Home » Public Forums » GMCnet » Insurance Cost
| Insurance Cost [message #339449] |
Mon, 10 December 2018 13:07  |
Justin Brady
Messages: 769
Registered: April 2015
Location: Bell Buckle, TN
Karma: 11
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Senior Member |
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Hey Guys,
If you don't mind sharing what are you paying for insurance annually for your GMC?
I'm at 1659 annually and that seems high to me, but I have no basis of comparison.
Justin Brady
http://www.thegmcrv.com/
1976 Palm Beach 455
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| Re: [GMCnet] Insurance Cost [message #339451 is a reply to message #339449] |
Mon, 10 December 2018 14:45  |
Dave Stragand
Messages: 307
Registered: October 2017
Karma: 0
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Senior Member |
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On what I consider to be an unusually low rate... Straight liability
with State Farm: $64.76 per year for me. Yup, under $65 bucks per
year.
We have a whole bunch of different policies with them though so that
probably skews the numbers down a bit. I have always found State Farm
to be great with any of our older vehicles (both liability and
collision), and they have responded very well when we needed to make a
claim.
-Dave
1978 Transmode near Pittsburgh
-----Original Message-----
From: Gmclist [mailto:gmclist-bounces@list.gmcnet.org] On Behalf Of
Justin Brady
Sent: Monday, December 10, 2018 2:08 PM
To: gmclist@list.gmcnet.org
Subject: [GMCnet] Insurance Cost
Hey Guys,
If you don't mind sharing what are you paying for insurance annually for
your GMC?
I'm at 1659 annually and that seems high to me, but I have no basis of
comparison.
--
Justin Brady
http://www.thegmcrv.com/
1976 Palm Beach 455
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1978 Transmode (403)
Pittsburgh, PA
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| Re: Insurance Cost [message #339455 is a reply to message #339449] |
Mon, 10 December 2018 15:29 |
lqqkatjon
Messages: 2324
Registered: October 2010
Location: St. Cloud, MN
Karma: 5
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Senior Member |
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You have to figure out if you want an agreed value or not. Agreed value costs quite a bit more, but you have guaranteed protection. Make sure you understand what you have and how it all works. There is someone that had to take leas then the coach was worth because they never updated the value of the coach after putting $$$ fixing everything after they originally set the policy.
If you do not have an agreed policy be prepared to fight for value. This can be done if you are prepared and realistic on the actual amount you might expect to get from your coach. Justin- i would reccomend you not take that risk with your coach. Yours is too unique to try to prove out it's value.
I am insuring mine actual cash value. But that is my choice as I feel ok and have documentation about what i can prove out.
Jon Roche
75 palm beach
EBL EFI, manny headers, Micro Level, rebuilt most of coach now.
St. Cloud, MN
http://lqqkatjon.blogspot.com/
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| Re: [GMCnet] Insurance Cost [message #339456 is a reply to message #339453] |
Mon, 10 December 2018 15:21 |
Mike Kelley
Messages: 467
Registered: February 2017
Karma: -2
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Senior Member |
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Emery S.:
Am pretty sure I understand my policy (one) w/ Auto Owners which covers our 2 late model daily drivers, 3 GMC MH’s, and 13 Corvairs, but since auto Ins. is pretty confusing and most GMC owners are not Ins. experts - please give us your knowledge of policy types!
Thanks in advance,
Mike/The Corvair a holic (and know you know why)!!!
Sent from my iPhone
> On Dec 10, 2018, at 3:10 PM, Emery Stora via Gmclist wrote:
>
>
> Your low rate is probably not because it’s registered as an antique but rather the lack of much collision coverage.
> What type of policy do you have? Agreed value, Actual Value or Stated Value. If you don’t know read your policy or ask your agent.
>
> If you want to know the difference in the type of policy let me know.
>
> Emery Stora
> 77 Kingsley
> Frederick, CO
>
>
>> On Dec 10, 2018, at 1:55 PM, matt@ghllcgroup.com wrote:
>>
>> Somehow I am at $165 a year WITH a $200 collision deductible. Mine is a 1978 and registered as an antique which probably accounts for the cheap price.
>>
>> --------- Original Message --------- Subject: [GMCnet] Insurance Cost
>> From: "Justin Brady"
>> Date: 12/10/18 2:07 pm
>> To: gmclist@list.gmcnet.org
>>
>> Hey Guys,
>> If you don't mind sharing what are you paying for insurance annually for your GMC?
>> I'm at 1659 annually and that seems high to me, but I have no basis of comparison.
>> --
>> Justin Brady
>> http://www.thegmcrv.com/
>> 1976 Palm Beach 455
>>
>> ______________________________
>
>
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
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| Re: [GMCnet] Insurance Cost [message #339458 is a reply to message #339453] |
Mon, 10 December 2018 15:31 |
jimk
Messages: 6734
Registered: July 2006
Location: Belmont, CA
Karma: 9
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Senior Member |
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If you do not have an agreed value, you will be in for a diappointment when
somthing happens to your coach .
They can salvage it by placing a low value.
Get an Independent Appraisal from one of us and use it to get an Agreed
Value.
Feel free to call me if you have any questions
On Mon, Dec 10, 2018 at 1:11 PM Emery Stora via Gmclist <
gmclist@list.gmcnet.org> wrote:
>
> Your low rate is probably not because it’s registered as an antique but
> rather the lack of much collision coverage.
> What type of policy do you have? Agreed value, Actual Value or Stated
> Value. If you don’t know read your policy or ask your agent.
>
> If you want to know the difference in the type of policy let me know.
>
> Emery Stora
> 77 Kingsley
> Frederick, CO
>
>
>> On Dec 10, 2018, at 1:55 PM, matt@ghllcgroup.com wrote:
>>
>> Somehow I am at $165 a year WITH a $200 collision deductible. Mine is a
> 1978 and registered as an antique which probably accounts for the cheap
> price.
>>
>> --------- Original Message --------- Subject: [GMCnet] Insurance Cost
>> From: "Justin Brady"
>> Date: 12/10/18 2:07 pm
>> To: gmclist@list.gmcnet.org
>>
>> Hey Guys,
>> If you don't mind sharing what are you paying for insurance annually for
> your GMC?
>> I'm at 1659 annually and that seems high to me, but I have no basis of
> comparison.
>> --
>> Justin Brady
>> http://www.thegmcrv.com/
>> 1976 Palm Beach 455
>>
>> ______________________________
>
>
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
> http://list.gmcnet.org/mailman/listinfo/gmclist_list.gmcnet.org
>
--
Jim Kanomata
Applied/GMC, Newark,CA
jimk@appliedairfilters.com
http://www.appliedgmc.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: [GMCnet] Insurance Cost [message #339459 is a reply to message #339453] |
Mon, 10 December 2018 15:40 |
Mike Kelley
Messages: 467
Registered: February 2017
Karma: -2
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Senior Member |
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Justin B.:
I believe you will find Ins. rates/quotes all over the ball park, but yours seems extremely hi to me.
Of course it all depends on your coverage also - and your place of residence.
My rate on my 28’ stretch (1976) w/ a $60k agreed value is $551.59 (full coverage) per year.
And the feature I like most w/ Auto Owners Ins. is - I notify them when I take it out of storage ($50.00 Ins. per year) and pay the above rate pro rated for how long I drive it - and then it goes back into storage w/ a phone call and I am back to $50.00 per year for comprehensive coverage only.
Shop around - my friend!
Hope this helps!
Mike/The Corvair a holic
P S Have been w/ them many years and have 20 vehicles (most of them antiques w/ agreed value) covered in the same policy!
Sent from my iPhone
> On Dec 10, 2018, at 3:10 PM, Emery Stora via Gmclist wrote:
>
>
> Your low rate is probably not because it’s registered as an antique but rather the lack of much collision coverage.
> What type of policy do you have? Agreed value, Actual Value or Stated Value. If you don’t know read your policy or ask your agent.
>
> If you want to know the difference in the type of policy let me know.
>
> Emery Stora
> 77 Kingsley
> Frederick, CO
>
>
>> On Dec 10, 2018, at 1:55 PM, matt@ghllcgroup.com wrote:
>>
>> Somehow I am at $165 a year WITH a $200 collision deductible. Mine is a 1978 and registered as an antique which probably accounts for the cheap price.
>>
>> --------- Original Message --------- Subject: [GMCnet] Insurance Cost
>> From: "Justin Brady"
>> Date: 12/10/18 2:07 pm
>> To: gmclist@list.gmcnet.org
>>
>> Hey Guys,
>> If you don't mind sharing what are you paying for insurance annually for your GMC?
>> I'm at 1659 annually and that seems high to me, but I have no basis of comparison.
>> --
>> Justin Brady
>> http://www.thegmcrv.com/
>> 1976 Palm Beach 455
>>
>> ______________________________
>
>
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
> http://list.gmcnet.org/mailman/listinfo/gmclist_list.gmcnet.org
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| Re: Insurance Cost [message #339460 is a reply to message #339449] |
Mon, 10 December 2018 17:26 |
Steve
Messages: 506
Registered: September 2013
Location: East Greenville, Pa
Karma: 1
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Senior Member |
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I'm in PA. Liability only through State Farm is about $100 annually.
1978 GMC Royal
Eastern Pennslyvania
1968 Chevrolet C20 396 Camper Special
1969 Chevrolet C20 Camper Special
1985 Buick Electra Park Avenue
1992 Camaro 25th Anniversary Heretage Edition Black
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| Re: Insurance Cost [message #339472 is a reply to message #339449] |
Tue, 11 December 2018 02:02 |
Handyman
Messages: 229
Registered: April 2016
Location: The Netherlands
Karma: 2
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Senior Member |
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Progressiv was the only Ins Company that takes us foreigners into their coverage, although our GMC is legally titled to our LLC founded in Montana.
I used a Ins. Broker in Florida who was very helpful and had some experience in working for foreigners.
So they don't have any records on our "behavior" nor records of previous insurers, and that makes it a bit more costly.
We pay about 950$ annually for a value of 20.000$ actual cash value at time of loss, full windshield coverage with non deductible, and Deductible of 500$
Incl. roadside assistance, emergency expense (2000) Fire Department Service (?) 1000$
And vacation liability .... what that is I don't know ... 25.000$
And they told us, it premium lower after periods of no claims.
Daniel
Eleganza II - The Flying Dutchman
Daniel Jacobs, NL-USA 1977 GMC Eleganza II, Rebuild 455 (2019) 3.55 FD. FiTech and (Modified) FCC, Electric Pump, insulated GasTanks, 100A Alternator, APC, McDash, Schräder Valves + extern Fills, Ceramic Film, TPMS, FlexSteel Seats
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| Re: [GMCnet] Insurance Cost [message #339473 is a reply to message #339472] |
Tue, 11 December 2018 06:16 |
Will Albers
Messages: 183
Registered: November 2017
Location: Detroit MI (Belleville)
Karma: 2
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Senior Member |
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$800/yr at $30,000 agreed value, but i take it off the road when I'm not
driving. it drops to $100/yr off road rate.
Farm Bureau in Michigan
On Tue, Dec 11, 2018, 3:04 AM Daniel Jacobs Progressiv was the only Ins Company that takes us foreigners into their[/color]
> coverage, although our GMC is legally titled to our LLC founded in Montana.
> I used a Ins. Broker in Florida who was very helpful and had some
> experience in working for foreigners.
>
> So they don't have any records on our "behavior" nor records of previous
> insurers, and that makes it a bit more costly.
> We pay about 950$ annually for a value of 20.000$ actual cash value at
> time of loss, full windshield coverage with non deductible, and Deductible
> of
> 500$
> Incl. roadside assistance, emergency expense (2000) Fire Department
> Service (?) 1000$
> And vacation liability .... what that is I don't know ... 25.000$
> And they told us, it premium lower after periods of no claims.
>
> Daniel
> Eleganza II - The Flying Dutchman
> --
> Daniel Jacobs, NL-USA 1977 GMC Eleganza II, 455 newer Tranny+3.55 FD.
> FiTech and FCC, new Hoses, Selector Valve and Electric Pump, insulated
> Tanks,
> APC, McDash, Dash AC to Enviro Safe. Schräder V+extern Fills, Ceramic Film
> TPMS FlexSteel Seats
>
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
> http://list.gmcnet.org/mailman/listinfo/gmclist_list.gmcnet.org
>
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1978 Palm Beach.
Detroit Michigan
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| Re: [GMCnet] Insurance Cost [message #339476 is a reply to message #339473] |
Tue, 11 December 2018 08:49 |
Justin Brady
Messages: 769
Registered: April 2015
Location: Bell Buckle, TN
Karma: 11
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Senior Member |
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Thanks Guys,
Looks like I've got some shopping to do.
Mine is agreed value, I don't think I'm willing to pay what it would cost to insure it for what it's worth to me including my time! But I've got it agreed at 60k.
Justin Brady
http://www.thegmcrv.com/
1976 Palm Beach 455
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| Re: [GMCnet] Insurance Cost [message #339482 is a reply to message #339481] |
Tue, 11 December 2018 13:02 |
JerryW
Messages: 256
Registered: August 2018
Karma: 1
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Senior Member |
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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 40 to 45 years old they would typically offer to pay perhaps $2000 to 5,000 on a total loss claim. They determine the value from Blue Book values which are usually grossly understated for old motorhomes.
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, 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 $10,000 and you could 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.
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 probably about every 3 years) and the amount will be stated on a rider attached to the policy.
I have a $50,000 agreed value policy. I know I cannot sell my GMC for $50,000 but Applied GMC in California which appraised my GMC says they take into account the cost of improvements that I have made and also what the labor costs would have been to make the modifications that I have done. So, if I should have total loss I will be paid $50,000 with no haggling as that is a contract amount as listed in my policy.
Emery Stora
77 Kingsley
Frederick CO
> On Dec 11, 2018, at 12:00 PM, John Phillips wrote:
>
> what is the difference between agreed and stated value?
>
>> On Tue, Dec 11, 2018 at 7:02 AM Justin Brady wrote:
>>
>> Thanks Guys,
>> Looks like I've got some shopping to do.
>> Mine is agreed value, I don't think I'm willing to pay what it would cost
>> to insure it for what it's worth to me including my time! But I've got it
>> agreed at 60k.
>>
>> --
>> Justin Brady
>> http://www.thegmcrv.com/
>> 1976 Palm Beach 455
>>
>> _______________________________________________
>> GMCnet mailing list
>> Unsubscribe or Change List Options:
>> http://list.gmcnet.org/mailman/listinfo/gmclist_list.gmcnet.org
>>
>
>
> --
>
> *John Phillips*
> _______________________________________________
> GMCnet mailing list
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| Re: [GMCnet] Insurance Cost [message #339483 is a reply to message #339459] |
Tue, 11 December 2018 13:41 |
nchapekis
Messages: 165
Registered: February 2004
Location: Ypsilanti, MI
Karma: 0
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Senior Member |
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Mike Kelley wrote on Mon, 10 December 2018 16:40
My rate on my 28' stretch (1976) w/ a $60k agreed value is $551.59 (full coverage) per year. And the feature I like most w/ Auto Owners Ins. is - I notify them when I take it out of storage ($50.00 Ins. per year) and pay the above rate pro rated for how long I drive it - and then it goes back into storage w/ a phone call and I am back to $50.00 per year for comprehensive coverage only.
Mike -
I am an insurance agent and have represented Auto-Owners in the past. I would advise that you check your policy for an actual Agreed Value endorsement, because in my experience there are just a handful carriers in the entire country offering this type of coverage, and Auto-Owners isn't one of them. Just because is says $60,000 on your declaration page doesn't mean you have agreed value. My own agreed value policy costs $960 per year based on a $49,000 valuation, and $512 is the comprehensive portion of that amount. If your comprehensive coverage is only costing you $50 per year, your probably not getting the coverage you think you are. Not trying to be snarky, I just don't want to see you get burned if you suffer a loss. PM me if you have any questions.
Nick Chapekis
Ypsilanti, MI
former owner - 78 Kingsley
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| Re: [GMCnet] Insurance Cost [message #339484 is a reply to message #339482] |
Tue, 11 December 2018 13:59 |
Mike Kelley
Messages: 467
Registered: February 2017
Karma: -2
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Senior Member |
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Thanks Emory:
Gr8 explanation and easy to follow!
Mike/The Corvair a holic
Sent from my iPhone
> On Dec 11, 2018, at 1:02 PM, Emery Stora via Gmclist wrote:
>
> 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 40 to 45 years old they would typically offer to pay perhaps $2000 to 5,000 on a total loss claim. They determine the value from Blue Book values which are usually grossly understated for old motorhomes.
>
> 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, 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 $10,000 and you could 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.
>
> 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 probably about every 3 years) and the amount will be stated on a rider attached to the policy.
>
> I have a $50,000 agreed value policy. I know I cannot sell my GMC for $50,000 but Applied GMC in California which appraised my GMC says they take into account the cost of improvements that I have made and also what the labor costs would have been to make the modifications that I have done. So, if I should have total loss I will be paid $50,000 with no haggling as that is a contract amount as listed in my policy.
>
> Emery Stora
> 77 Kingsley
> Frederick CO
>
>> On Dec 11, 2018, at 12:00 PM, John Phillips wrote:
>>
>> what is the difference between agreed and stated value?
>>
>>> On Tue, Dec 11, 2018 at 7:02 AM Justin Brady wrote:
>>>
>>> Thanks Guys,
>>> Looks like I've got some shopping to do.
>>> Mine is agreed value, I don't think I'm willing to pay what it would cost
>>> to insure it for what it's worth to me including my time! But I've got it
>>> agreed at 60k.
>>>
>>> --
>>> Justin Brady
>>> http://www.thegmcrv.com/
>>> 1976 Palm Beach 455
>>>
>>> _______________________________________________
>>> GMCnet mailing list
>>> Unsubscribe or Change List Options:
>>> http://list.gmcnet.org/mailman/listinfo/gmclist_list.gmcnet.org
>>>
>>
>>
>> --
>>
>> *John Phillips*
>> _______________________________________________
>> GMCnet mailing list
>> Unsubscribe or Change List Options:
>> http://list.gmcnet.org/mailman/listinfo/gmclist_list.gmcnet.org
>
>
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
> http://list.gmcnet.org/mailman/listinfo/gmclist_list.gmcnet.org
_______________________________________________
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| Re: [GMCnet] Insurance Cost [message #339488 is a reply to message #339450] |
Tue, 11 December 2018 18:32 |
Richard Denney
Messages: 920
Registered: April 2010
Karma: 9
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Senior Member |
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Emery, who is providing agreed-value policies these days?
Rick “ready to dump Allstate—lousy local agent” Denney
On Mon, Dec 10, 2018 at 3:39 PM Emery Stora via Gmclist <
gmclist@list.gmcnet.org> wrote:
> I am paying $839 per year for Safeco Insurance (they just bought out
> National Interstate).
>
> I purchased this through a broker:
>
> Explorer Insurance Agency
> PO Box 568
> Richfield, OH 44286
> 888-774-6778 I have worked Judy Kramer 888-774-6778
> (option #4 at the menu)
>
> I have used them for several years.
> I have an Agreed Value policy for $50,000
> with a $500 collision deductible.
>
> This policy requires an appraisal about every 3 years.
> I have the appraisal from Jim Kanomata at Applied GMC.
>
> I am not sure if Safeco insures in all states but they are a National
> company and specialize in motorhome insurance.
>
> Emery Stora
> 77 Kingsley
> Frederick, CO
>
>
>
>
>> On Dec 10, 2018, at 12:07 PM, Justin Brady wrote:
>>
>> Hey Guys,
>> If you don't mind sharing what are you paying for insurance annually for
> your GMC?
>> I'm at 1659 annually and that seems high to me, but I have no basis of
> comparison.
>> --
>> Justin Brady
>> http://www.thegmcrv.com/
>> 1976 Palm Beach 455
>>
>> _______________________________________________
>> GMCnet mailing list
>> Unsubscribe or Change List Options:
>> http://list.gmcnet.org/mailman/listinfo/gmclist_list.gmcnet.org
>
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
> http://list.gmcnet.org/mailman/listinfo/gmclist_list.gmcnet.org
>
--
Rick Denney
73 x-Glacier 230 "Jaws"
Off-list email to rick at rickdenney dot com
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