Ins review. - Montana Owners Club

scductman · 05-04-2010, 04:24 PM

I have been reading about auto ins vs fulltimer and have become very concerned so today I went to see my agent at nationwide. I have been with them 30 yrs have never gotten a better price from any one else. this is what I found out I had total payout of 41,500K. Needless to say that would not replace our unit. so he went to work and we have a new policy on the rv that will pay 60,000K with 250 deduct for appro 275.00 a yr plus a new roadside plan with everything at a very low price. I am a very happy camper

bobby

stiles watson · 05-04-2010, 06:12 PM

Please tell me how I can get in touch with your agent. I would like to contact him.

greener · 05-05-2010, 12:04 AM

That sounds like an excellent deal!

richfaa · 05-05-2010, 05:41 AM

We just had talk by one of our Lions club members who is a attorney that specializes in auto accidents and insurance claims. Very interesting.We really need to get a clear definition of some terms like "replacement value" and what does that really mean. Example we paid 40K for our 06 3400 Montana. If we have "replacement cost" on our insurance policy does that mean that if the camper is completely destroyed and a 2011 Montana 3400 would cost us 60K that the insurance company would write us a check for 60K....Ask the question..you may be surprised. Oh, does the present insurance policy cover contents
.

Our Montana is covered under our Homeowners policy. We assigned a "declared" value of 50K which was pretty much the "sticker price" of the 06 3400 with a 500.00 deductible. The contents are insured for up to 18,500.00 and of course we have nowhere near 18.5K of stuff in the camper. We do have pictures and records of what we do have in the camper.
It is good to review your insurance policies on a regular basis and one really needs to know the right questions to ask.

SlickWillie · 05-05-2010, 07:19 AM

Since our friends here had the MH fire, I have been reviewing insurance. The friend had Foremost, and he says they have been good to deal with, but they are having heck getting contents inventoried. The insurance wants to know when and where every item was bought, and the price. I have the Mountaineer insured along with my vehicle with SF, which I don't think is very good. My DIL is working on it, as she works for an independent agent back home. Being our unit is over 3 years old, I cannot get replacement cost. So, at this point, I'm not sure what I will do.

richfaa · 05-05-2010, 12:17 PM

Take a bunch of digital pictures and update on a regular bassis.Don't keep the pictures in the camper.... Our Insurance guy said the pictures would do the job.

scductman · 05-07-2010, 04:33 PM

Rich thats the question I asked who decides replacment value. he said what will it take for you to replace it. so we said 40k for the rv 20k for contents. Thats the way he decides on the premium. now like you I have nowhere near 20k contents so with payoff I could easily replace it for 60k. I also asked do I need to list the contents and he said there was no need. I had it with my truck and car for 160$ a yr now it is on a diff policy with 250$ deduct. It will cover as little are as much as needed after deduct. I will wait for the new policy to come in and read to see. but I know my agent and will go see him if needed. I also let him know I was staying in it long term just in case.
bobby

SlickWillie · 05-08-2010, 02:01 AM

Quote:

quote:Originally posted by scductman

Rich thats the question I asked who decides replacment value. he said what will it take for you to replace it. so we said 40k for the rv 20k for contents. Thats the way he decides on the premium. now like you I have nowhere near 20k contents so with payoff I could easily replace it for 60k. I also asked do I need to list the contents and he said there was no need. I had it with my truck and car for 160$ a yr now it is on a diff policy with 250$ deduct. It will cover as little are as much as needed after deduct. I will wait for the new policy to come in and read to see. but I know my agent and will go see him if needed. I also let him know I was staying in it long term just in case.
bobby

Bobby, no disrespect man, but I don't think they will just cut you a check for 60K bucks. I would sure be leery of that policy. I've been reviewing insurance all week, and from what I see, fulltimers policies are running about 1 grand or better a year (that's in TX}. Foremost won't write a policy since we are on the gulf.

I did get a quote from Geico, and it was low. But I suspect from the young lady's dialect and name she was overseas in a call center, and didn't understand what a full timer is. She asked me, "do y'all vacation in your RV". Yep, we go back home once a year on vacation. Well, she says, we have a special RV department, but since you use the RV for vacation, I can write it. I can just see me explaining that to an adjuster.

I think I'll be going with Progressive at about $1400 a year. It is a paper quote, similar to my homeowners on the stick house.

adelmoll · 05-08-2010, 03:32 AM

We have fulltimer's insurance with National Interstate at the cost of $988 per year (South Dakota). This is full replacement value for our Big Sky valued at $95,000 plus $20,000 for contents. The deductable started our at $500 but declines 25% each year that you don't have a claim.. They have been excellent to work with. We know many fulltimers that carry this also and they are happy with National Interstate. South Dakota is known for having some of the cheapest prices on insurance so I am sure this would be a lot higher is some of the other States.

Helen

SlickWillie · 05-08-2010, 04:31 AM

Quote:

quote:Originally posted by adelmoll

We have fulltimer's insurance with National Interstate at the cost of $988 per year (South Dakota). This is full replacement value for our Big Sky valued at $95,000 plus $20,000 for contents. The deductable started our at $500 but declines 25% each year that you don't have a claim.. They have been excellent to work with. We know many fulltimers that carry this also and they are happy with National Interstate. South Dakota is known for having some of the cheapest prices on insurance so I am sure this would be a lot higher is some of the other States.

Helen

Just curious. Will the full replacement value continue after the unit is 3 years old? I tried to get that, but was told since our unit is a 2006, no one would write replacement value. Just wanted to know for future decisions.

richfaa · 05-08-2010, 10:17 AM

Full replacement value is usually limited to the first 3 years or less. Replacement value may be a trick question. I have a 06 3400 Montana. The question I would have to ask is...If my 06 3400 Montana was a complete loss and my policy states "replacement value" Exactly what does that mean. How much money would I get. It probably means they would pay to Replace a 06 3400 Montana or write a check for like value. If you have a unit more tha 3 years old and your policy says replacement value... ask exactly what that means.

Mudchief · 05-08-2010, 04:10 PM

Our policy is full replacement the first 5 years then it is full replacement up to the value we paid for the unit when we purchased it. I hope we never have to find out if that is true.

richfaa · 05-09-2010, 03:58 AM

There are terms one needs to ask questions about and fully understand... Full replacement value, Replacement value Actual cash value(ACV) Declared value. Somewhere in your policy will be a section titled..How we will pay..or something similar. That will outline how they will pay no matter what you think the policy says. We did what Rondo describes. That is "Declared value" which was the Sticker price of our 06 3400. For the first 3 years it was full replacement value then after that we had to declare a value or it would have been ACV..actual cash value. We also have a letter from our company explaining exactly what our RV coverage is and the Rider to our home owners policy attached.
We have that because I am not smart enough to figure it out for myself.

SlickWillie · 05-09-2010, 04:59 AM

Quote:

quote:Originally posted by richfaa

Full replacement value is usually limited to the first 3 years or less. Replacement value may be a trick question. I have a 06 3400 Montana. The question I would have to ask is...If my 06 3400 Montana was a complete loss and my policy states "replacement value" Exactly what does that mean. How much money would I get. It probably means they would pay to Replace a 06 3400 Montana or write a check for like value. If you have a unit more tha 3 years old and your policy says replacement value... ask exactly what that means.

Rich, that is what I am assuming from the info I have received. Replacement first 3 years, then based on actual current value after that.

adelmoll · 05-10-2010, 03:27 AM

Our policy is exactly like Mudchief.. We bought the policy when the unit was new. Not sure how that would work if it was already three years old when purchased.

Helen

brenkco · 05-10-2010, 08:58 AM

Perhaps I can give a little advise.

First of all, Read your policy. All policies, Homeowners, auto and RV policies, define terms such as replacement cost, agreed value (or stated value) and actual cash value.

In reading your policy, review the insuring agreement. It will further define what is covered and more importantly what is not covered (excluded).
All policies define the loss settlement provisions and how they will settle claims. This is normally found in the limit of liability section.

Next, review the endorsements or amendments that are attached. This is where you will find items such as the replacement cost provisions and terms, the personal property (effects)coverage, towing and labor, diminishing deductibles, full time liability endorsements, etc. These endorsements are what you specifically purchased that spells out the enhanced coverage terms. They will either modify or add to the basic contract.

Your policy is a contract between you, the insured and the insurance company. We all tend to focus on price and ignore what we actually bought. Surprises come at claim time.

To give you an example, I have 35 years experience with this specific type of insurance. I had to read and re-read the loss settlement provisions for my RV policy. The wording is very confusing after the replacement conditions expire. That being said, I would not rely on what anyone says about the coverage. Read it first then ask for clarification with your contract in hand.

If you are shopping for insurance, ask these questions when getting your quotes. After purchase, make sure to READ your policy to make certain you have received what you were promised!

If I can help, please PM me and I will be glad to try to assist.

Ken

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