Agreed Value Insurance Issue

Topic: Agreed Value Insurance Issue (Read 3140 times) previous topic - next topic

Re: Agreed Value Insurance Issue

Reply #25 – December 05, 2019, 10:58:26 am

Quote from: Jack Lewis – December 05, 2019, 10:56:43 am

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.

Re: Agreed Value Insurance Issue

Reply #26 – December 05, 2019, 11:16:35 am

Quote from: Jeff & Sandy – December 05, 2019, 10:58:26 am

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.

Re: Agreed Value Insurance Issue

Reply #27 – December 05, 2019, 11:32:56 am

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..

Re: Agreed Value Insurance Issue

Reply #28 – December 05, 2019, 12:13:37 pm

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.

Re: Agreed Value Insurance Issue

Reply #29 – May 19, 2021, 04:04:29 pm

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?

Re: Agreed Value Insurance Issue

Reply #30 – May 19, 2021, 04:59:10 pm

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.

Re: Agreed Value Insurance Issue

Reply #31 – May 19, 2021, 06:26:47 pm

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

Re: Agreed Value Insurance Issue

Reply #32 – June 09, 2021, 01:59:14 pm

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.

Re: Agreed Value Insurance Issue

Reply #33 – June 09, 2021, 03:02:57 pm

Quote from: mkc1962 – June 09, 2021, 01:59:14 pm

New to us 01 recently insured through Good Sam.

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.

Re: Agreed Value Insurance Issue

Reply #34 – June 11, 2021, 08:20:59 am

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.

Re: Agreed Value Insurance Issue

Reply #35 – June 11, 2021, 08:48:02 am

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.

Re: Agreed Value Insurance Issue

Reply #36 – June 11, 2021, 08:55:42 am

I tried unsuccessfully to buy an agreed value policy. No one issues them in NC

Re: Agreed Value Insurance Issue

Reply #37 – June 11, 2021, 10:07:24 am

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

Re: Agreed Value Insurance Issue

Reply #38 – June 14, 2021, 02:20:47 pm

Signed agreed value contract $ 95K with National General Insurance Co , Agent for Good Sam , with Dave Goldstein 216 592 7065

Regards

Klaus

Re: Agreed Value Insurance Issue

Reply #39 – June 15, 2021, 10:37:38 am

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)

Re: Agreed Value Insurance Issue

Reply #40 – June 15, 2021, 04:31:23 pm

Quote from: Lt403 – June 15, 2021, 10:37:38 am

..........
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.

Re: Agreed Value Insurance Issue

Reply #41 – June 15, 2021, 04:56:56 pm

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.

Re: Agreed Value Insurance Issue

Reply #42 – June 15, 2021, 05:02:46 pm

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???

Re: Agreed Value Insurance Issue

Reply #43 – June 18, 2021, 09:17:12 am

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

Re: Agreed Value Insurance Issue

Reply #44 – June 18, 2021, 06:31:09 pm

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.

Re: Agreed Value Insurance Issue

Reply #45 – June 18, 2021, 07:25:23 pm

How much more did you find your agreed/stated value policies cost? Jim

2002 U320

Re: Agreed Value Insurance Issue

Reply #46 – June 18, 2021, 07:59:37 pm

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.

Re: Agreed Value Insurance Issue

Reply #47 – June 19, 2021, 03:16:21 pm

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

Re: Agreed Value Insurance Issue

Reply #48 – June 19, 2021, 05:45:46 pm

Quote from: Journey, Roam, Explore – June 19, 2021, 03:16:21 pm

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.

Re: Agreed Value Insurance Issue

Reply #49 – June 19, 2021, 08:58:31 pm

Quote from: floridarandy – June 19, 2021, 05:45:46 pm

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.

Affiliate Notice