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tired of increases each year from my carrier without ever filling a claim. any suggestions on policies or companys and what should i expect to pay. I know we have a sponsor company and i will give those folks a try but just curious on what rates you folks are seeing. Clean driving record, no points and zero claims, in fact i can't even remember the last time i had a claim. any suggestions or comments would be appreciated
When comparing insurance you have to compare apples to apples. There are many levels of coverage so be sure to compare the like amounts of coverage. Someone with minimum coverage is paying far less than someone with millions of dollars of coverage. I know that is very elementary but this topic has beeb beaten around here many times before. I have heard some low costs but when the coverage is discussed it soon becomes clear why the cost is low.
On my first bus my cost doubled the second year. I called the agent, our sponsor, and was told it was because of my credit rating. I have an 820 credit rating, do not owe very much, have decent income, carry a zero credit card balance. How could my credit rating have an affect on my insurance rating and cost? The answer was because I have the POTENTIAL to create a great amount of debt and go bad. They ultimately lowered the cost but it was too late. I had already written a replacement policy with Thum Agency through another company owned by National Interstate, the original company that tried to screw me.
This is just one negative about my experience with insurance. You will find many positives about Explorer and National Interstate Insurance on this forum also. Good luck!
I saved a bit by decreasing the replacement value. Prices have come down quite a bit the last 3 years.
I recently went though the process of getting better rates. I posted the story I think. But if not here's the story of the process and what I learned.
I insured my coach with Interstate through Explorer Agency, their in house agent. For years the premiums stayed the same despite the substantial depreciation we all suffered. So this year I inquired about my coverage. The gal at Explorer was less than forthright and told me that if I went from a ACV (actual cash value) which was established when I bought the coach based on the purchase price, to an agreed value based on current market prices and an appraisal I might actually end up paying more.
She hedged when I asked hypothetically if I had an agreed value of $XXXXX what my new premium would be. So I started shopping. I connected with Marlene at the Miller Agency who also was an Interstate agent and she educated me to the real world. If you insure your coach based on the purchase price, the insurance company will not change your premiums based on depreciating market values despite the fact they will pay you market value and not the ACV listed on your policy. So I got appraisals from two POG sponsors who know the coach and submitted them to Miller Agency.
She got a quote for a renewal based on the appraised value and I saved over $400. Explorer's gal also requoted, but got it wrong (the error was Interstate's fault), requoted and did get it right, but by then based on the excellent service from the Miller Agency I renewed through them.
Now my coach is insured for what I believe to be a fair market value and my premiums reflect that.
I shopped insurance knowing I really did not want to leave Interstate because they did so very well after our first bus's fire. Despite the quality of Interstate's coverage nobody else was as competitive.
The credit rating excuse is a sham. The Federal Govt. is investigating insurance companies regarding this new scam. Its arbritary and has no substance in any fact. A couple of years ago i recieved a letter from an insurance company saying they had correlated evidence that people with poor credit were more likely to have accidents and claims. This suddenly was discovered at the same time we were going thru the deepest recession since 1929.
I think it had more to do with insurance companies finding a novel way to increase premiums after losing money on securities and investments.
I am a Canadian living in Ontario looking for insurance for our new prevost. So far I have only been able to find one company (so no competition and the rates show it) any ideas. I understand that I cannot get a US company to insure a Canadian bus??
huntQuote:
Originally Posted by hhunt
I am insured with "THe Co-Operators". I have a friend is with Royal Sun Alliance. I think my rate is reasonable for the coverage received. I could not get coverage on a bus, only on a motor home.
Hunt, Check out Allstate Canada.
I have the coach insured for $168,000 replacement. Fire, Theft & Collision - reduced deductible each year by $100.00 until $0. $2,000,000. third party liability and full glass coverage. Total premiums are $496.00 annually. Keep in mind that all my vehicles and home is insured through Allstate also. Now I haven't ever made a claim so I can't answer if they walk the talk.
Now I questioned their very reasonable rates and they replied that their reduced premium is low because the coach is in storage for 6 mo. of the year and was based on annual milage (RV insurance). So in a couple of years when we can travel more this low cost policy will go up?
Phone me if you want 780-929-6654
Darrell
Looking at new insurance as Progressive keeps raising rates. Talked to Geico today and they tell me that they won't/don't/can't insure bus conversions. I find that quite interesting. Talked to GMAC through FMCA and they would insure my coach if I would start jumping through hoops and never stop (my words, not theirs). Now onto National Interstate. Thanks for the good info.
All my "stuff" with the exception of the airplane is insured thru State Farm. The bus insurance is around $600 year for deemed value.
Jerry, your insurance for a bus 23 years newer is less than half my premium? I assume you get that rate because you have a ton of stuff insured with them..?
I would assume that is the case, but you never know. I have had some manner of policy with them for over 35 years, so you get pushed into some kind of "mutual" company that gets you a policy they can't deny coverage on or something like that. But I have also has a substantial claim with them and nothing negative came out of that so I feel pretty comfortable with them.
Every state has different insurance restrictions and rules. If you are FULLTIME, the premiums are higher.