Trailer insurance, full coverage, $100 deductable

[oldtool2]

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

[AquaMan]

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.

[lgray]

Originally Posted by oldtool2

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.

[5picker]

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.

[lgray]

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.

[Terier]

I just found out from my insurance company that replacement value ends when the RV is 3 years or more old.

[oldtool2]

Originally Posted by Terier

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

[oldtool2]

Originally Posted by lgray

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

[lgray]

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?

[lgray]

Originally Posted by oldtool2

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.

[oldtool2]

Originally Posted by lgray

Some carriers will provide you a quote with a mutually agreed upon value for a total loss.

True. When I bought this 5er used I paid about 15,000. My agent was ready to write my policy for that amount but checked her books and found it was valued at 16,300 so that is what we wrote it for.

I could have told her it cost me 25,000 and she could have wrote it for that, BUT, in a total loss they would have only paid what the books said it would cost to replace it. That would be the 16,300, not 25,000.

Like car insurance, you need to watch the numbers and how things are written.

Jim

[oldtool2]

Originally Posted by lgray

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 know what the claims adjuster would offer as fair market or replacement $35,000 to $50,000?

You might want to call your agent.. It would be a rare carrier that would blindly pay you 75.000 just because you say that is what it is worth. Most will pay what the books say replacement cost would be, maybe 50,000?

They are always glad to take your money but that doesn't mean they will give it back to you.

Jim

[Henboy]

Originally Posted by oldtool2

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

I need to call your agent!!
My Foremost policy: $436. Coverage: $750 deductible, $1,000 pers. prop, $18,000 Actual Cash Value, (not Replacement Cost), Roadside Assist $50
I do not have nearly as good coverage for more money, same insurer.
Good bye Foremost!!

[Ham Camper]

I have to add a comment. I recently got back from a 9000+ mile trip in which I pulled into a gas station and did not fit. Long story. But I sustained some damage. Small hole through into the bedroom and scissor jacks in the rear bent up. A few other minor things. I have progressive insurance and when I called them they sent an adjuster within a few days, he spent at least three hours figuring it all up. And within a week I had a check in hand. I think this is outstanding service. I have not even gotten it into the dealer to get their quote but they told me if it was more $$ just let them know and they would adjust. I have no complaints at all with Progressive.

[whj77372]

Good Sam insurance replacement cost goes for five years from new and yes they will buy you a new RV. Not what you paid but it could be even more if a new one costs more.

[BusyRetirees]

We are with Echelon. Because we bought our fiver new, we get full replacement cost for 10 years, $5K contents, no deductible if full replacement, otherwise $300 and our premium this year was $365 CDN.

[oldtool2]

Originally Posted by Henboy

I need to call your agent!!
My Foremost policy: $436. Coverage: $750 deductible, $1,000 pers. prop, $18,000 Actual Cash Value, (not Replacement Cost), Roadside Assist $50
I do not have nearly as good coverage for more money, same insurer.
Good bye Foremost!!

Yes, talk to your agent. It could be them, not Foremost.

I love Foremost. I totaled a motorhome two years ago in VA. They paid for everything, a motel room for three nights and a vehicle big enough for me to unload the MH and bring everything back to NJ. It didn't cost me a dime out of my pocket. Had a check for everything within two weeks.

It could have been my agents doing though..I don't know but was very happy.

Jim

[mneedham]

My Policy will buy me a new 5th wheel if totaled within the first 5 years of the policy. It will then pay me what I paid for the 5th wheel for the next 5 years.

[Joshfruk]

i called good sam to give me a quote. i then asked for them to email me a quote. when i got it it said progressive on it, so i called progressive and got a better rate because good sam was jacking the price up.

[doodler]

Let me throw this at y'all. Found out yesterday, as we are wanting to build a house and sell and cancel insurance on our mfg home, they will not insure just my out buildings, I have a 25 x 50 shop, a 20 x 40 RV shed and a 12x16 storage shed on the property, but said if I live in RV on the property they can do a full timers policy and cover my outbuildings. That just sounds strange to me.