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COACH APPRAISALS
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When I purchased my bus, I did it through an Illinois LLC. The local banker I went through used a couple of RV appraisers. Both of them told my banker that $80,0000 would knock my old bus in the head. He also called a couple of local RV dealers and found our quickly if it was not made of paper mache and chopsticks they could not value it.
Of course that was total bull$hit………. My banker asked me what made me think the coach was worth twice that. I told him I knew what they were selling for and could prove it to him. I went to his office and logged on to PC and show him the coaches there forsale and a couple of sites showing him sold coaches.
For me, that is all it took. He also knew me and my financial standing and did not have a worry I would pay off the debt if it burned down in my driveway. BUT……… That has nothing to do with insurance and the FACT that they will do everything in their power to screw you out of what you have paid for with your policy. Insurance companies are all crooks when it comes to paying. I have plenty of experiance with this with a couple of totaled cranes. It took a year to settle with them and they still did not pay the value. I don’t know the answer but having an appraiser that knows the value of Prevost busses that an insurance company would agree with would be of great value to all of us.
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Steve: After you bought the coach, did you show it to the banker? If so, did he understand why it was worth what it was worth?
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My insurance agent, Explorer Insurance Agency, called me today to advise that the underwriter, National Interstate, has requested an updated appraisal for the agreed value coverage. I have to submit this by November when my policy renews.
Ronald
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Hang tight. We are still tying up loose ends so our members will have a solid gold method for getting accurate appraisals, or using other options. I am on the road and will be making some phone calls tomorrow trying to put this entire issue into a “how-to” so we all know exactly what our options are and how to proceed so we don’t get jerked around like a couple of our members were.
Or if you have an unlimited supply of benjamins you can do what one owner suggested and go through the internet listing of RV appraisers, and keep getting appraisals until you get one you like. I suspect our members probably are not willing to do that.
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Ronald,
That’s exactly why we’re working on this subject, all of us will eventually be faced with an Appraisal for stated value insurance renewal or new coverage.
Or as Jon pointed out referring to an owner who suggested just keep buying Appraisals, maybe he’ll find one that doesn’t spell it Provost and can’t understand why there is no Onan Gold generator.
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Tom and Jon: As part of your due diligence on appraisers, please ask the prospective appraisers how they perceive the marketplace is addressing bumper pull Prevosts vs fifth wheel Prevosts. Does the marketplace put a premium on either one, or does it value them both straight up.
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Dick,
We ask all the hard questions, especially if the Liberty rose petal supply is depleted if it affects the coach value.
Unlike the guy who just keeps getting appraisals until he likes one, we are digging pretty deep into this topic so we all will be able to easily deal with the problem when we face it. We don’t want to sort through appraisers that think a Provost is a bumper hitch RV until we find one that strokes our ego with an inflated value or one that does not know true market value in today’s environment. We also don’t want to sort through the appraisers we have to educate regarding values.
It is not our purpose to insist on a specific appraiser, but to make you aware of the appraiser(s) who do understand what your coach is, its value and who can accurately appraise it either with an on site agent, or documentation from us. We want to lay out very clearly what we provide, what the appraiser will expect, and if you opt to get agreed value without an appraiser what hoops you may have to jump through. We will try to put all this in perspective, including the costs associated with the various options. What we are trying to avoid is our members being jerked around for months sorthing through different demands or finding the correct appraiser.
Stay tuned.
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Dick, he has not seen the coach, he made a comment that when I got it I should take him to a StLouis Cards game and do some tailgating… In not really into the tailgating with a bunch of drunk bankers!!!
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