakes, an alarm system or running lights, you’ll save more.

Married Driver

For whatever reason, statistics show that married drivers have fewer motor vehicle accidents than single people.

As a result, car insurance companies – who take statistics very seriously when formulating their policies – often provide married driver discounts.

If you’re already married (tip: don’t get married just to save on car insurance), ask your insurance carrier for this discount.

If you’re a newlywed, be sure to combine your beloved’s policy with yours to save more (see the multi-car discount above).

Home Ownership

Like with marriage, owning a home apparently shows insurance carriers that you are now a responsible adult.

This perceived stability also suggests that you are a more careful driver and so voila!, the home ownership discount was born. Enjoy.

Currently Insured/Early Signing

Many insurance carriers will offer a discount if you switch to them before your existing policy with another provider expires.

By not waiting until your policy ends before signing with a new provider, you can potentially knock up to 10% off your bill.

Teen Driver

Yes, usually the younger the driver, the higher the premium, however if your teen gets good grades (above a B average) or attends college more than 100 miles from home (and doesn’t bring his or her car), you can somewhat offset the cost of adding a teen to your policy.

In addition, naming your teenager as an occasional driver of your least expensive car will help you save some money.

Finally, add your son or daughter to your existing policy to take advantage of multi-car discounts.


Some additional discounts your insurance carrier may not mention include savings for those in low-risk occupations, people who belong to professional organizations or the military, and buyers who opt to pay the premium all at once through auto-pay, and/or using paperless billing.

Drivers over the age of 55 may also enjoy a senior discount.

Finally, it can’t hurt to inquire about loyalty discounts, which will vary depending on how long you’ve been a customer, and renewal discounts if you renew your policy in advance of the renewal date.

While certainly not exhaustive, the above list can put you on course to save on your car insurance.

It’s also important to remember that even a company that provides the most discounts may not necessarily offer the lowest auto insurance rates, so it’s important to shop around and compare auto insurance quotes.

7 Auto Insurance Buying Tips

auto-insurance-buying-tipsLast year, ten days before his 21st birthday, Bradley Dreyer was skateboarding against traffic alongside a row of parked cars in Sonoma, Calif. when a drunk, uninsured motorcyclist crossed the double yellow line and hit him from behind. Dreyer, who had been studying to be an ER nurse, sustained a severe brain injury.

With the help of lawyer Guy Kornblum, Dreyer’s parents got their own insurer, State Farm, to pay out both the full $100,000 of uninsured motorist coverage on their auto policy and their $1 million in umbrella coverage. But given Bradley’s continuing needs, they now wish they’d carried even more coverage. “We have to face difficult decisions,” says Bradley’s mom, Mary Kate Dreyer. “We don’t want to rob him of treatment now, but we need to preserve his estate for the future, what could be lifetime care.”

Pull out your policy now. There may be smart ways you can cut your premiums, such as raising your deductibles, dropping collision insurance on an older car, demanding special discounts or consolidating your policies with one insurer. But you might also need to pay for more protection from uninsured drivers and catastrophic injuries, warns Kornblum, who’s dealt with the fallout from severe auto accidents for 44 years.

1. Raise your deductibles

The easiest way to save is by increasing both the collision and comprehensive (damage due to vandalism, fire, flood) deductibles for damage to your auto. As a practical matter, if you have a $500 deductible and $700 of damage to your car, would you even put in a claim? Many folks wouldn’t for fear it would raise their rates. That’s one reason it makes more sense to have a $1,000 deductible, says Mark McConnell, a claims officer in Roanoke, Va. with ACE Private Risk Services. Consider “full glass” coverage if you’re worried about a ding to your windshield; it’s cheaper than a lower comprehensive deductible.

2. Get uninsured motorist coverage

This protects you and family members living with you should you be hit by a negligent driver who is uninsured or “underinsured,” even if you’re walking, bicycling or skateboarding at the time. According to the Insurance Research Council, at least 16% of drivers, and about a quarter of those in New Mexico, Mississippi, Alabama, Oklahoma and Florida, are uninsured. Underinsured? In California an “insured” motorist in the assigned risk pool can carry as little as $15,000 in bodily injury coverage per person and $30,000 per accident.

In many states uninsured motorist protection isn’t mandatory coverage, warns Diane Giles, a vice president at Marsh, a broker representing several high-end insurance carriers. That means you could have a policy without it, particularly if you shopped on price. The amount of uninsured/underinsured motorist coverage you carry should match your auto policy’s primary liability limits–meaning the maximum amount your insurer will pay the other guy if you cause an accident. Typically, that amount is $100,000 per individual and $300,000 per accident on a primary auto policy. That limit, in turn, should be where your umbrella kicks in. (Some umbrellas require your auto policy to cover as much as $500,000 per accident. Make sure there’s no gap in coverage between the two policies.)

3. Carry a big umbrella

An umbrella, or “excess,” policy kicks in where your liability coverage for your auto and home ends and is a necessity if you have any assets to protect. A $1 million umbrella is common, but $2 million is more realistic these days. “The more assets a person has, the bigger target they are” for lawsuits, says ACE’s McConnell. Recent jury verdict data show that 14% of personal injury liability cases result in awards in excess of $1 million, he notes. If you have teenagers driving, consider increasing your umbrella. The second million is cheaper than the first.

Warning: Although uninsured motorist coverage was included in the Dreyers’ old umbrella policy, many insurers now either don’t offer it or charge extra for it. Expect to pay $125 to $250 a year extra for $1 million of such coverage. “You need it,” insists Kornblum, who personally carries a $10 million Chubbumbrella with $5 million in uninsured/underinsured motorist coverage.

You can often save on an umbrella by buying it through the same insurer you get your auto policy from; go to an independent agent and ask for combined quotes from several carriers. Be sure to compare what each umbrella covers.

4. Hunt out obscure discounts

Certain discounts–say, for a good driving record–are usually applied automatically. But other credits require action on your part. For example, as you age, taking a defensive driving course (even one online) could earn you a credit. If you start telecommuting two days a week, call your insurer and ask for a discount. You may also be able to save by buying through a workplace discount program. If you have a teen driver, ask for the good student discount. (If the kid’s grades aren’t high enough, make him take the bus.)

5. Don’t buy a teen his own car

It’s usually cheaper not to add a third car when you’re adding a teen driver to a two-parent, two-car family, because insurers rightly assume the kid will drive less without his own car. (Even without a third car the average annual premium goes up 58% with a teen added, according to a recent Insurance.com study.)

The exception: If you and your spouse both drive new luxury cars with collision coverage, then you might reduce both premiums and family conflict by getting your kid a clunker without collision insurance. Warning: Some insurers charge as if the kid is driving the fanciest car in the garage, even if you swear he won’t. So you may have to sell your midlife-crisis Corvette or get a different insurer.

6. Avoid limited tort insurance

In some states, including Pennsylvania and New Jersey, you can buy “limited tort” coverage at a discount, but be wary of what you’re giving up. Limited tort means that, even if the other guy is at fault, you generally cannot collect payment for your “pain and suffering”–extra money that may be needed, say to get help around the house if you’re laid up. “We recommend clients select full tort,” says Giles.

7. Insure for a total wreck

If you’ve got a paid-up car older than five years or so (depending on the model) it may make sense to drop collision and comprehensive. That’s because if you wreck your car or it’s stolen, most insurers will pay out the depreciated value, which could be less than it takes to replace your older car. That’s also true if it would cost more to repair your car than it’s worth.

On the other hand, if you have a car loan outstanding or are leasing a car, consider topping up your coverage. MetLife Auto & Home, for example, offers “gap” insurance, which pays the difference between the depreciated value and the amount needed to pay off the loan or lease, and raises comprehensive/collision costs an average of 7%.

High-end carriers like Chubb and ACE offer the option of setting an “agreed value” at the start of each premium year for the amount you’ll receive if your car is totaled. It paid off for one of Giles’ adult daughters, whose VW Jetta was destroyed in a flood. The payout covered the remaining lease and left her with $4,000 for a deposit on a new lease.

Source: Forbes

Grundy WorldWide Collector Vehicle Program

grundyinsuranceworldwideGrundy Worldwide offers agreed value insurance with no mileage limitations, zero deductible, and high liability limits. Coverages are specifically designed for collector car owners. From classic cars to muscle cars, Grundy Worldwide has you covered.


Automobile Liability

  • Agreed Value coverage – in the event of a total loss, this amount is paid with no deductible in most states
  • High liability limits available – the ability to purchase limits up to $1,000,000. this is added security if you choose to buy higher limits
  • No mileage limitations – the policy authorizes unlimited hobby use of the vehicles in collector activities, exhibits and parades
  • Automatic Coverage – For 14 days on newly acquired vehicles
  • Towing and labor Costs – the policy will pay up to $250 each time your covered vehicle is disabled
  • Spare Parts Coverage – the policy will pay up to $500 for direct and accidental loss or damage to spare parts for your covered auto
  • Trip interruption Coverage – the policy will pay up to $600 for traveler’s expense due to accident or mechanical breakdown of your covered vehicle
  • Auto Show medical reimbursement – Clients or family members injured during an auto show or similar car-related event will receive pre-determined medical coverage

Service Features

  • In-house claims handling – claims are handled by an in-house collector car insurance expert
  • Repair shop of your choice – take your vehicle to the shop of your choice for repairs



  • Signed and currently dated application
  • Signed and currently dated Privacy notice
  • Signed and currently dated State um/uim selection/rejection forms (if required by state)
  • A minimum of two clear photos which show all 4 sides of the vehicle are required. additional photos showing interior and/or engine can be submitted
  • Copy of Vehicle registration
  • Full annual Premium


Grundy Insurance

After 60 years in service, Grundy Worldwide Insurance Agency is still offering great insurance quotes from classic cars to muscle cars. They offer low rates with optimum protection to clients that take as much pride in their collectible car as they do. With services such as agreed value policies, no model year limitations, liability limits up to $1,000,000, unlimited mileage for hobby use, towing and labor expenses, auto show medical reimbursement, spare parts coverage, 24 hour claim service, trip interruption coverage, and automatic coverage for 30 days on newly acquired collector cars, they are a one-stop insurance company.


Grundy makes it easy to apply for a classic car insurance quote with just a click of the mouse. You simply click on free quote, fill in the appropriate fields with your name, address and details of your classic or collectable car, and within a short period of time you will have your classic car insurance quote that will fit all of your needs. You will receive a phone call from one of their many agents ready and willing to help you will your classic car insurance quotes.


If you have other items that need an insurance quote you can also use this time to request it. Whether it be your home, boat, aircraft, or your valuable possessions Grundy is please to offer insurance quotes for all of it. You no longer have to deal with multiple insurance brokers when making sure everything is covered. With their premiere program, they will give you an insurance quote for one or multiple vehicles and insure them with a special AIG Private Client Services all-inclusive package.


Located just North of Philadelphia, Grundy Worldwide has insured more than 1,500,000 collector vehicles with A+ and A++ carriers such as American International Group, Chubb Group of Insurance Companies, Philadelphia Insurance Company, and the United States Liability Insurance Group. As far as the eye can see, there is a carrier who will insure just about everything, no matter what year of model of the classic car. Their claim department is proud to say that their settlement satisfaction ratings are among the highest in the classic and collectable car industry. They work hard to make sure that if you do have a claim that it is settled quickly and with virtually no hassle.


Grundy Worldwide Insurance Agency wants to be your top insurance company for one or all of your classic cars. They know how important your classic and muscle cars are to you and they have a staff on call that will be more than willing to consult on your insurance policies, values of your car, acceptance policies, and anything else you would like to ask. They are committed to outstanding customer service and can be reached through email or a simple phone call. From hot rod cars to custom cars, you can get your all in one classic car and collectable insurance quote quickly and efficiently.