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Re: Insurance?

To: "Tom Bott" <tcbump@leading.net>, "MG List" <mgs@autox.team.net>
Subject: Re: Insurance?
From: Steve Morris <smorris@en.com>
Date: Wed, 29 Nov 2000 23:45:33 -0500
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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