| [GMCnet] Terms of Insurance Policies [message #205840] |
Thu, 25 April 2013 12:27  |
emerystora
Messages: 4442
Registered: January 2004
Karma:
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Senior Member |
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There still seems to be some confusion regarding GMC Motorhome insurance policies. I get requests once in a while to help clarify coverage from GMC owners.
Here are the types of collision coverage usually offered:
Actual Cash Value -- pays the current value (usually Blue Book or NADA) in the event of total loss. Since our GMCs are quite old they either have extremely low values in these books or are not even listed. If you have an ACV policy then you might have a very hard time getting much for your loss.
Stated Value - pays either the amount stated in the policy or the actual cash value of the vehicle at the time of loss, whichever is lower. Some owners think since they might have a Stated Value policy of, for example, $30,000, they are expecting to get that amount. They are paying a premium based on that amount but in case of a total loss they will usually not get anywhere near that amount.
Agreed Value - this pays the agreed upon value, based on a professional appraisal, in the event of a total loss. This is actually a contract with the insurance company and you would get the agreed value in case of a total loss. I personally feel that this is the only type to have. It costs me $50 more per year to have this type of policy. Fewer and fewer insurance companies are offering this but it is still available.
Emery Stora
77 Kingsley
Frederick, CO
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