Insurance

L

Long Truong

Junior Ranger
Hi all,

We are the new owners of #410, a 2011 560 Ultra. I just wanted to give everyone a heads up that I was able to get Agreed Value coverage ($17,000, how much we paid for it) on our new-to-us trailer from Roamly for only $297/year. By comparison, Progressive quoted me ~$350/year for Actual Cash Value coverage. I thought this was a pretty tremendous deal and I wanted to let y'all know about it.

Cheers!
 
That's great, I wasn't even able to find anyone that would insure it's "actual" value. I'm going to look into this, thanks for posting! Welcome to the CI family! You're going to love it.
 
Gary & Janine said:
That's great, I wasn't even able to find anyone that would insure it's "actual" value. I'm going to look into this, thanks for posting! Welcome to the CI family! You're going to love it.
Click to expand...

Thanks! We're lucky since we just bought it, they are willing to go off of our purchase price. If you purchased a while ago, you may have to have it appraised. Good luck!
 
I have a progressive policy. If your trailer is under a year old they will insure it for replacement value for 5 years. Meaning if you bought it for $10 and after 4 years they sell for $20 you get a replacement trailer if your trailer is destroyed or something. They do not give you the funds but pay for a new trailer. After 5 years they pay out original purchase price for as long as you own the trailer.

=Cosmo
 
CosmoWeems said:
I have a progressive policy. If your trailer is under a year old they will insure it for replacement value for 5 years. Meaning if you bought it for $10 and after 4 years they sell for $20 you get a replacement trailer if your trailer is destroyed or something. They do not give you the funds but pay for a new trailer. After 5 years they pay out original purchase price for as long as you own the trailer.

=Cosmo
Click to expand...
This is what we just found out. I didn’t know it was like that. Maybe it’s been that way for a few years, I don’t usually read the fine print and we bought ours in 2018, I came here to see if that was typical. I tried to explain that they don’t depreciate like typical campers , but it didn’t matter. Oh, well.
Jenny
 
GOod question -- and @Cary Winch may be able to add some wisdom to this....

What is your experience or things you've seen? Any "agreed value" providers like they have for classic cars?
 
When new we always recommend a full replacement policy like Cosmo discussed. But as he pointed out this will only be able to be continued for so many years from new. At that point then I would recommend discussing a policy for an agreed value (ACV) (actual cash value) on the camper. This is achieved by either consensus or an appraisal. As Sweeney pointed out, it would be very similar to a collector car policy. Likely will be a tad more expensive but still reasonable and probably less than the original full replacement policy because the value has gone down since then.

I talked with two customers yesterday about this very thing. One customer with a 2008 who has owned it since new who was needing to get a ACV valuation on his camper from us so he could set the price with his insurance. The other conversation was with a customer who recently bought a 2003 and brought it to us for service. We discussed insurance. In his case his insurance agent just asked what he paid for it, he told him what he paid for it (it was around $6K) and they set the insured value at that amount. His insurance was about $200 annually which is a bit high compared to a full coverage policy which would likely be under $100 on something in that price range but the full coverage policy would be useless in the case of a total loss on our campers so it was the right cost.

The big take away is to not ask for "full coverage". This is just never the right policy for something with a low production volume like a teardrop camper. The issue comes when there is a significant claim. The insurance will seek out "comparables" to estimate the value at that time. They will search all the regular online sources for used RVs and guess what they won't find. Then they start using other brands and such that are not even close to comparable and they will start throwing some very low values at you that you know are not correct creating a frustrating experience. Full replacement will typically get the factory involved to determine what the replacement cost is and an appraisal policy will use the agreed upon value on the policy.

Cary
 
I guess as long as they are willing to keep it at purchase price as long as we own it, I’m ok with that if I have to be. The bill we just received was for $422 for the year, at a $30,000 value. Probably easier than starting over, and the price would likely be higher anyway. I just didn’t know. When I asked our agent she said 5 years is good, a lot of companies will only do full replacement value for 2 years. Hopefully we will never have to use it.
 
I have my 560 insured through the Auto Club which also has my car and homeowners insurance. So there are some discounts involved for multiple policies. My annual premium for the 560 is $177 which is just paid today for the next year. It is combined with the car policy but broken out separately. There is $1,000 comprehensive and $1,000 collision deductible.

I honestly don't remember what the covered value is but I can guarantee I didn't cheap out and went for the best coverage I could get. I would have given up any discount and changed companies if the coverage wasn't good. I think it is covered for what I paid for it but I'd have to call to find out and I'm not going down that road.

If anybody is shopping I'd certainly call auto club and see what they offer. I was pleasantly surprised to know I could get good coverage at a good price.

Keep in mind your auto policy will already cover any liability for damage you are responsible for whether you are towing or not. Trailer insurance is not required, it just protects you from the cost of replacing it due to an accident you are liable for.
 
You must log in or register to reply here.
Back
Top