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Grundy is less with no mileage restrictions and mine has a guaranteed value of $25K. It's a better deal IMHO!
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Unbelivable TBN trips including ALL of the lower 48 States plus 9
Canadian Provinces, 8 European Countries, 3 Caribbean Countries, Countless National Parks and have attended well over 100 TBN Events since 2001 and counting. Best of all ... fabulous friends. -
David I was ostracized for my $14K value....but your car $25K? come on Bill! How many miles David?
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David did not say the "he" valued his car at $25K, he said the "policy" guaranteed $25K. Don't read more into what he has said, he just said "a better deal IMHO", nothing more.Originally posted by BLACK BEAUTY View PostComment
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my point Ted is it aint worth that..periodComment
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Originally posted by BLACK BEAUTY View PostOriginally posted by BLACK BEAUTY View PostGreg, sure hope you didn't take my comment as ostracizing you. You made the comment that you got a $14,000 guaranteed value "what it's worth!"Originally posted by wcoates View Post
Stand by my comment that no Bird with over 100,000 miles is worth $14,000 on the open market.
David's car as I remember it has over 150,000 miles. Not worth $10,000 IMHO. (Certainly no offense David!) If he has a $25,000 guaranteed value policy, he should be looking for a bridge abutment to run into head on. (Assuming the airbags work!) As I've had the Grey Ghost for sale periodically with 122,000 miles (Still searching for the Merlot!) I've had 4 real offers. Highest offer $9,000.Bill Coates-Canfield, Ohio
2003 -THE GREY GHOST- MSG, Saddle with Saddle dash kit, door panels, boot and visorsComment
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I damn near did that bridge abutment thing. Fell asleep behind the wheel in the middle of the night. Gravel on the shoulder woke me up right before the bridge. That sure as hell woke me up.Comment
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NO classic car insurer will give you the low premium for a daily driver or a car used for running errands..Originally posted by steelblue5505 View Post
The great premiums are because the cars are at a reduced risk of a mishap because they have driving restrictions..
In addition, most of these insurers require that the owner also have a daily driver and garage the car at their primary address...
Most of the common classic insurers are brokers for the American Modern underwriter so the restrictions are very close for all of them...Comment
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I didn't set the value. Grundy adds a certain percentage every year. I DIDN'T DO IT!!!!!!
BTW, my car has 180000 miles on it and is FULL of memories that can't be replaced. What value do you put on them?
Thank you Paul for your comments. I've been with Grundy almost from the beginning as soon as they accepted our Thunderbirds.
As for a bridge abutment, sure I'd get the money, but, once again, how to replace the memories as they are priceless. Oh, and I'm not sure the airbags would work at this time anyway as the car is nearly 20 years old. Think about that ... 20 years of fun and friendship. AMAZING!Last edited by DavidA; Aug 30, 2020, 02:51 PM.Unbelivable TBN trips including ALL of the lower 48 States plus 9 Canadian Provinces, 8 European Countries, 3 Caribbean Countries, Countless National Parks and have attended well over 100 TBN Events since 2001 and counting. Best of all ... fabulous friends.Comment
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In essence I'm glad to save over $300+ from Progressive, get a decent value for my car and no deductibles..a winner for me
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David, that was Ted that backed you up. It's true that Grundy does increase the coverage automatically. Because of that I have had them decrease the amount on my car twice over the years that I have had coverage with them. I switched to them not very long after David did, so it's been a good while. I've put around 100K miles on the car in the last 10 years, virtually all of it associated with TBN events and in state Thunderbird club meetings (each monthly meeting that we attend involves a 325 mile or more roundtrip). Obviously, a 6K yearly limit wouldn't work for us.
Comparing insurance rates from state to state is an exercise in futility. What has to be compared is coverage/cost between one company to another in the state in which you reside. Grundy and the other classic car stated value companies are great if you can meet/live with their requirements. Grundy requires each licensed driver to have a daily driver besides the covered car, no drivers under 25 years of age, and not using the car for shopping/daily driving around town. They decide the premium for the stated value and charge accordingly based on that payout figure independent of what the car is "worth".
At my last renewal I lowered my stated value to $15K and raised my liability to the same level of my daily drivers (the standard coverage is a low considering the number of high dollar vehicles on the road). When I raised the liability they wanted proof that I carried similar coverage on both of our other cars. Mileage on the car was never brought up in the conversation. As a result of these actions my yearly premium went down about $65 and is probably half of what I'd be paying USAA for standard coverage with the same liability limits. Also USAA's deductible ($500 in my case) is the same on windshields as the rest of the car. There is no deductible at all with Grundy.
The reason I try to keep the coverage closer to actual cash value is, I don't want Grundy deciding they would try to fix the car, if I was in a bad enough accident that it might otherwise be totaled. The $10K difference between David's and my coverage is significant enough they might think twice about totaling the car.
I've said many times that if I never got a penny for our '02 via insurance or sale (which isn't going to happen), I've got way more out of the car than the $40K it cost new plus the upkeep costs. However, if I did lose the car via an accident the $15K would likely buy a decent replacement.21 years, 174K miles, 48 States X 2 & DC, 9 Canadian provinces, 8 European countries, 3 Caribbean Islands, 3 Hawaiian Islands, 100+ National Park locations, 150+ T-bird events, 190+ retrobird diecasts/models, 13 TOTM pics & some very special friends...THANKS TBN !Comment
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We also have been with Grundy since 2009. Grundy had slowly been increasing value to $32,000. I dropped it to $26, 000 at last renewal. NEW Orleans has some of the highest rates in country. Standard insurance for Bonnie's Lincoln and my Crossfire is a little over 3 grand a year with State Farm which is within $250 bucks of any comparisons with other agencies. Grundy adds no surcharges for New Orleans.Comment
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And if its "stated value", you'll most likely get the depreciated amount for the car based on an industry standard...should the car get totaled...Originally posted by BLACK BEAUTY View PostIn essence I'm glad to save over $300+ from Progressive, get a decent value for my car and no deductibles..a winner for meComment
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I don't get that either, regardless of who set the value....Originally posted by BLACK BEAUTY View PostLast edited by Frank Dreano; Sep 1, 2020, 03:38 PM.Comment
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Grundy set the value. We originally agreed to it back when we got the insurance with them. I think it was about $20,000 which at the time was far market value. Since then, they have raised it every renewal to what it is now. I believe their system treats all "Classics" the same way and automatically raised the values per inflation.Originally posted by Frank Dreano View PostUnbelivable TBN trips including ALL of the lower 48 States plus 9 Canadian Provinces, 8 European Countries, 3 Caribbean Countries, Countless National Parks and have attended well over 100 TBN Events since 2001 and counting. Best of all ... fabulous friends.Comment
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That right there is the root of my problem. Two drivers, two classics, and just one daily driver. I would need to sell a classic or buy another daily.Originally posted by 2K2BIRD View PostComment
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