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Old 02-25-2014, 09:58 AM   #1
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GMAC (National General)

Hello I have had GMAC for the last 10 yrs since I bought new a 2003 Monaco Monarch. I wanted to insure it well so I fell for the ads in MH mags GMAC yrs 1-4 full rpl and 5 thru yr 16 Purchase order Price. It seem thru the yrs that has been chipped away but naturally the price grows. Its renewal time next month and I just recevied the paers. Always inclued is privacy BS and newest changes (Chipping away) of the policy. Well I read section D over and over this time. My MH is a 2003 so I thought it would still be a purchase price no questions. Well those BS words actual cash value seems to supercede everything now. Should I quit complaining or what. Would very much like to hear back from a claimant (recent) or a GMAC insurance person. I,m mad I paid for that good coverage all along so if and when its needed I want it., am I stuck with ACV. They doubletalk so much Thanks Jim Athol Idaho Fairbanks Refugee
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Old 02-25-2014, 10:21 AM   #2
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Quote:
Originally Posted by fayjim2 View Post
Hello I have had GMAC for the last 10 yrs since I bought new a 2003 Monaco Monarch. I wanted to insure it well so I fell for the ads in MH mags GMAC yrs 1-4 full rpl and 5 thru yr 16 Purchase order Price. It seem thru the yrs that has been chipped away but naturally the price grows. Its renewal time next month and I just recevied the paers. Always inclued is privacy BS and newest changes (Chipping away) of the policy. Well I read section D over and over this time. My MH is a 2003 so I thought it would still be a purchase price no questions. Well those BS words actual cash value seems to supercede everything now. Should I quit complaining or what. Would very much like to hear back from a claimant (recent) or a GMAC insurance person. I,m mad I paid for that good coverage all along so if and when its needed I want it., am I stuck with ACV. They doubletalk so much Thanks Jim Athol Idaho Fairbanks Refugee
I thought the purchase price valuation was good for the 5th thru TENTH model year, but if your original policy states otherwise, then you should call NG and ask them to keep your original coverage in effect. Please let us know what they say.
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Old 02-25-2014, 11:56 AM   #3
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Hi fayjim2,
You need to get this straightened out with NG. I have a similar policy with Allied (Nationwide). About 1/2 my policy premium is due to the purchase price value for total replacement. As best I know one can not change companies without going to ACV for total replacement. Reading my policy, I do not see a 10 year limit on the total loss replacement coverage.
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Old 02-25-2014, 06:26 PM   #4
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Most replacement cost policies pay ACV after the 5th year, BUT, after you purchase an equal or better repalcement coach, they will then (additonally) pay the difference between ACV and your original invoice price. So you do still have replacement coverage, through however many years they promised. Give National General a call and have them explain their policy to you.

This procedure is pretty standard in the vehicle insurance industry. After the 5th year, they only pay replacement if you actually replace it. This can be a problem if you still have a big loan outstanding. ACV might not be enough to pay off the loan and you probably can't buy a new one until the old loan is satisfied.
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