Moved Reply:

There are several ways to set the value on a policy; vehicles are based on cost new adjusted for age. This may sound unfair, but it's logical considering repair of a luxury car will be much higher than for an econo-box.

However, different companies rate (figure the premium) for RVs on different bases. Some do use initial cost, some use current value, and others use the stated amount.

But the second element affecting coverage is the claims adjustment basis, and the most common are:

1. Actual Cash Value (ACV)
2. Replacement Cost (rare on an auto policy, but common on buildings and personal property)
3. Agreed Amount (which in reality only comes into play on a total loss)
4. Stated Amount

Among the companies specializing in RV coverage are Progressive, GMAC (formerly Integon), and Foremost. I used to represent all of them, and rank them in the descending order above. Progressive is by far the most innovative and farsighted insurance company in the U.S. GMAC has devoted considerable resources to bring itself up to the level of Progressive. I never did get a real handle on Foremost; they were like dealing with a shadow.

My coverage is with Auto-Owners (I represented them, too) on my personal auto policy.

Moved Reply:

Rusty.. thanks for the suggestions and explanations, I appreciate it. Although I may have been given some inaccurate information by the first agent, I should have been more diligent when I received the policy. Lesson learned.. now I will do some checking around.

Moved Reply:

Not to steal a thread, but Rusty...

Does that mean that if something, God forbid, happened to your fully covered coach and it was a "stated amount" policy you could ask them to just let you buy another similar coach and they should cover that cost?

Moved Reply:

That is not stealing a thread. That is a good question and Rusty seems to have lots of knowledge on this subject. I'm looking for more info.

Moved Reply:

quote:

Originally posted by Bruce & Kathleen:
Not to steal a thread, but Rusty...

Does that mean that if something, God forbid, happened to your fully covered coach and it was a "stated amount" policy you could ask them to just let you buy another similar coach and they should cover that cost?

That's pretty much the way it works. The problem is in figuring out the value of a Barth since they aren't cookie-cutter coaches.

Being able to produce comprehensive records of maintenance, repairs, and upgrades (and their costs) can be a huge benefit in the event of a total loss.

Moved Reply:

Rusty... I am still not quite clear on the differance between stated amount and agreed amount. I see that on the Progressive site they do say that an agreed (stated?) amount is subject to an appraisal. I am assuming prior to the issue of policy

Moved Reply:

Stated amount is merely ACV with a cap. It was rarely used before the '73 oil embargo, where small cars like the Pinto and Nova suddenly shot up in value, causing insurance premiums to rise. The most a copany will pay in event of total loss is the lesser of the ACV or the stated amount.

Agreed Amount fixes the value for total loss at that amount.

Progressive's procedure used to be to grant agreed amount coverage based on a pre-inception (meaning before the policy goes into force) appraisal. It sounds like it still is.

Moved Reply:

Hey Guys,

I feel I must give "my opinion". In my "personal opinion", as a 25 year Propety/Casualty agent, based on the experiences I have seen my clients go through over the years and even within the last 90 days, , I would NEVER put my insurance with that company. Great advertising does not make a great insurance company.

Moved Reply:

Thanks Rusty..thats what I was thinking, wanted to make sure....so the only time the stated amount comes into play is if it is less than the ACV. ACV is then based on book value + or - whatever the claims adjustor will give and you can show thru pictures and receipts for repairs, upgrades etc. So there could be a real problem with the definition "similar coach". Similar for the insurnce company would be based on ACV ..whereas the policy holders definition of similar could be something completely different.

It seems that agreed amount policy would be more desirable...depending upon availability and affordability.

Moved Reply:

quote:

Originally posted by K&E:
Hey Guys,

I feel I must give "my opinion". In my "personal opinion", as a 25 year Propety/Casualty agent, based on the experiences I have seen my clients go through over the years and even within the last 90 days, , I would NEVER put my insurance with that company. Great advertising does not make a great insurance company.

Which company?

Moved Reply:

In my opinion, I would never place my personal insurance with Progressive due to the experiences I have seen others have with Progressive's claims service and claims-handling procedures. If Progressive handled my claim like I have seen them handle other's claims, I would not personally be satisfied.

Moved Reply:

quote:

Originally posted by K&E:
In my opinion, I would never place my personal insurance with Progressive due to the experiences I have seen others have with Progressive's claims service and claims-handling procedures. If Progressive handled my claim like I have seen them handle other's claims, I would not personally be satisfied.

Were these motor home claims?

What company would you recommend?

Moved Reply:

These claims were autos and motorcycles. Therein lies the problem. These were average, common, easy, everyday claims that should have been simple, cut & dry without problems. Because of the problems encountered, in my opinion, this uncovers the underlying claims philosophy of a company. Due to the nature of a Barth,(low production, high quality, few sales) our coaches don't fit into the cookie-cutter molds of the industry. This weekend, I'll elaborate on what I see as different claims philosophies in my industry.

As for a recommendation, I work for a smaller, regional insurance carrier that operates in 15 mid-western states. In my opinion, I would stick with captive-agent companies such as State Farm (I don't work for them!) that have a local agent you can get to know and build a relationship with. I WOULD PREFER not to use an internet, telephone-based company without a local agent. You need someone you can talk face-to-face with and who will coach you through the process.

Moved Reply:

This subject of insurance for our Barth's is an important subject for all of us. Seems that coverage and options are continually evolving. There may be others who like me, really were not aware of the exact coverage we have. Looking forward to K&E's thoughts this weekend. Maybe we should open a new thread for this. Maybe Rusty or Bill NY could move these posts under a seperate insurance category.

Moved Reply:

I agree with K&E's recomendation to deal with a local agent. Sadly, not all have a clue about RVs, and not all place a high value on the customer.

My agency's motto was, "Business goes where it's wanted and stays where it's appreciated", and every employee was a licensed general lines agent (or making progress towards the license).

Using GMAC through either Good Sams of FMCA may be worthwhile.