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
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
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......
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.
Question is, how do we or the insurance co. determine market value? There is not a blue book for our coaches (to my knowledge).
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.
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.
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?
Tuga & Karen Gaidry
2012 Honda Pilot
Yeah, not a dime.
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.
Yea, what John said.
It's true.
Im in the biz and that is 100% dead on.
Tully