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 > Insurance declared value of used motor home

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wagonmaster2

northcentral oklahoma

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Posted: 06/22/20 03:37pm Link  |  Quote  |  Print  |  Notify Moderator

Has the pandemic affected the price of used motorhomes for sale any?
I'm currently changing insurance companies on my 2016 diesel motor home due to $990 increase on current policy for renewal and the new company's declaration page shows ACV for collision and comprehensive, which is to be expected on used vehicles. But then in ( ) they show "not to exceed $402,000 which is about the original price when new. And I know they aren't going to pay that in case of total destruction.
Since NADA shows about $253,000 and a couple for sale on internet lists $239,000 and $249,000 is it possible the new premium is probably way over stated anyway?
Wanted to check on information and suggestions here before jumping back on insurance company for over rating my coverage. Even at that they are still over $800 less than my maturing policy but maybe could still be more difference if priced correctly.

wanderingaimlessly

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Posted: 06/22/20 03:45pm Link  |  Quote  |  Print  |  Notify Moderator

If the insurance is for your protection, you can insure it to any level you wish or can find someone to underwrite. If it's to protect a lender, you have to verify what they will accept.

Lwiddis

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Posted: 06/22/20 03:59pm Link  |  Quote  |  Print  |  Notify Moderator

Good response, wandering.


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C20

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Posted: 06/22/20 07:48pm Link  |  Quote  |  Print  |  Notify Moderator

As stated, you can insure it for what you want. We have a stated value policy on ours and know exactly what they will pay in the event of a total loss. Have the same kind of policy on our El Camino and a wrangler we have.


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Bruce Brown

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Posted: 06/22/20 08:05pm Link  |  Quote  |  Print  |  Notify Moderator

Is yours a full replacement policy? If so, they need to insure it for enough to replace it should something happen.


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wagonmaster2

northcentral oklahoma

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Posted: 06/22/20 08:10pm Link  |  Quote  |  Print  |  Notify Moderator

I knew you could designate how much liability coverage you wanted but for Collision and Cmprehensive coverage I was always told ACV stood for Actual Cash Value at time of destruction, and whatever the vehicle is worth is what you get paid for on used vehicle. But on new vehicles the insurance companies will insure for Replacement for couple years or so, which means they will pay for a new vehicle.

Maybe I'm not understanding the insurance world like I thought. Really confused now.

Bird Freak

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Posted: 06/22/20 08:20pm Link  |  Quote  |  Print  |  Notify Moderator

You can insure for a stated value you and your insurance agree to and write the policy.
All my collector cars were insured this way.


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dougrainer

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Posted: 06/23/20 07:04am Link  |  Quote  |  Print  |  Notify Moderator

Maybe State Farm is different. My Corvette(1975 30k miles) is fully covered ACV. BUT, I had to prove and show what its stated value is NOW. My premiums reflect the stated value which the premium is more than if I had a junky old 1975 corvette with lots of miles and wear and tear, that right now book value is around $7500. I would suppose that you can insure a Motorhome for a ACV, but you need to show the Company what it is worth BEFORE you have a claim. AND, your premiums will reflect the ACV if it is higher than just a regular model you own. It probably all boils down to your claim history on your previous years and your driving record. Clean record, you probably will get a good deal. Doug

doxiemom11

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Posted: 06/23/20 11:10am Link  |  Quote  |  Print  |  Notify Moderator

A collector car is not insured with the same type of policy that a car or rv is. Unless maybe you have a vintage rv that is 25 yrs or older and in mint condition. Common for base value on a car or rv to start with the manufacturers suggested retail.

rgatijnet1

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Posted: 06/23/20 11:23am Link  |  Quote  |  Print  |  Notify Moderator

This is just an opinion but it would not surprise me if collision repair costs have increased due to COVID. This has probably affected business costs, labor availability, repair part availability and costs. Just a guess on my part but most everything I have dealt with on a daily basis has increased in cost.
Now that being said, I did get an 11% decrease on my total insurance from State Farm due to less use due to COVID restrictions.

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