Insurance help needed - post for new member "orphan"

plyonsMC9 · January 17, 2011, 07:53:48 AM

Greetings fellow bussers, this is a post from a new member, orphan.

Thanks for all assistance !!

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We are ready to start traveling in the bus but need to find insurance and how to get the bus appraised I really need some help bill has done all the work and I said I would do this or at least give him some help to find a company we have a 1980 mci conversion approximately probably with a value now of $300000. to $450000 bill doesn't need it insured for the total value cuz he has done most of the work we would like to find someone to appraise it tho so we at least have a realistic value of it any help or ideas would be of great help

Thank you!
Orphan
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Len Silva · January 17, 2011, 08:35:21 AM

I hate to burst anyone's bubble, but he is dreaming. There is not a 1980 bus conversion anywhere that is worth half of that price. Perhaps if it were twenty years newer.

grantgoold · January 17, 2011, 09:03:37 AM

I am also having a very difficult time getting my mind around a 1980 MCI9 worth $300,000 to $450,000 dollars. Perhaps someone added too many zeros! Are you actually saying $30,000 to $45,000 dollars? That would be more like it for a nice conversion. Perhaps pictures can be posted with significant details about the bus and then a ball park value can be forwarded.

Good luck!

Grant

MARKMC7 · January 17, 2011, 11:11:07 AM

I got my insurance thru progressive, they said "They" would have to do an appraisal once I had finished the conversion to determine how much It would be insured for, as far as them paying a claim on it. so I just Insured it for what it cost me to buy it to start with. then when It is converted I guess I will call them again to get the value raised.

now If "THEY" actually do it . well that remains to be seen as I am a long way from complete.

Mark

RickB · January 17, 2011, 11:47:23 AM

My bus is a 1981 MCI 9 I insured it for 55k through Grinnell insurance and they are reasonable. I sent a receipt for some glass replacement and they had a check to me in 5 days. No questions asked.

I think it may be unrealistic to add up the "original' cost of every part and then add your personal labor hours on top which is the only way I could figure how you reached that self appraisal. We have all seen countless "I've invested 200k statements' followed by 50k asking prsices on ebay.

I would be prepared for a serious letdown upon a professional appraisal.

Seayfam · January 17, 2011, 11:57:38 AM

I would think you could get an appraiser out there someware to make you somewhat happy.
Afterall a guy with a 1969 camaro can get insurance for 100k and the same guy with a 2000 camaro gets his totaled with 4000 in damage. My bus is a 1969 and I got it insured for 80k without the insurance company needing anything.

Good luck

Gary

MARKMC7 · January 17, 2011, 11:59:49 AM

Progressive said , being it Is not a pro company conversion, anything I do in the conversion They would have to appraise.

Mark

desi arnaz · January 17, 2011, 12:51:39 PM

i have union mutual and for the house which is covered for $750,000 two Honda suvs and the bus i pay $190 a month the bus is $20 a month full coverage $240 a year and they already have paid me $6200 for my interaction with boulders in a campground.

grantgoold · January 17, 2011, 01:02:25 PM

My bus is a home conversion with approximately $20,000 worth of materials underneath and inside. Insured replacement value of $60,000 with 21st century. The yearly cost for insurance is about $270.00

babell2 · January 17, 2011, 02:49:29 PM

I have most of my insurable items with State Farm. I inquired the other day and the responce was "Turns out we insure quite a few of these so my underwriter was very well versed on them. Let me know if you have any questions!" I asked for a Quote based on $250,000 value and was told Sure we can insure it for that but... the burdon is up to you to prove it's worth that price tag.

Seayfam · January 17, 2011, 03:42:57 PM

Quote from: babell2 on January 17, 2011, 02:49:29 PM
I have most of my insurable items with State Farm. I inquired the other day and the responce was "Turns out we insure quite a few of these so my underwriter was very well versed on them. Let me know if you have any questions!" I asked for a Quote based on $250,000 value and was told Sure we can insure it for that but... the burdon is up to you to prove it's worth that price tag.

That is exactly what they told me. And I have over 200,000 in receipts. So this summer my policy is going to go up. I think if Orphan has the receipts for their build, then he can get insurance that will satisfy.

Good luck
Gary

bobofthenorth · January 17, 2011, 03:44:38 PM

Quote from: babell2 on January 17, 2011, 02:49:29 PM
.......... but... the burden is up to you to prove it's worth that price tag.

Exactly folks. The insurance agent will always be glad to cash your cheque but don't think for a minute that guarantees that you have bought what you think you have bought.

Receipts are a red herring. I've got over $10k in receipts for money I've dumped into my Ford Exploder in the last year but it's still only worth what it's worth.

babell2 · January 17, 2011, 04:13:48 PM

Quote from: bobofthenorth on January 17, 2011, 03:44:38 PM
Quote from: babell2 on January 17, 2011, 02:49:29 PM
.......... but... the burden is up to you to prove it's worth that price tag.

Exactly folks. The insurance agent will always be glad to cash your cheque but don't think for a minute that guarantees that you have bought what you think you have bought.

Receipts are a red herring. I've got over $10k in receipts for money I've dumped into my Ford Exploder in the last year but it's still only worth what it's worth.

That's when you have to get some "Comparables" ready. It's like your Real Estate Broker getting "Comps" in your area for housing costs.