Journey with Confidence RV GPS App RV Trip Planner RV LIFE Campground Reviews RV Maintenance Take a Speed Test Free 7 Day Trial ×
RV Trip Planning Discussions

Go Back   iRV2 Forums > MOTORHOME FORUMS > MH-General Discussions & Problems
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 09-23-2010, 02:16 PM   #1
Senior Member
 
jeeprubi's Avatar
 
Join Date: Oct 2005
Location: Milan, TN
Posts: 455
Insurance premium and RV NADA Value

If the insurance company that you use for your RV insurance is like mine (Progressive), they use the NADA value of your RV to determine a large percentage of your insurance cost for Comprehensive and Collision.

Due to my stupidity, I had not had Progressive to update the value of my RV for several years and thus I was paying much more in premiums than I needed to.

I just saved about $300.00/year with a simple phone call to my agent and had them update the NADA value on my policy and recalculate my premium cost.

Check your policy to see what value they have you insured for. If it is much higher than what NADA says its worth (as that is what they will use if your RV is totally destroyed), then you might get a significant savings like we did.

My wife and I are now contemplating what we are going to spend the $300.00 on.
__________________
2006 Travel Supreme Select 45DL24
2013 Jeep Wrangler Unlimited Rubicon. 35" tires, 4" lift
jeeprubi is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 09-23-2010, 09:48 PM   #2
Member
 
ZephyrKnight's Avatar
 
Tiffin Owners Club
Join Date: Jul 2010
Posts: 47
So does that mean your policy does not cover "Replacement Cost"???
Because, if that's the case, you only "saved" money if you never need to make a claim...but take it from someone (me) who lost a motorhome to a fire, getting a check for "current NADA value" vs. current NADA REPLACEMENT VALUE is a MONUMENTAL difference...

I "saved" $ Money $ too...and then I made a claim...it barely paid the note.

Just my "2-cents" worth

Bob
__________________
Bob & Melissa
2005 Tiffin Zephyr
Traveling with the kids (w/fur)
ZephyrKnight is offline   Reply With Quote
Old 09-23-2010, 11:07 PM   #3
Senior Member
 
Join Date: Jul 2010
Posts: 872
Good Tip

Quote:
Originally Posted by Scottsdale View Post
If the insurance company that you use for your RV insurance is like mine (Progressive), they use the NADA value of your RV to determine a large percentage of your insurance cost for Comprehensive and Collision.

Due to my stupidity, I had not had Progressive to update the value of my RV for several years and thus I was paying much more in premiums than I needed to.

I just saved about $300.00/year with a simple phone call to my agent and had them update the NADA value on my policy and recalculate my premium cost.

Check your policy to see what value they have you insured for. If it is much higher than what NADA says its worth (as that is what they will use if your RV is totally destroyed), then you might get a significant savings like we did.

My wife and I are now contemplating what we are going to spend the $300.00 on.
We have Progressive. I'm going to check this out. I've watched too many people over the years get way less than what they thought it was worth.

My brother in law's brand new car totalled by another driver. He had a loan to pay. They gave him less than the car cost and he only had it a month. He had to make up the difference out of pocket. It sucked then and it is still going on.

I'm not dissatisfied with Progressive but if THEY think my premium should be less, why argue?

Thanks for making me think about it.
WOODYDEL is offline   Reply With Quote
Old 09-24-2010, 05:02 AM   #4
Senior Member
 
bob109's Avatar
 
Join Date: Sep 2010
Posts: 344
Quote:
Originally Posted by WOODYDEL View Post
We have Progressive. I'm going to check this out. I've watched too many people over the years get way less than what they thought it was worth.

My brother in law's brand new car totalled by another driver. He had a loan to pay. They gave him less than the car cost and he only had it a month. He had to make up the difference out of pocket. It sucked then and it is still going on.

I'm not dissatisfied with Progressive but if THEY think my premium should be less, why argue?

Thanks for making me think about it.
Had your brother in law had GAP insurance he wouldn't have had out of pocket expenses. This insurance is designed to cover the difference between the loan balance and NADA value of the vehicle.
__________________
bob
2001.5 Fleetwood Discovery 37U 330HP Cat
Toad-2008 Yamaha Royal Star Tour Delux
bob109 is offline   Reply With Quote
Old 09-24-2010, 05:32 AM   #5
Senior Member
 
jcthorne's Avatar
 
Join Date: Jan 2010
Posts: 474
Quote:
Originally Posted by WOODYDEL View Post
We have Progressive. I'm going to check this out. I've watched too many people over the years get way less than what they thought it was worth.

My brother in law's brand new car totalled by another driver. He had a loan to pay. They gave him less than the car cost and he only had it a month. He had to make up the difference out of pocket. It sucked then and it is still going on.

I'm not dissatisfied with Progressive but if THEY think my premium should be less, why argue?

Thanks for making me think about it.
Your brother in law got scammed by the other party's insurance company. He was entitled to recover has actual losses, not the book value of the car. His actual loss is what it takes to make him whole. He should have gotten an lawyer if he could not make the claim without one.

When you have a loss against your own insurance, most policies state actual cash value of the vehicle at time of loss. That does not apply when someone elses liability insurance is paying the claim although the insurance companies like to make you think it does.
__________________
38ft 2008 Damon Daybreak 3575 (forward kitchen)on Ford 22,000lb chasis, 242" WB.
jcthorne is offline   Reply With Quote
Old 09-24-2010, 07:28 AM   #6
Senior Member
 
Join Date: Jul 2010
Posts: 872
Quote:
Originally Posted by jcthorne View Post
Your brother in law got scammed by the other party's insurance company. He was entitled to recover has actual losses, not the book value of the car. His actual loss is what it takes to make him whole. He should have gotten an lawyer if he could not make the claim without one.

When you have a loss against your own insurance, most policies state actual cash value of the vehicle at time of loss. That does not apply when someone elses liability insurance is paying the claim although the insurance companies like to make you think it does.

Well, he didn't get scammed. That word didn't exist then. No fault didn't exist then.

He wasn't smart enough to go after the other guy in court.

Gap insurance didn't exist 30 years ago.

Insurance companies have been pulling these "scams" for a good long time which I didn't explain in my example.

Back then getting a lawyer was not as common as it is today.

Please no more solutions about what my brother in law could have or should have done.
WOODYDEL is offline   Reply With Quote
Old 09-24-2010, 07:51 AM   #7
Senior Member
 
bigmichael's Avatar
 
Excel Owners Club
Join Date: Sep 2008
Posts: 352
As Zephyrknight began to touch on, for the most part, none of this applies if your a full-timer. Most of the full-time policys I've seen, provide for full replacement cost during the first 5 model years. Following the first 5 model years, the policy switches to guarenteed oringinal purchase cost.

Thus, the actual insurance company pay-off in the event of total loss has the probability of increasing during the first 5 years, but is still locked in following that. So you will not see premiums decrease, as the $ amount the insurance company is obligated to does not decrease in a total loss, regardless of the current value of the rig.

I don't know if this same kind of policy is sold for non-fulltime use or not. I know before we became full-timers our RV was insured under the "traditional" type, total loss resulted in a pay-off based on current value.
__________________
2013 EXCEL LTD 36RKM
2014 F350 Dually Lariat 4x4
Sir Reginald the Cat who lets Big Mike and Jean travel with him.
bigmichael is offline   Reply With Quote
Old 09-24-2010, 10:33 AM   #8
Senior Member
 
jeeprubi's Avatar
 
Join Date: Oct 2005
Location: Milan, TN
Posts: 455
When I originally bought the motorhome when I lived in Ohio, I got the Full Replacement in my policy from Progressive. When I moved my residency to Texas, Progressive could not/would not give me a Full Replacement. Don't remember the exact conversation 4 years ago.
__________________
2006 Travel Supreme Select 45DL24
2013 Jeep Wrangler Unlimited Rubicon. 35" tires, 4" lift
jeeprubi is offline   Reply With Quote
Old 09-28-2010, 05:47 PM   #9
Senior Member
 
Join Date: Jul 2010
Posts: 872
I checked with Progressive. My policy has "Total Loss Replacement/Purchase Price" for collision and comprehensive. I read all the fine print etc.

This is what it states:

"Total Loss Replacement/Purchase Price

Total Loss Replacement/Purchase Price coverage provides you with a new, untitled RV if your RV is five model years old or less and is deemed a total loss. If an RV older than five years is deemed a total loss, the payout will be the purchase price as reflected on the Declarations page.
The purchase price value includes all permanently attached equipment, tax, title and license. The value should be increased if additional equipment is added. This coverage is only available for new RVs, up to one model year old."


Told my wife, she can stop worrying about no guardrails on those mountain roads!.

The price they charged us is OK.

Thanks for the tip.
WOODYDEL is offline   Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Featured Campgrounds

Reviews provided by


All times are GMT -6. The time now is 10:59 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.