Insurance Help Please

[BMR Tech]

dom418 - I don't see any issue with Grundy's definition of a Collector Car.

Pleasure use, and not to be used in the same fashion as your primary car. Also keep in mind, if they give you a hard time about a claim - don't worry, an attorney can easily make a lot happen with the words "or other functions of public interest"

They are all the same, in that regard. If they weren't, the rates would not all be similar. Don't believe for a second, that any of them want to only charge $400/year for a car that is being raced around, and driven on a daily/weekly basis for the heck of it.

Hagerty actually declined one of my cars, when I told them that I may put 2500-3500 miles a year on it, and I was a customer at the time. Grundy had/has no issues with that. I have print stating that there is no mileage restriction, and I also stated that I may put up to 4500 miles a year on my current policy. (I have never driven my Cobra more than 800/year)

The web-site, at the time (Hagerty) actually stated right on it, that there was no mileage restriction - yet they declined a new policy based on my projected mileage.

IA Shelby, I am well aware of that. Thanks for looking out though!

 

[Jefe]

25 is pretty much the industry standard for collector policies.

 

[Blueline]

You know its funny this thread came up. My last 03 04 Cobras I had insured through Grundy for 30k, no questions asked. My 2011Gt500 was through American collectors at 50K no problem. Fast forward two weeks ago. I pick up a 2003 Cobra with 6k miles. Car looks like it has been in a bubble for 10 years. I call American Collectors, they say "sure we will cover you, how much would you like for coverage?" I reply, 30k. They laugh and tell me NADA is only 16K. I told them if they can replace or find this car for 16k I will buy 10 of them. I call Grundy, they say the most they will cover the car for is 20k. So long story short, be sure you have it in writing your agreed value on the cover sheet of your policy. They both told me if I want it higher then what they are willing to cover, I would need an appraiser to appraise the car and declare a value on it. Such bull. I asked if this was something new as I have never had this issue in the past, they indicated underwriting has really been limiting the values they insure for.

 

[01Jes]

You know its funny this thread came up. My last 03 04 Cobras I had insured through Grundy for 30k, no questions asked. My 2011Gt500 was through American collectors at 50K no problem. Fast forward two weeks ago. I pick up a 2003 Cobra with 6k miles. Car looks like it has been in a bubble for 10 years. I call American Collectors, they say "sure we will cover you, how much would you like for coverage?" I reply, 30k. They laugh and tell me NADA is only 16K. I told them if they can replace or find this car for 16k I will buy 10 of them. I call Grundy, they say the most they will cover the car for is 20k. So long story short, be sure you have it in writing your agreed value on the cover sheet of your policy. They both told me if I want it higher then what they are willing to cover, I would need an appraiser to appraise the car and declare a value on it. Such bull. I asked if this was something new as I have never had this issue in the past, they indicated underwriting has really been limiting the values they insure for.

Damn...must be some new BS at Grundy cuz I insured mine for 23K 5 months ago with no hassle. Might have to call them on these new policy changes

 

[Blueline]

Damn...must be some new BS at Grundy cuz I insured mine for 23K 5 months ago with no hassle. Might have to call them on these new policy changes

Grundy and American Collectors gave me the same line. They said underwriting has been insuring for close to the NADA value, which for our 03 04 Cobras is 15-20k. He told me to send in pics of the car, pic of the odometer and any paperwork showing how its limited production etc. and he would try to get me 30k. I would just hate to see one of our members on here get screwed in a worst case scenario.

 

[Jefe]

Market value will be determined by Edmunds, KBB, etc.

How a value is calculated is going to start with the company and every one is going to calculate value differently. Its like getting an estimate for damage. Go get 5 different estimates and you will have 5 different amounts. There are a lot of factors that play into the valuation on a total loss.

Most companies have been around for quite some time and can access their own records and see what payouts they have processed on similar vehicles. They also know what they can get for the vehicle at auction when they try to recoup their costs. They know what they can get away with and they also have some wiggle room. Bottom of the line, don't accept the offer unless you are satisfied.

I have personally seen a Farmers claims adjuster offer an amount for a stolen truck and after a couple days debating with the customer the adjuster agreed to bump it up. Im not talking $2k-3k. They came up another $9k over the original offer because the client did his homework and showed what they are going for and what they actually have been selling for. They do look at the actual market

 

[Maverick-4]

Dang I wanted to switch to collectors insurance but sounds like might not be worth it from what Im reading. I currently pay 760 for my cobra and 610 for my Mach 1 with Infinity. If collectors is $400-$500 it is tempting..

 

[Notsoslowbowtie]

Bringing up a older thread. Just got a quote from Grundy today for $430 a year (04 cobra W/15k) insured for 30k. $500 Deductible Listing the car as driven up to 3k a year. I also insured my 86 Pickup at a whopping $11 month for $10k Coverage. So i'm excited to say the least.