Insurance Comprehensive/Collision

[hudstur]

Insurance on my Tiffin Allegro Red 33AA Comprehensive & Collision.   Total replacement cost purchase price OR Assessed value upon incident???  Which one?    Any suggestions on insurance carriers?

[five]

The bottom line is that if your coach is totaled, the insurance company will pay the insured value or blue book value, which ever is lower.  I've heard others give different opinions on this forum.  The preceding information was given to me by two different reps of two different insurance companies.

[richard5933]

Depends on how much of the risk you choose to carry yourself. If you get the replacement cost insurance, you're going to pay more for the coverage but less should you ever have a claim.

[wayne77590]

I have progressive and have had it for 11 years. For the first 5 year of a new purchase they will replace the MH from the same manufacturer.  After 5 years they will pay me what I paid for it.

I lost my 2008 MH to Hurricane Harvey. Progressive had not trouble paying me what I paid for it.  Gave me a good down-payment on the one I have now. Insurance is only good if something happens and you have to use it. In my case, stuff happened and I was extremely glad I had it. The payout from the insurance company exceeded what I paid in.  Yes, it could have gone the other way. Why do we have any insurance? Just in case.

Personally, I'd do it all over again and get full replacement cost. I have it now also.

[jdwright]

I see on social media post a lot of questions about Coach insurance premium differences.  I have Progressive and have used them on my last four coaches.  I believe they are in a better position to insure motorcoaches because they have a much broader base of insured coaches.  Many other companies just throw it out there and see who bites.  One of the differences I have found is replacement coverage comprehensive and collision rather than more traditional automotive Actual Cash Value (ACV).  ACV means that if you total your coach and have ACV Comprehensive of Collision, the insurance company liability is the depreciated value of your coach at the time of loss less a deductible.  We all know how fast these things depreciate!  After five years you may find the coach you paid over $500K for has an ACV of $250K.  Unfortunately, it is possible you may owe more than $250 K if you financed long!  So in the event of a total, your lender gets the payment and you still owe them!  Not a very good situation.  Progressive offers Replacement Cost comprehensive and collision as an alternative to ACV.  It is going to cost you more in premium, but you won't come up short in a total loss!  If you have a total loss during the first policy year, they will get you a replacement coach of like kind.  I believe that in policy year two through five, if you suffer a total loss, your recovery will be the amount you paid for your coach new, which is listed in your policy plus 20%, so again, you won't be going out without a coach and owing money.  After Year five, replacement cost amount is the price you paid for the coach new which is stated in the policy!  Some people don't understand how this provision works and all they can see is the premium is going up each year!  But the insured is getting the benefit of having essentially an increasing reimbursement on a total, rather than a decreasing coverage based on a decreasing ACV each year.

If I had a bone to pick with Progressive, it is as someone said, CORONA did not produce any refunds to coach owners.  Another item that bothers me a lot more tan that is the fact that in all property and casualty insurance, rates are based on risk.  These are expensive units subject to all sorts of natural and unnatural events while traveling around the country.  When my coach is not on the road traveling, I store it in a secure storage facility primarily for motorcoaches.  It is a steel and brick building with active on site management 7 days a week, card and keypad access during off hours and 11:00PM to 5:00 AM has an alarm system monitored by the local police department.  It is a fireproof building and has a sprinkler system.  It has a service facility in the building, so I don't even have to take my coach out for most service items.  I have had a number of comprehensive claims that were repaired within the facility and paid by Progressive, so they are familiar with the facility.  For this additional security, I pay more than $500 per month.  Unfortunately, the owner who parks his coach in the back yard under a tree pays the same premium that I pay, all else being equal.  I believe in the world we live today, coach insurers should give a premium discount for comp and collision if stored in a facility similar to this facility.  This facility was built 10 years ago and it was one of the first of its type build in the US, so prior to 10 years ago, Progressive would not have a leg to stand on!

Speaking of comprehensive claims, with all of the race rioting going on, I saw a video on Facebook yesterday of an unfortunate RV'er driving his coach through a town and encountered a group of these race rioters.  Having a ladder on the back, these monkeys used it to access the roof of his coach and trailer and use it as a trampoline, while others broke into outside storage compartment and strew the contents out, and broke windows.  It looked like Saturday evening at the monkey house!  You might want to think about where you go and the route you take during the Corona Virus and race riot era!  These are not protest; they are purely race riot intended to harm people who did nothing to them and to damage property of anyone who they encounter! 

JDW F-78957

[wildebill308]

25 minutes ago, JDWright said:

These are expensive units subject to all sorts of natural and unnatural events while traveling around the country.  When my coach is not on the road traveling, I store it in a secure storage facility primarily for motorcoaches.  It is a steel and brick building with active on site management 7 days a week, card and keypad access during off hours and 11:00PM to 5:00 AM has an alarm system monitored by the local police department.  It is a fireproof building and has a sprinkler system.  It has a service facility in the building, so I don't even have to take my coach out for most service items.  I have had a number of comprehensive claims that were repaired within the facility and paid by Progressive, so they are familiar with the facility.  For this additional security, I pay more than $500 per month. 

So how do you like NIRVC?

Yes inshurence companies work hard at maxamising payments. There are some who let you take the  comprehensive and collision off if parked for long term.

Bill

[manholt]

Bill, only one I could think off and now there's 4 and more being built.