Community Forums

sinjineer · 04-08-2015, 10:24 AM

I got a verbal quote for insurance on our soon to be motorhome 2 months ago. Called to get it all in order for our pick-up Monday and the price doubled

Insurance agent said there was a new law that said they had to cover it based on the MSRP not what we paid for it. That's the most incredible thing I've ever heard.

I think I need to do some quick shopping around. Has anyone run into this????

Skip426 · 04-08-2015, 10:33 AM

Could be just a Florida state law. Are you dealing with an insurance broker, who can give you quotes from multiple companies?

newmarpusher · 04-08-2015, 10:47 AM

Quote:

Originally Posted by sinjineer

I got a verbal quote for insurance on our soon to be motorhome 2 months ago. Called to get it all in order for our pick-up Monday and the price doubled

Insurance agent said there was a new law that said they had to cover it based on the MSRP not what we paid for it. That's the most incredible thing I've ever heard.

I think I need to do some quick shopping around. Has anyone run into this????

Not in NJ. We just got insurance a couple of weeks ago on a new 2015 Ventana. Supplied the paid price for basis of coverage.

VP Chianese · 04-08-2015, 10:54 AM

Quote:

Originally Posted by sinjineer

I got a verbal quote for insurance on our soon to be motorhome 2 months ago. Called to get it all in order for our pick-up Monday and the price doubled

Insurance agent said there was a new law that said they had to cover it based on the MSRP not what we paid for it. That's the most incredible thing I've ever heard.

I think I need to do some quick shopping around. Has anyone run into this????

Get a Good Sams quote. They will supply several. Allied is who we went with.

greystroke · 04-08-2015, 11:08 AM

Mine just renewed and it is based on "agreed value" I use USAA/Progressive.

Mike and Cha · 04-08-2015, 11:36 AM

Our insurance was based on MSRP (thru State Farm), but it is factored in as replacement cost if it is totaled in the first 5 years. Our total premium for the first year was $870, and we got the quote about 3 months before the purchase. This year went up to $890 for the year. I thought this was pretty decent considering the coverage we have, which includes and additional umbrella policy we have over everything we have insured by State Farm. You may want to check with them and see what they offer you.

Mr_D · 04-08-2015, 11:45 AM

We just switched from GS National General to Allied with about the same coverage. Saved us $1,500 a year. Big jump this year due to the much higher value on the 6 yr old Magna over the 13 yr old Dutch Star. They went with actual selling price although that's about $50,000 less than book.

Algoma · 04-08-2015, 11:45 AM

We have "replace with new" on our policy and the company did base the quote on the MSRP, but the increase isn't that much.

GaryKD · 04-08-2015, 11:59 AM

Hi sinjineer,
Insurance prices and laws are based on the zip code of your stated domicile. To get this done quickly and fairly, consider calling Farm & City. They specialize in coach insurance for all 50 states. They are at FCIS Insurance - Iowa Life, Auto, RV and Pet Insurance Company Call them. Do not do an online quote.

HD4Mark · 04-08-2015, 11:59 AM

Our policy is with Progressive and the MH is registered in NY. I called to get a quote to register it in Florida and it more than doubled for the same coverage. Our policy is also "agreed value" because they seem to use Kelly Blue book for the value and it is about $40,000 different from good old NADA.

Jim2 · 04-08-2015, 12:27 PM

The based on MSRP has nothing to do with a law, new or old, its the insurance company and their underwriters own policy that usually always requires if they write your policy as Full Replacement Value, then that full replacement value is the MSRP, They are not going to guess or take the risk on whether they will be able to negotiate the same discount you did.
Sounds like this agent gave you a low ball verbal quote (not unusual) and now he's trying to justify the difference. Get an independent agent who can quote apples to apples from multiple insurance companies.
You have the option of using an Agreed Value type policy, in that case it would be based on what you paid for it, and in the event of a total loss, that's all you get. Note, if the rig is financed, then the Bank may require Full Replacement Value type policy, depending on how big your down payment was.

Quote:

Originally Posted by sinjineer

I got a verbal quote for insurance on our soon to be motorhome 2 months ago. Called to get it all in order for our pick-up Monday and the price doubled

Insurance agent said there was a new law that said they had to cover it based on the MSRP not what we paid for it. That's the most incredible thing I've ever heard.

I think I need to do some quick shopping around. Has anyone run into this????

mikelm48 · 04-08-2015, 12:56 PM

We use Allied, through FCIS. Allied was cheaper than Progressive and more coverage.

JC2 · 04-08-2015, 01:06 PM

Quote:

Originally Posted by GaryKD

Hi sinjineer,
Insurance prices and laws are based on the zip code of your stated domicile. To get this done quickly and fairly, consider calling Farm & City. They specialize in coach insurance for all 50 states. They are at FCIS Insurance - Iowa Life, Auto, RV and Pet Insurance Company Call them. Do not do an online quote.

I also agree with the above recommendation.

We ended up with Allied through them.

Josh2129 · 04-08-2015, 01:25 PM

National General (Good Sams) said they are required to insure replacement cost at MSRP. They also said they cannot insure a coach with an MSRP more than $500,000. This was about a month ago. I went with progressive on the new coach. None of the companies I contacted could quote windshield replacement in Alabama.

John
2015 Newmar Mountain Aire 4503
2013 Jeep Wrangler Moab Edition