Insurance premium increases for RV's

[wagonmaster2]

I've had my motor home (36' DP) with National Interstate for several years now and they've always increased the premium a little bit every year but I just got my next years renewal and it went up 24.5%. Still just a little in shock.

I called GMAC considering all the ads I've received from FMCA and they can save me about $450 per year but it means giving up Total Loss Replacement which since my coach is over 5 years old means it's Total Purchase Price as apposed to getting just the Actual Cash Value (could be as much as $60,000 difference). Since I've been with National Interstate long enough I can retain Purchase Price as long as I keep the policy.

Also my Deductibles have completely disappeared at National Interstate now so to change companies I give up Total Purchase Price replacement in case of Total Lose and have to start my $500 deductibles all over again, to save $400-$500 per year.

Question: In your opinion is this a decent deal, and also, what companies are you'all using that aren't jumping your premiums outragiously? When I called about the horrifically large increase I was just told it was an across the board increase for everyone. Not much help.

[LVJ58]

We've been insured with Foremost Ins. Co. now for 17 years, during which time we've submitted several claims that were honored in a timely & professional manner and completely hassle free.

To date, we've never had a premium increase. Our annual premium is $811 which may consider high by some, but then we have $250 deductible for full coverage including emergency road service on both our coach and toad.

Best of luck on your search for a reasonable insurance provider...and safe travels..

[stink]

Lvj58. I too have foremost with similar coverage. Never had a rate increase either.

[Gary RVRoamer]

I've been with National Interstate for 8 years and haven't had a rate increase more than $5/yr, except when we bought a more expensive coach. Not even after a major accident cost them $50k on my collision.

Maybe they are having problems in your state, driving the rates up?

[wagonmaster2]

Originally Posted by Gary RVRoamer

I've been with National Interstate for 8 years and haven't had a rate increase more than $5/yr, except when we bought a more expensive coach. Not even after a major accident cost them $50k on my collision.

Maybe they are having problems in your state, driving the rates up?

Hi Gary. Your experience with National sounds about like mine but you've been with them a shade longer than I have. My renewal comes up the middle of January is the reason I've received a renewal notice. Don't know when your next renewal will be but better watch it pretty close. Guess I didn't think to ask my agent if the general increase was just for certain areas or all of Interstate's coverage. She is going to check on the premium for the same coverage with Allied (never heard of them) and Progressive (which in my experience usually is one of the highest priced).

[wa8yxm]

Well I don't get my new rate till mid-summer, but last year it went DOWN. Nationwide.

[3wheeljunkie]

We have national interstate and renewed in oct (tx) and ours did not increase.
I had progressive before that and the first year was good and increased every year until we switched . Good luck

[tncruiser]

i would think the fact that you have stated value replacement coverage is the reason they are giving you 60k coverage on somthing that doesnt exist
if toataled your coach can be replaced for "x" you are insuring for "x+60k" and the gap grows larger every year, what your ins co. is telling you is we dont want the exposure
brianj

[Lincolnboy2]

I tend to agree with tncruiser, however; its all speculation without talking to the underwriter that handles your policy directly.

I did take about a 5% increase this year over last with National Interstate, but it was still the cheapest compared to Allstate and Progressive. I have only had the policy since June of 2011 so I am not able to give much history.

Keep us posted. I'd like to know how this comes out. Good luck!

[pcurt23]

I have had GMAC for quite a few years. The rates have gone up each year by a little. But you are correct about the RV coverage and the companies "make it expensive to change". I wonder if others would insure for the original purchase price of the coach for an additional fee. You can do that with old cars.

[GaryKD]

Hi wagonmaster2,
I feel your pain. When shopping for insurance, one can get an agreed to value (purchase price) from just about any carrier. Have your sales receipt to justify the value. So one doesn't loose anything by switching companies. As to deductibles, I could care less. I have $1K deductible. For me insurance is a PITA and waste of my $s. Disappearing deductibles are sleeves out of the Insurance company's vest. Go for the cheapest you can find.

The comments about Foremost Ins. Co. sounds like I need to give them a try at renewal time.

[ksg5000]

My rates go down every year - as does the value of the rig and the exposure of the insurance company.

Suggest you shop around and get "apples to apples" comparison - pegging an artificial value is part of the problem - if that's something you think is critical then it's going to cost you more.

[deandec]

Well, you are paying the insurance company to reimburse all your depreciation costs if the rig is a total loss in an accident.

Since depreciation runs 5% or more per year, that would be a good deal, if the event happens, in terms of ante and pot. But the odds of collecting are hopefully against you.

But, why insure something for more than it's value for an event that may never happen?

[UFO Pilot]

I have used GMAC for almost 7 years and not a single increase in rates. I keep expecting it to happen but so far it hasn't.