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Prevost Appraisals
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Odds on there will be a comment on POG within 24 hours. C’mon D, you know who you are, don’t disappoint. No point mentioning anything on ‘Guru’s’, nobody will see it. 🙂
Back to the thread, can’t see anything but good out of this, especially for ‘newbies’. As some have said, there are knowledgeable appraisers out there who can do just as good a job as those mentioned in. Jon’s piece, but the likelihood of finding one when you need one from scratch is very low, as some members have found.
Finally, I read all the posts on the POG thread relating to this, and one of the serious suggestions (by our petrol credit card friend I believe) was to keep getting appraisals (like Jon mentioned as a way you wouldn’t want to do it) until you find one you like, ‘cos that’s how he did it. At $200-300 a pop, what an ****.
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Great synopsis of Agreed Value Jon. I appreciate all of your and Tom’s efforts on this issue. This should assist many PC members in securing creditable coverage for a validated value of their coaches. If this were available earlier this year it would have saved me about forty five days of chasing butterflies. Thanks again. Now close the deal on Two Rivers and locate the fuel outlet on site.
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It started out as a search for reliable appraisals for our coaches, but I hope everyone sees the most critical thing we have to consider is insuring our coach for agreed value. No matter what hoops we have to jump through to get an agreed value policy we have to do it. An ACV policy may be OK, but the minute there is a loss of significant cost an ACV policy is going to prove to be a very significant problem.
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So because of this I called my agent to ask about an agreed value policy and got two new quotes for about 60-70% MORE.
Even the quote I got from Miller this summer was ACV and was still $1K more than the policy I’ve got.
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Karl,
You get what you pay for. The question you now need to ask is how much is the insurance company going to pay you for what they consider ACV.
If your premiums are higher, it suggests strongly the agreed value is going to be a lot higher than what they consider ACV. So roll the dice and hope your damages never approach their interpretation of ACV because if they do you get a check, and they get your coach.
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I’d sure like to hear other’s thoughts on how ACV has compared to the Agreed Value in a real-life situation. I understand that having an agreed value policy could streamline a claim in the event of a total loss, but if you had to fight about the value after the fact, what would it consist of?
I just got another quote from Miller. 50% more than I am currently paying for an agreed value almost $100k less than what Frank appraised it for a year ago, before the upgrades.
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Just got the newest quotes from Miller….Over $6,000 for my 2004 with an agreed value of $515,000. Does that seem even reasonably close to you?
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Let me share what I know about the NADA price guide. I understand that the NADA (National Auto Dealers Association) was recently sold. I don’t know who the new owners are and I’m not sure what the protocol is to report actual transaction prices but I can tell you from experience there is (or was) a way to create a data base of actual transaction prices. Retailers, particularly the manufacturers/converters and volume dealers should report every month the transaction prices of the coaches they sell to NADA. There is no structure in NADA to take into consideration anything other than the bus is a Prevost. Realizing that every coach is different as far as “road readiness”, tires, house batteries etc becomes the variable which is hard to evaluate. However a base category could be…. Make-Prevost…….Year……Model (Xl ll etc)…….Converter……Slides (none-one-two). Add ons would be A/C configuration…..mileage……etc. If there is a concerted effort to push NADA to accept monthly reports and the new owners of NADA are on board, we can create a good data base through NADA that may work. The converters have a vested interest in this, as they can be sure that their used coach prices remain strong…..just like the certified pre owned programs at auto dealers. I have no opinion one way or the other. This may create a database that does not reach our expectations (as far as what we think our coach is worth) but it will create an actual data base/price guide that utilizes actual transaction prices.
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Karl,
The premiums seem high. I have an agreed value of over $600,000 and a premium under $4000.
I know there are factors which play a role in establishing premiums and they range from your ticket and accident history, the type of driver license you have (CDL for example) , how and where the coach is stored, your credit history, your zip code, etc.
I also know there are some items that while expensive make no real contribution to value. Put $50,000 or more in a new paint job and it probably doesn’t move the meter on coach value for example.
I am pretty sure Miller and Explorer use the same insurance companies, yet when I renewed the last time Explorer couldn’t come within $2000 of my premium on the policy I have written through Miller so we need someone who knows the insurance business to tell us why this is all voo-doo.
But one thing I am confident in saying……..Your ACV policy premium is likely cheap because the insurance company interpretation of what your bus is worth is probably nowhere near what agreed value you would expect to see for your coach. You do get what you pay for probably.
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Karl,
I have a 2007 and an agreed value of 590 – 600K and I think I am in the $3500 – 4K range and that was with full timer coverage since we spent 400+ days in the coach..
Bill
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Karl,
I am guessing your apprasial was done to take into account the additional work you have had done on your coach (interior, electronic upgrades). So you will want that apprasial to come to an agreed value. but if you are looking for an agreed value on a coach that hasn’t had “upgrades” done to it and you have a bill of sale (from within the last couple of years), Miller Insurance will use that Bill of Sale as an agreed value settlement option.
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Karl has had his coach long enough so the bill of sale is no longer an acceptable means of determining agreed value. I probably started this concern on Karl’s part when we had lunch a few weeks ago and we discussed ACV versus agreed value.
His appraisal is likely going to take into consideration his recent upgrades, but everybody has to understand that spending a lot of money on a coach does not automatically increase its value by the amount spent. That is painful to accept, but it is a fact we have to deal with. For example, if you have a coach whose market value is $250,000 and the motor blows up, you spend $40,000 to replace the motor, you still have a coach worth close to $250,000.
Spend the same amount to upgrade your A/V equipment, repaint the coach, or change the flooring and you may add some value, but nowhere near the total spent.
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My experience was just the opposite, much better deal with Explorer Vs Miller.
Karl if your bus is registered in FL, there is your price problem. I just recently checked on registering mine in Florida since I’m a property owner and the rate increased from 23000 agreed value to 37000 because Florida has a high rate basis.
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At least that is an idea, Tom. What to do about it……dunno.
Yes, after talking with Jon at lunch the Agreed Value sure seemed like a good idea, but to increase my premiums from about $3500 (after looking at them again) to $6000 is nonsensical. Theoretically they are insuring the same value, regardless, just agreeing to it in advance instead of fighting over it after.
The value is what the value is, but that increase in premium doesn’t seem likely, note the term “likely”, to be worth the asking price. Some incremental increase, sure… a few hundred dollars in addition to the cost of the appraisal. But THREE THOUSAND?
Who is Explorer?
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Buying insurance is a gamble.
The insurance company is betting it will take your money and not have to paay anything out. You are betting if something happens the insurance company will pay you.
Before I accept ACV as a prudent way to insure my coach I would ask the insurance company to put in writing what they believe the ACV to be.
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