Insurance

[Gkerlin]

quote:Originally posted by richfaa

You guys have all of this for 322 and 254 a year????

COMP $500 DED TOTAL LOSS REPLACE/PURCHASE PRICE $339.00
(SEE POLICY FOR DETAILS)
COLL $500 DED TOTAL LOSS REPLACE/PURCHASE PRICE $368.00
(SEE POLICY FOR DETAILS)
MEXICO COVERAGE INCL
FIRE DEPARTMENT SERVICE $1,000 INCL
EMERGENCY EXPENSE $750 INCL
VACATION LIABILITY $100,000 $7.00
DISAPPEARING DEDUCTIBLE INCL
$5,000 REPLACEMENT COST PE $100 DED $33.00

Yes to all with the exact same deductibles except I don't see fire dept service, disappearing deductible or the last item on yours ($5000 replacement cost pe) what ever that is referring to. Also my vacation Liablility is $25k.

I also have scheduled medical payments of 70k and awning replacement with no deductible.

My last SOB was the same policy just a cheaper Trailer and was about $250.

While my policy will buy me a new current year replacement if my RV is totaled (for the first 5 years) - it will not replace all the stuff I've put in it (solar, inverter etc).

[richfaa]

[quote]quote:Originally posted by Gkerlin

Originally posted by richfaa

You guys have all of this for 322 and 254 a year????

COMP $500 DED TOTAL LOSS REPLACE/PURCHASE PRICE $339.00
(SEE POLICY FOR DETAILS)
COLL $500 DED TOTAL LOSS REPLACE/PURCHASE PRICE $368.00
(SEE POLICY FOR DETAILS)
MEXICO COVERAGE INCL
FIRE DEPARTMENT SERVICE $1,000 INCL
EMERGENCY EXPENSE $750 INCL
VACATION LIABILITY $100,000 $7.00
DISAPPEARING DEDUCTIBLE INCL
$5,000 REPLACEMENT COST PE $100 DED $33.00

Yes to all with the exact same deductibles except I don't see fire dept service, disappearing deductible or the last item on yours ($5000 replacement cost pe) what ever that is referring to. Also my vacation Liablility is $25k.

I also have scheduled medical payments of 70k and awning replacement with no deductible.

My last SOB was the same policy just a cheaper Trailer and was about $250.

While my policy will buy me a new current year replacement if my RV is totaled (for the first 5 years) - it will not replace all the stuff I've put in it (solar, inverter etc).

This is what I got on their site...How do I get to the RV section

Menu
Home
Auto Insurance
Home Insurance
Life Insurance
Health Insurance
Long Term Care Insurance
Dental Insurance
Disability Insurance
Renters Insurance
Motorcycle Insurance
Pet Insurance
Boat Insurance
Business Insurance
Travel

[Gkerlin]

Rich,

The policy is really thru National Interstate. I go to their website to log in to my account and then when I print the docs it has Great American Assurance at the top of the page in Big Bold Letters but then says the policy is thru National Interstate. Not quite sure what the connection is with Great American Assurance.. just another DBA I assume. Sorry for any confusion.

[richfaa]

The 5,000 PE is for personal effects. I am gonna contact them for a quote.

[brenkco]

A few suggestions when shopping or comparing your insurance.

1. Replacement cost provisions are normally limited to the first 5 model years. READ carefully, the loss settlement provisions for years 6 and after. Some companies offer "purchase price" after the 5th year, others limit you to "ACV". ACV is actual cash value or the depreciated value of the RV at the time of the loss. A HUGE difference in coverage. No doubt, you'll be disappointed when the company offers you $20,000 ACV rather than the $60,000+ you paid for the RV 6+ years ago.

2. Be aware of the modifications that you have made and how the coverage works (Greg, I'm thinking of you when I saw all of you have done when we met at the Q.) Most companies limit the replacement cost coverage to the RV at the time of manufacture including dealer installed items prior to initial delivery (those included in your original purchase contract). Anything else is considered customized equipment and by most forms, limited to $1,000 in coverage. Extra coverage maybe purchased, but the coverage is limited to ACV (depreciated value) at the time of the loss. Those that have added solar, level up systems, etc. need to understand the limitations and endorse their policies if they expect coverage.

3. I have recently learned of an industry wide limitation on most policies (thanks for the heads up...Carl Youngren), that your personal property can be limited to $500.00 per item. Of special concern are the Honda generators and computers. Some companies allow full timers to increase these limits while leaving weekenders and long timers without options.

Once again, just comparing premiums is a fatal flaw in reviewing insurance. You must read the loss settlement provisions and the limitations in your policy (contract).

Ken

[Gkerlin]

Hey Ken,

Your comments are spot on. As I mentioned earlier in the thread - I'm aware that I'm not covered for the stuff I've added to the rig and also realize that my replacement provision ends in the 5th year. After that I'm limited to my initial purchase price.

After your seminar at Q I immediately went back to my policy (it's on my computer) to understand it better and make sure that I could live with it's provisions... I can.

Your talk was great and very informative. Thanks again for sharing your knowledge on the subject.

[c214dick]

This has been a great source for info. After checking with American Family, where all my other insurance is with, and Progressive, I will be staying with Progressive. The Total Loss Replacement will expire 8/2014. At that time it will be replaced by an "agreed upon" value. My deductible for the new year has dropped to $250 and I could change my Total Loss Replacement Value to a lower amount and save additional premium $. For example if I changed the value from $50,000 to $40,000 I would save $100 for the new year.

I think I will price a new Monte to see about actual values but I'm sure the current $50,000 is about right.

[brenkco]

Greg,
Thanks for the kind words!
We can compare prices on butter, eggs, fuel, etc. But it is a huge mistake to make a price based decision on insurance. There are simply too many variables between policies, states and companies. Nothing worse than to get the education after a loss!

Ken