New insurance
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07-07-2010, 05:44
Post: #21
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New insurance
Gentlemen: Sorry this is a long one. There are a few things one should know
about their insurance. 1st do I have Agreed Value, Stated Value or will I receive lesser than Stated Value sometime referred to Actual Cash Value. 2nd The true definition of Actual Cash Value is if you sold your coach today, right now and you actually put $40,000 in your pocket or bank account, that's Actual Cash Value (ACV). However the Insurance Industry uses NADA and usually the low book to define ACV. 3rd NADA numbers are far from correct, there are more coaches which exchange ownership through private treaty then sell through the public auction facilities, or franchise dealerships who report to NADA. Since Blue Bird is orphaned who do you think reports values to NADA??? Peter Pan!!! So you're SCREWED if you pay premiums on Stated Value policies and expect to get paid the true Fair Market Value for your coach which is the real value one would obtain if the coach sold through Private Treaty. What you actually need is an insurance company who will write a policy for an Agreed Value. Meaning you bought your coach today for $40,000 and 11 months later it got burned to the ground from mechanical failure which caused the fire. With Agreed Value there is do depreciations or less than ACV on low book. You would get an insurance check for $40K less deductable. There are several companies who will write an Agreed Value Policy, National Interstate and for older coaches (80's) you might look into Blue Sky. Lastly, get a Certified Appraisal from someone who has some sort of credentials which satisfy the uniform standards for professional appraisal practices (USPAP), not from a dealership or someone who will put numbers on a letterhead. Ask if their appraisals will meet the needs of the court system and the IRS, if not keep your money. Another thing the reasons why some insurance companies don't require an appraisal are because you won't have documentation, without documentation you generally lose in court if you ever pursue it with litigation. Lastly an appraisal done through the Internet via email will not stand up in court, they are only good for non- court issues, so don't waste your money. There are a couple organizations who claim their appraisals are good via the Internet, and I am a member of one of those groups but I'll wait awhile for a court case to see it it's worth anything but until then I will only do appraisals if I have seen them in person, which my credentials state I must do. When I do an appraisal I'm signing an affidavit stating I physically saw the coach on a specific date. I'll be at the Good Sam Rally in Louisville in July, Hershey in October, RATS in October and will be on vacation in August in South Dakota, or if your within an hour of Louisville, KY I can come to you. John McGinnis, CAGA Certified Appraiser 88FC35 Louisville, KY Google us we're on the web |
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Messages In This Thread |
New insurance - Bluebird Bob - 07-02-2010, 12:48
New insurance - txfulltimers - 07-02-2010, 14:34
New insurance - Wayne Kotila - 07-02-2010, 16:58
New insurance - Bluebird Bob - 07-03-2010, 12:47
New insurance - Bluebird Bob - 07-03-2010, 12:50
New insurance - Ernie Ekberg - 07-03-2010, 12:52
New insurance - Bluebird Bob - 07-04-2010, 11:50
New insurance - jburgessx2@... - 07-04-2010, 12:01
New insurance - Ernie Ekberg - 07-04-2010, 12:09
New insurance - Wayne Kotila - 07-05-2010, 06:08
New insurance - Bluebird Bob - 07-05-2010, 11:50
New insurance - Ernie Ekberg - 07-05-2010, 11:54
New insurance - Bluebird Bob - 07-05-2010, 11:55
New insurance - Dorn Hetzel - 07-05-2010, 12:03
New insurance - Ernie Ekberg - 07-05-2010, 12:08
New insurance - Ernie Ekberg - 07-05-2010, 12:13
New insurance - Ernie E - 07-05-2010, 12:19
New insurance - Dorn Hetzel - 07-05-2010, 12:58
New insurance - Wayne Kotila - 07-05-2010, 15:32
New insurance - Bluebird Bob - 07-06-2010, 11:49
New insurance - birds_first - 07-07-2010 05:44
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