10-12-2012, 07:49 AM
Boonton JimInsurance Coverage
I just added my Regal to my regular automobile policy and the premium is about what I pay for a regular car. I used to be a part owner of SOB and I thought our premium was less than $300 at that time. What do others do to insure their coaches? Are there specialty insurers that are more affordable and or provide coverage tailored more specifically for this type of vehicle?
10-12-2012, 11:56 AM
Mogan DavidWhile Progressive and Foremost (Farmers) have long specialized in RV policies, you are often better off with the property/casualty carrier who has your home and auto. Bundling will usually get you better rates. The premium is a nominal amount, in relationship to the original vehicle price, because of the minimized exposure. A motor home is seldom driven as a commuting and shopping vehicle. They are usually driven relatively few miles per year, little of which is in urban high-risk conditions. While I can't site statistical data, I believe they would show excellent loss ratios for RV's.
Bundling not only gets you premium discounts, it also gives you leverage. Whenever there might be a first party claim disagreement, the carrier does not want to win that battle at the cost of losing your home, auto, life, umbrella policies.
10-12-2012, 12:29 PM
Marvin+DorisFirst make sure they understand you are NOT a fulltimer. Explain you are using the MH only for limited miles i.e. 3-5000 mi a year. We had Barth insurance with Progressive for $186/year (agreed value 10,000)
for our collector cars with limited mi (3000/yr) we got a better deal with American Modern and they do RVs too. GmAC wanted like $500 fpr one year for the Barth. Good driving record helps too. Make sure you get an actual value for total loss otherwise it is NADA which results in nada.zilch.nothing.
10-12-2012, 12:29 PM
RustyI agree. My Barth, insured with a Stated Amount of $40,000, $500 deductible, costs about $700/year. Some companies require an inspection for older RVs.
quote:
Make sure you get an actual value for total loss otherwise it is NADA which results in nada.zilch.nothing.
Not quite. There are four basic adjustment bases:
1. Replacement Cost: Replace totalled property with new of like kind and quality.
2. Actual Cash Value (ACV): Fair market value at time of loss; for most vehicles, this is the basis.
3. Stated Amount: The LESSER of Stated Amount or ACV.
4. Agreed Amount: The fixed policy amount agreed by the insuror. This is the coverage most beneficial for classic, collectible, exotic, and antique vehicles. In most cases, a recent appraisal is required.
10-13-2012, 02:26 AM
scottydlInsurance rates vary greatly by state and your driving history. When I had 3 vehicles (daily driver, a classic car, and the RV), I had 3 different policies with 3 different companies. Bundling for discounts did nothing to help my cause. I had Progressive for the RV ($300/year) and Hagerty for the classic car ($135/year), agreed cash value policies on both.