If you have one or more classic cars, make sure they’re insured with Agreed Value Coverage, says Josh Grundy, third-generation principal of The Grundy Agency Inc., based in Horsham, Pennsylvania, an hour north of Philadelphia.
Agreed Value and Stated Value are as different as junker and Jag. Today’s large insurance carriers offer Stated Value Coverage, but collector-car-focused companies insist on the Agreed Value product. “Let’s say you insure your collector car for $40,000 with one of the big guys. If something happens to it, that’s not what you’ll get a check for. The company will subtract depreciation, mileage and wear and tear, and your $40,000 valuation has disappeared,” he explains.
“Agreed Value, however, is an agreed-upon valuation between an insured and The Grundy Agency set at the start of the policy that will remain for the term of the policy,” he adds. “There’s no haggling in the event of a total loss claim. The total you agree to, that $40,000, is paid.”
Grundy is a collector car expert by legacy. In 1947, his grandfather, James A. Grundy Sr., invested his World War II GI bill benefits to create the company and immediately debuted Agreed Value Insurance, a new insurance product to the niche market. The first policy James Sr. wrote was to protect his father-in-law Sam Baily’s antique automobile collection.
Collector car enthusiasts quickly recognized the Grundy family expertise, and growth was robust. By 1955, with James Sr.’s guidance, the company had 10,000 collector cars insured in a vastly different marketplace than we see today. James A. Grundy Jr., Josh’s father, has been at the wheel of the Grundy Agency since the late ’80s, bringing innovative insurance products to market for the automotive hobby. Josh notes that the firm is the country’s largest insurer of several categories of collector cars. This year is the agency’s 75th anniversary.
Today, James Grundy Jr. is the only broker in the country to have valuation and underwriting authority extended by the American International Group, permitting him to approve collection and individual vehicle values at his discretion, Josh notes.
In addition to covering classic, collector and exotic vehicles, The Grundy Agency can also insure collections of jewelry and watches, fine art, antique furniture, clocks, firearms, fine wine, guns, stamps, coins and more. “Our risk management specialists work closely with our clients to protect appreciating items of all types,” he says. In most cases, a third-party appraisal of nonautomotive collections isn’t required, but the company contracts with specialists if it is.
Grundy Insurance also created the Motor Vehicle Program, or MVP, which protects clients’ regular-use daily drivers, trucks, trailers, motor homes, electric vehicles and more on the same Agreed Value basis offered through Grundy’s Collector Vehicle Program.
And, because the Grundy Agency is licensed in every state, you can insure your properties nationwide along with your automobiles and other valued assets. “While Grundy began with a knack for insuring great cars, we have diversified as a full-scale personal insurance agency looking to insure your whole world with one Grundy Personal Insurance Agent who has all the right contacts. We manage all of your risk so that you can enjoy your life,” Josh says.
“The basis of our success is that every Grundy policy includes superior coverage, legendary service and substantial savings,” he adds. “We focus on the client and how we can provide the best product at the most consumer effective price.”
Automotive enthusiasts also choose Grundy because they know the car passion here is long-standing, beginning a century ago when Sam, a Philadelphia businessman, restored a 1909 Pierce Arrow Mini Tonneau –– the first documented automobile restoration for historic purposes in the country, he says. “This important car is now in our lobby, and we use it for touring even to this day,” he says. “We are car people –– in and out of the office.”
For more information on The Grundy Agency and Grundy Insurance, see Grundy.com or call 215.674.1856.
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