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tom chelbana · 10-14-2019, 06:59 PM

We just received our new RV insurance renewal which was higher then last year which we expected because we live in California. When we called on the renewal cost we found out something important policy holders should know. The Progressive agent said they don't lower your RV value each year and that the policy holder would need to notify Progressive of the current value of their coach. With our 18 London Aire current value down from new, they lowered our premium over a 1,000 dollars by using the current value. If we had not called them and lowered our coach replacement value the premium would have been more. The agent said you have to notify them each year with your current value to get your coverage correct. Might be worth the contact with Progressive to see if you can rate adjustment.
Newmar Man

THenman · 10-14-2019, 07:06 PM

Our bill also went up a lot this year but when I looked at new prices I realized it was due to having replacement(?) coverage. (First 5 years = money for new coach if totaled.)

Wow have prices gone up in a couple of years!

Tom

gchapell · 10-14-2019, 07:17 PM

Quote:

Originally Posted by tom chelbana

We just received our new RV insurance renewal which was higher then last year which we expected because we live in California. When we called on the renewal cost we found out something important policy holders should know. The Progressive agent said they don't lower your RV value each year and that the policy holder would need to notify Progressive of the current value of their coach. With our 18 London Aire current value down from new, they lowered our premium over a 1,000 dollars by using the current value. If we had not called them and lowered our coach replacement value the premium would have been more. The agent said you have to notify them each year with your current value to get your coverage correct. Might be worth the contact with Progressive to see if you can rate adjustment.
Newmar Man

Does this affect the payout if you total it? Or is there replacement cost available(like with contents on your home-Depreciated vs. replacement)?

CaptainGizmo · 10-14-2019, 07:33 PM

$1,000 lower? YIKES! That would be a 50% reduction for us on our ‘19 DS with GEICO.

Is your premium that much higher than our’s?

I’ll have to call them and see though.

spuds · 10-14-2019, 07:53 PM

If you had replacement value coverage and you are now at actual cash value, understand what other terms have changed. That ACV coverage might only provide wholesale-value rather than retail-value.

One cannot get replacement value coverage back if given up. Sometimes it's worth it to keep it, especially if you were to want to actually replace the coach if it was totalled.

TXTiger · 10-14-2019, 09:07 PM

I’m with Geico. I got stated value coverage. I told them I wanted what I paid for my used Class A when I purchased it as the amount of coverage. That way if it was totaled I would get back what I paid and not a depreciated amount. I have $500,000 liability, $300,000 full timers coverage, $1,000 deductible and with my Jeep included I only pay about $2,200 per year.

Winepress · 10-14-2019, 10:06 PM

I switched coverage this year after a big increase. Found coverage with agreed value. Not as good as replacement cost, but much better than ACV. I insured my coach for the value I paid for it. In the event of a total loss, a lot of folks are surprised when the insurance company will only pay the actual value and not replacement cost.

GypsyR · 10-15-2019, 08:39 AM

A thousand lower, jeezus, how much are you paying?

I called Progressive once for a quote on some motorcycle insurance since it was about time to renew. They quoted me right at ten times as much as I was paying an off-brand company for the same coverage. After I picked my jaw up off the floor I renewed with my original carrier.

tom chelbana · 10-15-2019, 10:01 PM

When we purchased the London Aire we had a hard time finding a insurance company to sign up for. Most said 300K was their limit and went with a agent who handles many companies and that is how we got Progressive. Insurance rate was 2500 hundred for 1st two years and then when the new renewal came it jumped to 3500 hundred but if we lower the replacement value to the current value the rate would be over 1000 less. We decided to to take the current replacement value and take the discount rather then the new cost for a LA. The big surprise was the large increase for the renewal and we are sure that was a lot do to the fires in California. Just wanted coach owners who are getting rate increases to know they can adjust their coach replacement value and lower their rate.
Newmar Man

GypsyR · 10-16-2019, 08:39 AM

Gotcha. If you have a low deductible that doesn't seem too bad.
Years ago the company I had motorcycle insurance through was based in Florida. After a whacking great hurricane came through (Andrew?) and devastated a lot of stuff, they went bankrupt. I got a notice in the mail sometime later that another insurance had picked up my policy as the prior company quite frankly no longer existed. I never really thought an insurance company could go down the tubes like that before then. Worried me a bit. Once a company has paid out basically all they have, what about the policy holders who still have unpaid claims? Bad situation.