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10-29-2020, 10:54 AM
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#1
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Junior Member
Join Date: Oct 2020
Posts: 2
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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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10-29-2020, 10:57 AM
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#2
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Senior Member
Join Date: Jan 2013
Posts: 882
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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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John, Laurie & the 2 Schnauzers
2019 Newmar Bay Star 3609
Ford V10 - 24K Chassis
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10-29-2020, 11:01 AM
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#3
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Senior Member
Country Coach Owners Club Solo Rvers Club iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 37,725
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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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2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft, HWH Active Air
Charter Good Sam Lifetime Member, FMCA,
RV'ing since 1957, NRA Benefactor Life, towing '21 Jeep JLU Rubicon Ecodiesel
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10-29-2020, 11:44 AM
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#4
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Senior Member
Entegra Owners Club
Join Date: Apr 2007
Location: SW FL
Posts: 31,720
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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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Chuck in SW FL
Digital 2021 Cornerstone "B"
A "Digital" 2019 Cornerstone "B" Traded
A "Classic" 2014 Anthem 42 RBQ---Sold
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10-29-2020, 11:59 AM
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#5
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Senior Member
Join Date: Oct 2020
Posts: 661
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Quote:
Originally Posted by Mr_D
They go by agreed value which is the purchase price BUT pay out on market value.
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So given the current market, 2x what you paid!
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10-29-2020, 12:17 PM
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#6
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Senior Member
Entegra Owners Club Spartan Chassis
Join Date: Jun 2019
Location: New Hampshire
Posts: 442
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Quote:
Originally Posted by brobox
Progressive does both agree and full replacement for the first 5 years. Replacement being the higher of the two policies.
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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.
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2019 Entegra Reatta 39BH
2018 Winnebago Minnie Plus 27BHSS, "Raspberry" (retired)
2017 Ford F-150
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10-29-2020, 01:00 PM
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#7
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Member
Join Date: Sep 2019
Location: Southeast Florida
Posts: 70
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Quote:
Originally Posted by schad
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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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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Eric & Shannon
2018 Entegra Cornerstone (45A) - "Dolphins Tale"
2020 Jeep Gladiator Rubicon - Launch Edition
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10-29-2020, 03:44 PM
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#8
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Senior Member
Entegra Owners Club
Join Date: Apr 2007
Location: SW FL
Posts: 31,720
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Quote:
Originally Posted by schad
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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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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Chuck in SW FL
Digital 2021 Cornerstone "B"
A "Digital" 2019 Cornerstone "B" Traded
A "Classic" 2014 Anthem 42 RBQ---Sold
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10-29-2020, 06:29 PM
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#9
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Senior Member
Monaco Owners Club Freightliner Owners Club Holiday Rambler Owners Club
Join Date: Sep 2019
Location: Thornville, Ohio
Posts: 3,687
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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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Art & Joyce
Thornville, OH
Kia Soul pushing a 36' DP Endeavor
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10-30-2020, 11:25 AM
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#10
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Senior Member
Entegra Owners Club
Join Date: Nov 2012
Posts: 8,137
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Quote:
Originally Posted by Mr_D
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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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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Marc and Jill, Wellington FL
2013 Entegra Anthem 44SL
2018 Lincoln MKX
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10-30-2020, 12:11 PM
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#11
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Senior Member
Join Date: Feb 2015
Posts: 1,951
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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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2015 Itasca Ellipse 42QD
2017 Jeep Wrangler Rubicon Hard Rock
2011 Harley Davidson CVO Street Glide
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10-30-2020, 12:22 PM
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#12
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Senior Member
Join Date: May 2019
Posts: 2,392
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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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Richard
1994 Excella 25-ft (Gertie)
1999 Suburban LS 2500 w/7.4L V8
1974 GMC 4108a - Custom Coach Land Cruiser
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10-30-2020, 12:47 PM
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#13
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Member
Join Date: Mar 2017
Posts: 83
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Quote:
Originally Posted by Mitchdb
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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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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10-30-2020, 12:58 PM
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#14
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Senior Member
Join Date: Apr 2004
Location: Stillwater, Ok
Posts: 4,812
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Insurance
Quote:
Originally Posted by brobox
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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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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2020 New Aire 3543
2018 Lincoln MKX
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