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Premium Member
1986 Mercedes 420SEL
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125 Posts
Discussion Starter #1
Over the years I've had a number of my collector/classic cars insured by Grundy. I filled out their application and sent them a check to cover my 35 year old 1986 420SEL. They denied me coverage based on three factors:
1) I failed to list additional drivers. I'm a widower and live alone. So who else is going to drive my car~??
2)
The stated value I claimed was too high. For value I requested only $12,000 for a car with just under 40K miles~!
3) They don't consider my car to be a "classic".
 

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Too many to list
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9,795 Posts
I Use grundys new MVP program , it’s administered by a different insurer (aig private client ) and it’s far superior to traditional Grundy collector car insurance with less restrictions on type of car they will insure . A 40,000 mile sel should be insured for at least $25000
 

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SuperModerator
1986/1990 W126
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15,748 Posts
How odd. I thought those times were well out of the way, where nobody was quite sure if one of these was considered a classic or not.
 

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1991 560sec. 1991 560sel 1969 280SL
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1,544 Posts
Here in Jersey I have all three of my Mercedes classics insured with agreed values insured with American collectors insurance. Very good company to deal with and no hassles with claims.
 

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85 500SEC (Euro), 87 560SEC (now sold)
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1,571 Posts
I have Hagerty with my 500SEC. They are Grundy tend not to like drivers over a certain age.
 

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1999 500SL, 1988 SEC
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1,610 Posts
Well just be careful. Each have restrictions like “only can drive 3,000 per year, only to-car shows, and must be garaged
 

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85 500SEC (Euro), 87 560SEC (now sold)
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1,571 Posts
Grundy is very picky. Neither company will insure the car of it is the only car owned.
 

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68 250S, 91 300se, 98 SL500, 450SEL 6.9, 14 CLS550 Past MB's; 300SD, 300E, 300TE, 190E, ML420
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4,498 Posts
Hagerty wont do my 300se or my SL500 because I dont have another "driver". Plus my 300se IS a daily driver...........

but at least you can do declared value with them.
 

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Premium Member
1986 Mercedes 420SEL
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125 Posts
Discussion Starter #10
Grundy is very picky. Neither company will insure the car of it is the only car owned.
It is not the only car I own. I have a fantastic 2006 Lincoln Town Car Signature Limited which I love. Its dependable, easy on gas, doesn't use the slightest drop of oil, and is very, very comfortable.
 

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Premium Member
1986 Mercedes 420SEL
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125 Posts
Discussion Starter #11
I have Hagerty with my 500SEC. They are Grundy tend not to like drivers over a certain age.
They didn't mention that as one of their reasons for "rejection", and I guess they wouldn't dare to would they. The additional driver thing really blew my mind~!
 

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560SEL 560SEC E320 Cab. MB Metris Van ML 320 ML320CDI/gone 300TD 300TE 300SDL, 300D, Unimog 406
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2,377 Posts
How much do these specialty companies charge for llaibility and stated value comprehensive and collision?
 

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Premium Member
1986 Mercedes 420SEL
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125 Posts
Discussion Starter #13
How much do these specialty companies charge for llaibility and stated value comprehensive and collision?
I requested 100,000/300,000 liability, $50 deductible and $100 deductible, and stated value of $15,000. The quote was $280 per year. Sent my check and then they rejected my application.
I told them the car was going to be used for drag racing and demolition derby (LOL)
 

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1982 MERCEDES 280SE AUSTRALIAN DELIVERED RHD
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78 Posts
Over the years I've had a number of my collector/classic cars insured by Grundy. I filled out their application and sent them a check to cover my 35 year old 1986 420SEL. They denied me coverage based on three factors:
1) I failed to list additional drivers. I'm a widower and live alone. So who else is going to drive my car~??
2)
The stated value I claimed was too high. For value I requested only $12,000 for a car with just under 40K miles~!
3) They don't consider my car to be a "classic".
AIG is an excellent insurer and pays their claims. You can correct the Grundys error by phone, there are no other regular drivers. To prove the vehicle value, a professional valuation from an accredited valuer will settle the matter. It has to be from an actual valuer, not a market appraisal or opinion from a car dealer or the like.
 

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SuperModerator
1986/1990 W126
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15,748 Posts
For me, after one bad experience with normal insurance on another car, agreed value is a must.
I pay cheap, but my normal transport is push bike.

That 'other car' for normal driving stipulation has happened to people I know in the UK. Classic insurance declined.
I've got three on classic insurance with my broker and no daily driver. Cos I don't daily drive a car.
Turns out that's fine in my case for some reason.
 

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Premium Member
1986 Mercedes 420SEL
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125 Posts
Discussion Starter #17
AIG is an excellent insurer and pays their claims. You can correct the Grundys error by phone, there are no other regular drivers. To prove the vehicle value, a professional valuation from an accredited valuer will settle the matter. It has to be from an actual valuer, not a market appraisal or opinion from a car dealer or the like.
I engaged an appraiser years ago to appraise my fully restored 1957 Chevrolet convertible. He took lots and lots of pictures and wrote quite a long narrative. Back then $350 was quite a lot to pay for such a service, but I wanted some documentation regarding what a "professional" thought it was worth. During this time period I was very on top of '57 Chevy values. Now mind you, this was a very nice, really nice car, but it wasn't a "fuelie", and it hadn't been restored by Harold Louisiana. This so called appraiser put a number on it that was insane. When I say insane I mean nobody in their right mind would have paid that price for it. Other than some nice pictures, all I got was "taken"~!
 

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1982 MERCEDES 280SE AUSTRALIAN DELIVERED RHD
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78 Posts
That sounds like a very unreasonable experience ('57 Chev, yum). At one insurance company I worked at it was part of my underwriting job to assess applicant's cars for the value they wanted. I also worked in the anti-fraud division and claims, and had to assess vehicles for after-accident value. When I became a broker and had to represent clients against insurers who wouldn't pay or argued value, I prevented the argument from ever happening by only using specialist insurers and supplying accredited valuations. Your valuation may also have included a value that was for insurance to pay for full restoration if the vehicle was not a total or constructive loss. Sometimes owners are disappointed as the valuer comes in much lower than they wanted. One client I had spent $38,000 buying an old Bentley (was ripped off), the insurer knocked him back so I gave him my preferred valuer's contact details. He came in at $8,000 ! He also kindly explained to me why - the upholstery was old, faded, crumbling in parts, some paintwork was crazed, non-genuine repairs had been done, and much more too, in short his valuation was actually generous. We used the valuation to start action against the seller for the rip-off and he refunded some money. The client learned because the make is a "name", doesn't automatically mean it's worth huge money, and that insurance companies know their stuff. Always pays to use reliable people !
 

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1985 500sel and 500sec 2012 E63 1989 Porsche 911
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5,729 Posts
i have grundy on the 89 911, and then i decided to get it on the 2 126 cars

its about 600 $ a yr
Porsche is a saturday car
but the 126 cars i drive atleast 2/3 times a week, depending on which is on rotation, along with my e63 pseudo daily (on AAA)

i want to raise the agreed value on the the 126 cars....i had the 500sec at around 15grand but i have a lot more into it now thats the amg tribute has been completed plus hi end audio etc.

the 500sel is priceless as we have had the car since i was 7 new...its agreed at 25000$ but im thinking of bumping it also.. Not sure what the reps will think.Trying to figure out whats thebest way to justify it.

Ive heard hagerty is less hassle but quite more expensive maybe
 

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Premium Member
1986 Mercedes 420SEL
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125 Posts
Discussion Starter #20
That sounds like a very unreasonable experience ('57 Chev, yum). At one insurance company I worked at it was part of my underwriting job to assess applicant's cars for the value they wanted. I also worked in the anti-fraud division and claims, and had to assess vehicles for after-accident value. When I became a broker and had to represent clients against insurers who wouldn't pay or argued value, I prevented the argument from ever happening by only using specialist insurers and supplying accredited valuations. Your valuation may also have included a value that was for insurance to pay for full restoration if the vehicle was not a total or constructive loss. Sometimes owners are disappointed as the valuer comes in much lower than they wanted. One client I had spent $38,000 buying an old Bentley (was ripped off), the insurer knocked him back so I gave him my preferred valuer's contact details. He came in at $8,000 ! He also kindly explained to me why - the upholstery was old, faded, crumbling in parts, some paintwork was crazed, non-genuine repairs had been done, and much more too, in short his valuation was actually generous. We used the valuation to start action against the seller for the rip-off and he refunded some money. The client learned because the make is a "name", doesn't automatically mean it's worth huge money, and that insurance companies know their stuff. Always pays to use reliable people !
"Reliable people"~??? That's such a rare trait today, and virtually impossible to find. The world has changed so dramatically that most of the tradespeople and service providers today are simply unskilled, unable, unreliable, without knowledge, and just looking for an easy mark. The last of the people I knew on whom I could depend on without question retired in the mid '90's. It saddens me greatly that it is so. I am no longer young. I am not rich. I don't envy nor am I jealous of anyone. I am an honest, God fearing man living by the "golden rule" and refuse to conform to today's distorted values.
 
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