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Old 10-23-2020, 03:51 PM   #1
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Insurance...Agreed Value is possible.....

It will cost more but an agreed value payout for your total loss motor home is possible from some insurance companies.



It will be a separate rider or form in in your policy.


FYI
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Old 10-23-2020, 04:19 PM   #2
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My standard policy from Progressive is an agreed value policy, as was the previous policy from Safeco. Further, if you insure for more than the agreed value you only receive ACV as determined by the ins. company actuaries.
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Old 10-23-2020, 06:49 PM   #3
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For several years I carried acv at the amount I paid when new. When researching for a lower rate I realized my MH wasn’t worth what it was when new”duh”. By lowering it to a realistic value it lowered my premium considerably.
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Old 10-24-2020, 01:12 PM   #4
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There are usually three choices for collision and comprehensive coverage: (1) Actual Cash Value (ACV), (2) Agreed value, and (3) Purchase Price protection. ACV is market value at the time of the loss; Agreed Value is some specific $ amount stipulated in the policy; Purchase Price is the amount shown on your original sales invoice. For Agreed Value and Purchase Price, that is the predetermined amount you will receive if a total loss occurs.

Purchase Price coverage is often limited to the first few years of ownership, maybe 5 years. Agreed Value may have limits on the amount, e.g. they insurer may not allow you to buy $1M loss coverage on a coach with a $5k market value. An ACV policy often has a maximum value stated, typically the amount you paid for the RV or its value at the time the policy was written. That's not the same as an "Agreed Value" - you do not receive that amount in the event of a loss. It is however, likely to be the amount that your premium is based on.
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Old 10-24-2020, 09:31 PM   #5
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Quote:
Originally Posted by Gary RVRoamer View Post
There are usually three choices for collision and comprehensive coverage: (1) Actual Cash Value (ACV), (2) Agreed value, and (3) Purchase Price protection. ACV is market value at the time of the loss; Agreed Value is some specific $ amount stipulated in the policy; Purchase Price is the amount shown on your original sales invoice. For Agreed Value and Purchase Price, that is the predetermined amount you will receive if a total loss occurs.

Purchase Price coverage is often limited to the first few years of ownership, maybe 5 years. Agreed Value may have limits on the amount, e.g. they insurer may not allow you to buy $1M loss coverage on a coach with a $5k market value. An ACV policy often has a maximum value stated, typically the amount you paid for the RV or its value at the time the policy was written. That's not the same as an "Agreed Value" - you do not receive that amount in the event of a loss. It is however, likely to be the amount that your premium is based on.
Thanks for the explanation Gary, I got all tangled up in words, none of which were completely correct.
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