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| [GMCnet] Terms of Insurance Policies [message #205840] |
Thu, 25 April 2013 12:27  |
emerystora
Messages: 4442
Registered: January 2004
Karma: 13
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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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| Re: [GMCnet] Terms of Insurance Policies [message #205843 is a reply to message #205840] |
Thu, 25 April 2013 12:45  |
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USAussie
Messages: 15912
Registered: July 2007
Location: Sydney, Australia
Karma: 6
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Emery,
I called USAA who advised they no longer write RV Insurance polices and so they passed me to Progressive. I told the woman I dealt
with at Progressive I wanted an Agreed Value Policy (AVP). At first she noted that Progressive would not write an AVP policy on a
thirty eight year old motorhome. Then she did some checking and evidently because I came through USAA they would. I told her I had
an appraisal that had been done in 2009 and she said that would be fine. I paid her the first payment by CC but the follow on
payments had to come out of a checking account so I gave her my US Credit Union's routing number and checking account number. She
noted that I would receive paperwork within "X" days that required I send the appraisal to their head office.
It cost me $1240 for 12 months. I realize that's high but it is correct. I had one speeding ticket up at Du Quoin and two speeding
tickets on my way over to Dothan this year. Plus they paid $1100 for a windshield claim.
Regards,
Rob "Lead Foot" M.
USAussie - Downunder
-----Original Message-----
From: gmclist-bounces@temp.gmcnet.org [mailto:gmclist-bounces@temp.gmcnet.org] On Behalf Of Emery Stora
Sent: Thursday, April 25, 2013 12:27 PM
To: gmclist@temp.gmcnet.org
Subject: [GMCnet] Terms of Insurance Policies
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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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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| Re: [GMCnet] Terms of Insurance Policies [message #205846 is a reply to message #205843] |
Thu, 25 April 2013 13:14 |
emerystora
Messages: 4442
Registered: January 2004
Karma: 13
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Senior Member |
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My agreed value $45,000 policy cost me about $700 this year. It is with Great American Assurance Co. This policy was purchased through an Insurance broker, Explorer RV Insurance Agency, Inc. of Richfield, Ohio 888-774-6778.
Emery Stora
On Apr 25, 2013, at 11:46 AM, Rob Mueller wrote:
> Emery,
>
> I called USAA who advised they no longer write RV Insurance polices and so they passed me to Progressive. I told the woman I dealt
> with at Progressive I wanted an Agreed Value Policy (AVP). At first she noted that Progressive would not write an AVP policy on a
> thirty eight year old motorhome. Then she did some checking and evidently because I came through USAA they would. I told her I had
> an appraisal that had been done in 2009 and she said that would be fine. I paid her the first payment by CC but the follow on
> payments had to come out of a checking account so I gave her my US Credit Union's routing number and checking account number. She
> noted that I would receive paperwork within "X" days that required I send the appraisal to their head office.
>
> It cost me $1240 for 12 months. I realize that's high but it is correct. I had one speeding ticket up at Du Quoin and two speeding
> tickets on my way over to Dothan this year. Plus they paid $1100 for a windshield claim.
>
> Regards,
> Rob "Lead Foot" M.
> USAussie - Downunder
>
>
> -----Original Message-----
> From: gmclist-bounces@temp.gmcnet.org [mailto:gmclist-bounces@temp.gmcnet.org] On Behalf Of Emery Stora
> Sent: Thursday, April 25, 2013 12:27 PM
> To: gmclist@temp.gmcnet.org
> Subject: [GMCnet] Terms of Insurance Policies
>
> 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
>
>
>
>
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
> http://temp.gmcnet.org/cgi-bin/mailman/listinfo/gmclist
_______________________________________________
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| Re: [GMCnet] Terms of Insurance Policies [message #205851 is a reply to message #205846] |
Thu, 25 April 2013 14:11 |
Jerry Wheeler
Messages: 246
Registered: January 2013
Karma: 2
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Senior Member |
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Just got my Progressive insurance bill yesterday; $865 for 2 GMC's; agreed
value of $30,000 on my 78 Royale and $15,000 on a 73 Painted Desert. I
think this is about a $100 increase over last year. Deductible is $1250;
appears that the disappearing deductible is gone; I see no mention of it
anywhere. I have not supplied an appraisal at all for the 73 coach (had
it since 2006) and the appraisal for the 78 coach is at least 10 years
old. Since they don't ask for an appraisal, I'm not getting one.
JR Wheeler 78 Royale NC/OR
On Thu, Apr 25, 2013 at 2:14 PM, Emery Stora <emerystora@mac.com> wrote:
> My agreed value $45,000 policy cost me about $700 this year. It is with
> Great American Assurance Co. This policy was purchased through an
> Insurance broker, Explorer RV Insurance Agency, Inc. of Richfield, Ohio
> 888-774-6778.
>
> Emery Stora
>
> On Apr 25, 2013, at 11:46 AM, Rob Mueller wrote:
>
> > Emery,
> >
> > I called USAA who advised they no longer write RV Insurance polices and
> so they passed me to Progressive. I told the woman I dealt
> > with at Progressive I wanted an Agreed Value Policy (AVP). At first she
> noted that Progressive would not write an AVP policy on a
> > thirty eight year old motorhome. Then she did some checking and
> evidently because I came through USAA they would. I told her I had
> > an appraisal that had been done in 2009 and she said that would be fine.
> I paid her the first payment by CC but the follow on
> > payments had to come out of a checking account so I gave her my US
> Credit Union's routing number and checking account number. She
> > noted that I would receive paperwork within "X" days that required I
> send the appraisal to their head office.
> >
> > It cost me $1240 for 12 months. I realize that's high but it is correct.
> I had one speeding ticket up at Du Quoin and two speeding
> > tickets on my way over to Dothan this year. Plus they paid $1100 for a
> windshield claim.
> >
> > Regards,
> > Rob "Lead Foot" M.
> > USAussie - Downunder
> >
> >
> > -----Original Message-----
> > From: gmclist-bounces@temp.gmcnet.org [mailto:
> gmclist-bounces@temp.gmcnet.org] On Behalf Of Emery Stora
> > Sent: Thursday, April 25, 2013 12:27 PM
> > To: gmclist@temp.gmcnet.org
> > Subject: [GMCnet] Terms of Insurance Policies
> >
> > 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
> >
> >
> >
> >
> > _______________________________________________
> > GMCnet mailing list
> > Unsubscribe or Change List Options:
> > http://temp.gmcnet.org/cgi-bin/mailman/listinfo/gmclist
>
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
> http://temp.gmcnet.org/cgi-bin/mailman/listinfo/gmclist
>
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| Re: [GMCnet] Terms of Insurance Policies [message #206002 is a reply to message #205840] |
Fri, 26 April 2013 13:34 |
Ek_Lektro
Messages: 167
Registered: March 2011
Karma: 2
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Senior Member |
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Well, unfortunately it seems that Explorer RV is only offering Agreed Value policies via Progressive now, so those nicer rates via Great American Assurance Co might no longer be available (or maybe just not in my area? S.California)... just got off the phone with them.
Just got a quote for Agreed Value at $60,000 for a whopping $1,420 annually (and that's if you pre-pay the year all at once... add $100 to make quarterly payments).
I greatly appreciate the caveats about stated vs. agreed, but I've also been told by one GMC'er that stated value might not be all that bad, IF you have good documentation to prove your valuation claims. These owners had a rather good experience, and were fairly paid out in the case of a total loss.
Anybody else have experience or advice to share in regards to stated value vs. agreed value?
Or anybody in California have an agreed value underwriter they could refer me to?
Thanks much!
Greg
SolarSonic / Los Angeles
> 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.
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| Re: [GMCnet] Terms of Insurance Policies [message #206015 is a reply to message #206002] |
Fri, 26 April 2013 15:05 |
emerystora
Messages: 4442
Registered: January 2004
Karma: 13
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Senior Member |
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Have you tried the Miller insurance agency? Someone here on the GMCnet probably can give you their phone number.
I have heard that it is often hard to get insurance or good rates in California. Something to do with the many illegals that don't have insurance I beleive.
Emery Stora
On Apr 26, 2013, at 12:34 PM, Ek_Lektro wrote:
> Well, unfortunately it seems that Explorer RV is only offering Agreed Value policies via Progressive now, so those nicer rates via Great American Assurance Co might no longer be available (or maybe just not in my area? S.California)... just got off the phone with them.
> Just got a quote for Agreed Value at $60,000 for a whopping $1,420 annually (and that's if you pre-pay the year all at once... add $100 to make quarterly payments).
>
> I greatly appreciate the caveats about stated vs. agreed, but I've also been told by one GMC'er that stated value might not be all that bad, IF you have good documentation to prove your valuation claims. These owners had a rather good experience, and were fairly paid out in the case of a total loss.
>
> Anybody else have experience or advice to share in regards to stated value vs. agreed value?
> Or anybody in California have an agreed value underwriter they could refer me to?
>
> Thanks much!
> Greg
> SolarSonic / Los Angeles
>
>> 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.
>
> _______________________________________________
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> Unsubscribe or Change List Options:
> http://temp.gmcnet.org/cgi-bin/mailman/listinfo/gmclist
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| Re: [GMCnet] Terms of Insurance Policies [message #206373 is a reply to message #206057] |
Mon, 29 April 2013 21:43 |
Mike Teets
Messages: 299
Registered: January 2004
Location: Dublin, OH
Karma: 0
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Senior Member |
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I also use the same plan as Mike Miller. I have owned the coach for over
10 years, and started paying around $70 a year for liability-only through
Progressive. It is up to $120 now. I am still below $1000 total paid in
insurance for damage to others, $0 on mine. If I had carried an agreed
value policy, I would have re-bought my coach again. Since I made it this
far, any total loss and I still come out ahead.
Mike, 77 PB, 403
http://teamteets.com/GMC
On Fri, Apr 26, 2013 at 9:15 PM, Mike Miller <m000035@gmail.com> wrote:
>
>
> One other option not being discussed here is the method I use:
>
> <http://gmcmotorhome.info/buygmc.html#FREE>
>
> While not for everyone, it works for me!
>
> If I owned a really NICE coach I might feel different. :twisted:
>
> emerystora wrote on Thu, 25 April 2013 10:27
> > 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: ...
>
>
> --
> Mike Miller -- Hillsboro, OR -- on the Black list
> (#1)'73 26' exPainted D. -- (#2)`78 23' Birchaven Rear Bath -- (#3)`77 23'
> Birchaven Side Bath
> http://m000035.blogspot.com
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
> http://temp.gmcnet.org/cgi-bin/mailman/listinfo/gmclist
>
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Mike, GMCing since 2002
77 Palm Beach, 260, 403
Dublin, OH
http://teamteets.com/gmc/
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