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Old 08-11-2022, 06:34 PM   #1
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Insurance

So, considering changing our insurance provider.

The question of value of our unit came up.

I said "that's a difficult question to answer. With the RV market as hot as it is, and new RV costs... It didn't lose value, if anything it Gained!"

Thoughts?

I bumped the value of our unit to 175k. May consider 200k.
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Old 08-11-2022, 07:27 PM   #2
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Do it soon. Values are falling fast
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Old 08-11-2022, 08:35 PM   #3
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Quote:
Originally Posted by Monkey21144 View Post
So, considering changing our insurance provider.

The question of value of our unit came up.

I said "that's a difficult question to answer. With the RV market as hot as it is, and new RV costs... It didn't lose value, if anything it Gained!"

Thoughts?

I bumped the value of our unit to 175k. May consider 200k.
Be sure to ask them what they’ll give you if you have a total loss even if you had it insured for a higher amount.
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Old 08-11-2022, 08:53 PM   #4
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Have you looked on sales websites like RV Trader and other dealer websites for comparable units to check recent asking prices? Also NADA or other book values? If so, you have your answer.
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Old 08-11-2022, 09:17 PM   #5
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I did “stated amount” rather than cash value. Only comes into play in a total loss.
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Old 08-12-2022, 06:32 AM   #6
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Interesting topic as I recently called to raise my coverage due to the addition of solar and lithium to the rv. I got the same vague answers on what it would be worth and how it would get paid out.

Curious what others have found.
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Old 08-12-2022, 07:57 PM   #7
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Since we're full-timers and this is our home, we chose to go with Full Replacement Value when we first bought the coach (I based the value on adjusted MSRP and added options). Certainly costs a bit more but we have some peace of mind, regardless of how the market fluctuates. As time goes on, we may shift to Stated Value, but Progressive wants an appraisal for that option and I'm not ready to pony up for the costs associated.


I keep current on value using NADA numbers + non-listed options (@ 30% of purchase price). I also review (the very few) similar rigs in RVTrader for comparison. Somewhere in there is a reasonable figure.
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