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Topic: Insurance questions... (Read 580 times) previous topic - next topic

Insurance questions...

Hey Crew,

So I am going through the process of getting insurance and have some questions.

First is valuing the coach. I don't want to post what we paid but it looks to be a significant discount from market value. With that in mind and agreed upon value vs. replacement value using our bill of sale as a baseline does not work.

An appraisal is going to be necessary but with very few Foretravels in the Northwest and very few (I think) fully optioned 36' U320's in general this might not be all that easy.

https://www.facebook.com/media/set/?set=a.10151410534072533.534301.601292532&type=1&l=153c85e2c8

Could some of you guys in the know take a look at the above album and give me a ballpark guess as to what value we should insure for...

There are 61K miles on the coach (1450 hours) and 450 hours on the generator.

Thanks a bunch

Chris
Chris 1999 U320

Re: Insurance questions...

Reply #1 –
Chris, The insurance carrier is going to charge premium on what you say its worth if you go to an agreed value,so any figure you give them is what they will use.
If a total loss occurs you MAY not get the agreed value in a  total loss they will also check ACV from NADA or similar  so if you gave a real premium price for it the carrier may not agree to agreed value.
Why do Insurance Carriers act like this ? Because they can.
Good luck
Gary B

Re: Insurance questions...

Reply #2 –
Check out Overland Insurance Agency, recently mentioned on the Forum.

Re: Insurance questions...

Reply #3 –
Quote from: Barry & Cindy –
Check out Overland Insurance Agency, recently mentioned on the Forum.
Chris, here's the link to the forum thread today regarding the Overland Insurance agency: Insurance change

We have an agreed-value policy (Allied) written by the Overland Insurance company (they are excellent to work with).  As we used the purchase price of our 2003 (purchased in 2009 from FOT), the bill of sale was our documentation at the time.  As I recall the conversation with Overland about agreed value, you are correct, Chris...  they will require some sort of documentation supporting the value you want to agree on - in your case, an appraisal.

Gary, just yesterday I received our renewal from Overland Insurance agency for our Allied policy.  There was a separate sheet entitled "Important Policy Information:  Total Loss 'Agreed Value' Coverage is Included in Your Policy."  Here's what it said in its entirety:

In the event of a total loss to the RV, the Company will pay you the "agreed value" as shown on the policy declarations page (less your deductible).  There will be no deduction for depreciation or other mysterious reductions in the pay out.  The endorsement is, in essence, a "what you see is what you get" coverage form.

If desired, this coverage may be removed from the policy and the annual premium will be reduced.  You would lose the "guaranteed" settlement, but hopefully the value would be enough to pay-off any outstanding loan balances.  Without this coverage, the policy would pay only the actual cash value (ACV) or fair market value of the destroyed coach.  We do not recommend the removal of this valuable coverage, but it is a cost reducing option available to you.

Overland Insurance Services

So, in our case, we would get the agreed value in the event of a total loss.  Again, I second the recommendation to work with Overland (in Queen Creek, AZ - but they will write for any state other than Hawaii).  Chris, they may be able to assist you with arranging for an appraisal to meet your specific needs.
The selected media item is not currently available.Pat Hatfield
2000 U295 3600 #5666 WTFE (sold 1/7/20)
2014 Jeep Grand Cherokee
previously: 2003 U295 3610 #6228 (sold 5/29/14)
previously:  2009 Honda CRV (sold 6/9/14)

Re: Insurance questions...

Reply #4 –
AMICA ins is worth looking at.  They saved me $750.00 over GEICO.
Terry
Terry and Cheryl Brown
1997 U295 36'
Build #5066
2006 Jeep TJ Rubicon
1993 BMW R100 GSPD

Re: Insurance questions...

Reply #5 –
AMICA insurance is the highest rated insurance company in the U.S. for customer satisfaction. Home Office is in Rhode Island, but they have lots of customers in Dallas and Houston.  If you have other autos, or home insured with them, a mult-use discount helps out. I have had them since '03; however, it is not an RV-specific policy, so be sure to ask for details. They are very accomodating.
Don Hay
'92 Grandvilla, U-280
The Hayfever Express
Build #4055
'97 GEO Tracker
Life is like licking honey off a thorn.
 

Re: Insurance questions...

Reply #6 –
We have used Amica for homes and automobiles since about 1976. I've had a few claims and always found the resolution to be excellent. I never figured they were the cheapest, but I seldom choose a service because it is the cheapest.

I use GEICO for the motorcycles because Amica won't cover them. I like to think I get some kind of advantage by having the house, cars, and RV with the same company. We are not full timers. An RV specialist might provide better expertise for full timers.
J D Stevens
1997 U295 CAI 36' Build #5085
2002 Subaru Outback
Motorcade 16869
Bellville, TX