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Old 12-09-2019, 12:15 PM   #1
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Unhappy Partial Accident Damage could "Total" our MH!

While I am very pleased with the performance, durability, and appearance of my 25 year old rig, it appears that the Insurance company could treat a $9,000 repair claim as a "Total Loss"!

Nada says that $8.5k is the Low Retail value of our 1995 CC Magna.

We all know that NADA has no real "market value" data collection system for Motorhomes.

And at $150/hr labor costs $9k in estimated accident repair damage is not a lot!

But, dealers base their trade-in prices on NADA published estimates thereby giving NADA results some credibility.

What have you been able to do to protect your rig from a "Total Loss" settlement from your Insurance Company?
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Old 12-09-2019, 12:27 PM   #2
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Insure your MH for 'Agreed Value' vs 'Actual Cash Value'


Contact your Insurance Agent and rewrite your coverage/policy
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Old 12-09-2019, 12:35 PM   #3
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Insure your MH for 'Agreed Value' vs 'Actual Cash Value'


Contact your Insurance Agent and rewrite your coverage/policy
Yep
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Old 12-09-2019, 01:14 PM   #4
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The usual avenue to take in cases like this is to come up with a value of comparable units sold in your area.

Technically the only purpose of insurance is to make you "whole" in the event of a loss. By definition in this case it's book value, and you agreed to that when you bought the policy. I don't know about RV's specifically but with autos you can up the coverage to whatever value you can establish, and care to pay the premium for. For years I did this with my harley, as it was worth probably 2x book value at the time.

It works the other direction too, unfortunately. In an accident where you're not at fault the other insurance company only pays your loss, book value. You can make the same petition of similar units or have to establish a greater value somehow.

On one claim I had they were going to total my truck but I really wanted to keep it without ending up with a salvage title. Struck a compromise with the agent to only repair the body and I would do the paint. So it cost me out of pocket but that was probably less than additional coverage would've cost over the time of ownership.

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Old 12-09-2019, 01:30 PM   #5
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Quote:
Originally Posted by Old-Biscuit View Post
Insure your MH for 'Agreed Value' vs 'Actual Cash Value'


Contact your Insurance Agent and rewrite your coverage/policy
Not after the fact, as the accident has already happened.
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Old 12-09-2019, 01:31 PM   #6
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Insure your MH for 'Agreed Value' vs 'Actual Cash Value'


Contact your Insurance Agent and rewrite your coverage/policy
AGREE. ACV "coverage" is insurance speak for "we get to decide what yours is worth" and " you'll get what we tell you you'll get".



Not ALL insurance companies write Agreed Value policies, but generally speaking, AV does not cost much more-if any- because both parties know exactly what will be paid if totaled. If repairs exceed the AV, unit is totaled and you MAY get to keep it-but that is their choice.
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Old 12-09-2019, 01:33 PM   #7
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Not after the fact, as the accident has already happened.

Are you sure? I think this was just a hypothetical.
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Old 12-09-2019, 01:48 PM   #8
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As a question then ask your agent to redo the policy.
After the fact then you are SOL
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Old 12-09-2019, 02:54 PM   #9
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When I bought my latest rv, I bought it for approx. half of what the nada value was. My insurance company asked me what it was worth. I told them I needed to put some work into it, and it would be worth what the fair market value was when I was done. They informed me they would only insure it for what I paid for it. I didn't see the relevance of what I paid for it compared to what it was worth. They told me when I was done with my upgrades, to take it to an appraiser, and they would insure it for the appraised value. No doubt my insurance rate would be higher, but if you are concerned about it, that might be an option. In the long run, they just increase your rates anyway, so putting the extra money they would charge away as a self insurance policy is what I ended up doing. If it gets wrote off, and I only get my purchase price back, so be it. Im three years into this rv now, so the savings on the extra insurance is adding up. I guess it depends on how much exposer to risk you are willing to take. They should at least insure it for what you paid, as this would be considered "fair market value" at the time of purchase.
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Old 12-09-2019, 03:52 PM   #10
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I determine the value I want when renewing mine each year. And of course that value goes down but to the dollar value I select. As motor homes age the value is largely determined by the condition which only the owner knows or has a preset number. So if you have more money in it or have a sentimental attachment or whatever you better get something besides ACV insurance
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Old 12-09-2019, 08:37 PM   #11
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Originally Posted by winniman View Post
They should at least insure it for what you paid, as this would be considered "fair market value" at the time of purchase.
Guess this would not work for me as I bought it 18
years ago.
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Old 12-09-2019, 09:40 PM   #12
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I don't think you could touch one for less than 15 to 20k . A 97 listed 37k.
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Old 12-09-2019, 10:00 PM   #13
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Best bet is to insure at a value agreed upon when buying a policy. I have a soft spot in my heart for exotic cars. When I was hit in one the only value they could come up with was the add from when I bought it. After much time, money, and effort I didn't fare well. That's when I learned to insure for a stated value. I hope that you come out ok this time.
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Old 12-09-2019, 10:16 PM   #14
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My MH ins agent told me I could name any price I wanted my MH insured for, and they would charge accordingly; HOWEVER, they would only pay ACV as determined by KBB at time of accident.
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