At 03:18 PM 6/26/98 -0400, you wrote:
>My 23 year old son has taken up my love for LBC's and bought a 1959 MGA
>which runs good but needs body restoration. He has a good driving record
>but at 23 we are having real difficulty finding an insurance company which
>will underwrite his car. Most to the companies specializing in antique
>autos will not touch anyone under 25 and his current insurance company will
>only insure it for book value (almost nothing). Does anyone have some ideas
>as to how we might approach this problem? I hate to see him loose interest
>in LBC's because he can not get his on the road.
Having recently purchased an MGA, I tried to become somewhat expert on the
insurance options, at least here in NJ where car insurance is the most
expensive in the US. (I heard that NY has just surpassed us, but that only
means 2 states are absurd). I bought insurance for my MGA from American
Collectors Insurance as follows.
Here's the facts as I know them. Not so good news for your son...
1. The insured must have ten years driving insurance.
2. You must have another car as your regular driver and it must be normally
insured.
3. You must have a clean driving record.
4. Your collectable car must be at least 15 years old.
5. You cannot drive the car more than 2,500 miles per year.
6. You must use the car only for pleasure driving, i.e. drivng to shows,
tooling around the countryside, etc. No driving to work, etc.
7. You must store the car in a locked garage when not in use.
8. You must provide them with a good photo of the car.
That's about it. My insurance cost me $118 per year. I insured the car for
$13,800. The company agreed that the car is worth that amount. I suppose
they have general guidelines and parameters to follow. If you assume an
MGA can be worth anything between $100 and $20,000 (just to use raw
numbers) depending on all the variables, they will charge you accordingly.
Any other questions, just ask.
Dave
'62 MGA 1600 MkII
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