Insurance and declining coach value

[gmcbuffalo]

Is anyone looking at reducing the comprehensive coverage on their coach with the declining value of our older coaches? Could save some money on yearly insurance costs.
GregM

[phorner]

I expect to discuss this with my carrier when we're due for our policy to renew.

We'll see if there's significant savings or not......

[lewpopp]

I purchased my coach for $195 6 years ago and insured it for the same until my renewal last Nov. I reduced my coverage to $119 because they won't give you anymore than what the market is if something happens. I saved several hundred Lewbucks. Will look up if you put the pressure on me. Kathy will, I mean.

[Yankee802]

Question is, how do we or the insurance co. determine market value? There is not a blue book for our coaches (to my knowledge).

[phorner]

It's called an "agreed value" policy, kind of what you do with a classic car, so you need to work it out with the insurance company.

Chances are, they will have no problem if you claim a "low" value, since it minimizes their risk.

So, if your number is higher than what they feel is accurate, you will need documentation to convince them.

Shouldn't be a problem if you're dealing with an agent that's experienced in writing these types of policies.

[jack14r]

I had a salesman tell me how they appraised coaches(the SWAG method) Scientific Wild Ass Guess,I am not sure that anyone has a better method.

[merle&louise]

Know what I can't understand?

The insurance companies can not tell you what your coach is worth presently, but they can tell you what it is worth after it is totaled in a wreck!

How do they do that?

[Yankee802]

Yeah, not a dime.

[Jon Wehrenberg]

In the event of a substantial loss you can be sure they are all over the internet trying to determine prices before they commit to either repair or pay for a replacement.

If you underinsure you can bet they will use a small claim as an opportunity to call it a total, pay you what you have understated as its value and sell it with the intent to recover most of their loss. If you over insure it be prepared to fight.

[Tully]

Yea, what John said.

It's true.

Im in the biz and that is 100% dead on.

Tully