What Is Your MG Really Worth?
Now that the
'99 driving season is about to begin, among the other signs of
spring is that call to the insurance man to reactivate your full
coverage on the MG. As our cars age, the issue of insurance coverage
can become more complicated, especially for those cars 25 years
old and older. I discovered this by accident in the act of changing
insurance agents. For over 12 years, I had paid for full coverage
on the MG during driving season, just like on my "regular" car.
I happened to ask the new insurance agent how the MG would be
valued in the event of. . . you know . . . (perish the thought!)
. . . a "total". The answer was not reassuring, since "Blue Book"
value is not maintained for twenty-something cars, and certainly
would not cover the many hours and dollars' worth of TLC lavished
upon my MG over the years.
The only way
around that problem is to purchase "stated value" coverage, and
to obtain that, I had to get the car appraised. Chicago Car Exchange,
in Lake Bluff on Route 176 near I-294 and next to Lamb's Farm,
did the job for $75. Be sure to call ahead to be sure that the
appraiser is there (847) 680-1950. This place is worth a visit
even if you're not getting an appraisal, since they mainly display
collectable cars from the '20's to the '70's in a museum format,
although they are all for sale. The shock occurred when the insurance
man said that, in view of the appraisal, my premium would double
to $385 every six months! Once I calmed down, I was told that
the reason for the increase was that my '74 B was 25 years old
and considered an antique. The insurance underwriters assumed
that cars of this vintage are rare, polished and pampered instead
of driven, and experience trouble locating parts. When I explained
the reality of the MG parts situation, and the large numbers still
on the road, he agreed to revisit this with the underwriters.
reason prevailed, the underwriters recognized a special class
for MG's, and my premium was reduced to about $250 every six months
for full coverage, and $110 for winter storage. That seems more
reasonable for an "antique" car valued at $6500, and now I know
how much the car is worth, in the case of the "unmentionable"
happening. Since I've gotten the MG category recognized, if you're
interested, the company is Farmer's Insurance, and my agent is
Mike Economoy (847) 291-9971. On the other hand, if you've found
a better deal, I'd sure like to hear about it.