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Insurance & Agreed value.
Hello everyone,
I’m new to the community and Prevost. We are trying to insure our 1991 Liberty, other than the bill of sale, we have not found a good place to esablish a recordable value for the coach. NADA is not applicable, I have talked to a couple builders,they draw a blank, what about this community?
Thanks Everyone!
BillyD & Leigh
Washington State
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12 Replies
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I have never had an issue with an insurer using my recent prurchase price as ACV or agreed value.
But after a year or two you have to decide if you want one or another. I have gone with agreed value coverage and that requires an appraisal from someone acceptable to the insurance company. Usually an appraiser has to have expertise with Prevost coaches. You have to make the appraiser aware of what you think the coach is worth and why. For example if you recently spent a lot of money on upgrades to make the coach more valuable than average you need to document that.
The flip side of the coin is if you are opposed to paying a high premium and want to understate its value from average because it is damaged, in poor condition, or needs work you need to make that information available to an appraiser also. The down side to understating value is a slight fender bender will cost more to repair than the coach’s appraised value so the insurance company is likely to issue a check for the value and take your coach. It will be a take it or leave it situation because if you don’t think that is fair you have a problem trying to convince them to not “total” the coach.
BTW, all of this applies to any coach, regardless of its age. Keep in mind if your coach is in well above average condition and has greater than average value you really need an agreed value policy.
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Thank you Jon,
That does help me understand it all better, I think I know what I need to do now.
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Posted for Miller Insurance…
BillyD & Leigh
Give us a call at Miller RV Insurance 503-636-6347
If your bill of sale is dated within the last two years and purchased from a dealership we can do an Agreed Value policy
If your bill of sale is outside the 2 year mark we do have other options available for your consideration – one option is to get an appraisal and we can then work with the appraised value and set up an Agreed Value policy. When getting an appraisal most carriers will not accept a handwritten note on dealership letterhead stating estimates of values – in the old days – 15 years ago we could go this route – now the carriers want a certified appraiser and we have folks we can send you to for the appraisal
Setting up insurance policies is individually done for each persons needed and circumstances surrounding the purchase and usage of the coach.
We work to interview you and match you with the best coverages and give you options and premiums
Talk with you soon!
Cheryl
Miller RV Insurance Agency Team
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Posted for Miller Insurance.
If you call an insurance agency and tell them you have a Prevost coach and you have to explain what a Prevost is…
If you call an insurance agency and tell them you’re a fulltimer in a Prevost coach and you have to explain…
If you call an insurance agency and tell them you want Agreed Value coverage on a Prevost coach and you have to explain
If you call an insurance agency and tell them you register your Prevost in one state and keep it in another state and then use an entirely different state for your mail and then your drivers licenses for you and your wife are yet another state and you have toexplain…
– you have the wrong agency!
Call Miller RV Insurance Agency 503-636-6347
Talk to you soon!
Cheryl
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Yes, definitely call Miller Insurance. Marlene and others know what a Prevost is, know who to direct you to for an appraisal for agreed value. We have a 1992, and Mark Koch thru Miller Insurance did a great job on our appraisal for re-upping our coverage with National Interstate.
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There have been two agencies that have served Prevost owners very well.
Miller is one, and the other is Explorer. However Explorer is National Interstate Insurance Company’s in house agency so unlike Miller they are going to steer you toward National Interstate.
National Interstate is highly respected as an insurer of our coaches. I know first hand how well we are taken care of by them. However they are not the only insurance company that will cover Prevost conversions. That is where Miller comes in. They also will write National Interstate policies because as agents they represent National Interstate, but if for some reason coverage is not available through National Interstate due to premium costs or other reasons Miller will shop for you to get the best coverage. Miller represents a number of insurance companies that know our coaches and understand we need specialized skills to do repairs.
Cheryl who wrote the above is on target when she says if your agent or insurance company needs you to explain what a Prevost is or what a Prevost conversion is you need to be very afraid. Again, I know from first hand experience that if the worst happens you want an insurance company adjuster who knows what a Prevost is, knows the different converters, knows we are insuring two parts, the chassis and the conversion, and who knows who best handles needed repairs. We cannot go out and get three quotes. We cannot take our damaged coach to Camping World and get it repaired. So it is important we let folks like Miller Agency guide us to the best insurer for our own needs because if the time comes to ever have a claim you do not want a company that does not know our coaches trying to tell us that some local collision shop will be doing the repairs.
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Welcome Billy. Ive been w/National Interstate for 3 yrs, one windshield claim. Last week I got premium quotes from both Bluesky & Miller, they were double what I pay with Interstate comparing apples to apples.
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Steve,
Something doesn’t sound right with your quotes. I had been with National for 7 years and just last month changed my agent of record to Miller. I did that because of the expertise Miller has when dealing with Prevosts and I found the attention to service and details better at Miller.
The guote for my renewal was almost identical between National and Miller, the Insurance Company being Triumph. They also shopped another insurance company, but Triumph was still the best.
I also had a glass claim in 2013 and Triumph handled the claim quick and painless. By the way, glass claims do not effect your policy.
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Comment on Truks post;
On my windshield glass claim with National Interstate, 2013. . If the windshield claim is under $1200 it has no effect on policy at time of renewal.
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It is unlikely different agents are going to give you different quotes than any other agent because if they are working with the same information the quotes are going to be the same.
Where the right agent comes into significance is if they know the product being insured they can and will guide you to the insurance company that will do the best job (not necesarily the best price) for your needs.
I cringe when I see folks happy they can insure their Prevost with the same agent who covers their cars and house, using the same insurance company that will cover those items.
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Tom,
Don`t know what to tell you. Bluesky was way less coverage and outrageuos in price. Miller was some better. I think I`ll stick with National.
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We have National thru Miller.
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