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Agreed Value Ins Policy [message #361516]

Wed, 06 January 2021 15:01

JShot

Messages: 485
Registered: October 2006
Location: NW Ohio

Karma: 0

Senior Member

To those of you that have an actual "Agreed Value" Insurance Policy on your GMC, do you have a letter, or some sort of documentation that specifies that your insurance
company WILL pay you the amount the policy states in case of a total loss?

And does it say what they will do for you in the case of a "non-total" loss?

TIA,
John

John Shotwell
Ridgeville Corners, OH
78 Royale Center Kitchen

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Re: Agreed Value Ins Policy [message #361517 is a reply to message #361516]

Wed, 06 January 2021 15:25

JohnL455

Messages: 4447
Registered: October 2006
Location: Woodstock, IL

Karma: 12

Senior Member

The letter is the policy. It is clearly stated on the policy. If damaged they will have to pay up to that amount.

John Lebetski
Woodstock, IL
77 Eleganza II

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Re: Agreed Value Ins Policy [message #361522 is a reply to message #361517]

Wed, 06 January 2021 18:36

JShot

Messages: 485
Registered: October 2006
Location: NW Ohio

Karma: 0

Senior Member

Thank, John

You say "up to that amount", meaning if it's totaled, they'll pay the agreed upon amount. But if a fender bender, they'll pay for the repair up to the agreed amount.

Yes?

John Shotwell
Ridgeville Corners, OH
78 Royale Center Kitchen

[Updated on: Wed, 06 January 2021 18:39]

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Re: Agreed Value Ins Policy [message #361526 is a reply to message #361522]

Thu, 07 January 2021 07:49

Matt Colie

Messages: 8547
Registered: March 2007
Location: S.E. Michigan

Karma: 7

Senior Member

JShot wrote on Wed, 06 January 2021 19:36

Thank, John

You say "up to that amount", meaning if it's totaled, they'll pay the agreed upon amount. But if a fender bender, they'll pay for the repair up to the agreed amount.

Yes?

John,

That is how it worked out in my case. The total cost of the damage and towing was easily half the agreed value as based on JimK's appraisal . It all got covered. We cam real close to getting back the 12 years of premiums. We did not initially have a AV policy.

Matt

Matt & Mary Colie - Chaumière -'73 Glacier 23 - Members GMCMI, GMCGL, GMCES
Electronically Controlled Quiet Engine Cooling Fan with OE Rear Drum Brakes with Applied Control Arms
SE Michigan - Near DTW - Twixt A2 and Detroit

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Re: Agreed Value Ins Policy [message #361602 is a reply to message #361516]

Sun, 10 January 2021 06:53

PeteSr

Messages: 26
Registered: October 2020
Location: New Port Richey, FL

Karma: 0

Junior Member

What companies issue agreed value policies? And what are their requirements for determining the agreed value?

I am not traveling/using our coach as we refurbish it. Other than a short local trip in April it is stored in my aircraft hanger (I live in a residential airpark) and is protected pretty good. That will continue for the next year or so while we complete the refurb.

Would like to know where/if I can get an agreed value policy for afterwards.

78 Eleganza II
Stock 403 w/ Carb
Single Cinnebar bags
6kW Onan

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Re: Agreed Value Ins Policy [message #361609 is a reply to message #361602]

Sun, 10 January 2021 10:59

Christo

Messages: 108
Registered: April 2019
Location: Weymouth, MA

Karma: 0

Senior Member

The companies that issue Agreed Value policies vary from state to state, and there aren't that many. I got mine from Progressive through FMCA. It required a written appraisal. Since you're in Florida you may be able to get an appraisal from Sirum GMC or Cooperative Motor Works.

Christo Darsch
GMC Nor'easters
1977 Eleganza II - "The Komet"
3.50 Power Drive, Disc Brakes, Alcoas
Weymouth, MA

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Re: [GMCnet] Agreed Value Ins Policy [message #361649 is a reply to message #361609]

Sun, 10 January 2021 22:43

jimk

Messages: 6734
Registered: July 2006
Location: Belmont, CA

Karma: 9

Senior Member

We provide an independent appraisal as that carries more weight than just a
figure.

On Sun, Jan 10, 2021 at 9:00 AM Christo Darsch via Gmclist <
gmclist@list.gmcnet.org> wrote:

> The companies that issue Agreed Value policies vary from state to state,
> and there aren't that many. I got mine from Progressive through FMCA. It
> required a written appraisal. Since you're in Florida you may be able to
> get an appraisal from Sirum GMC or Cooperative Motor Works.
> --
> Christo Darsch
> GMC Nor'easters
> 1977 Eleganza II - "The Komet"
> 3.50 Power Drive, Disc Brakes, Alcoas
> Weymouth, MA
>
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
> http://list.gmcnet.org/mailman/listinfo/gmclist_list.gmcnet.org
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--
Jim Kanomata
Applied/GMC, Newark,CA
jimk@appliedairfilters.com
http://www.gmcrvparts.com
1-800-752-7502
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Jim Kanomata
Applied/GMC
jimk@appliedairfilters.com
www.appliedgmc.com
1-800-752-7502

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Re: Agreed Value Ins Policy [message #361668 is a reply to message #361602]

Mon, 11 January 2021 14:56

Russell K.

Messages: 178
Registered: October 2016
Location: Dunedin, Florida

Karma: 4

Senior Member

Hi Pete,
We are also in Florida. We have Safeco Insurance for the coach with an agreed value policy for $25,000 (minus $500 deductible). For that amount, they did not require an appraisal. Higher value policies may require an appraisal. The policy also includes their "roadside assistance", which is up to $300 in towing, etc. (not near enough to do much good)

Our other vehicles are insured through Liberty Mutual, and they do not offer an agreed value policy. At least that is what the agent said.

I hope this helps.

Russell

1978 Eleganza II, Dunedin, Florida

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Re: Agreed Value Ins Policy [message #361681 is a reply to message #361516]

Tue, 12 January 2021 04:05

PeteSr

Messages: 26
Registered: October 2020
Location: New Port Richey, FL

Karma: 0

Junior Member

Thanks for the information folks. We used to have Safeco, now with Geico. I have had the coach to both the COOP and Sirum's. So, they are both familiar with it. Geico does insure the coach now, I will have a conversation with them first.

Thanks again for the info.

78 Eleganza II
Stock 403 w/ Carb
Single Cinnebar bags
6kW Onan

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Re: Agreed Value Ins Policy [message #371283 is a reply to message #361681]

Thu, 20 April 2023 10:17

Richard RV

Messages: 631
Registered: July 2012
Location: Full-timer for 12 years, ...

Karma: -17

Senior Member

Pete,

I'm looking into registering and insuring a GMC in Florida with an Agreed Value policy. Which insurance company did you end up using? Please let me know.
Thanks

Richard

'77 Birchaven TZE...777; '76 Palm Beach under construction; ‘76 Edgemont waiting its turn

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Re: Agreed Value Ins Policy [message #371284 is a reply to message #371283]

Thu, 20 April 2023 10:29

JohnL455

Messages: 4447
Registered: October 2006
Location: Woodstock, IL

Karma: 12

Senior Member

I use Safeco in IL. Your state may vary. At $40k per Jim K appraisal.
On another note, I am told State Farm classic car ins will be by Haggerty. Rumors of them doing RVs as classics were not yet true last I asked.

John Lebetski
Woodstock, IL
77 Eleganza II

[Updated on: Thu, 20 April 2023 10:30]

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