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Insurance Carriers
I received a letter last week stating that the Blue Sky Insurance company would no longer be underwriting RV’s so I am in the market for a new policy. Who are folks using out there now, and more importantly what are you paying for an annual premium? That said, my coach is a 2003 which I have insured for a stated value each year with a moderate deductable. The quote I just received from one of our Advertisers was over twice what I have been paying in previous years. Thanks in advance for the advice.
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6 Replies
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When I renewed my policy I got hit with sticker shock. I am with Miller and they scoured the market, but the bottom line is the premiums took a big hit and the competition is slim.
Compared to the value of my coach versus my cars, my bus insurance premium is a bargain.
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my coach is covered under our company policy with donegal insurance (owned by nationwide) , which I cannot vouch for them covering personal coaches but at least for me the added Busse to our policy cost a little under $1400
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I’m with Explorer RV which writes National Insurance. Mine insures my LLC, and I have stated value, I saw an increase of 7% over last year.
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Also had Blue Sky, policy expiring next week.
Approached both of advertisers for policy. One is “only” 40% more, other 100% more than Blue Sky was for agreed value.
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Be very careful about the terminology of agreed value and stated value, in the event of a loss, it could be a really bad day.
An Agreed Value policy guarantees the policy will pay the full insured amount of the vehicle, inclusive of all sales taxes – with no depreciation – in case of a covered total loss.
A stated value policy does not promise upfront to pay this stated amount. In the event of a covered total loss, it may pay less than the stated amount, as the insurer has the right to pay the lesser of your collector car’s depreciated actual cash value (ACV) or its replacement cost. Also, many insurers that offer stated value policies require periodic appraisals to substantiate the insured amount.
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Tom’s message is very important. However when getting an agreed value policy make sure you have a clear understanding that upon renewal the agreed value is not subject to depreciation based on the time elapsed since the first agreed policy was written.
Insurance companies are not our friends and they have no problem minimizing the amount they will pay in the event of a loss. Do not provide them with the opportunity to pay you less than you expect.
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