Bus Conversions dot Com Bulletin Board
August 27, 2014, 10:20:26 PM *
Welcome, Guest. Please login or register.

Login with username, password and session length
News: This BB is intended for the sole purpose of sharing conversion and bus related information among visitors to our web site. These rules must be followed in order for us to continue this free exchange of info. No bad mouthing of any business or individual is permitted. Absolutely no items for sale are to be posted, except in the Spare Tire board. Interested in placing a classified or web ad, please contact our advertising dept. at 714-903-1784 or e-mail to: info@busconversions.com.

   Home   Help Forum Rules Search Calendar Login Register BCM Home Page Contact BCM  
Pages: [1]   Go Down
  Print  
Author Topic: How do I value conversion for insurance?  (Read 816 times)
belfert
Guest

« on: November 03, 2006, 08:24:54 PM »

I have comp/collision insurance on my conversion.  When I got the empty shell in April, it was already titled as an RV.  I simply told the insurance agent I was insuring a Dina Viaggio motorhome with a stated value of $36,500.  My yearly insurance renewal is coming up and I realized I need to raise the coverage on the conversion since it is worth more now with all the materials added.  (I'm not adding any value for the labor.)

How should I handle this increase in value with my agent?  I suspect my agent is going to start asking questions if I suddenly want to raise the value on my conversion.  I suppose honesty is best and hope they don't have a problem with bus conversions.

Brian Elfert
Logged
Len Silva
Hero Member
*****
Offline Offline

Posts: 4084


Angle Parked in a Parallel Universe


WWW

Ignore
« Reply #1 on: November 04, 2006, 06:49:23 AM »

Most insurance companies have an "agreed value" policy which generally requires an independent appraisal.

Len
Logged


Hand Made Gifts

Ignorance is only bliss to the ignorant.
Stan
Hero Member
*****
Offline Offline

Posts: 973




Ignore
« Reply #2 on: November 04, 2006, 01:51:01 PM »

Don't tell lies to your insurance company. Any untruths willl result in an invalid policy if you have a claim. If your present company will not insure coverted buses, then you have to change companies. There are lots of suggestions in the archives for companies that do carry converted buses

. When youj reach the point of agreeing on a value have the company give you a list of appraisers that they approve of. You  will pay a one time fee for the appraisal but it will be a valid value for that date for as long as you have the bus. Keep the paperwork for any value added after that date.  Unless you get an expensive replacement value policy your bus will start to go down in insurance value(depreciate) from the day the appraisal is done.
Logged
Pages: [1]   Go Up
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.18 | SMF © 2013, Simple Machines Valid XHTML 1.0! Valid CSS!