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Old 11-10-2015, 02:10 PM   #1
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Trailer insurance, full coverage, $100 deductable

I just renewed my policy at the cost of $383.00 for my 32 foot 5er. This is for $100.00 deductible on everything and $5,000.00 personal belongings including theft. My trailer is valued at $16,300.00 replacement cost.

This is for full replacement cost, not yard sale value. The reason I mention this is I just found out that Foremost, my carrier, has two ways for figuring out replacement value. I had, now changed, what they call $1,000.00 YARD SALE VALUE, not full replacement value. That wouldn't have replaced one of my camera lenses Granted with my best insurance policy in the trailer, my 70 pound lab, you would be a fool to break in but you never know.

How does this compare with other companies for full coverage?

You may want to ask how your personal property is valued also.

Jim
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Old 11-10-2015, 02:51 PM   #2
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Lucky for me, my insurance agent knows me well and already "suggested" the full replacement value as well as asked about content value and a couple other things that I don't remember. She pretty much knows what I need and how I want to be covered, then just does it.
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Old 11-10-2015, 03:38 PM   #3
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Quote:
Originally Posted by oldtool2 View Post
I just renewed my policy at the cost of $383.00 for my 32 foot 5er. This is for $100.00 deductible on everything and $5,000.00 personal belongings including theft. My trailer is valued at $16,300.00 replacement cost.

This is for full replacement cost, not yard sale value. The reason I mention this is I just found out that Foremost, my carrier, has two ways for figuring out replacement value. I had, now changed, what they call $1,000.00 YARD SALE VALUE, not full replacement value. That wouldn't have replaced one of my camera lenses Granted with my best insurance policy in the trailer, my 70 pound lab, you would be a fool to break in but you never know.

How does this compare with other companies for full coverage?

You may want to ask how your personal property is valued also.

Jim
Some carriers will provide you a quote with a mutually agreed upon value for a total loss. Ours is $75,000 for a little less than $500.00 a year. The physical address of the trailer has a significant impact on premiums...if you are really looking to compare.
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Old 11-10-2015, 03:40 PM   #4
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Just changed our old policy with Nationwide (old 5th wheel) to a new policy covering our new 5th wheel.
$250 deductible (lessened to $100 by good customer credit) and covers full cost replacement for the first year and $46k after that, along with $5000 personal property damage/theft.

$396 per year.
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Old 11-10-2015, 03:54 PM   #5
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"Replacement Cost"

The term “replacement cost or replacement value” needs to be reviewed for each policy, as definitions are not all the same and likely not what most insureds think. In addition, make sure that if there is an aggregate limit or individual coverage limit, it is sufficient to cover what you expect your replacement or actual cash value to be.
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Old 11-10-2015, 04:21 PM   #6
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I just found out from my insurance company that replacement value ends when the RV is 3 years or more old.
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Old 11-11-2015, 09:52 AM   #7
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I just found out from my insurance company that replacement value ends when the RV is 3 years or more old.
That doesn't make sense. The amount will change with the age of the trailer but it shouldn't end. Because my 5er is 8 years old so is valued at 16,300.00

Maybe he meant that the value it is insured at now will change, which would make sense. If my 5er was destroyed right now I would receive 16,300 plus up to 5,000 in personal property minus the 100 deductible. They would figure what my camera cost to replace it new, not used value if it was in my unit.

Jim
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Old 11-11-2015, 10:08 AM   #8
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The term “replacement cost or replacement value” needs to be reviewed for each policy, as definitions are not all the same and likely not what most insureds think. In addition, make sure that if there is an aggregate limit or individual coverage limit, it is sufficient to cover what you expect your replacement or actual cash value to be.
That is what I found out. When I saw I had a 1,000 limit I call my rep to increase it. That is when I found out all my "personal property" was insured for yard sale value, used value. When I questioned it he explained for an extra 50 bucks they would cover actual replacement cost.

I put a convection oven out in my 5er, used maybe 25 to 30 bucks, new maybe 150? It would only take one claim to recover the additional cost. Well worth it to me.

I think everyone needs to question their carrier about this. They may be surprised like I was. My agent kept the cost of my insurance as low as she could but she didn't do me right by not explaining this to me!

Jim
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Old 11-11-2015, 10:14 AM   #9
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Understandably, not fun to read the actual policy, but worth doing from time to time. RV policies tend not to be one standard ISO form and may differ greatly from one company to another.In addition, a sales agent usually has little or no input in the claims process.That being said, values can be a real issue on a total loss.
Personally I know my well maintained fiver is worth way more to me than fair market value or what is being touted as replacement cost. That is the advantage of a guaranteed value policy.I know a check for $75,000 will make me whole and allow for true replacement. Who knows what the claims adjuster would offer as fair market or replacement $35,000 to $50,000?
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Old 11-11-2015, 10:18 AM   #10
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Quote:
Originally Posted by oldtool2 View Post
That is what I found out. When I saw I had a 1,000 limit I call my rep to increase it. That is when I found out all my "personal property" was insured for yard sale value, used value. When I questioned it he explained for an extra 50 bucks they would cover actual replacement cost.

I put a convection oven out in my 5er, used maybe 25 to 30 bucks, new maybe 150? It would only take one claim to recover the additional cost. Well worth it to me.

I think everyone needs to question their carrier about this. They may be surprised like I was. My agent kept the cost of my insurance as low as she could but she didn't do me right by not explaining this to me!

Jim

Crossed in posting, completely agree with you.
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