Bus Insurance Cost

[bcaddel]

It is time to renew our insurance for our bus. Last year when we first purchased insurance I just called our agent (Allstate) and explained what we had and he sold me a insurance policy for about $750 with a $1,000 deductable.

We did $250,000/$500,000 Bodily Injury and $100,000 property damage.

It has Collision and Comprehensive limits of "Actual Cash Value".

The renewal price hasn't changed, my questions are

1) Should we go with an insurance policy from one of the RV groups stat specialize in motorhomes
2) Do these limits sound about average
3) Does the premium sound right.
4) If the bus is totaled what determines the value of the bus for the insurance company to know what to pay.  I know I overpaid them ($65,000) but they have more than that invested in it and they needed the money. Will any insurance company use what I paid for the bus or will they use the market price of probably half that as the replacement value?

Thanks for any input

Bob

[DaveG]

My guess is that you stand a pretty good chance on getting screwed on the value of your coach when it comes time to settle after a wreck. Be sure that your policy covers actual replacement cost or value. You may have to have a "stated value" on your policy, otherwise they find some comparable bus and that's the value.

As far as your limits of liability, I suppose that a bus wreck gone bad could create quite a bit of damage, maybe more damage than your policy limits cover, so if that is the case, they will be looking at your other assets, home, vehicles, etc. If all you have is in your bus, then you could be okay...but you don't want them coming after the farm.

[junkman42]

Bob, I bought a policy from Our local farm burea agent it is from progressive and is an agreed value policy.  I have 80,000 replacement value and much higher limits than you posted!  The cost is a little over 600 a year.  I do not know if the location is a defining factor or not.  You might check just out of curosity.  Regards john

[bcaddel]

I do have a million dollar umbrella policy that would be applicable if it was a more serious accident. I need to do what John & Dave suggested and get a stated replacement value, I will contact my agent on the replacement value and make sure it covers at least what I paid for it.

I was thinking some pictures and invoices for the new engine, trans etc, would also be a very good idea just in case it burned or something just to show the condition and theoretical value. Since I purchased it from my Dad, they might not take the actual check I wrote as proof.

Thanks for the input

[TomC]

I'm with Progressive-since it is RV insurance. They cover many items that are not covered in a normal insurance policy.  It has $1,000.00 deductible, $1 million dollars coverage across the board (anything less you're setting yourself up for disaster since our buses are so big-they will cause lots of damage in an accident), and stated value of the bus.  Good Luck, TomC

[luvrbus]

You guys better read the policy good about replacement value on a Progressive policy after reading mine with a agreed on value I am looking for another carrier their new polices have a lot of got you sucker in the fine print   


good luck

[HighTechRedneck]

Just to echo the point about "actual cash value".  If there were an accident, they wouldn't likely even consider what you have into it, they would only look at the market value of the bus chassis (very little these days) and MAYBE make a small allowance for "personal property" inside.

The only safe way to insure a conversion that you have a lot of money into is to get it professionally appraised and get a policy that identifies that value as being what will be paid in case of total loss. And be very wary of fine print.

[bcaddel]

Has anyone had a professionally appraisal, if so where can you get one and approximatelly what would it cost.

I am based in Reno Nevada, is there someone in this general part of the country that you could recommend to do a professional appraisal?

[Nick Badame Refrig/ACC]

Hi Bob,

I used
http://www.automotiveappraisals.com/

They did an extensive appraisal and we were quit happy with their detailed written portfolio they made for our bus.

We use AON "national interstate insurance" They are very well orgionized with bus conversions....

We have a million dollar liability coverage as well as collision, comprehensive, road side assistance, personal property coverage,

diminishing deductable that started at $500 and is now at $200, agreed appraised value, and rental/vacation coverage.

You gotta remember that you are driving a 40,000 lb bus... Alot of damage could occur if "got forbid" something happened.

I'm paying $2200 a year and worth every penny, I think!

Nick-

[white-eagle]

we pay about $400 a year in OHIO (lowest rates in country?) with our homeowner's policy.  when the house is sold, the bus is going to need new coverage.  Right now, we have pics of everything, an appraisal from Heartland Coach whom we purchased the bus through, and the word of our agent that they know how we use it and State Farm is not in the business to screw their insureds (yeah, right).  We have it insured for the appraised amount of $150k.

but i don't see others (insurance) as being tremendously more honest about reimbursement.  Nick probably has an honest well documented policy and is the only one of us that will really get paid enough to replace his.
But $2200??? wow.

[luvrbus]

 I am with AON also they will write about any type or price range policy you want they are the ones that put me with Progressive several years back.
I am not happy with the changes to my new policy and if they don't find me a better policy and price I am going back to Miller in Oregon a family owned  co may not be any different as they are a agent just like AON.
FWIW I am trying to scan and post the changes in my policy I received from Progressive 2 weeks after I renewed   

good luck
not a happy camper

[HighTechRedneck]

I have heard many people mention using Aon, but when I called them a couple years ago, one of the early on questions was "What company did the conversion work?". When I answered it was a self conversion, they replied "we can't cover that".  That was especially odd since I was only asking about Liability coverage (all my budget supported).

I ended up going with State Farm since I already had a vehicle policy with them.  The agent was very well aware it is a bus conversion motorhome (even calls it that on the insurance card) and that I was doing the conversion myself and the policy notes that in writing.

[jackhartjr]

The bottom line is this...it had better be in writing with no loopholes...otherwise they will try to pay NOTHING!
I got a good hosing from one of the ones named here on a wreck in which I was hit in the rear in my car.  Insurance is supposed to 'make the injured party whole again'!  No...it is to pay as little as possible!
Sound bitter...yep!
Jack