| Agreed Value Insurance- Costco- Amerprise [message #190726] |
Mon, 19 November 2012 09:05  |
gbarrow2
Messages: 765
Registered: February 2004
Location: Lake Almanor, Ca./ Red Bl...
Karma: 3
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Senior Member |
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Netters:
Use this information at your own peril or pleasure.
In response to the recent thread on this topic I sent and received the following from my Ameriprise agent:
Doreen,
I have referred several other GMC motorhome owners to Amerprise since you gave me such great service and pricing for the "Agreed Value" policy in September.
One of the owners reports that Ameriprise no longer writes policies for the GMC. Is that so? Perhaps he was talking to a less knowledgable agent.
Please explain.
If the agreed value policies are still available for GMC motorhomes I will refer others directly to you.
Thanks for your help.
Doreen R Eastman
6:18 AM (36 minutes ago)
to me
Hi Gene:
We will write a policy for any motorhome as long as it meets our guidelines. We do insure them at the fair market value. We never had a partnership with GMC but with Costco. You can refer them directly to me via email or phone 920-330-5329. I will be happy to help out
Doreen
Doreen R Eastman
Senior Sales Associate
Sales Department
O: 920.330.5329
F: 920.330.5124
Gene Barrow
Lake Almanor, Ca.
1976 Palm Beach
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| Re: Agreed Value Insurance- Costco- Amerprise [message #190760 is a reply to message #190735] |
Mon, 19 November 2012 14:55  |
gbarrow2
Messages: 765
Registered: February 2004
Location: Lake Almanor, Ca./ Red Bl...
Karma: 3
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Senior Member |
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Talk to the source.
We "Agreed" that my value was the $15,000 that I requested. No discussion or argument; the term "fair market value" never came up. Perhaps because my expectation was not outrageous Just sent pictures of all 4 sides and they agreed to my number.
Some one else should give it a try before ya'll shoot the messenger.
If you expect $50,000 value for a rolling wreck, you may have difficulty getting "Agreement".
These folks aren't stupid. They are in the risk management business.
Good Luck
Gene Barrow
Lake Almanor, Ca.
1976 Palm Beach
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| Re: [GMCnet] Agreed Value Insurance- Costco- Amerprise [message #190765 is a reply to message #190760] |
Mon, 19 November 2012 15:32 |
emerystora
Messages: 4442
Registered: January 2004
Karma: 13
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Gene
I doubt that you actually have an "agreed value" policy but probably have a "stated value" policy. Unless your policy has a specific clause or a rider that shows a specific amount that will be paid in the event of a total loss. I have never seen an agreed value policy written by an insurance agency without providing an appraisal on the motorhome. Just giving pictures of it doesn't satisfy the requirements.
Here is something that I posted way back in 2002. It still holds true.
> There has be a bit posted on insurance and insurance companies in the past and I wanted to report on some comments from a fellow from RV Alliance I have spoken to at length at the FMCA Convention in Perry, GA.
>
> Some companies sell an "ACTUAL VALUE" policy. They will ask you what you paid for the vehicle and then they will depreciate that figure each year. Since the GMC Motorhome typically cost about $15,000 to $30,000 when new and are now 24 to 28 years old they would typically offer to pay perhaps $5000 to 10,000 on a total loss claim. They determine the value from Blue Book values which are usually grossly understated for old motorhomes.
>
> He felt that many people mistakenly feel that when they purchase a "STATED VALUE" policy that they will receive that amount in the event of a total loss. However, he indicates that a Stated Value is only the amount you state when you purchase the policy and the amount on which your premiums are based. This turns out to only be the maximum amount that will be paid to you if, after the loss, the companies claims adjuster agrees with you on the value. You might have a $40,000 "Stated Value" but after a loss they might come back to you and only offer $15,000 and you might have a battle on your hands trying to get a higher payment.
>
> On the other hand, if you have an "AGREED VALUE" policy then you have a binding contract with the insurance company that you will be paid that amount in the event of a total loss.
>
> He suggests that everyone should read their policy and look for an attachment stating what will be paid in the event of a loss. Even RV Alliance cannot offer an Agreed Value policy in all states.
>
> The typical Auto insurance company does not issue Agreed Value policies -- some do, but most do not. An agreed value policy will require an appraisal of the motor home in advance and the amount will be stated on a rider attached to the policy.
Emery Stora
77 Kingsley
Frederick, CO
On Nov 19, 2012, at 1:55 PM, gene barrow wrote:
>
>
> Talk to the source.
>
> We "Agreed" that my value was the $15,000 that I requested. No discussion or argument; the term "fair market value" never came up. Perhaps because my expectation was not outrageous Just sent pictures of all 4 sides and they agreed to my number.
>
> Some one else should give it a try before ya'll shoot the messenger.
>
> If you expect $50,000 value for a rolling wreck, you may have difficulty getting "Agreement".
>
> These folks aren't stupid. They are in the risk management business.
>
> Good Luck
> --
> Gene Barrow
> Lake Almanor, Ca.
> 1976 Palm Beach
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
> http://temp.gmcnet.org/cgi-bin/mailman/listinfo/gmclist
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| Re: Agreed Value Insurance- Costco- Amerprise [message #190767 is a reply to message #190726] |
Mon, 19 November 2012 15:51 |
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mike miller
Messages: 3576
Registered: February 2004
Location: Hillsboro, Oregon
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| gbarrow wrote on Mon, 19 November 2012 07:05 |
from Doreen R Eastman ... We never had a partnership with GMC but with Costco. ...
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Something about this part of her statement makes me wonder if she understood the question.
Mike Miller -- Hillsboro, OR -- on the Black list
(#2)`78 23' Birchaven Rear Bath -- (#3)`77 23' Birchaven Side Bath
More Sidekicks than GMC's and a late model Malibu called 'Boo'
http://m000035.blogspot.com
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| Re: [GMCnet] Agreed Value Insurance- Costco- Amerprise [message #190769 is a reply to message #190760] |
Mon, 19 November 2012 17:20 |
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USAussie
Messages: 15912
Registered: July 2007
Location: Sydney, Australia
Karma: 6
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Gene,
I assume that Amerprise will send you a hard copy of your policy, when you receive it could you confirm that it states unequivocally
that in case of a total loss you will receive $15,000?
Regards,
Rob M.
-----Original Message-----
From: gmclist-bounces@temp.gmcnet.org [mailto:gmclist-bounces@temp.gmcnet.org] On Behalf Of gene barrow
Talk to the source.
We "Agreed" that my value was the $15,000 that I requested. No discussion or argument; the term "fair market value" never came up.
Perhaps because my expectation was not outrageous Just sent pictures of all 4 sides and they agreed to my number.
Some one else should give it a try before ya'll shoot the messenger.
If you expect $50,000 value for a rolling wreck, you may have difficulty getting "Agreement".
These folks aren't stupid. They are in the risk management business.
Good Luck
--
Gene
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Regards,
Rob M. (USAussie)
The Pedantic Mechanic
Sydney, Australia
'75 Avion - AUS - The Blue Streak TZE365V100428
'75 Avion - USA - Double Trouble TZE365V100426
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