-
Insurance Question
Morning PC,
Received or renewal yesterday and the premium has increased another 1,000 this year much like it did last year so for our 2007 Marathon were sitting at 8825 for the year. Agreed value of 590k. Wondering if I should look at adjusting down Agreed Value Amount and how much of premium is a result of that? Any input would be appreciated.
Bill
-
25 Replies
-
If I am at fault and I collide with a $100 junker that is insured for greater than its real value I would be willing to guess that my insurance company is going to pay the true value of the junker.
-
I don’t follow you Jon, a little more please!
-
If the accident is your fault, your ins co will total your bus, take your title & write you a check for 300k. If the other guys fault, your ins company will total your bus, take your title, write you a check for 300k, and subrogate against the other insurance company. There is not a scenario where you wind up with more than your agreed value – and no headaches.
-
Thanks Mike that clears it up. I thought that’s what Jon meant, just wanted to make sure! -
Who insures a 1991 XL40 LaMarage? I have insurance through Good Sam, but could not find anyone else that would insure a coach that old.
-
Hi Shelby,
I went through an insurance broker Miller Insurance and they put me through Progressive Insurance. Miller said they had a number of companies who would insure a 91 coach but I wanted an agreed value and that limited things. You may want to try a broker to give you more flexibility.
Harry
-
The “agreed value” on our former Beaver Bus 34 was based upon an appraisal by a guy Miller Insurance recommended. Mark Koch. Based on appraisal we had a number of choices for insurance. National Interstate was our best option, then. Few years later rates went up and we shopped around. Then and now we have Nationwide.
-
Bill,
This has been a major point of aggravation between me and my insurance carrier. I paid $6410 last year for insurance and it went up $1000 for this coming year (much like you). I put my bulldog wife on the task of finding us something more reasonable. (She like these challenges and is very capable with a financial background). She also bid out our entire insurance needs to see if we could save some money on auto, home umbrella, toys and a second property.
Within 24 hours, she had a quote back from State Farm for just under $1800 per year for the coach. My coach is about your age and is a 2007 Marathon H3-45 conversion with an agreed value of $599,000. Liability limits are 250/500/100. Comp deductible is $2000. Collision deductible is $2000. Premium $1796.56.
We can debate coach value, liability limits, deductibles, but this is our chosen path for coverage. I have suspected since contracting with my last insurer, that they had the insured value of the coach incorrect, but could never get them to budge.
This is my path and only the best options for me. You will have to make your own decisions on all parameters.
-
Marshall,
I’m now with State Farm as well and they had no Agreed Value option. Are you certain it’s not ACV?
-
We have State Farm for everything except the Prevost because they don’t do agreed valve on it.
-
Yes. I confirmed it again. We are insuring out of TN. I wonder if that makes a difference.
2025 Marathon H3 / 4th Prevost
21 Ram 1500 EcoDiesel 4x4 -
Marshall definitely makes a difference from state to state.
-
I second what TNJet says. We switched to State Farm this past year.
-
Sorry but there is NO way $1800 covers “agreed value” for $599,000 value bus total loss. . If that was th3 case WE all should move to TN. We have “agreed value” per our “purchase price” in 2019 of $150,000 for our 1999 shell 2001 Featherlite 45 Vogue dbl slide with yearly premium of $6,800. As i have said before, one single word describes why our insurance rates are above the ceiling…….HAIL!!! It doesnt matter is bus is parked indoor in climatized barn in Colorado, and spends 6 months in Indio
Agreed Value based on purchase price or an appraisal
“Actual cash price” is based on what market cost to replace bus is “Always cheaper” than “Agreed Value”
-
They used my Bill Of Sale from February 2021 to set the Agreed Price. My agent even said I should call every few years and lower the Agreed Price as the bus depreciates.
Log in to reply.