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Keeping Agreed Value Coverage
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Someday someone needs to explain all the variables that go into coming up with a premium for insurance. I know your zip code influences the premium, your age, driving record, type of license, and the name of your dog.
There was a time when only a few insurance companies knew what a Prevost conversion was and would cover them with insurance. None of them had a name that was a known name in the insurance business.
Now it seems companies whose name we recognize are writing insurance for Prevost conversions. What is going on?
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Jon, yes your zip code is one determinate for premiums. But what has more weight reflecting in your insurance premium is your credit history more than age, sex, marriage status, or your driving record. If premiums were solely based on driving record, neither of us have had any infractions over the last twenty years. Our rates should be cheap
We had 29 duplex roofs, our office roof and barn too, and our house roofs all replaced from Colorado’s most costly hailstorm May 8, 2017
we when did go shopping for new insurance, Our agent knew we were looking elsewhere since all insurance companies talk thru an exchange with one another. It’s rigged against us since credit history plays a large part what insurance rates are
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I know claims work against the insured. But our insurance is through the roof yet no claims, no tickets, and we pay our bills. But our zip code and age work against us.
All of the factors are like a buffet for insurance companies. If they cannot over charge for one reason, there are plenty of other reasons to justify high rates.
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Like I said earlier, those owners who live in states that have endure recent disasters, will SEE an incredible rate hike especially if they have AGV from appraisal
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Mr Mark. Where Is your bus coverage.
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Thum Insurance was not able to find a company with a better agreed value rate and coverage that our SafeCo renewal. So far three companies are much higher.
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“Mr Mark. Where Is your bus coverage.”
Jim, we are with Safeco and our home base is TN.
Mark
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If you want sticker shock, Mark, check out your coach if it lived in Colorado. Your eyes will explode
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I feel your pain boy’s, I surrendered and went with my home/auto/liability company Allstate with a stated value and I’ll just roll the dice. They did bus comparisons online and gave me a stated value I was pleased with.
My policy is less than 40% of Agreed Value from Safeco (the cheapest I found) who was taking a huge increase anyways on my policy renewal. The cost to go up 2 years in model was only about 4500, but the overall policy cost because I’m in Florida was nuts.
I’ve been yakking up the need for Agreed Value for years, but now that market is so limited and expensive it no longer makes sense to me. Many will disagree, to each his own.
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Thanks Truk
there is a huge difference between “Agreed Value” which in our case Progressive used our appraisal which is good for ten years. Verses “Actual Cash Value” which comes from busses for sale on the market. Your premiums vary hugely in differential between AGV vs Cash Value
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I’ve been with Miller Ins. Agency and an “Agreed Value” policy with National General Ins. Co. for 5 yrs now. In Jan of 2014 when we first asked for an “agreed value” policy, Miller Agency asked how much$, I said “$xxxK”, they said “fine”, and that was that.
We got our renewal notice for our 6th yr(2019) a couple of weeks ago. Again, our policy cost went up another 20%. The proposed policy cost for 2019 is double what we paid in 2014 for the exact same policy. Every yr up 20%. WT? We have never had any tickets, wreaks, claims, haven’t moved, etc. Our credit is still above 800. We don’t owe a dime to anyone, Nothing has changed except I, the driver, get 1 yr older every yr (62 now). So I did some research here on PC and picked up my flip phone.
I called the Thum Agency, the Hartford, Allstate, and our State Farm agent. We won’t consider a “stated value” or “cash value” policy. We know its cheaper, but not yet. My search resulted in finding only 2 other ins companies that would offer me an ” agreed value” policy. Progressive was 70% higher and Safeco was 75% higher.
So I called Miller Ins. Agency up and renewed our policy with National General . for another year.
If anybody wants specific dollar amounts, deductibles, limits, etc, email or call me. -
Iam like Tom roll the dice I insure with State Fram auctal cash value.I have done it this way since 1992 27 yrs 7 different buses, never had a claim yet, for a lot of yrs the preimun was $6000 – $7000 now like everything else it is up to $15230 a yr. I feel like Iam ahead of the game
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Your state must be less since your coach is five newer and premium is 1/4 of ours
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Darrel,
You have been rolling the dice. You may feel good about low premiums, but you are dealing with insurance companies and underwriters who not only have no clue about their exposure, but who will limit their exposure by being able to tell you what your bus ACV is.
I hope your false security is never tested because the insurance company will significantly under value its worth and a relatively small amount of damage will add up to their perception of its value. At that point they write you a check for its value they have chosen, and they own you coach. To avoid that get your policy changed to agreed value or prepare for a fight with the insurance company.
They probably think if someone sideswipes the bay doors down the full length, no problem because Camping World can fix it.
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I haven’t hear AIG mentioned. I rolled up personal, business and the coach in an AIG policy with good results. The only carrier that would take a fleet policy on autos, property coverages for all risks including wind damage, fire, etc in addition to umbrella liability on all real estate I own including the bus barn. Includes my home and commercial real estate owned in LLC’s.
Find an Underwriter that represents AIG and may be worth your while. Can’t stress the importance of a liability umbrella policy and uninsured motorist coverage as with no or under insured drivers out there, you need coverages to protect fixing your bus when you are not at fault and they don’t have adequate coverage. Not to mention proper liability coverage if something goes really wrong and basic liability is not enough.
AIG has a specialized group that understands, yachts, planes and high end buses so I am confident I ended up in the right place. I am told they like Prevost owners and understand differences between lessor quality fiberglass coaches.
Tradewinds Coach
Kyle Bennett (Service)
Brian Miller (Sales)
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