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Toy Home Insured Value


markwilliam1

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Just got my insurance premium from Erie. They state they will not insure my RV for a particular stated amount! If I'm in an accident they would check the Blue Book value of the 1985 Toyota truck since there's no Blue Book listing for my RV. What do you guys do to insure your rigs for their real value? Thanks!

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Progressive accepted stated value of $8000 for my 91 Warrior with no change to my rate. $400 per year for collision, liability, towing, and a valuables rider. State of TN.

 

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Thanks Sky! Did you have to get it appraised 1st? Erie said my Toy is too old to insure. I'm only looking for a separate RV policy to insure for a stated value. I have everything else insured with Erie....much cheaper than Progressive!

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I can't show the value because I'm not a subscriber but there most definitely is a Blue Book value for your RV right here. Your insurance guys are dumb

http://www.rvvaluesonline.com/Navigation.do?product=RVBB&yearId=1986&year=1986&manufacturerId=1426&manufacturer=GRAN+VILLE&modelId=73323&model=MEADOWBROOK+MINI+MOTORHOMES&modelInstanceId=439898&modelInstance=21

Linda S

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This is what I found out after talking to a Good Sams Agent. They represent many different companies including Progressive. In my case Good Sams would only insurance Grannie for the the price I originally paid for her not even the  RV NADA rate ($4700max.) It's also depending on what the Claims Adjuster determines your rig is worth. In case of being totaled No extra $$ payout for any improvements, repairs or upgrades. My Erie Insurance Agent wouldn't even guarantee that. She said its up to the Claims Adjuster and couldn't even give me a dollar amount (Can't complain much as they only charge me $99.00 a year!) Even if you have receipts. Appraisals don't matter either. As an example if you purchase a 1986 Sunraider that has been completely restored and spent $15000 on it the insured value would Only be the maximum NADA value for that year. If totaled you would loose Thousands! The Agent said a 30 year old RV regardless of its condition for insurance purposes payout would be considerably less than a private sale. He said your really paying for liability coverage for others if in an accident not for a restored value of your RV. Opened my eyes but I can understand the insurance companies viewpoint on this now. I thought since I spent so much $$ restoring Grannie that I could recoup my investment if she was ever totaled out. Not! I'm not an Agent just repeating what he told me. Hope this helps others who think like I did that the insurance you buy would completely cover your purchase price Plus your extra investment in your rig. Sorry for the lengthy post!

Edited by markwilliam1
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50 minutes ago, markwilliam1 said:

I thought since I spent so much $$ restoring Grannie that I could recoup my investment if she was ever totaled out. Not!

Mark, I feel your pain.  I found the same to be true when insuring my vintage VW Westfalia.   But let's not give up on this yet.  Perhaps there is a remedy.  I hope other owners will respond with their insurance experiences...

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I don't expect miracles! Couldn't find a specialty insurance company either. It is what it is! I now know the only way to recoup my investment is to sell her someday. If in pristine condition the Toys seem to appreciate in value these days which is a Plus!

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My friend Dave got repairs costing over 30 grand for his Sunrader 4x4. Receipts recent sales and demanding a special adjuster . They can try to give you cheap and you can fight it. Not as bad as you make it sound

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I appreciate that Linda. I'm merely stating what 3 different agents told me after hours of conversations.  Who was his company? I contacted 3 of the top RV insurers and they all stated the same thing. No mention of a special adjuster. Who might that be? An employee of the agency? Your friend was Very lucky! I don't think that's the norm. My buddy Joe (hunkaman)  who has a 91 Winnie in pristine condition with a new roof said his agent told him the same thing. NADA RV value only! Around $5000. His rig is easily worth $15000 but only to a private buyer.

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sometimes you should not focus on the "cash value" but rather on a policy that ensure replacement. If you can get them to agree to replace it like for like, that could be the best bet. Let THEM find out how much fun that is.

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Where do you find such a policy? I spent hours searching various RV insurance companies and  None offer such! Just the stated value according to the NADA RV values listed for the manufacturer year. I would like someone to actually tell us the Insurance company that will do more than cover the NADA value Please! Unless you have some type of Expensive rider policy I don't think they exist especially for 30 year old RV's. I would like a name of a company that does that so I can buy that policy from.

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7 hours ago, markwilliam1 said:

I don't expect miracles! Couldn't find a specialty insurance company either. It is what it is! I now know the only way to recoup my investment is to sell her someday. If in pristine condition the Toys seem to appreciate in value these days which is a Plus!

Insurance laws vary from state to state and company to company.  I have not done this in many years but I did do it with State Farm.   I had to get an appraisal from a appraiser on their list and that is what they insured my RV for.  It was a bus conversion the bus a 79 MCI was worth about $15,000 the conversion was appraised for I think $80,000.

There have been several threads on here and other forums over the last year or so where people did it without getting an appraisal. 

http://toyotamotorhome.org/forums/index.php?/topic/8688-agreed-value-insurance/#comment-76514

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Check out taking a commercial vehicle policy.

I insured my rig through Farm Bureau insurance in NC. I have 5K on the mh, a rider for $2500.00 to cover the generator, $2K on interior furnishings and a $250.00 tow reimbursement. Costs less then $500.00 per year. That includes liability, comprehensive all the coverage of a standard policy. My rig is 38 years old.

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Thanks for the link jj and fred how do you get a commercial policy on a recreational vehicle? Contacted Good Sams again and was told again the most I could get for my rig would be the purchase price only as previously stated. Same with Progressive, Geico, Erie, etc. so I have no idea where people can get a agreed value (for much more than the purchase price) policy and nobody is responding with an Actual company that does this for a 30 year old RV. Good Sams wants $300 a year for the same coverage Erie is offering me for $99 a year. Maybe insurance companies have changed their policies for new applicants. I know now the only way to recoup my investment is a Private sale not insurance!

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How's this for an insurance nightmare. My 1979 was insured by progressive for over 3 years while I lived in NH.

I moved to NC and contacted progressive here. As underwriting was reviewing my equipment list I answered "no" to the bathroom question (my rig never came with a toilet or shower). Suddenly, I was no longer insurable due to "no bathroom". They gave me 30 days to find alternative coverage.

I then contacted USAA (I'm a vet). They don't insure motor homes but referred me to progressive. I explained my situation to them but they couldn't do anything to help.

Finally my insurance agent suggested I insure it with a commercial policy through Farm Bureau Insurance. They're a NC company.

They accepted my valuation and I applied a separate rider for my generator and 2K for interior furnishings.

I think if you can find a smaller, local company, you might have better luck.

For what its worth I have over $15K invested in my rig. I'll never get that money back. But I never plan to sell it anyway.

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Thanks Fred thats the attitude I have to take now. I'll never get my investment back until I sell her which won't happen as long as I can drive her! I was hoping I could get some type of rider policy to cover an agreed value over the purchase price like a classic car but they don't exist for 30 year old RVs! This has been a good discussion and I hope it helps others realize they not going to get the real value of their rigs from an insurance company.

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Near as I can tell, it's rare to get your money back on a vehicle you actually use. New cars lose a tremendous amount of value when you sign the paperwork to buy them. Used just trickle away with time, mileage and wear. Collectibles might be able to hold value but if you include the cost of storing and maintaining them without getting much use of them ... maybe not. 

If I'd wanted the money, I wouldn't have bought an RV with it. Instead, I'm enjoying the RV. 

Speaking of which, I plan to enjoy mine in Oregon for the eclipse next month. Is anyone else heading that way?

?????????

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Good way to think sweetleon! I'm adjusting my attitude now. BTW, me and a couple of buds are taking our Toys (a mini caravan) to Illinois from Ohio for the Total Eclipse in August. Would rather be in Oregon but too far LOL. Have fun!

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Im thinking about hitting Kentucky. Much cheaper, same distance, no tolls , no 14% sales tax, more freedom , and free fishing at the campground for pan fish with no license needed. Theres also the fact that Ky has more caves that are all 65 degrees in temp fantastic way to stay cool and enjoy geological beauty while escaping the sun, when the 2 minutes and 47 second escape provided by the eclipse is over :-)

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I am not a cheer leader for the insurance companies. as I discussed with mark, from the insurance company point of view, say you suffered a front end collision-- where in the hell are the insurance companies supposed to find new hood, fenders, grille, bumper,etc. for your (example) 1986 Toyota ?? even if nos or repops exist , they are not obligated to search for those hard to find parts, an insurance company wants a filed claim off their books asap. that is what an adjuster is paid to do, settle the claim as fast as possible, and I might add with the least cost to the insurance company, so how is that goal achieved??? total out your vehicle.  I am not suggesting I agree with any of what I stated, but it is reality. if the insurance company "totals" your vehicle, you can (in Ohio) opt to "purchase" said vehicle back from the insurance company. usually they will sell it back to you for the same amount they will pay you for the "totaled" value. you can then apply for a "salvaged" title. once you have made repairs for road worthiness, and passed an inspection by the state (at least this is Ohio's law). you will be issued the salvage title which is required to register the vehicle for plates. (oh and btw, buy insurance, ohio has mandatory vehicle insurance laws, what a joke -I still have to buy "uninsured motorist" coverage, because you do NOT need to show PROOF of insurance at the BMV when you A. renew your drivers license, or B. buy your plates! ) prospective buyers are usually very wary when you have a vehicle with a "salvaged" title for sale.  bottom line is you get screwed, repeatedly.  joe from dover

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45 minutes ago, hunkaman said:

I am not a cheer leader for the insurance companies. as I discussed with mark, from the insurance company point of view, say you suffered a front end collision-- where in the hell are the insurance companies supposed to find new hood, fenders, grille, bumper,etc. for your (example) 1986 Toyota ?? even if nos or repops exist , they are not obligated to search for those hard to find parts, an insurance company wants a filed claim off their books asap. that is what an adjuster is paid to do, settle the claim as fast as possible, and I might add with the least cost to the insurance company, so how is that goal achieved??? total out your vehicle.  I am not suggesting I agree with any of what I stated, but it is reality. if the insurance company "totals" your vehicle, you can (in Ohio) opt to "purchase" said vehicle back from the insurance company. usually they will sell it back to you for the same amount they will pay you for the "totaled" value. you can then apply for a "salvaged" title. once you have made repairs for road worthiness, and passed an inspection by the state (at least this is Ohio's law). you will be issued the salvage title which is required to register the vehicle for plates. (oh and btw, buy insurance, ohio has mandatory vehicle insurance laws, what a joke -I still have to buy "uninsured motorist" coverage, because you do NOT need to show PROOF of insurance at the BMV when you A. renew your drivers license, or B. buy your plates! ) prospective buyers are usually very wary when you have a vehicle with a "salvaged" title for sale.  bottom line is you get screwed, repeatedly.  joe from dover

Insurance companys want claims off the books as fast as possible and by law in NY have a time limit in which to do it.  A friends father had a low mileage older car, mint babied condition, not an antique but a daily driver.   It was totaled, ins adjuster gave him a ridiculous offer, he told them let me think about it and did that several times, failing to return phone calls and such. After a long time they finally settled with him for way more than the original offer. Maybe waiting them out helps?

 

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Maybe waiting them out helps...

It definitely does! I had a long battle one time, trying to get a reasonable "total" from Nationwide after their insuree tboned my wife's mint Toyota Echo. The blue book values they were referencing didn't come close to fair market value at the time, especially given that we were in the middle of that huge spike in gas prices, few years back. I documented several real-world prices from dealers around the country and used that data to politely pummel the adjuster over a few weeks time. 

Finally, after I said the following magic words, the process swiftly came to a favorable, happy conclusion: "I'm sorry, Ma'am, but I'm going to have to speak to your manager." (Maybe I should've played that card a little sooner, in hindsight.)

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The best insurance is no collision insurance coupled with max deductibles on comp and Etc. You will find taking care of your things, making sure not to leave stoves on and driving safely with only PLPD in the long run will pay you what the insurance company would have claimed for themselves; which is the actuarial science odds that you are paranoid and no one is out to hit you. statistically speaking you have better odds of not being hit or needing a claim than the odds of them paying you out a claim on the actual value of the vehicle. 

Insurance is roulette with your pay out being one number on the wheel. Better to enjoy the rv and spend the savings on your life then worrying about the one time you may get unlucky and merely have the excitement of finding again another toy...

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One thing I've noticed over the years, and makes a good bargaining point with your insurance company is as follows:

If your vehicle is towed from the scene of the accident, and your insurance company decides to "total" the vehicle, the first thing they want you to do is sign a "release" for the vehicle. By law, they can't touch you vehicle until you release it. This means they (the insurance co.) has to pay whatever the daily storage charge the garage requires.

 

If your not happy with the offer, refuse to release your vehicle. Each day the insurance company must pay these charges.

If say, the garage gets $50.00 per day for storage, the cost can run up quickly. This puts you in a much better bargaining position. ?

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4 hours ago, fred heath said:

One thing I've noticed over the years, and makes a good bargaining point with your insurance company is as follows:

If your vehicle is towed from the scene of the accident, and your insurance company decides to "total" the vehicle, the first thing they want you to do is sign a "release" for the vehicle. By law, they can't touch you vehicle until you release it. This means they (the insurance co.) has to pay whatever the daily storage charge the garage requires.

 

If your not happy with the offer, refuse to release your vehicle. Each day the insurance company must pay these charges.

If say, the garage gets $50.00 per day for storage, the cost can run up quickly. This puts you in a much better bargaining position. ?

Good point, never sign nothing!   I have read a bit on negotiating with the insurance company and they claim the adjuster is just trying to do the job his company hired him to do while treating you the customer fairly.

That article should have started "Once upon a time" there was an insurance adjuster fairy.   

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Thanks All for your responses! Fred was the only poster to actually provide a name of an insurer. Even finding an Appraiser for these old rigs is next to impossible! I don't believe it is possible to get an agreed value from any insurer for a 30 year RV now after speaking to so many companies. It is what it is, your paying for liability insurance only it seems!

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