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Topic: Agreed value insurance. Got it! (Read 575 times) previous topic - next topic

Agreed value insurance. Got it!

Following the travails of Dan after getting his new coach wrecked after less than 2 days makes me glad that just this week got an appraisal from a reputable appraiser ( recommended by the folks st FMCA ) submitted it to my insurance ( Allied ) company and now have a policy that covers the Starship I am happy with. I spend a lot of money with these guys so they treated me well. Appraisal cost $250. It is 28 pages complete with exhibits.

Agreed Value $48,500
Cost $ 600 per year.

Appraiser was James Polk
Polk Associates
Ojai Ca.
805-646-7393 
The Starship- 1990 Grandvilla Unihome U300 40ft
6V92 Detroit Diesel w/ 4 spd Allison w/ retarder. Build# 3575 , Foretravel# 17895
The Shuttlecraft- 2015 Ford Explorer
Steve ( N6EKV ) & Lori ( N6JTD ) Faries  w/ Marlee our precious pup.
Patterson CA.

Re: Agreed value insurance. Got it!

Reply #1 –
Perfect and done correctly.. Good job! ^.^d

Re: Agreed value insurance. Got it!

Reply #2 –
good job
2015 Born Free Royal Splendor on Ford 550 nonslide version
Former Coaches  covering. 360,000 miles
1999 34 U270
2000 36 U320
2001 42' double slide U320
2018 Jeep Rubicon

Re: Agreed value insurance. Got it!

Reply #3 –
I went to go that route with my '81 when we first purchased it. There was no listing for a '81 40' Foretravel in the books so it was being valued as a 35' diesel.  What stopped me was it would have to be done every 2 years. Has that policy changed? After 18 years and no claims I guess it didn't matter, but could have.
1999 40 ft. U-320 wtfe build 5563 Chuck & Lynda's "Rollin' Inn"  2030 watts solar
prev. mh's 71 GMC 5 yrs. 73 Pace Setter 1 yr. 78 Vogue 5 yrs 81 FTX 40ft all electric 18 yrs. 1996 Monaco Signature 3 yrs.
2014 Grand Cherokee Overland
Dream as if you will live forever. Live as if you will die today.  James Dean

Re: Agreed value insurance. Got it!

Reply #4 –
I'm an agent.  The company I contract with does ACV on coaches rather than agreed value.  The people I've seen on here and in my own office who use our company seem happy with their settlements.  It seems important to me to keep current photos and repair/improvement documents stored electronically so that the appraisal company would be able to properly value the coach after the fact if it is destroyed.  Boats and coaches stored inside maintain their appearance so much better than those left to the weather.  Recent tires would add to the value.  That sort of thing can make a lot of difference at the time of loss.
Rick & Rhonda
2003 U320 4220  Build #6199
Was
91 36' GV 300 Caterpillar, 92 40' U280 300 Cummins, 97 36' U295 300 Cummins, 2002
U320 450 Cummins
(Guess we're hooked)

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Re: Agreed value insurance. Got it!

Reply #5 –
Not being the sharpest knife in the drawer I'll bite.

What's ACV value mean?

Currently arguing with my insurance company over value.

Thanks
Frank & Connie Williams
1999 U320 '36
Build: 5466
MC: 18335

Re: Agreed value insurance. Got it!

Reply #6 –
Sorry about that.  Actual Cash Value....in this case market value. 

It's like the appraisal when buying a house.  You have to see what other similar ones have sold for and then deduct or add because of condition, accessories, etc.

Then to be honest we need to deduct 25% because every single one of us thinks our coach is more valuable than it really is. 
Rick & Rhonda
2003 U320 4220  Build #6199
Was
91 36' GV 300 Caterpillar, 92 40' U280 300 Cummins, 97 36' U295 300 Cummins, 2002
U320 450 Cummins
(Guess we're hooked)

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Re: Agreed value insurance. Got it!

Reply #7 –
Thanks!

Still not the sharpest knife in the drawer... but at least I'm IN the drawer.

 :D
Frank & Connie Williams
1999 U320 '36
Build: 5466
MC: 18335

Re: Agreed value insurance. Got it!

Reply #8 –
Quote from: Johnstons –
I'm an agent.  The company I contract with does ACV on coaches rather than agreed value.  The people I've seen on here and in my own office who use our company seem happy with their settlements.  It seems important to me to keep current photos and repair/improvement documents stored electronically so that the appraisal company would be able to properly value the coach after the fact if it is destroyed.  Boats and coaches stored inside maintain their appearance so much better than those left to the weather.  Recent tires would add to the value.  That sort of thing can make a lot of difference at the time of loss.
This is Dan, the guy referenced in the original post. I talked to my Progressive claims rep today and told him that if he's going to total this vehicle, he should know that it has brand new tires (our 300 miles is the only travel they've seen) and 3 brand new coach batteries that I paid over $900 apiece for 2 days ago. His response was that tires and batteries were maintenance items and do not increase the ACV. Not happy about that!
1998 U295 36' No slides
Towing 2018 Jeep Wrangler
Previous rigs:
  1995 26' Fleetwood Flair
  1998 34' Fleetwood Bounder
  1997 40' Bluebird BMC
  1999 24' Winnebago Minnie Class C

Re: Agreed value insurance. Got it!

Reply #9 –
How do I find the ACV for my '98 U295? I paid $40k for it on Tuesday, and it's beautiful, but talking to the Progressive field appraiser today trying to get a feel for whether they're going to total it after my accident, she said she wasn't sure about the ACV but one number she mentioned was $15k. I said we must be talking about two different things, because that number is way off. I hope I'm right!
By the way, Progressive Insurance (and maybe others) I found out are no longer sending field agents out in the field because of the Corona pandemic. They're doing all of their damage assessment based on photographs, and from thousands of miles away.
1998 U295 36' No slides
Towing 2018 Jeep Wrangler
Previous rigs:
  1995 26' Fleetwood Flair
  1998 34' Fleetwood Bounder
  1997 40' Bluebird BMC
  1999 24' Winnebago Minnie Class C

Re: Agreed value insurance. Got it!

Reply #10 –
Insurance companies prefer cashing checks, not writing them.  I insured with Progressive about a year ago and could not get a straight answer out of them on the ACV, but the policy for agreed value was way more expensive.  I might to have to re-evaluate. the policy type and provider.  Hope this works out for you.
40ft 1997 U320

Re: Agreed value insurance. Got it!

Reply #11 –
From my recent experience...when you bought your policy from Progressive, you would have had the option of choosing their Agreed Value policy.  It would have assumed a reasonable value for your coach and you have the option of increasing that by up to 25% without any appraisals or further proof.  For my 97, their number was about $40k and I increased that to $50k.  Without that type of policy you may or may not be in for a fight, and they can use their book value of $15k as the starting point for that argument.  I think the Agreed Value policy is much more relevant for our FT's than most other 20+ year old coaches and is well worth the extra couple of hundred $.  Hope it works out for you.

Re: Agreed value insurance. Got it!

Reply #12 –
I called our insurance agency and she looked into her computer and came up with a $51k value on our 97 40' U320.

"Riding and rejoicing"
Bob & Susan
1997 U320 40' Mid entry, build 5132,  wtbi ce27, 4th owner
2007 Solara convertible
2 prodeco tech outlaw ss electric bikes

1095 watts solar
08 Ls 460 and a sc430
2000 Ford F-250 superduty 4x4

Re: Agreed value insurance. Got it!

Reply #13 –
There are a lot of coaches the age of yours that aren't worth 15K.  Your's is a different animal.  If you just paid $40K and have new tires and batteries on top of that you have a good argument to get your money back.  Did you buy it from a dealer or an individual?  If a dealer they should be able to substantiate what you paid for it with other comps.  If you just bought it and the tires and batteries needed replacing those aren't "maintenance" items.  Those were part of your purchase negotiation.  I hope you have a good agent who knows how to get in there and help you get what you deserve on this one. 
Rick & Rhonda
2003 U320 4220  Build #6199
Was
91 36' GV 300 Caterpillar, 92 40' U280 300 Cummins, 97 36' U295 300 Cummins, 2002
U320 450 Cummins
(Guess we're hooked)

The selected media item is not currently available.

Re: Agreed value insurance. Got it!

Reply #14 –
We went with Progressive agreed value policy. There were no difficult questions asked, we said we wanted a value of $60,000 they said ok send us photos and here is the premium $900.
If we get totaled no questions asked we get a check for $60,000.
With these coaches that have scrap prices for junkers and premium prices for decked out units there is only one type of policy to have unless you have a deep pocket to cover any loss differential.
A pre agreed value for the coach, yes it costs about $450 more, that's peanuts compared to being offered half of what you paid for it if you are lucky.
      "AGREED VALUE POLICY"  sometimes known as a guaranteed value policy.
David & Emma Roche
Dino (Golden Doodle)
1999 U270 WTFE 36' Build # 5534
Xtreme "Lights, Stripes & Roof"
Motorcade# 18321
Dayton, Ohio
Towd: Jeep Grand Cherokee
Two Townie Electra Bikes

Life is made to enjoy, the Foretravel helps!

Re: Agreed value insurance. Got it!

Reply #15 –
I just insured with Progressive. 50k agreed value.
No issues.
Note: new title refers to Ky title. No hiding on my part. Also no giving answers not asked. If and when resale. I have full disclosure written down.
Mark
1999 U270 40 #5518
USN. USPS.

Re: Agreed value insurance. Got it!

Reply #16 –
Interesting thread since I just did the search for Agreed Value after talking with our insurance broker about increasing the agreed value on our coach.  Here's what I found for what its worth. 

We get our insurance through Overland Insurance, an insurance broker located in Arizona and specializing in shopping the market for RV Insurance.  Overland was recommended by many we talked to here on the Forum.  In the last couple of years Progressive was the best bet for our Florida domiciled coach.  Overland also indicated that at least for us Progressive is our only option for Agreed Value.

We had no problem in getting our coach insured with an agreed value for what we paid for it in 2017.  By the end of 2020 we'll have put spent twice what we paid for the coach.  While we have no expectation of selling our coach for what we have in it we do want to get as much as possible back if the coach is totaled in an accident....especially if it isn't our fault.

Overland recommended Polk & Assoc in California for appraisals and I just got off the phone with Jim Polk.  Jim knows Foretravel and has a great database of Foretravel values.  You send Jim the photos he requests and complete a data sheet that lists, in detail, the items you've spent money on.  For Jim's $300 fee he produces a 30 page appraisal in about a week and GUARANTEES that if the insurance company doesn't accept his value he'll refund the fee you paid.  Seems pretty reasonable.  We'll probably wait until the end of 2020 to get the appraisal since we're planning a new round of improvements between now and then.

Jim did comment that the items that most impact value are those each of us would look for in a coach we wanted to buy.  Cosmetics are important but not as big a contributor to value as things like....up to date engine, generator and tranny maintenance, brakes, shocks, airbags, fuel lines, radiators and recent tires.  He also said energy upgrades like solar, lithium and quality inverters, solar controllers, etc are a big contributor to value since these are things people want today.

He offered that most Foretravel coaches between 2000 and 2006 that have had these types of mechanical upgrades usually appraise out in the $100-120k range but that coaches with interior remodels and full body repaints can go up from there...$150k+.
We'll see...but I liked the sound of that...its what I tell everyone who asks about what our coach costs and how much we've put into it....just try and buy a new diesel pusher today for $150k and see what kind of quality you get compared to a well-maintained and upgraded Foretravel!

Again....I don't ever expect to sell our coach for these kind of appraised values but I do like the idea of being able to insure it for those values.  We'll see when the premium quotes come it at these higher values.

Randy (N4TDT) and Karen Crete
Sarasota, Florida
2000 U270 34' WTFE Build 5756 "Ole Red"
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