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Old 10-29-2020, 11:54 AM   #1
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Insurance

Has anyone found a carrier which will agree to insure on agreed value (what you paid) rather than replacement value. Any info would be appreciated
Thanks in advance...Mitch
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Old 10-29-2020, 11:57 AM   #2
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We have Nationwide through FMCA and our agreed upon value is based on what we paid. I actually sent them a copy of the finance agreement to establish the value.
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Old 10-29-2020, 12:01 PM   #3
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I have The Hartford. They go by agreed value which is the purchase price BUT pay out on market value. Right now I'm paying for the used price of $349,000 but might only get $250,000 if totaled.
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Old 10-29-2020, 12:44 PM   #4
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Progressive does both agree and full replacement for the first 5 years. Replacement being the higher of the two policies.
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Old 10-29-2020, 12:59 PM   #5
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They go by agreed value which is the purchase price BUT pay out on market value.
So given the current market, 2x what you paid!
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Old 10-29-2020, 01:17 PM   #6
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Progressive does both agree and full replacement for the first 5 years. Replacement being the higher of the two policies.
I think full replacement only if you buy it new. Might need to be continuously insured with Progressive from new as well.
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Old 10-29-2020, 02:00 PM   #7
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I think full replacement only if you buy it new. Might need to be continuously insured with Progressive from new as well.
That is correct. Progressive will only cover Agreed Value if you are the original purchaser of a new, untitled coach. On our previously-owned, 2018 Cornerstone, I was able to get Agreed Value (read: Purchase Price) from National General (aka: Good Sam Insurance).

EDIT: I have been a Progressive customer for better than 8 years, with 3 passenger vehicles, and previous Class A MH's. That had no bearing on my being able to get Agreed Value on this 2018.
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Old 10-29-2020, 04:44 PM   #8
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I think full replacement only if you buy it new. Might need to be continuously insured with Progressive from new as well.
That is true and you are locked into them for the 5 years. In the "old days" many carries had full replacement cost in the first 5 years of ownership, but those days are long gone. Progressive is also the only one that will exceed $400,000.
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Old 10-29-2020, 07:29 PM   #9
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I have done it for years. I call it "Stated Value". I think the industry also calls it Stated Value. The last 3 campers were with State Auto and now Eire. I normaly buy them right. So I use a stated value higher than my purchase price.
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Old 10-30-2020, 12:25 PM   #10
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Quote:
Originally Posted by Mr_D View Post
I have The Hartford. They go by agreed value which is the purchase price BUT pay out on market value. Right now I'm paying for the used price of $349,000 but might only get $250,000 if totaled.
If they are only agreeing to pay market value then that is all you should insure it for. I would research (or ask the insurer) the market value and have them adjust your policy value down to that. Why pay higher premiums based on a value that they will not pay for?
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Old 10-30-2020, 01:11 PM   #11
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I have Geico and have a Agreed Value policy. We set the AV at the purchase price I paid for a 2 year old RV. I have had this for almost 4 years now. Next year I may change to Market Value to reduce the premium.
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Old 10-30-2020, 01:22 PM   #12
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We are insured with Progressive on an agreed-value policy. They issued the policy with no problem.
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Old 10-30-2020, 01:47 PM   #13
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Quote:
Originally Posted by Mitchdb View Post
Has anyone found a carrier which will agree to insure on agreed value (what you paid) rather than replacement value. Any info would be appreciated

Thanks in advance...Mitch


Try calling FMCA insurance if you are a member. They can walk you through all the process and get quotes from various companies.
They are very helpful.

(877) 589-3599,
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Old 10-30-2020, 01:58 PM   #14
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Insurance

Quote:
Originally Posted by brobox View Post
That is true and you are locked into them for the 5 years. In the "old days" many carries had full replacement cost in the first 5 years of ownership, but those days are long gone. Progressive is also the only one that will exceed $400,000.

Chuck,
Not true. We have full replacement for 5 years and full purchase price for an additional 5 years with National General. I also exceed the $400,000.
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