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Old 04-30-2012, 09:15 AM   #1
harrisje66
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RV Insurance

I'm having to renew my Insurance. I'm well satisfied with State Farm,however they don't have "replacement cost". Just what does that cover and where do I go to get that?
 
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Old 04-30-2012, 09:31 AM   #2
seahunter
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I would definitely go with replacement cost. This will cover the actual cost to replace the unit in the event of a total loss. Trailers depreciate so quickly that in the event of a loss you would end up having to come up with a large amount of money to cover the difference between current value and replacement value to get a new unit. I went through Explorer RV Insurance and the policy is with National Interstate Insurance.
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Old 04-30-2012, 06:11 PM   #3
mmrxboss
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Hey,
I switched to GMAC (via Good Sam) since replacement was part of their policy. However their replacement only applies down to a certain year. Suggest that you verify how prospective companies handle 'Replacement'.
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Old 05-01-2012, 01:58 AM   #4
bncinwv
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Our Progressive policy covers replacement with the same rig (whatever the current model year is), for five years. Can't remember exactly what it does after the five year period. Roll down deductibles that carry from rig-to-rig, so our deductible is now $0. The deductible decreases 25% per year if no claims. It is running us $534 a year.
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Old 05-01-2012, 05:54 AM   #5
Chasnracin
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Is anyone using USAA for their insurance on the 5ver? We have been with them for years on all of our other vehicles including our current TT, but now that we are looking at moving to a Monty I would like to get some input on their policies, or what to look for period. Thanks.
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Old 05-01-2012, 06:13 AM   #6
01RAMer
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I also have Progressive with the 5 year replacement, but it is only costing me $318 a year. Worth checking into.
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Old 05-01-2012, 06:39 AM   #7
bncinwv
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Has to doublecheck after seeing 01Ramer's amount, ours is $534, sorry about the false quote. Got it mixed up with boat and jetski policy which totals right at $800. Corrected above post.
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Old 05-01-2012, 07:46 AM   #8
brenkco
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If you have replacement cost, check the loss settlement provisions after 5 years. Some revert to ACV (actual cash value). Others revert to purchase price....a huge difference in coverage! Same might apply to contents. You must compare more than price.

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Old 05-01-2012, 08:10 AM   #9
bncinwv
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Good advice Ken, after I doublechecked the rate, I did happen to look at the Progressive policy and it is purchase price after the five years (both the boat and the RV). Ironically, no such coverage is available on a jet-ski, go figure!
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Old 05-01-2012, 10:53 AM   #10
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Bingo,
Jet Skis and automobiles usually don't have the purchase price, it's ACV. I am surprised that you have it on the boat.
Replacement cost is somewhat unique to RV's (always on homes). The purchase price settlement option after five years is a great option. I have a number of policy holders with a company that is pulling out of the RV business. GMAC is picking up the policies without the purchase price coverage for the 5+ model year RV's. We had to find another company as this is a significant reduction in coverage (with no premium discount).

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