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MG MGB GT V8 Factory Originals Technical - MGB V8 value
|some bad news...my B was hit. What I want to know is what is a typical value for these types of conversions? The insurer offered to pay about 2200 dollars and write off the entire car:( He knew the specifications but seemed only to care about miles , paint, interior. He said interior little worn, paint fresh and engine excellent. However, he said he based the car's value on odometer which he guessed about 230,000 miles since it only read 30,000 miles and on the original 4-cyl eng., although he knew the V8 was new. He was willing to add some value if I could show expenses on engine and added about 50 bucks for my 1500 watt stereo system.|
He did not seem to know much about MG's in general.
Luckliy, he offered to give me about 1700 dollars to pay for any repairs and I keep the car.
Well, anyway my question is what do our cars generally go for?
1973 MGB chrome bumper roadster
1998 Rover 4.6 carb engine
Borg-Warner 5 Speed.
Gm Rear end
no real noticable dents.
|Insurance is based on the principle of indemnity which in short means to return someone to the same position they were in prior to their loss. Unless there are certain exclusions in your insurance policy which deny you coverage under certain circumstances, the insurance company has a fiduciary responsibility to return you to the same economic position you were in before the loss. One such exclusion, is normally stereo equipment, anything in non factory locations is usually not covered, unless you endorse your policy with a provision to cover those items. So those amplifiers i'm confident you were using probably aren't covered. (Unless you endorsed your policy for them) If you can prove you spent $10,000 on your B, and it would cost that much to replace yours with one of like kind and nature, then they owe it to you. BUT Now you have yourself in a sticky position. You modified your vehicle from it's original state, and didn't tell your insurance company about it. (assumption on my behalf) If they can find some stupid little provision in rule #54567768231.7543 subsection zz, paragraph 147 that states the insurance company is under no obligation to extend coverage to the insured or their vehicle if it has been modified in any way from it's original factory state without the knowledge of the insurer. Then they are under no obligation to extend any coverage to you or your vehicle because of the breech of contract on your behalf....... Now you've gone from $2200 to a car with no coverage at all..... are you willing to turn over that stone to see if there is anything underneath it? Call your state insurance commissioners office and ask them about it. They live for helping the public, and in most cases are more then happy to be of assistance, but I would be hesitant to bring any of this up to the claims adjuster until you know the law, and what it has to say about your case. Maybe you come out WAY ahead, or maybe you come out empty handed, or maybe you come out in the middle... ????? Know your choices before you peep a word to your claims adjuster. It's their job to save the company $$, and they'll do most anything to do it.|
I hope this helps, and feel free to e-mail me if you need help with anything, or have questions.
Property and Casualty agent for the 2nd largest property and casualty insurer in the nation.
|Joaquin's unfortunate incident points out the need for anyone with an MG that is worth more than the "Blue Book" to arrange with their insurer for an agreed value policy and an appraisal by someone familiar with the cars and acceptable to the insurer. The premium increase is small, and the coverage is definitely worth it.|
The 'Net version of the Kelley Blue Book (www.kbb.com) only goes back 20 years on used cars - it suggests a southern Calif. trade-in value for a '79 mgb roadster in "good" condition with fairly low mileage of $1495!
This thread was discussed on 19/11/1999
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