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Old 10-05-2021, 06:51 PM   #1
NXR
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Insurance: Replacement cost in the era of increasing motorhome prices?

We have replacement cost insurance on our motorhome when purchased new two year ago and the replacement cost is set as the "agreed upon" value in the policy which was the original purchase price without taxes.

Since even our two year-old motorhome has asking prices between $20,000 and $30,000 more than our purchase price I asked the insurance company how "replacement cost" will work, since non-depreciation has never occurred before.

They advised we need to get some estimates of what our motorhome would cost to replace today in as near a close configuration as we currently have and then have the "agreed upon" value changed with an increase in premium.

I'm OK with that part but how he heck do you get that value? The best they could do was to ask the dealer but they are primarily a Jayco dealer and sell very few Georgetowns. Even if I got a quote for a new 2022 they are not equivalent due to the V10 versus V8 changes.

Has anyone else gone through this exercise? If so, what was required of you?

Thanks,

Ray
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Old 10-05-2021, 07:08 PM   #2
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Does your insurance have a 'Full Replacement Cost' option/rider?

.... as near a close configuration ....
...V10 versus V8 changes.


Sounds like as Close Configuartion you can get seeing as Models change throughout the years
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Old 10-05-2021, 09:27 PM   #3
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just had this conversation with my State Farm agent. My insurance policy is to pay the current value so I can replace my RV with one that is the same model, year, and options that I have now.
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Old 10-06-2021, 06:26 AM   #4
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Originally Posted by kenbo800 View Post
just had this conversation with my State Farm agent. My insurance policy is to pay the current value so I can replace my RV with one that is the same model, year, and options that I have now.


I think what op was talking about with replacement cost is, on new rigs less than 5 years old if it gets totaled you get a new one even though they cost more now. I believe your policy gives you book value and if you can find one for they same value then all good. Just guessing.
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Old 10-06-2021, 09:30 AM   #5
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I would go back to the dealer that sold me the rig and ask them to work up a MSRP cost quote for the current model year as close to your current configuration as possible. If a certain feature is not longer available than use the closest option available that provides the same function. Basically take your original bill of sale back to the dealer and ask for an update cost as if you were going to buy a new coach tomorrow with cash and without a trade in.

And you want the "out the door" price which will includes all the add on costs such as delivery, dealer prep, state taxes, registration fees, extended warranty (if you have one now),,,. Insurance might reject a few of the added line items but you won't know unless you ask.

And I'm sure if you arrive early in the day with a box of fresh donuts they would be more than happy to help with the quote. Skip the coffee as they will have plenty. Every see a dealership without a coffee pot?
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Old 10-07-2021, 07:15 AM   #6
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Thanks for the suggestions, folks. I was leaning towards doing what Sweetbriar said but I didn't think of the donuts.

The insurance agent explained to me that I should consider "replacement cost" as similar to home insurance. There has to be an "agreed upon" value for the house to cover rebuild costs in the event of a total loss because that's what the premium is based on. While my home insurance says it has a 20% buffer above the insured value, the motorhome policy does not.

If you folks have both an "agreed upon" value and "replacement cost" it might be worth a query to your insurance agent to see if the same thinking is used by them.

All of my insurance (cars, home, motorhome, umbrella, etc.) is provided by Westfield Group for the bundling savings. They have a stellar reputation and are locally headquartered. This may just be a thing with them or not.

Thanks again,

Ray
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Old 10-07-2021, 10:47 AM   #7
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I think what op was talking about with replacement cost is, on new rigs less than 5 years old if it gets totaled you get a new one even though they cost more now. I believe your policy gives you book value and if you can find one for they same value then all good. Just guessing.

You are correct. I didn't realize there even is a policy that will replace your used 5 year old RV with a new current year RV. Sounds like a way for less than honorable people to get new RV's every few years
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Old 10-07-2021, 12:13 PM   #8
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Full Replacement Value coverage means you get the same or equivalent model, comparably equipped, and of the same or newer model year. Regardless of cost. That protects you from depreciation of your RV as well as inflation of prices.



A variation of that is called Purchase Price Protection, meaning that the insured value is what you originally paid for it. That protects against depreciation, but does not protect against inflation in RV prices.


Most such policies are issued only for RVs less than 5 years old, i.e. for years 1-4. At year 5 some limit kicks in (read the fine print in the policy!).
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