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MG MGB Technical - What is it worth

I am just finishing up on my Ol'Lady's 79 MGB. We are not looking to sell it but may be interested in getting full coverage insurance on it instead of just liability insurance.

Can some one give me a ball park value of what it is worth? I understand it will not be exact with out getting it actually appraised but I figured this would be a good start.

Below are the specs

3K on rebuilt engine -- purchased from Glen Towery
3K on completely rebuilt suspension
3K on new brakes
Completely rewired with a harness from Dan Masters (crimped and soldered every connection)
All lights upgraded
3K on new heater core
3K on new 4 core radiator
tires in good shape
New dash
new carpets from VB
installed Grace Ice shield for sound deadening
all new panels from VB
all new chrome from VB
the floor boards have been patched (welded)
All body work has been done (not full of bondo)
Painted a rainbow metallic black
New door, hood, trunk, windows and windshield seals
custom stereo setup (Stereo cost $350 4 years ago)
trunk has been covered with truck bed liner
Care runs great, drives great looks great.

The car is far from stock but is in real good shape now that I have done all this work on it.

Is a car like this worth getting full coverage on. I realize I have put more time and money in to it than I will ever get out of it but it has been real fun building it and the Ol'Lady loves it.

RSF Bob Fowler

Oh yeah while I had the dash out I replaced the washer hoses and jets and reconditioned the wiped motor and rod mechanism.

Also it has a weber down draft on it.

Thanks
Bob
RSF Bob Fowler

The NADA blue book is available on the web and covers collector as well as standard cars and trucks. The values I have seen when looking up my own cars seem to be in the ballpark. My insurance company accepted there value for insurance purposes.
John H

about one thousand
daren

Thanks John

Well per the NADA diecriptions I would consider it midway between average and high.

SO taking that into consideration I would say between 7k and 10k
RSF Bob Fowler

Bob. As John suggests, there is the Blue Book and there is a Gold Book, both of which reference MGB values. Sale prices of vehicles similar to yours, preferably at auction, can also be used to establish a baseline value for a car. Having it appraised can also be considered.

However, there are several different forms of insurance available and which you choose and how your policy is structured would be the first place to begin your research. If you are going with conventional auto insurance--which allows you to drive the car whenever you wish, leave it in an unlocked garage, have the wife take you out to dinner in it, etc., The Blue Book/Gold Book will be the basic reference. If you are going for an agreed value policy, often with significantly greater restrictions on the use of the vehicle, a gathering of the auction results and a professional appraisal would be an excellent idea.

In any event, a folder with all of your receipts in it and copies of any photographs taken during the restoration is an excellent idea. Should you ever have to make a claim, they can be of significant import in establishing the "actual value" of your car as opposed to the "average value" of all cars of its type in similar condition.

Les
Les Bengtson

Thanks Les

It will used by the Ol'Lady during the summer on dry days. Otherwise it is locked in the garage. She has another car she uses for her routine driving.

We are just worried that on one of her outings with it if she would happen to get in a wreck with it all the work I have done will be for nothing.

I will have her talk to our insurance company and see what they say.

Thanks Again
Bob
RSF Bob Fowler

This thread was discussed on 03/05/2007

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