Most people have a standard insurance policy based on the cost or value of their coach, all is well until it is totaled that the insurance company says its old, not worth much, tough luck that all we are giving you.
So we bought this 99 U270 and have mechanically updated and repaired just about everything, transmission, hoses, belts, tires, full brake job, all new airbags and Koni's, been to H&H, Cummins, MOT,
Tires are new, interior all new brushed satin (silver) knobs, hinges, lights and shower enclosure, new Villa high back captains chairs with shoulder belts, Reupholstered couch dining chairs to match new modern recliner and captains chairs, new radio etc etc. Repaired four bad windows, re insulated engine compartment, new antenna, new tail lights and added back up lights. Now at Xtreme getting all stripes painted and the headlight upgrade.
This like many other coaches puts it at a value higher than I bought it for, EXCEPT the insurance company does not see it that way. So my question is how do you get a higher valuation for an agreed value policy, MOT does not do them, how are other members getting the valuation up to something reasonable.
Rudy had pointed me to Thumb insurance and they gave me two quotes BUT need a valuation or appraisal.....
Any suggestions, how have you handled your agreed value ?
Thanks
David
Third party appraiser .. he will put actual value.. not what the insurance company thinks.. been through it and had to hire the 3rd party and him and the insurance worked a total value out. Very simple and the 3rd party guy works for you and does the negotiations.
Was in a crash and went through my carrier.. they tried to low ball it.. hired this guy and he made it work. In the end.. everyone was happy.. as my insurance was getting paid back from the guy who hit me anyway and they had a back up of value..
Safeco, stated value, no haggling
Safeco also agreed value.
John
Same with Foremost, I picked the number and they insured her! ^.^d
I used Ron Jarvie agency They gave me several quotes for cash value and agreed value and I picked the one I wanted. I ended up with cash value. Meghan at 480/994-9584 was very helpful.
Thanks Everyone, called Safeco, they asked how much and away we were problem solved, no appraisers need, no photos, lists of repairs etc,
Really appreciate the imput
David
One thing I have learned in life.. When someone tells me" Money is no problem" or Cost doesn't Matter"... Always has an issue when they get the bill..
Been with State Farm for 20 years... I was hit and that hit totaled my Rv. The other driver was at fault and his insurance agency is one of the largest in the world. I went through my insurance to make sure it was handled fairly... Turned into a Debate on "How much it was Worth"..
Now typoically this discussion isnt a problem when handing your money over to a Company for "Stated" or "Agreed on Value"..
Problem arrives just like it does with the guy who says "Money is No Problem".. Time to pay and everyone gets Squirmish!!
Take if from a Guy who went through it and pays his bills on time and never had a claim ....Actual Replacement Value didn't mean the same to them as it meant to me... Kinda the same as "unlimited internet" ... Just a little different understanding on TERMS..
When I paid my policy every year they never had any misunderstandings and never did I until it was time to actually replace and pay the bill.
They told me the coach was worth $30k.... I said no its not its worth $50k.. Keep in mind this isnt the guy who hit me insurance.. it was mine that I had been paying on for many years at an understanding that was about to get really muddled..
SO I hire the appraiser and he comes back at $60k .. ok sounds good to me.. My insurance say no that is to much... so the discussion began... at the end the 2 people (my 3rd party guy and the insurance guy) came to an agreement.. $55k it is and we settled..
Take your chances or listen to a guy who has been through it.. No skin in the game and as I tell my son .. Live and learn or learn form others..Its all the same but one way is a whole lot easier..
DavidS is 100% right in my experience, so beware of anything called "cash", "stated value", "market value", or "actual cash value", you are only covered for what you think if you have "agreed value".
If you have anything but "agreed value" insurance, in my opinion you are in for a fight if your vehicle is a total loss, maybe even not a total loss in your opinion.
Example, you have "cash", "stated value", "market value" or "actual cash value" at $50,000, they then charge you a premium on that stated policy value. You have a claim for $10,000 and insurance company appraisal company (now remember they work for insur company) sets value at $20,000. You are in for a battle. Since you are at 50% damage, you might end up a total loss, even though that is not your choice.
"What is stated value insurance?
Stated value is commonly mistaken for agreed value, though the two vary dramatically in the extent of their coverage. Most commonly used to provide insurance coverage for classic cars, an item's stated value is determined by the individual, not the insurance company. While you may even have to provide documentation proving such a value, your insurance company will not necessarily pay this amount in full should you suffer a loss."
"The caveat here, however, is that the insurance company can choose to pay you either the Stated Value or the Actual CashValue, whichever is less. ... With Agreed Value coverage, the insurance company will guarantee that they will pay this agreed-uponvalue in the event of a covered total loss."
Anything but "agreed value" insurance is why you are paying less for your "cash", "stated value", "market", "actual cash value" or what ever your company wants to calls it coverage. "Agreed value" is a legal term.
The Safeco policy I bought today is for Agreed value, it's replacement value is now agreed by the insurance company at the figure in the policy, it does not matter what it would appraise for (higher or lower) they will pay out based on the AGREED VALUE.
If you do not have this your 60 70 80 thousand dollar coach may be scrapped for $40,000 and you have no argument or right to more.
Take your chances or listen to a guy who has been through it.. No skin in the game and as I tell my son .. Live and learn or learn form others..Its all the same but one way is a whole lot easier..
And a whole lot cheaper!!!
Chris
I just tried to get both NADA and Kelley Blue Book values on my coach. NADA finally gave me a range of value with about a $10,000 spread. Couldn't get KBB at all. Do you have to buy the book to get their values? Let's say NADA says high end is $65,000 and you want agreed value of $80,000... how do you get an " agreed price" coverage? We're registered in S. Dakota. My agent says they can't get agreed value. Time to switch?
You decide the agreed value, look at what is a reasonable value for your coach based on what you have upgraded and what you might be able to sell it for - then change insurance company and tell them how much you want to insure it for.
NADA is no help because price will be based on older junk coaches
Yup, our coach with Safeco, is agreed value.
NADA is funny. Our FT's take a hit, because they don't have leveling jacks ???
As mentioned before, NADA is meaningless for non-mass-market RVs. NADA is for cars, where thousands and thousands of the same model are sold (and reported) by dealers, both new and used, so there is statistically significant data. NADA for RVs is essentially fabricated numbers based on a very tiny (relatively) number of sales, not necessarily of the specific brand.
Michelle, I totally agree. But NADA is the most liberal when it comes to RV's.
When I was Recon manager for La Mesa RV, that is the one we used for RV values.We never had a Foretravel though.
The difference with our FT's is, they are more of a niche market , or collector market.
Cheers
Chris
Thanks Chris
I called my agent (I totally trust, and is a good friend) to clarify "Stated" and "Agreed" You are 100% correct.
Our coach was stated at $39K (a value we put on it, 3 years ago, and before I did all the upgrades). He said Safeco would whittle us down to $20K. It would take an act of congress to get $39K out of them.
So I had him change it to $40K, a value less then I like. But that is what they would pay us, no haggle. It will be an additional $220.00 a year. No estimate, just a couple of pictures.
To insure it for $55K (more realistic value), would be another almost $400.00 yr.. Going to take my chances.
Thanks, I always try to listen to wisdom
Chris
Being some poor schlep who got his Airstream totaled, I agree with Chris; you NEVER get back all you've got into it! I did forget to tell you all when I told my broker what I wanted to insure the FT for, he came down to the park and took a grip of pictures; that's all. ^.^d
Timely thread for me. Currently insured with progressive with a stated value of $50,000 on an actual cast value basis. deductibles are low between $300 and $500. My yearly premium is around $1600 and change per year. Like $135 a month I think it is. That didn't cover me for uninsured motorists or medical payments since I have my own health insurance. if I wanted to stay with progressive and change to agreed value my policy payment would go up around $45 a month, but it would also include uninsured motorists. Currently I don't drive the coach much I'm just working on it and waiting until retirement which is next May. At that time I plan on driving upwards of $12,000 a year or more. Interested in what others are paying for that type of coverage. That's for $500,000 and $300,000 and it also includes coverage in Mexico. I get a discount through progressive and USAA. I called Safeco tonight just got off the phone with them and their policy for $70,000 agreed on value was significantly higher if I dropped it down to $50,000 agree value it was still higher than progressive. I don't know much about insurance companies and I don't know much about Safeco versus progressive. Would certainly be interested in hearing your thoughts on this. Thanks
Bob
Please understand insurance rates are completely (and highly) dependent on your risk pool, which means the zip code you are domiciled and garaged in. You cannot compare across states (since insurance is regulated by the individual states, nor can you glean a meaningful comparison even within the same state for the same dollar value coverage - it needs to be the same coverage, credit rating, and zip code to be able to compare closer than apples to kumquats. A lot has to do with the claim rate, type of claim, and size of claims in the zip code. DFW is vastly different than Austin is vastly different than small town west Texas, for example. Double digit percentage differences.
So I have a 89 gv with an agreed value of 32k with progressive (long story that included the dw at one end of the phone arranging insurance when I picked it up) I only wanted 25k max to take care of many future improvements. That being said. What your experience when the s**t hits the fan on agreed value? Paid cash and full coverage agreed value is cheaper than my new motorcycle. Is not agreed not agreed?
Agreed value, is agreed value when it is called agreed value. Called anything else, like cash value, market value, replacement value, it is not.
Sometimes an insurance company will total loss a vehicle at a less % than the following if they feel a sequential damage repair or addition may occur once repairs have started.
I've managed a body shop before, subject to CA law in the 70's. Often the vehicle's owner and us did not want to total, and the insurance wanted to. This was most often a negotiable situation and I've recently found it still is.
From the website insure.com, "If the cost of repairing your vehicle exceeds a certain percentage of your car's value before the accident, insurance companies will declare it a "total loss." Some car insurance companies will total a vehicle if damages are at or above 51 percent its pre-accident value. Other insurers will total at 80 percent."
Total warfare: What to do when your auto insurer totals your car (https://www.insure.com/car-insurance/car-totaling.html)
Read Jacks Total Warfare article, they did not mention that if you try buying back a vehicle that has been totaled/ written off as too expensive to repair by the insurance company you will have a salvage title which can make selling the vehicle a little more difficult to sell and reduces substantially what the vehicle is worth, even if perfectly repaired. A salvage title is the auto title with the words salvage written across it.
The Agreed value policy does give the insurance more incentive to repair because they cannot low ball the value of the vehicle.
I'm having trouble finding an agreed upon policy. Apparently NC doesn't like these policies.
Can anyone recommend an appraiser? I tried MOT but they do not do this service.
Did you try Safeco and Progressive? Why do you need an appraiser? Agreed value let's you insure for an amount you are comfortable with in a complete loss situation.
I can't get a policy without the appraisal in NC.... and yes, I tried both of those.
I would try calling a high end dealer lin your state of Ohio like Tom Johnson in Concord, NC and ask what appraiser and agreed value insurance company they have used for their customers. I myself would ask to talk to the finance director at Tom Johnson.
Once you have this answere please post here so we do not bother this one source too much.
Once you find one it is ok to share what you are using the appraisal for and what amount you are trying to insure it for.
claimsmania@cox.net
Spring Mountain Appraisers & Adjusters
Arthur "Artie" Kaye
Tel. 702-253-0400 Fax 702-253-5717
Guys name is Art. Very nice guy and he can probably lead you in the right direction. Not sure where he can do the work or not do it..
One thing to watch/note regarding insured values is the verbage on your specific policy regarding payout amount.
Some policies require you to replace the coach in order to receive full "agreed value" or, in the case of new coach policies, "purchase price" coverage. If you opt not to replace the coach you may find your policy only provides ACV (actual cash value, aka something approaching wholesale) as a payout.
Always read your policy Terms and Conditions and understand them.
I know this is an old thread but thought I would post an update. Called Safeco about doing an agreed value on my new to me 1995 U295 and they were not able to offer that because of the age I was told. Agreed cash value only which is not cool. She said that if there were to be a total loss that I would have to prove and show that the value of this coach was what I think it is. That sounds sketchy, what do you think?
Best bet is to contact an RV insurance-specific agent like Overland or Miller and ask - they are much more attuned to the RV world. At minimum, you would likely need an independent appraisal of the rig by someone who does that sort of thing.
That said, insurance is regulated at the state level. Not all coverage is available in all states. Not all companies sell policies in all states.
My 2 cents worth. When I got my coach in 2015, National Interstate with an Agreed Value of 40K. 2 yrs later, they quit selling RV insurance. Switched me to Safeco for the same "values, benefits and costs." Fast forward to 2019, I broke down in NM. Called coach net (part of the National pkg.} which informed me that I was cancelled by National when they switched to Safeco. Last year, out of curiousity, called Safeco to verify my coverage. Nope I'm not covered by Agreed Value, just cash value, less than 12K. Be sure of your agent, read the fine print and buyer beware, you are dealing with the insurance companies. Yeah I know they have nothing but my best interest at heart.
Sorry, end of rant.
Larry
New to us 01 recently insured through good sam. Much better rates than all others I searched AND agreed upon value was not an issue.
Good Sam sometimes has a spotty record on delivering what they promise. Not saying that is the case with your policy. Just be very careful to verify
exactly what your policy contract guarantees concerning payout in the event of total loss. Like Larry said (above) don't blindly trust what
any insurance salesperson tells you verbally.
I 100% agree......about 40 years ago I was an insurance person. I was not a good sales person, and was too honest to be in that field. In order to make a real good living in the insurance world, you have to have some level of low morals. Most of society is weak minded to the subject and will buy just about anything if you convince them enough. Its your life and your money, be educated and make solid decisions based on facts or prepare to be fleeced. Make sure you get what you want and pay for. In the case of mine, My total loss IS my agreed upon value, minus my deductible.....shame Hagerty or Grundy doesn't do RV's as I have several classics ensured through one of them all with agreed upon values, and the one time I need it they were the best I had ever dealt with on an insurance claim.
Motor Homes are no different than autos or boats when it comes to what they are worth. Unless you want premiums through the roof. In the event of a loss, insurance company's are only going to SETTLE at actual real world value. They don't give much consideration to new motors, new floors, new paint etc. while they may adjust their settlement a bit it's not going to be 35K for a new paint job that was just done. Insurance company's are in the game for the money, not to be your friend. JMHO.
I tried unsuccessfully to buy an agreed value policy. No one issues them in NC
I just received an agreed value insurance of $ 95 K quote for my 2003 U320 priced at $ 1700 per year, looking at my options.
Regards
Klaus
Signed agreed value contract $ 95K with National General Insurance Co , Agent for Good Sam , with Dave Goldstein 216 592 7065
Regards
Klaus
I'm currently shopping for Insurance here's a quote that I received
Vehicle:
2003 36' Foretravel U320
Provided market value @ $95,000
Coverage:
$ 250,000/500,000 – Bodily Injury Liability (per person/ per accident)
$ 100,000 – Property Damage Liability (per accident)
$ 250,000/500,000 – Uninsured/Underinsured Motorist Bodily Injury
$ 5,000 – Medical Payments (per person)
$ 10,000 – Personal Injury Protection
$ 250,000 – Vacation/Campsite Premises Liability
Towing & Roadside Assistance (100 miles or $750 reimbursement from emergency exp.)
$ 1,000 – Comprehensive Deductible ($0 windshield glass deductible)
$ 1,000 – Collision Deductible
Vanishing Deductibles ($100 deductible credit per claim/violation free year)
Total Loss "Actual Cash Value" Coverage
$ 750 – Emergency Expense Coverage
$ 3,000 – Personal Effects (replacement basis)
$ 1,000 – Custom Equipment
Premium: $ 2,176.51 per year (on above package)
So, you do realize that "Actual Cash Value" Coverage is coverage for a negotiable amount, and is not the the $95,000 appraisal you submitted, right? Only "Agreed Value" coverage covers you for your insured amount, in the event of a total loss.
I'm currently on a ACV policy, bought through Overland on my 2003 U320 - 38'. Premium was 1691/yr through Nationwide. To get agreed value at $100k, the premium would increase by $617/yr.
I think I'll give your guy a call Klaus and see what he can offer.
Rates vary A LOT by state. Thank your state legislatures for much of that. I KNOW in Texas, for example that they are allowed to roll their advertising costs into cost of coverage.
Said another way, WE pay for 100% of their advertising. Wonder why we see so many insurance ads???
Good morning all,
I am looking into getting an appraisal for insurance purposes, " agreed value " policy.
MOT referred me to Pinnacle Auto Appraisers. They are currently looking to find an inspector near Brunswick, GA where the coach is kept.
Cost from Pinnacle is $325.00 (it may be more depending on distance traveled by inspector), or $250.00 if i take the pictures myself and send them to their office.
Has anyone used Pinnacle before or does anyone have another company they recommend near Jacksonville FL?
thanks
frank
We used James Polk in California. Entire process done by phone and email. We sent list of improvements and photos. Appraisal accepted by our insurance carrier. Polk guaranteed that appraisal would be accepted or no charge. He knows Foretravel and has done many appraisals of them. (805) 646-7293 jamespolk@polkvaluations.com
Totally satisfied.
How much more did you find your agreed/stated value policies cost? Jim
2002 U320
Cost is really hard to judge as the state you're in and company really factor in. To get our agreed policy we had to change from Progressive to Nationwide.
Shop before to be sure.
I have an agreed policy with progressive through USAA. I didn't have to have any type of inspection. While the cost went up quite a bit due to that and being full timing, it wasn't that bad. It may depend on exactly how much you're asking to. I did 60,000 US dollars. If I had tried to go much more than that they may have wanted an appraisal. Next year I'll probably lower it to 50,000. If something major happens to it I want enough that I can purchase something else. Not trying to get my money out of it. Maybe before going through all those hoops, check with progressive and see if they'll do it for your coach without an appraisal. Just a thought.
Bob
Bob, we've got 3x what we paid for the coach in remodels, proactive replacements and upgrades. We had no problem getting Progressive to do an agreed policy for what we paid for the coach, before upgrades, and they were willing to insure the appraised value but at nearly 3x the premium. Nationwide did the appraised value at about $200/year more than we were paying Progressive for 40% of the appraised value. Don't ask me to explain...but it pay to shop.
Sounds like I'll be shopping again next year. At least I'll go out and kick the tires. Saving money is never a bad thing.
Hi Jack,
Yes I do realize that quote is not for agreed value.
I used James Polk as well. Highly recommend. Allied Insurance took the appraisal no problem. I have a thread on the forum somewhere when I did it a year or so ago.