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How To Protect Your RV Investment. This forum is set up to discuss insurance needs, terminology & where to go to get the best possible coverage for your needs. From time to time we will discuss the issues and differences in insurance coverage. When would an appraisal be in your best interest & how often should you have an appraisal and where one could obtain a certified appraisal.

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  #1  
Old 12-08-2010
spirit
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Smile APPRAISAL PRAISE

I had John McGinnis do an appraisal on my Coach while at RATS 2010. Yesterday I got around to talking with my insurer (PROGRESSIVE)...They called me back to easily agree to increasing my coaches value to the APRAISED VALUE, but noted that the appraisal document was the the finest one they had seen in some time and were suitably impressed.
Kudos to John

Ted
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  #2  
Old 12-08-2010
bubblerboy64 bubblerboy64 is offline
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As we have talked in the past on the subject that exact words are pretty important. Does this been you have a policy written as an Agreed Value policy? John will I am sure jump in here but it seems to me the exact words used are pretty important. They might put the value of the coach up but still not cover the entire amount at the time of a claim? We have to be very careful in all of this stuff so clarification is critical. I haven't changed or adjust my policy as yet and just need to get around to it. I would think the insurance company would have no problem writing for an agreed value because then they know exactly what their liability is and certainly then what they need to charge. Having said that, I know agreed value policies are not the norm.

And in addition John McGinnis is a good guy. One of the best.
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  #3  
Old 12-08-2010
spirit
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Smile agreed value

my coach is insured for the agreed value, just called them to confirm
thanks
Ted
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  #4  
Old 12-08-2010
bubblerboy64 bubblerboy64 is offline
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That's good to know Ted. I have some stuff insured through progressive and some through State Farm and I need to adjust my coverages some. I think I am paying entirely too much for insurance. If I was to add all of it together. Professional liability, car home, medical plus now long term care I could live on the monthly total premiums amounts. I'll have to do it but some time to see but I know it's approaching three thousand dollars or more every month. Might be more then that. I know that between the insurance, the uncovered medical costs and the taxes it's getting silly. I am not complaining I'm darned glad the money is there to cover it but things are going to have to change or retirement is not going to ever be possible. Going to be 65 next birthday and I'll be on the medicare roles I guess. If that doesn't help significantly lower my costs at that time I don't have a clue as to what I will be able to do. I pay about $1300 a month for medical insurance and about $650 a month out of pocket for drugs that the wife and I both need. Then it seems there are always a couple uncovered doctors bills. Man it gets a fellow wondering. Being self employed certainly has some wonderful advantages but how do folks manage. I guess many just don't.
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  #5  
Old 12-08-2010
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Quote:
Originally Posted by bubblerboy64 View Post
That's good to know Ted. I have some stuff insured through progressive and some through State Farm and I need to adjust my coverages some. I think I am paying entirely too much for insurance. If I was to add all of it together. Professional liability, car home, medical plus now long term care I could live on the monthly total premiums amounts. I'll have to do it but some time to see but I know it's approaching three thousand dollars or more every month. Might be more then that. I know that between the insurance, the uncovered medical costs and the taxes it's getting silly. I am not complaining I'm darned glad the money is there to cover it but things are going to have to change or retirement is not going to ever be possible. Going to be 65 next birthday and I'll be on the medicare roles I guess. If that doesn't help significantly lower my costs at that time I don't have a clue as to what I will be able to do. I pay about $1300 a month for medical insurance and about $650 a month out of pocket for drugs that the wife and I both need. Then it seems there are always a couple uncovered doctors bills. Man it gets a fellow wondering. Being self employed certainly has some wonderful advantages but how do folks manage. I guess many just don't.
John, With out a doubt someone is almost living on you monthly premium.
I also hate paying for insurance. Making that payment is like pulling teeth!
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Last edited by Rick; 12-08-2010 at 01:46 PM. Reason: spelling
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  #6  
Old 12-08-2010
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Default Appraisal Phrases

Thanks gentlemen for the nice words. I’m sorry if I get a little too wordy here but you need to know these things if you are shopping for insurance.

Whenever the policy says agreed value, it is an agreed value policy. The only caveat I have encountered is with “Blue Sky Insurance”. Their policy openly states they will pay the “Agreed Value Price” upon a total loss claim within the first 180 days of the claim. Over 180 days they will pay the Actual Cash Value (ACV) which is based upon the “NADA BOOK VALUE” which will be several thousand less than an appraised value. This type policy is built in protection for the insurance company. Full timers would most likely replace their coach in a matter of weeks (<180 days) because it is their home, part-timers may not be so fast in replacing the lost coach. I cannot speak for Progressive because they will not insure my coach because of its age; but I would say if one insurance company does it, it would make sense others would follow suit.

Terms folk need to learn to detect in their policy is the phrase “lesser then the actual cash value” in their policy. Reading these terms implies you do not have an agreed value policy. It is a “Stated Value Policy” Or an “Actual Cash Value” policy. SVP is you buy the coach today for 80 grand, you insure it today for 80 grand, and 11 months from now it is lost in a flood. You will get paid on the ACV “NADA Value” at time of loss, again thousand less than your initial purchase/insured price. That’s how folk get screwed when dealing with the insurance business. You pay high premiums for something you thought you were getting but weren’t. I would venture to say the premium difference is only a few dollars difference monthly between the two policies. A couple hundred dollars a year is not a great savings on an insurance premium when you can potentially lose thousands in material loss on your coach.

To obtain an agreed value policy you will need a new purchase agreement or a certified appraisal, unless you’re already insured with the company then you may need tons of documentation in paid receipts to justify the upgrading on insurance. Trust me the appraisal is usually much easier, you have documentation, photos & with the proper verbiage to validate the appraised value. If I can ever help out just let me know.
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  #7  
Old 12-08-2010
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I just checked my policy with Progressive. They are insuring my '87 FC for an Agreed Value. Why will they not insure yours?
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  #8  
Old 12-08-2010
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We were told 20 years was their cutoff and we had never been with them before.
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John McGinnis,
95WB42MD S60, Mid-Entry "B-Rex"
88FC35 (SOLD)
Louisville, KY/Jeffersonville, IN
2000 Jeep Cherokee
Our Blog
Our Location
https://allwheelappraisals.com/
Email or call only - please do not send PM

johns.mcginnis @ hotmail.com
502-417-5681
.,=====o00
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l_--- \___l----[]lllllll[]
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  #9  
Old 12-08-2010
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I have USAA for the cars and since USAA does not insure coaches, they sent to Progressive. I had no problems with them. YET!
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Mark and Donna Bragdon
CW4 retired
Windham, Maine
87 FC SOLD
89 SP SOLD
94 WB SOLD
95 WB 42
2007 Jeep Wrangler
2015 GMC Acadia
207-939-3816

Last edited by markbragdon; 12-08-2010 at 06:13 PM. Reason: spelling
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  #10  
Old 12-08-2010
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Default Agreed Value

I just changed all of my insurance, home, cars, coach, umbrella and rental property over to Safeco and had no problem getting the coverage.
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