On 11/29/00 10:05 AM, Tom Bott <tcbump@leading.net> wrote:
>Good Day List, I have a question concerning insurance. The recent
>postings asking for opinions on what is a good price got me thinking. Has
>anyone had experience with how to verify value of vehicle for insurance
>purposes. My agent tells me, that if my car (79 MGB LE) should be severely
>damaged that I would need "expert" professional appriasers to verify value,
>otherwise NADA values would be used. What resources for establishing values
>are out there?
Tom,
When I bought my '58 MGA this summer, I looked into the specialty
insurers, but decided to use my regular insurance. I know I will exceed
the 3000 miles/year limit, and they consider rallyes and gymkanas as
racing, so coverage is excluded.
Anyway, I use Cincinnati Mutual Insurance, and have the "stated value"
coverage. They referred me to a local restorer who is a licensed (or
whatever accreditation they use) appraiser. He charged $35 for a written
appraisal for a valuation of $19,500, which would fully replace my car in
a total loss with one in similar or better newly restored condition.
Downside is that premiums are pretty high. I think mine is almost $800,
which is about the same as for our new Audi A6. I dropped all but
comprehensive over the winter, so I'll save a few hundred a year.
Check with your insurance carrier for similar references.
Hope this helps,
Steve
Steve Morris Avon, Ohio
1958 MGA 1500 Red/Black
NAMGAR #5987
http://www.en.com/users/smorris/mga/
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