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Old 02-28-2015, 10:12 AM   #15
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I'd be shopping another lender.
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Old 02-28-2015, 11:21 AM   #16
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I am puzzled because I have all my cars, motorcycles and home insured by State Farm but they tell me they do not insure motorhomes. I also have the full replacement for 5 years and my rate for the year is just about the same as yours.

No where in the documents does it mention the deductible amount I need. The dealer called me and said the bank will fund if I go with the $2,500 deductible now. This is just crazy. Stay tuned for the follow up.
I would recheck with your agent, it doesn't sound right, and I think your agent is wrong. I have had State Farm since I was 16, and like you currently have everything we own, our house, 4 vehicles,rentals and an umbrella policy thru them. They never even hesitated on the MH insurance and this is the third RV plus a boat that I have insured thru them over the years. My policy states right on it that it is a MH. We both live in California so it can't be a jurisdictional thing. Good luck.
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Old 02-28-2015, 08:43 PM   #17
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High Deductible and Funding

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I paid up front 50% for this coach and Progressive Ins. gave me a $5,000 deductible to keep rates down.. .....The bank now will not fund the balance of the loan because of my high deductible and they want me to lower it. I told them I will not do so as it will raise my rates $200 a year. We are now at a stand off......:

I am confused. If you can pay 50% down, and live with a $5000 deductible, then you've got some cash flowing. Yet you refuse to go to a lower deductible because it will raise your premium by $200 p/a. What am I missing here? Heck man, you could blow $200 the next time you go out for dinner with the family, but you're willing to risk your equity, your coach, and your credit rating over it. Please tell me I'm missing something significant here.
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Old 02-28-2015, 10:51 PM   #18
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If you get a nick on your credit from confusion on the payments, you'll see your insurance go up again. As others have stated, there are required limits of insurance by any company making vehicle loans. You need to comply, because you won't like the price of the policy they will issue.
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Old 03-01-2015, 06:18 AM   #19
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like someone else stated $200 is a drop in the bucket as far as a expense on one of these things goes. I understand the fact that you are looking to cut down all the costs you can but here is when you need to pony up the cash.


I also have State Farm on my coach, only thing they wanted from me was if I drive it over 6500 miles a year my rate would go up. they have never checked me but I do not come close to it anyway
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Old 03-01-2015, 08:53 PM   #20
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I also have State Farm on my coach, only thing they wanted from me was if I drive it over 6500 miles a year my rate would go up. they have never checked me but I do not come close to it anyway
I have State Farm too, they put my mileage at 7500 per year. Knowing some years I may actually go over that I asked what happens then, and was told it would only increase my yearly premium by $80. They did actually check this year but we were under the 7500, so no increase. It's all a part of doing what you love and pay what it takes.
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Old 03-03-2015, 08:49 AM   #21
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I have been out of town in the coach for the last 3 days so no responses. I appreciate all of the concern about my credit and the amount of money needed to fix this. I have done nothing to harm my excellent credit, the bank has not funded the loan yet and I have mentioned I have never received any final papers which is why we are working on getting this resolved. It also is not about the money, it is the fact that this dealer has lied to me about several situations and now this comes up. There is nothing in my paper work regarding insurance deductibles and as far as I am concerned they should know what their lenders require up front, not after I take possession of the coach and get it insured as they did require. I have also learned on this thread that State Farm does insure coaches and now I am going after my agent to see why he has been telling me different. I get tired of games and run arounds and I will get this resolved once and for all and give an update when I finalize this.
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Old 03-04-2015, 08:18 AM   #22
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I would recheck with your agent, it doesn't sound right, and I think your agent is wrong. I have had State Farm since I was 16, and like you currently have everything we own, our house, 4 vehicles,rentals and an umbrella policy thru them. They never even hesitated on the MH insurance and this is the third RV plus a boat that I have insured thru them over the years. My policy states right on it that it is a MH. We both live in California so it can't be a jurisdictional thing. Good luck.
I contacted my agent and he now tells me that they do insure motorhomes. I have asked him over several years and I always got the same answer and that was no we do not. That is the only reason I have Progressive. 3 motorcycles, Jeep, 2 cars and a pick up truck along with my house yet they would not insure a MH. Like the dealer I bought my coach from, I have not been very satisfied with my agent for more than one reason.
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Old 03-04-2015, 11:49 AM   #23
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I just got a call from the dealer who says the bank has now accepted the deductible I have and will move ahead and fund the loan. I have not even had the chance to make any changes to my policy so nothing has changed on my end but the finance guy at the dealer has been working to get this resolved and it has finally paid off. I will still be comparing the rates and coverage between State Farm and Progressive. I appreciate all of your input.
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Old 03-04-2015, 12:04 PM   #24
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It would seem to me that if you have paid for 50% of the coach the deductable should not matter much to the bank. Has to be a clerical/stupid rule that applies to the small down payment loans and is being applied to everything.
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Old 03-17-2015, 01:15 PM   #25
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Man what a write up. I to will follow up with my State Farm.
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Old 03-17-2015, 01:21 PM   #26
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We just bought the Magna, one of the requirements was a max of $1,000 deductible. We carry $250 and $500 depending on the coverage type.
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Old 03-19-2015, 05:04 PM   #27
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I thought I would update this thread. State Farm is about $40 a year less but that is with the $1,000 deductible. I think I will stay with Progressive for now since I have the disappearing deductible at this time so if I ever need to make a claim I will use Progressive and then switch over to State Farm.
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Old 03-19-2015, 05:14 PM   #28
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Why would the bank even care what my deductible is as long as the coach is insured?
Had the same discussion when I financed a car through CarMax. I usually carry a $1,000 deductible but their lending rule required $200. Their concern is that IF a wreck occurred that I'd be able to meet the deductible and get the car fixed in a timely manner. I only financed 1/2 the vehicles price, payments were really low.
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