After the events of the past year related to our first coach and our accident, we wanted to do what was possible to get things in place to better protect our investment in our new bus. Part of that was getting a professional appraisal done once our updates were completed to have on file.
We worked with Michaud in NH to get the appraisal done, which was done after I prepared a 28-page detailed photo/informational booklet. The appraisal cost us more than a few dollars, but if it helps us down the road it was money well spent. The appraised value came in slightly less than I hoped for and what we've got fully invested once the upgrades are included, but more than we paid for the bus last fall.
Today I talked with my insurance agent, and she asked for copies of both the appraisal and the booklet I prepared. She told me that having this on file will definitely make things much easier should we have need to make a claim at some point in the future as it documents both the current condition and the value.
Just passing this along in case anyone is contemplating following the same path.
Every 5 years or so I try to video document my personal and professional belongings of both buildings and contents. Then I send those files to my agents to keep on file. It takes less than an hour because I am not having to write everything down. I can video serial numbers, brand names and model numbers very easily.
Some of the people I have talked to say I should not do that because you can claim your belongings were of better value that they actually were. I disagree. If I get replacement value then I win. If I get denied some items due to lack of proof, then I simply cannot claim they were better or worse value than actual anyway. Besides, that is just not the way I ride.
This way I can actually remember what I have too. Getting to THAT age. ;)
You have gone a long way to ensure you are covered 100% of the value of your coach. I can't see any insurance company ever denying you any and all reimbursement you are entitled to.
Appraisals are a good thing to do,but you do need to stay on top of it and do one every couple of year or so,Insurance Co's all have the little got you,"with appraised valve at the time of claim",I dropped Progressive because of that fine print and I had a agreed valve policy
Quote from: luvrbus on June 01, 2018, 03:33:40 PM
Appraisals are a good thing to do,but you do need to stay on top of it and do one every couple of year or so,Insurance Co's all have the little got you,"with appraised valve at the time of claim",I dropped Progressive because of that fine print and I had a agreed valve policy
buses are not appreciating assets.
they are going to depreciate.
just a reality.
Times have changed Donald I remember when I bought my 05 Eagle in 1995 I paid 65k for shell that was 20 years old,now you can by a nice conversion for 65k
Quote from: luvrbus on June 01, 2018, 08:10:21 PM
Times have changed Donald I remember when I bought my 05 Eagle in 1995 I paid 65k for shell that was 20 years old,now you can by a nice conversion for 65k
i bought my bus in 2004.
it is (in my opinion) now worth less than 1/2 what I paid.
I have spent at least its current value in maintenance over those years.
but, I have enjoyed and used it to a value twice the total :)
i just call my agent every couple years and get a reduced premium cost.
They aren't going to give me what I had it insured for 15 years ago if it was a total loss. but i think they'd give me 80% of what I think it's worth.
I hope it dies a quiet death of oxidation :) like me :)
Quotebuses are not appreciating assets.
they are going to depreciate.
just a reality.
Correction: bus conversions may be depreciating assets, antique seated buses are appreciating assets.
Quote from: pd4501-771 on June 02, 2018, 09:30:13 AM
Correction: bus conversions may be depreciating assets, antique seated buses are appreciating assets.
What about antique bus conversions?
Quote from: richard5933 on June 02, 2018, 09:38:14 AM
What about antique bus conversions?
How do put a price on a older conversion my buddy Mark has a GM silversides that could not be duplicated it is up for sale.Antiques depend on the buyers there is not a huge market for antique buses Ron Pratte is a good friend of mine he bought GM Future Liner at B/J and has since sold it
ok... ;D
.001% of buses appreciate monetarily
96% of buses are appreciated, by someone :)
Agree with Cliff. Value is determined by the marketplace, those willing to buy, store, and maintain any old bus is very small. Those original buses that really do stand out as true antique collectibles are rare and expensive already.
Another factor is collector budget and a typical bus museum barely have two nickels to rub together. If my investment advisor suggest for a millisecond that a bus was part of my investment portfolio, I'd fire in the next millisecond.
antique anything...including buses are more stable than any 401K at this point. IMHO
I bought our MCI 7 in 2001 just after 9/11 for $55 k had problems from day one with the heat but I was in love, dumb, but in love. Since have probably put that much more in it and would be luck to get $5 K for it. What it is is what it is> Still have a love hate relationship with it.
We love our's and don't care what it is worth. Paid 15K for it in 2009 and put maybe 15K more in it other than fuel and Maintenance. If it gets us through 10 more years maybe 20 we will be fine giving it away to someone younger who would love it too.
Some say antique Buses but nothing is actually an Antique unless it is a least "100 years old" other wise it is only Vintage!. Just sayin ;D
I think that without doubt after many years the value of the bus is likely to drop.
However, we paid $14,000 for our 1964 GM PD4106. It was totalled six months later and we were paid $34,500 by the insurance company. It took a lot of time and effort to document the increase in value due to the work we had done, but in the end we did.
This time around, we wanted to be proactive and document things on our own time and thoroughly with the appraisal. I pray that we never need to use it, but we have done our homework and know that we have done what's possible to protect our investment as much as possible. There are no guarantees, and we have no delusions that having the appraisal will mean we won't have problems down the road. But if it gives us a small peace of mind, then we'll take it.
Yours was a different type deal according to your post Richard you were dealing with 2 insurance co I understand the person that caused the wreck had better coverage than you so they paid is what I read.I have had dealing with Progressive they will rape you,a friend of mine that lost his Eagle to fire with a agreed valve policy is still battling with Progressive 4 years later
Quote from: luvrbus on June 02, 2018, 04:25:49 PM
Yours was a different type deal according to your post Richard you were dealing with 2 insurance co I understand the person that caused the wreck had better coverage than you so they paid is what I read.I have had dealing with Progressive they will rape you,a friend of mine that lost his Eagle to fire with a agreed valve policy is still battling with Progressive 4 years later
What's strange is that the other driver had Progressive as well. We both had Progressive, so they were going to pay either way, and the only question was whose limit would apply. Since I had the dash cam there was no good way for them to argue against his policy paying.
But you're correct in that these things are usually a battle.
QuoteSome say antique Buses but nothing is actually an Antique unless it is a least "100 years old" other wise it is only Vintage!. Just sayin
They are antique in the eyes of my state, and to my insurance company! That's how my four are registered, and insured.
Sorry Still not a real antique. It is like these guys on Craig List advertising tools as antiques that people still use and can buy today and they are not more than 20 years old or they call them vintage. In reality they are just old. LOL ;D
Dave
You are referring to customs laws concerning antiques. Strictly semantics by todays standards. If that was 100% accepted terminology, the Antique Automobile club of America would only have a handful of members, as most vehicles would not qualify. Agreed, I get annoyed by terms like collectible, vintage, or retro concerning mass produced items like McDonalds Happy meal toys, and other junk. IMHO, antiques have inherent value, not just because they are old!
Hi Dave, by the time you decide to give the bus away I'll be younger than you, so I'll give the Pathfinder a good home! ...
LOL Tom might happen some day. ;D