Apparently we have 'actual cash value' coverage.
Any recommendations on finding an appraiser to help establish ACV?
Richard
1964 PD4106-2412
http://busesonline.com/author/busesonline-2/ (http://busesonline.com/author/busesonline-2/)
https://www.facebook.com/pages/Michaud-Bus-Sales-Inc/1428049337420393?rf=617434948308736 (https://www.facebook.com/pages/Michaud-Bus-Sales-Inc/1428049337420393?rf=617434948308736)
The Michaud's have been around the bus business for many years and and do have an appraisal service. They can appraise stock, custom, and converted buses and are well respected in the industry.
B_K
PS so sorry to hear of your accident and need of an appraiser! I highly recommend the above!
ACV coverage what a bummer,there should be a antique car appraiser in the area that will give you a fair shake I find them fair. I use one from San Diego he is hands on only he won't do it with photos so travel expenses would kill you.Spike Michaud will probably be your best bet if you don't find a local
Did you ever ascertain whether the deceased had coverage?
Quote from: niles500 on October 02, 2017, 01:31:56 PM
Did you ever ascertain whether the deceased had coverage?
Not yet.
I'm new at this... Can someone explain why all the negative feelings about ACV?
How is this differ from the other varieties of cover?
Richard
1964 PD4106-2412
Clifford,
Wouldn't the expense of the estimate be part of the claim?
I would probably first try negotiation with the Insurer. If that failed, I would explain to them the difficulty of getting it appraised and that I would be expecting reimbursement.
Quote from: richard5933 on October 02, 2017, 03:53:30 PM
Not yet.
I'm new at this... Can someone explain why all the negative feelings about ACV?
How is this differ from the other varieties of cover?
Richard
1964 PD4106-2412
ACV is what the adjuster decides and then you bicker.
Declared Value is what you and your broker agree to prior to...
but, they adjust declared to depreciate over time.
so if you have declared value, you get what it was appraised at then (as in day one).
some call it agreed value
further..if (let's say) you paint it and add persian rugs and gold plated fixtures in year 2 and 3...u get an upcharge on the new declared value.
they pay that amount.
i have declared value.
Quote from: akroyaleagle on October 02, 2017, 04:11:06 PM
Clifford,
Wouldn't the expense of the estimate be part of the claim?
I would probably first try negotiation with the Insurer. If that failed, I would explain to them the difficulty of getting it appraised and that I would be expecting reimbursement.
i did wreck estimates on HD motorcycles. they paid me $60-$70.00 per. often they would get two shops. not sure they would pay for lunch/expenses. now if it was a Lear jet...
When we first bought our bus I had declared value based on the purchase price. Since then with rising premiums I have had it changed over to ACV. Now I just carry full coverage for old times sake and to cover anyone that I might cause damage to, heaven forbid. Since we fulltime, the contents coverage is more important to me than the actual bus. I know if something happens to it I might as well right it off and move on.
Will
PS- Richard, we are really glad that you and your family are fine. Take care.
With ACV even with a appraiser they are going to pay you the average the bus is selling for today they usually take 2 or 3 buses of the same year model to base that on, they don't really care how many manhours you have in it or how much you think it is worth . Some insurance co's will want 2 appraisals if they don't agree with the 1st appraisal then they send their appraiser out.
Declared value is better insurance but they can screw you with it too,dealing with 2 insurance co's I feel for you
The more paperwork you have to support it's value, the better. If you can show it is well above average, it can't hurt.
The modifications have value - identify that value & back it up.
Insurance wanted to total a camaro, but after seeing all the paperwork showing how well it was maintained, they repaired it.
BTW,
Thanks for sharing - many will benefit from your experiences.
He may get lucky and have a good adjuster to work with,but with the adjuster asking for a appraisal I don't know which way it is headed for him.
Joe I doubt they pay for the appraiser since they told him to get the appraisal
Quote from: richard5933 on October 02, 2017, 12:14:58 PM
Apparently we have 'actual cash value' coverage.
Any recommendations on finding an appraiser to help establish ACV?
Richard
1964 PD4106-2412
Richard,
This guy is certified and knows buses:
John McGinnis 88FC35 "Bird Brains" Louisville, KY/Jeffersonville, IN
2000 Jeep Cherokee
https://allwheelappraisals.com/
johns.mcginnis @ hotmail.com
502-417-5681TOM
In Cornville. AZ doesn't send out a appraiser. When our trike and trailer was wrecked in June they used a third party company and took their quote and then we fought as they had the trike as a bike and the trailer as a 2 axle not 3. I fought the law and won.
What may be of benefit in case of old bus conversions is getting s value that works for you. Often, one can clip recent for sale ads to establish s comparable value.
In the current market, is really easy to collect plenty of ads showing above market pricing.
I'd be certain the claims adjuster will have no idea of the actual selling price to a cash buyer.
If you file a claim with the deceased's insurance company it should not be subject to the ACV limits of your policy -FWIW
Richard also when dealing with your coach remember it's an ANTIQUE MOTORCOACH not an OLD BUS!
People always like to just assume these old coaches are just old buses, which indicates lower value.
Anytime someone refers to it as an "OLD BUS" politely correct them "it's an ANTIQUE MOTORCOACH not an OLD BUS!"
;) BK ;D
I'm curious on how this ends. It was difficult for me to get insurance over a year ago. It was explained to me that in order to get full coverage, I would need to get it appraised and that is a result of increasing issues with bus accidents, fires, etc and that the actual value is hard to calculate b/c of the year of the vehicle. I ended up getting minimum coverage which scares me. I think if we ever go full timing, then I must get it appraised and get full coverage.
I along with some others have been a member of this board since Mike K asked some of us to sit in on a discussion about how to do it in Laughlin 20 or so years ago. It originated some months later and painfully advanced to where it is today. (Much Better) The fact that it survives is due to the ability to exchange correct information and minimize friction. I would not be here if it didn't. I appreciate the civil discussions that occur here. There is little many of us haven't seen before many times. This discussion is one of the many.
Each of us do things "our way" based on various personal influences and experiences we choose to admire in others.
There have been many folks here that have gotten me to wherever I am today with my coach. Some are no longer here. Some are. We each know who "they" are, to us. Anything I may contribute to is not to convince others to do it in a particular way but to present to the newer folks in this "madness" of ours some information to assist them in making decisions that they feel comfortable with. I am not trying to change minds, only providing information.
It is your coach, do it your way. There is no wrong way in my book. There are things that are illegal. I am not in law enforcement. That is not my field of interest. I may feel a bit of verifiable advice may be in order. There are ways that raise my eyebrows and prick my ears. I make no attempt to get others to do it my way. That's my way based on whatever influenced me to do it like that.
I think, (read "my" opinion), is that each should consider the available input and correlate That with their degree of personal "warm, fuzzy feeling" and proceed accordingly. If you are not personally comfortable with your insurance, you must do whatever it takes to make you comfortable. The risk is yours as long as you meet the minimum requirements where the coach is licensed.
Clifford,
I cannot recall any instance in my life where I had to pay for an estimate, the insurance company did not reimburse me. I did not ask for the estimate, they did. Sometimes two estimates.
Anytime someone refers to it as an "OLD BUS" politely correct them "it's an ANTIQUE MOTORCOACH not an OLD BUS!"
B_K,
You have seen me cite that for many years. WE DO NOT OWN A BUS! WE OWN A MOTORHOME RV! Never allow the word bus in your vocabulary, except in reference to where there may be a connection of several wires.
If you file a claim with the deceased's insurance company it should not be subject to the ACV limits of your policy -FWIW
Niles 500,
I agree! We must not let our interests be bullied. How far we go with depends on each of us.
Windtrader,
Good advice! It may be acceptable that someone experienced with collision repair of RVs may be able to help. Anyone in the bus or RV industry. Remember, you want the value to you based on it's RV value, not it's bus value. Someone was correct that if you are seeking antique value, you might contact the vintage bus collectors associations or museums.
Blah, Blah, Blah! Just my humble opinion!
One buys insurance as an alternative to self insuring. If you can replace the wrecked vehicle or live with dents, from your assets, then self insuring is an option.
Remember, insurance is a for profit business so those premiums include profits to them.
I've carried liability only for many years now. Fortunately I've always sorted out any damage myself, most self inflicted.
However with the bus l took full coverage since a nice set of extra services comes with it. It was about 200 more and made the extras a great deal to me. Oh, as well as covering the coach, almost forgot. But the bus is different and it seems the premiums are quite low for the amount of coverage, the underwriters probably use low usage variables in the calculations.