Basic Montana Insurance

[tjuhl]

My progressive policy on my 2008 3000RK is due soon for $728. I was checking with The Harford (AARP) where I now have my auto-truck and homeowners insurance who say that it would be an add on to the auto policy for a very low rate. They say the libility is covered by the auto policy and any personal effects in the trailer are covered by the homeowners policy. It is the same comp & collison, value and deductable I have now for a unbelievable low price. What am I missing?

[bncinwv]

My Progressive Policy is for FULL replacement (same unit in the latest model year). If the replacemetn policy is for Actual Cash Value, you will be under water with your coverage due to the depreciation when you pulled it off the lot. If the rig is finanaced, you need to consider this and see if GAP coverage is needed. My Progressive policy also has decreasing deductibles for non-claims. Food for thought since I am far from an expert.
Bingo

[Tom S.]

I would want to see it in writing. (Not that I don't trust insurance companies...)

[sgtpp214]

I have had AARP/Hartford for our vehicles and home for about 13 yrs now. Added the Monty when purchased in '04. Have been very satisfied with couple claims on vehicles and the one claim on the Monty. Saved a bundle when I switched from State Farm. This year is the 3rd yr in my cycle of shopping around. I anticipate I will be satisfied with AARP pricing and will remain with them, but you never know.

[Driftwoodgal]

We are insured with State Farm on an auto policy in the state of Texas. At our last renewal date they sent a flyer out advising us that we should be insured to value. If we had additional add on Ex... bumper guards, bed liners, special sound systems etc that we should increase our coverage.This was the RV renewal not the truck, but I wanted to know if we could lower our stated value since our RV is four years old. I called the agent and said that we weren't insured to value as we were actually over insured. They called under writing and let us lower our coverage on the policy. While in conversation with the agent I asked if we would receive the amount insured before the value drop if the RV was totaled. I was told no, thus we lowered our insured amount by about 10K and dropped our premium amount.

When I checked with Camping World about their Replacement Cost coverage they told me that they would find me a like kind RV, not pay me in cash for our rig. I asked lots of questions and finally got an answer from the young lady that if we wanted to be paid for, check or cash, the damaged RV we would have to pay a higher premium.

It is good to compared apples to apples. All states aren't the same so be sure you check your information out carefully. Read the policy when it comes to you and fully understand what the wording means. Texas won't allow you to add your RV to your homeowners policy. Your liability from your tow vehicle does extend to your RV. Be sure that you do have a homeowners policy that allows an extension from your contents coverage to your RV contents. Again, not all homeowners policy coverages are the same.

In the event of a loss you would have a deductible on your contents so be sure that your deductible doesn't exceed the value of your contents of the RV.

Hope the above is clear, if not post or PM me and I will try to answer your questions.

Colleen

[brenkco]

I run into this question all the time. I have over 30 years in the insurance business. This is the type of coverage we specialize in. I represent Hartford and many others. I offer my clients the option but I do not recommend nor do I insure my RV on an auto policy.

If you read a post from KTManic sometime ago, it illustrates my point as to why I recommend an RV policy. If you insure your RV on your auto policy and rely on your homeowners for your contents coverage, you will have some protection but there are limitations and problems associated.

Here is what I said in the previous post:

Most homeowners policies in a great number of states are 'experience rated' meaning if you have a loss, you are going to pay more than someone who doesn't have any claims. For the most part, it now works like auto insurance. In some states, the regulators require the insurance companies to rate this way.

A $1,000 or higher deductible can save hundreds of dollars each year in premium so it normally is well worth it not to have a smaller deductible.

I am not trying to defend this practice, it just the way it is!

There is a better way however......

I have recomended before that you insure these items with an RV policy. The advantages in doing so are:

You can purchase a $500 deductible at a reasonable rate
You can purchase the amount of personal property that you need at replacement cost
You can purchase a disappearing deductible that goes down every year you are claim free until there is no deductible. (Usually 5 years).
Claims are not experienced rated
They do not affect your homeowners policies or rates

This just addresses the coverage for contents.

Coverage for the physical damage on an auto policy is ACV. In otherwords, the depreciated value of the RV at the time of the loss.

With an RV policy, normally you can purchase:
1. Replacement cost (if the rig is new)
2. Agreed value (meaning that they will pay the amount shown on the policy)
3. Purchase price.

You can purchase other coverages not available on an auto polciy. Such as
1. Unlimited towing
2. Emergency expense for motel, meals etc.
3. Liability insurance for full timers

The last advantage is that if you have a loss, you are dealing with one adjuster for the RV and contents and only one deductible. Coordinating between an auto adjuster and your home adjuster can sometimes be a hassle. They are also not necessarily proficient in adjusting RV losses.

RV insurance, in my opinion, is a better much better choice.

Check around for rates with other RV insurors. If I can help further, please feel free to PM me.

Ken

[mojavemike]

Good information Brenko! Thanks

[gregdan24]

Anyone have any experience with Companion - aka Blue Sky? The local dealer gave me the best quote from them. They specialize in RVs.

[ols1932]

Make sure you are comparing apples to apples. If you're full time in your RV, the rates are different. If you have a stick house and can get coverage under a policy written specifically for your situation, okay. But just be sure any agent knows what your situation is. You don't want to have insurance cancelled like a company did to us, twice, because we were full time.

Orv

[refocused]

Anybody have any experience with Good Sam RV Insurance?

[richfaa]

Member brenkco is a insurance professional offering advice with no particular advantage to him. Our Insurance professional at home offered us nearly the exact advise. we do have a Policy that deals with the Rv only and is not connected with our auto insurance. We did specify a" agreed value" on this 3400 for replacement cost which happened to be the sticker price of the 3400. we are not experts but the policy looks pretty much like a normal homeowners policy.

This 3400 looks more like a home than a auto so I never understood having it connected with a auto policy.