Good Sam Club Open Roads Forum: Insurance declared value of used motor home
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 > Insurance declared value of used motor home

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dougrainer

Carrolton, Texas

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Posted: 06/23/20 11:48am Link  |  Quote  |  Print  |  Notify Moderator

doxiemom11 wrote:

A collector car is not insured with the same type of policy that a car or rv is. Unless maybe you have a vintage rv that is 25 yrs or older and in mint condition. Common for base value on a car or rv to start with the manufacturers suggested retail.


My 45 year old Corvette is in mint condition. It is on the same policy as my other 2 vehicles. It just has a rider for the Corvette stating ACV value. The funny thing is, State Farm has a Safe Drive program and when I have to update the odometer on the Corvette(3 or 4 times a year thru my Smart Phone), I have to call my insurance Agent because the State Farm Computer does not recognize the lack of very little increased mileage on the Corvette. Doug

wagonmaster2

northcentral oklahoma

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Posted: 06/23/20 01:21pm Link  |  Quote  |  Print  |  Notify Moderator

Bruce Brown wrote:

Is yours a full replacement policy? If so, they need to insure it for enough to replace it should something happen.


I tried for Full Replacement but no-go on a 5 yr old coach. So they use Actual Cash Value giving the owner no choice.

Roger in VERMONT

Rutland, Vt. USA

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Posted: 06/24/20 03:17am Link  |  Quote  |  Print  |  Notify Moderator

Please do yourself a favor. On our first diesel motorhome we had ACV. We had it in indoor storage. Two years later the facility burned to the ground. The insurance company wanted to give us 1/2 of what we paid. It took us one full year to settle the claim. We did get more than what they originally offered but it was far from what we should have gotten. On the motorhome we purchased to replace it we now have a stated value. We can't live thru that again. Chances are we will never have another total loss but if we do we will get what we paid.


"> 2001 41' Holiday Rambler Imperial
2004 Jeep Wrangler
Weekenders and Loving it!

wagonmaster2

northcentral oklahoma

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Posted: 06/25/20 01:48pm Link  |  Quote  |  Print  |  Notify Moderator

Just called my insurance agent about the Actual Cash Value rating. Boy, insurance companies have more ways to stick to the customer than Carter has little liver pills (my dad's old saying).
In Oklahoma they won't write for a stated value, only ACV, but that premium is based on the new price of the vehicle not the current value when initially insured. The premium is based on original new price of $402,000 where as ACV right now for 4 yr old coach is between $250,000-$260,000, which is probably about what payment would be for total destruction.

In another state, and wasn't given any examples, I could tell them exactly how much I wanted it insured for but not Oklahoma. No idea who sets these rules.

Appreciate all the ideas from you'all.

jumanjii1

Richmond, VA

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Posted: 07/12/20 03:41pm Link  |  Quote  |  Print  |  Notify Moderator

Allstate only charges me $600 a year for full coverage up to $375,000.

doxiemom11

Paris Michigan

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Posted: 07/12/20 04:22pm Link  |  Quote  |  Print  |  Notify Moderator

Each state may be a little different and if multiple vehicles are insured under the same policy number in TX, that is not the norm. Usually, each vehicle or rv has it's own policy. After all, each has it's own value. If ACV will not exceed the cost price new, then that means that you can be paid up to the amount based on the condition of your particular coach. You take care of yours it's going to be worth more than someone with the same coach who does not. The ACV up to retail allows for a higher payment to you based on your coach's condition and mileage.

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