Greg wrote:
> Hello. I am about to register my 69 MGB, and on the insurance
> application it asks for a value. My insurance agent said this was not
>
> the blue-book value, but the amount it would sell for. (What it is
> worth)
> The car has been completley restored.
> Please e-mail me directly at tmase120@worldnet.att.net
> Thanks in advance,
> Greg
Well Greg, you're best off getting the car appraised by a "knowledgable"
appraser. When push comes to shove and the worst happens, the insurance
company is looking at paying out that document will likely be the only
thing
that can get you a proper settlement. The appraised value should be a
repesentation of what it would cost to buy a vehicle in similar
condition,
not what an average car sells for, or what it would cost to start over
and
restore such a car. Oppions of what a B can be worth vary widely. We
had a discusion a while back on if there was such a thing as a 10,000 B.
Well I've seen a $20,000 B (worth every penny) and seen pictures of a
L20,000 B (Not for me but a 100+ point car been rebuilt 3 times) and
just
had my car (a 68) appraised for $12,000. Which while less than I've put
into
it is probably what it would take to find a similar car in similar
shape.
Meet with the appraiser, show him the work you've had done and the
cost associated with it. He will compare your car to others and rate it
on a scale of 1 to 5 with 1 being pristine and 5 being well it's still a
car
isn't it. Values on MG's vary from <$500 wrecks/parts cars to apx
$10,000 for pristine. You'll really have to have your homework done
in order to justify much more than that, but if your car is worth it it
can
be done. Rare original features (or not so original such as a real
costello
or some other unique feature) drive value up but are not that common
on B's, Non original features tend to drive value down (although there
are exceptions). Show trophys help to increase value but are not
necessary. The most important thing is to be able to show the degree
of restoration as completely restored means different things to
different
people.
Good luck
Gary
--
Gary Burrell
Design Engineer
Pentek Inc. One Park Way, Upper Saddle River NJ 07458
Phone: (201)818-5900 Fax: (201)818-5941 Email:garyb@pentek.com
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