[Jim/Chris]

Bernie, is the policy on your new coach for agreed value and for its full value?

What I am running into is I cannot find any insurance company that will do a reasonable priced agreed value policy on a coach whose value is greater than $500,000, and some of those that will write such an agreed value have qualifiers such as a requirement to have all your insurance through them, and a minimum house value such as $1,000,000.

There is more available if an owner is willing to accept an ACV policy but those are usually capped at a $500,000 limit for the coach.

[Archived]

Foremost wanted my bill of sale and the policy states full replacement value so we are covered if we had complete loss.

All our stuff is with Farmers and our home value is over a million so if that has something to do with our lower rate I don’t know.

I know you guys are having problems getting fair rates by what has been posted and don’t know what the answer is.

I have spoken with a few guys with new buses and compared rates and we can’t figure out why or what the criteria is for lower premiums.

Later

bv

[Archived]

Depends on your state of residence and “claims in general”! When we renewed thru Miller for our coach new appraisal of $210, our premium rate for Agreed Value is $6,847. Marlene said one word as I’ve stated before. Colorado, location, location, locations! We have routine hail in summer. As large as grapefruit. May 8. 2017 our area was epicenter of grapefruit sized hail. Our area west side of Denver had 30,000 roofs that needed replacement. We had approximately a $350,000 claim to our business insurance carrier prior to bus policy renewal with the appraisal. Insurance companies have an internal exchange where they review your claims acrossed the board. In other wards, they can screw you and get away with it. Your rate you pay isnt based on your driving record. It based on a multitude of parameters like but not completely credit score, other claims to other companies, your location. Their object is to screw your wallet to the wall. Prior to our hail storm our premium was $4200. After Nationwide dropped us for our commercial claim, the best Marlene could come up with was progressive at $6847/yr

[Bill]

We understand that but never the less this problem is that everyone’s premium has skyrocketed or will and we need to see what we can do to minimize or negate the increases.

We cannot change all the factors that determine each owner’s rates, but we hope to mitigate the rape and pillage we are seeing due to lack of competition in the market.

[Bernie]

Bernie, I am sure you understand “full replacement value” is what your insurer determines your value is at the time of loss. Not you.

You can minimize the grief if annually you get your coach appraised so you have a tool to use to support your interpretation of its value, but unless you maintain detailed lists of all improvements and have current appraisals you could be in for a real battle.

[glen]

A1

What improvements could I do to my new bus?

I have numbers on my policy they will pay if there is a total loss, if they want to dispute that in a loss then I will have to fight it.

I might have an advantage as to what type of insurance I have because I am looking at my policy.

Later

bv

[Rocky And Tonya]

I see a lot of similarities between yacht and coach insurance. But there seems to be no problem getting reasonable coverage for boats. For instance, I just insured a 20 year old boat for agreed value at purchase price for 0.5%/year of agreed value. (That is in the Pacific NW, Florida rates during hurricane season would be different.)

Maybe we should approach some of the big marine insurers. The risks and sums involved seem to be comparable.

Gerald

PS: The most I ever paid for insurance was 5% of insured value. But that was when I bought a high performance retractable gear airplane (Bonanza) with only 20 hours of flight student training. It went down to 1% once I got my pilot license.

[Kirby]

Here’s a simple explanation…

• Stated Value- market value/actual cash value of the RV
• Agreed Value- the insured amount, regardless of the current market value
• Replacement Cost – we will replace your insured RV with a new RV that is most like it