Talked to my insurance company (Good Sam/Nat. General) today about the value of my coach in case of a total loss. NADA value which I looked up and it is very low in my opinion $15,660 max for 1996 36' U270. No way to figure in upgrades. Didn't ask if agreed value was an option. I like the fact that I don't have to pay liability while in storage. Just wondering if maybe some of the Foretravel's are becoming classic like the GMC built in the 70's. Would think the Grand Villas and maybe the Unihome would fit that category.
We had the choice when we switched from Progressive to Foremost (both fine companies). We were given a choice of policies, took the best one for us: Insured for what we paid for it $32,000.00) with full coverage inc. roadside, towing 125 mi.. We pay around $800.00 a year. They DO NOT cover anything but OEM equipment, and when I get back to Ajo in Sept. I'm going to have a talk with the broker about what is what on the rider I'm going to buy. I was quoted around $60.00 a year, which, with two brand new MacBook Air computers + all our other 'stuff' (DISH tailgater, etc.), seems fair. ^.^d
We have an agreed value policy. More expensive but Fortavels, like other top of line coaches, may have been refurbished so prices vary enormously. As with houses as time goes by the age does not matter so much. Maybe get an intelligent valuation on the coach, before the problem arises, so that you can have documentation. Also make a video of everything or take lots of pictures. Be careful of "OEM" clauses. If you replace the inverter is it still considered OEM for instance? Get clarification just in case you get you get a difficult adjuster.
Keith
X2, pics and professional appraisers detailed write-up are important to have with you if you ever need to make a claim.
I agree with Keith, and it brings up a good point about "What is OEM", most of us have coaches where (hopefully) a lot of stuff has been replaced/upgraded, so it could be the bean counters do not count it as OEM! A roof satellite dish is not OEM on most of our coaches, but my policy insures me for what I paid for the coach,, which came with a dish, so I would assume I'm covered, hmm. Something to talk to one's broker about; what fun! Here again, ad nauseam, keep all the paperwork in a safe place should (shudder) the need to prove what you have is documented. ^.^d
Judy & Chet, from your "insured for what we paid for it" comment one can wonder about Canadian or your insurance policy in regard to what they pay on total loss. We can insure for any amount, but upon every loss the ACV "actual cash value" is the only limit insurance companies use. Sure we can get an appraisal and insure for 'stated value' with higher premium, but without this extra cost specified, only ACV is used. Insuring for higher than ACV only raises the premium but not the coverage. We all need to be aware of not insuring for too much for our older coaches. Common waste of premium dollars.
Is it not possible to add a RCV rider onto your policy? (replacement cost value) This saved my bacon on losses after Hurricane Harvey. In order to claim it you do have to actually replace the item, if you don't you only get ACV. Premium increase was very minor to add this.
Good comment, Barry and Cindy. It is so important to know how you are covered. The last thing you want to do is find yourself replacing, or unable to replace, your rv with funds from your insurance company, that will not cover even a small part of its replacement. I found this article informative: https://www.lelandwest.com/stated-value-vs-agreed-value-classic-car-insurance.cfm
Do not be afraid to question your insurance agent. Often your agent will say that what you want is not available. I would then search further. For more than 20 years I've found these people at HiSage very helpful and they do offer policies with the more desirable coverages. They will give you a free quote over the phone and send you a copy. Hi Sage Insurance (http://www.hisage.com/)
Also it is important to know state laws, as well as premiums, vary from state to state for what a total loss is, also important to know. And it is so important to know, even though I believe insurance companies are better, since having their hands slapped. Please understand that in settling with you, they are looking out for their interests, not yours. They often use companies that value your rv, and are so influenced by the insurance company paying them for the appraisal.
NADA is only a guide used by financial institutions and in insurance companies. Most of their money comes from these institutions, not the public, or vehicle dealers. So guess whose interest they favor, the financial institutions and insurance companies. Some rvs are worth under book and some are worth over book value. Some are worth over the retail guide, and some, if free, are not a good deal. As buyer beware, we as the insured, also need to beware.