Insurance Renewel

[Gary & Peggy Stevens]

Thanks guys for your help.

I will check with Bob Makin @ Panterra Coach where we bought the bus about an Appraisal, and go from there.

As always POG members have all the answers and are willing to help.

Thanks and Happy New Year to everyone.

Gary S.

[Coloradobus]

Gary,

We have used Miller Rv Insurance for years out of Lake Oswego Ore
1800-622-6347. We had Progressive with them for years. With our former coach, 2000 Marathon H with an agreed value based on bill of sale of $500K from 2004, our rate was around $2000 annually.
If we still owned the bus, for 2010 annual renewal was to be $3200.
Yikes, I asked them why, and their answer from Progressive was $2600 of it was for "Agreed Value.. Upon purchase of our Beaver Bus, Progressive quoted "Agreed Value"coverage of $2100 on $139K paid for the bus. Yikes again. Cripe, the coach is 17 year's old. Are fiberglass coach owners paying these kinds of prices for a gas powered rig valued about the same?. I don't think so.
Miller check with National Interstate, and the rates were much more palatable, for legalized theft. For the Beaver Bus, we agreed to $139,000, what we bought the bus for, and the annual rate was to be $1206. Done, I fired Progressive greedy little *&^%$$#'s and hired National Interstate.

[Orren Zook]

we agreed to $139,000, what we bought the bus for, and the annual rate was to be $1206. Done, I fired Progressive greedy little *&^%$$#'s and hired National Interstate.

From my prior experience with Explorer/National Interstate, when your coach reaches 20 years of age they won't offer coverage. If you're getting into that age bracket, plan accordingly and shop around for coverage before your policy expiration date (or buy a newer coach).

[michaeldterry]

This year (in November) I switched from American Modern Insurance and insured Evangeline through Explorer RV with National Interstate at an agreed value of $150,000 for an annual premium of $1,145.00. The premium was about $600 less than renawal with American Modern.

[Coloradobus]

Orren,

I understand what you're saying. We asked and checked in this with National interstate since they have a cut off coach age of 19 years. However, if you are a currently insured customer with them, as in our case presently, and the coach is 17 years old, we are automatically grandfathered customer and will not be canceelled as the coach accumulates age beyond their benchmark..

[dale farley]

In 2009 we paid $1128 for our bus insured at a set rate of $200K with Explorer (National Interstate). The premium this year is $1298 with no claims and no changes to the policy. I don't know why the $170 jump considering we are in a supposedly "deflationary" economy.

[Coloradobus]

Legalized Theft! Dale, because they can!

[Gary & Peggy Stevens]

I would just like to stress to everyone to check their insurance policy to be sure you have the CORRECT type of "Value" for your bus in case of a disaster.

We had Actual Cash Value, which was fine when we first purchased the bus, but not fine after the depreciation sets in which it has.

You need "An Agreed Value" in your policy, and a number you can live with if something happens. You can accomplish this, by providing an appraisal to the insurance company with your renewal.

Bob Makin with Panterra is providing me an appraisal as we speak.

Just my two cents worth.

Gary S.

[GDeen]

I would just like to stress to everyone to check their insurance policy to be sure you have the CORRECT type of "Value" for your bus in case of a disaster.

We had Actual Cash Value, which was fine when we first purchased the bus, but not fine after the depreciation sets in which it has.

You need "An Agreed Value" in your policy, and a number you can live with if something happens. You can accomplish this, by providing an appraisal to the insurance company with your renewal.

Bob Makin with Panterra is providing me an appraisal as we speak.

Just my two cents worth.

Gary S.

Unfortunately when I priced insurance last May, many of the larger carriers would not even write an "agreed value" policy for motorhomes registered in Texas. The only actual quote I got on such a policy was from Progressive, and it was ~$6000 which in my mind is prohibitive when a "cash value" policy is ~$1200.

[Ray Davis]

AND as I mentioned previously, simply having an agreed value didn't guarentee me that I would receive THAT value. The adjuster went through a lot of work (meaning I had to go through a lot of hoops) to verify the valuation on the coach that I had for my policy.

It was very clear to me that I would not get (for example) $500k for a coach which really had a market value of $200k, even with an appraisal letter.

Luckily I had purchased my coach only 6 months prior, at the policy agreed price, and the real price plummeting hadn't quite started yet.


Ray