appraisals and insurance

white-eagle · June 21, 2013, 04:32:51 PM

i didn't see any recent comments or recommendations for appraisals, and i guess i'm looking for 1 or 2 appraisers to talk to. No, i don't want to sell. I want the insurance scam to be less painful and more beneficial.

we are full time, so i want an insurance policy to make me whole again should a disaster happen. I think i have an idea what my bus would sell for, but i'm trying to make sure i can get enough to at least get close to buying something similar. And not make payments on insurance that are the equivalent to buying a replacement bus over 10 years!

Just for knowledge for the rest of you, we currently have our insurance with GMAC. It's around $1000 per year. It is a full time RV policy which means it covers contents, as well as comp and collision, with $1000 deductible. We insured it originally for $140k based on an appraisal then. GMAC has since continued to collect based on that appraisal value, even though they have informed me they have no intention of paying any more than the current "market" value, which is way less than the appraisal due to market conditions, not the actual condition of the bus. In my mind, the premium should reduce with the amount they are willing to pay. But that would adversely affect their profits, so they keep screwing me and the rest of their customers.
unfortunately, there are only 2 other companies to choose from, Progressive and Blue Sky. They are the only companies that will insure a non-professional conversion bus for a full-timer. yes, lots of companies will insure a bus, but only if you also have a house. We had state farm, and the bus was only $350 for same coverage.

So i want to get an appraisal and negotiate an agreed value, or at least get a committment about fair market value that they will pay, and base their premium on.

any suggestions on appraisers, insurance companies for full timers, etc.

luvrbus · June 21, 2013, 04:41:16 PM

Tom all insurance co's will take Michaud appraisals the last I heard he is a big time Eagle guy from the past you may like him maybe not the price but if something happens he will go to bat for you 603-814-1085 speak to Spike Michaud

good luck

pabusnut · June 21, 2013, 07:59:12 PM

I have heard that Hagerty will cover "specialty vehicles" based on qualified appraisals, and/or "agreed upon values."

I am not finished with my conversion yet, but just about ready to go down the new insurance route.

Steve Toomey
PAbusnut

belfert · June 21, 2013, 09:38:13 PM

I disagree that it is easy to get bus insurance if you have a house. My total insurance bill is pretty spendy and my agent tried to get me with another company. He couldn't find anyone besides my current carrier that would insure my bus.

Sorry, I have no idea where to get an appraisal. Can't you just have the insurance company reduce the coverage down from $140,000? I have $36,000 stated value, but I doubt I would get even that much if my bus was totaled.

Dreamscape · June 22, 2013, 06:50:11 AM

Progressive huh. I was told by one of their agents that they would not insure a non professional bus conversion. Interesting.

We have ours through Allstate. They didn't even want photos, which is scary. They still get the premium from us.

Emcemv · June 22, 2013, 11:02:51 AM

We are not full timers but we had good luck with Interstate Insurance, they insure many of the commercial operators.....you might want to check with them.

johnjem · June 24, 2013, 04:10:09 AM

Quote from: luvrbus on June 21, 2013, 04:41:16 PM
Tom all insurance co's will take Michaud appraisals the last I heard he is a big time Eagle guy from the past you may like him maybe not the price but if something happens he will go to bat for you 603-814-1085 speak to Spike Michaud

good luck

Spike is a awesome guy. He knows his buses, that is what he does insurance co hire him to do appraisals. And he is right on the money, the 4905 that I have was one of his buses I bought from him!

white-eagle · June 24, 2013, 10:00:01 AM

Brian, we had our house insured with State Farm. They just insured it for what i showed on the appraisal, no questions asked. however, i could not get any committment on what they insured for vs. what they would pay out on total loss. yes, i could just give them a figure and they would pay up to that as long as they figured the bus was worth at least that amount. This is like dealing with used car sales. as i said, they're happy to base premiums on whatever high figure you want, but they'll only pay what they feel is acv. and that's probably 80% or less of what you paid premiums on.

Paul, Progressive said no when i called them, but Poliseek saw an opportunity to make money since Progressive was more than twice the premium of GMAC, so they checked with progressive and quoted me an ACV as well as agreed value. Blue Sky was less, but i have no idea who they are.

Steve, no idea who Hagerty is, never heard of them.

pabusnut · June 24, 2013, 10:34:59 AM

I stand corrected. $:-\$ Hagerty covers classic vehicles, but not motorhomes.

Several friends have their classic cars(not daily drivers) covered at a very reasonable rate.

Steve Toomey
PAbusnut

jmbuti · August 18, 2013, 10:22:07 AM

Duplicate post, sorry.

jmbuti · August 18, 2013, 12:03:33 PM

Newbie here but I have an elementary question about appraisals.

If buses appraised at 80K are actually selling at half their appraisal value, how is the appraisal even credible when it doesn't reflect market conditions?

Is appraisal value being used as replacement cost?

Thx for the enlightenment.

06 Bill · August 18, 2013, 12:18:47 PM

Spike Michaud is a personal friend of mine and what he tells you can be used as a bank statement.
06 Bill

Jon · August 18, 2013, 01:40:13 PM

The reality is insurance is not a scam but a game of numbers. And the numbers are not in our favor as owners because there is no way an older coach can be repaired if it has some serious damage because the cost of repairs are going to exceed the value the market places on the coach.

A 15 or 20 year old coach may still have 50 to 70% of its useful life remaining, but to restore an older coach with a market value of 5% to 10% of a new equivalent will exceed market value. So if you under insure your coach to save premium dollars it is a safe bet that even in a minor accident the insurance will write a check for market value and end up owning your coach.

If you have an agreed value coach that places the value above market value the cost of repairs may still exceed the agreed value so you get a check and your coach has a new owner.

It costs the same to properly repair a damaged coach whether the coach is 20 years old or 20 days old. And that is where the problem lies.