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04-16-2018, 01:29 PM
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#1
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Junior Member
Join Date: Mar 2014
Posts: 7
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Insurance Coverage
We are considering trading in our 2013 Coachmen Encounter (gas) for a 2018 Coachmen Sportscoach 407w (diesel), which has a very similar layout. I called our State Farm agent to get a quote on the new one. She wanted the MSRP price for the quote and told me that MSRP is the amount the unit is insured for for replacement. We all know no one pays MSRP, so this doesn't make sense to me. Has anyone been paid MSRP to replace a motorhome?
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Sherry & David and 3 Spoiled Cats
2013 Coachmen Encounter 36BH
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04-16-2018, 02:31 PM
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#2
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Site Team
Join Date: Jan 2007
Location: Goodyear, Arizona
Posts: 33,855
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Our State Farm agent asked for the same thing.
In 14 years of being on various RV forums, I've never seen anyone pay MSRP.
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Dan-Retired California Firefighter/EMT
Shawn-Musician/Entrepreneur/Wine Expert
and Zoe the Wonder Dog(R.I.P.)
2016 PrimeTime TracerAIR 255, pushing a 2014 Ford F150 SCREW XTR 4x4 3.5 Ecoboost w/Max Tow Package
4pt Equal-i-zer WDH and 1828lbs of payload capacity
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04-16-2018, 05:34 PM
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#3
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Senior Member
Join Date: Jan 2018
Location: Summit Township
Posts: 885
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We insure with Foremost and our agent asked the purchase price.
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2019 Hemisphere 272RL
2015 Ford F250 6.2L
2005 Jayco Bantam Flier
Hensley Hitch
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04-16-2018, 05:47 PM
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#4
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Senior Member
Join Date: Apr 2015
Location: Orlando
Posts: 778
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Quote:
Originally Posted by slmeyer
She wanted the MSRP price for the quote and told me that MSRP is the amount the unit is insured for for replacement.
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Does that mean if it's totaled in a year you get a check for MSRP? Even if you do, what are the chances of a total loss?
Progressive kept increasing my premium on my TT that is worth about 1/2 of what I paid for it. Checked with agent that found a new policy for 1/2 of what I was paying.
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04-19-2018, 06:28 AM
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#5
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Senior Member
Join Date: Jun 2015
Posts: 221
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Maybe that was for the purpose of the quote. If you purchase the unit then provide the documents from the sale, that’s what they would use for replacement value. Might be worth clarifying.
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04-21-2018, 11:10 AM
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#6
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Senior Member
Join Date: Apr 2011
Location: Splendora, Texas
Posts: 1,314
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I was not aware that State Farm would provide replacement value? I only buy RV insurance from companies that sell replacement value. There are lots of companies that will sell RV insurance and if the RV was totaled they pay ACV, actual cash value, which can be much less then what it cost to replace or what is owed if financed. I would try an RV insurance company that will provide replacement value. Good Luck
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04-21-2018, 12:47 PM
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#7
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Senior Member
Join Date: Jun 2015
Posts: 221
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Quote:
Originally Posted by whj77372
I was not aware that State Farm would provide replacement value? I only buy RV insurance from companies that sell replacement value. There are lots of companies that will sell RV insurance and if the RV was totaled they pay ACV, actual cash value, which can be much less then what it cost to replace or what is owed if financed. I would try an RV insurance company that will provide replacement value. Good Luck
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And replacement value usually is for the first 2-3 years you own a new rv. After that it’s cash value.
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04-21-2018, 02:28 PM
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#8
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Senior Member
Join Date: Jan 2018
Location: Summit Township
Posts: 885
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Quote:
Originally Posted by spurticus
And replacement value usually is for the first 2-3 years you own a new rv. After that it’s cash value.
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Foremost Insurance is 5 years for replacement.
__________________
2019 Hemisphere 272RL
2015 Ford F250 6.2L
2005 Jayco Bantam Flier
Hensley Hitch
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04-21-2018, 03:27 PM
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#9
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Senior Member
Join Date: Jan 2017
Posts: 3,290
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just tell them your full purchase price, including tax, fees, registration, etc... as all this would be required to be paid AGAIN if you had a total loss and the insurance company needed to pay you accordingly, IF they are providing Replacement Cost or Agreed Value coverage, otherwise they just want a number in order to rate your policy accordingly since most 'RVs' are not necessarily standardized pricing as cars are.
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04-22-2018, 07:27 AM
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#10
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Junior Member
Join Date: Mar 2014
Posts: 7
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Thanks for all the replies on this topic. The MSRP might explain why our current insurance coverage is so high on a 2013 gasser that we bought new. I need to call them back to discuss and get a couple of other insurance company quotes first. When we had our Class C the insurance was $400 a yr. Our 2013 is $1300 a year with the same annual mileage. The difference in MSRP was not 3X more from a C to an A.
__________________
Sherry & David and 3 Spoiled Cats
2013 Coachmen Encounter 36BH
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04-22-2018, 08:08 PM
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#11
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Senior Member
Join Date: Apr 2011
Location: Splendora, Texas
Posts: 1,314
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Replacement value usually last for the first five years. You may be able to get agreed value after five years. Good Luck
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