Home » Public Forums » GMCnet » [GMCnet] Agreed Value Insurance Cost
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| Re: [GMCnet] Agreed Value Insurance Cost [message #296082 is a reply to message #296080] |
Wed, 24 February 2016 07:49   |
rcjordan
Messages: 1913
Registered: October 2012
Location: Elizabeth City, North Car...
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You need a State column in your spreadsheet, bdub. I'm hearing a lot of UNavailable in some states. I'd really like to see the results of your poll.
SOLD 77 Royale Coachmen Side Dry Bath
76 Birchaven Coachmen Side Wet Bath
76 Eleganza
Elizabeth City, NC
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| Re: [GMCnet] Agreed Value Insurance Cost [message #296088 is a reply to message #296080] |
Wed, 24 February 2016 08:26 |
George B.
Messages: 213
Registered: February 2012
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Interesting side note. I just took out a policy with Hagerty Insurance, the collector car specialist, for another one of my vehicles. I asked if they will insure a "vintage" RV. As of now the answer is no but they said it was under consideration as, from their vantage point, there seems to be growing interest in collectible and restored RVs. Might be a good time for more of us to give them a call and "stir the pot" to drum up another option for the future.
George Butts
Las Vegas Nevada
73 "Custom 26' Q" & 76 23' Birchaven
71 Honda 600 Coupe & 01 Tracker Toads
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| Re: [GMCnet] Agreed Value Insurance Cost [message #296091 is a reply to message #296088] |
Wed, 24 February 2016 08:46 |
tphipps
Messages: 3005
Registered: August 2004
Location: Spanish Fort, AL
Karma: 9
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From my understanding, based on insurance studies in college, if an item has a value of 45k and it is insured for 20k, the pay-off would be a ratio. You would be self-insuring for the difference. State laws differ.
Tom, MS II
2012 Phoenix Cruiser model 2552
KA4CSG
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| Re: [GMCnet] Agreed Value Insurance Cost [message #296097 is a reply to message #296088] |
Wed, 24 February 2016 09:40 |
barbarab
Messages: 16
Registered: February 2016
Location: Tucson, AZ
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George, I talked to Hagerty a few months ago also. Family has used them for years for "old" Volvos, mainly. If you use the online quote request, it looks like you are going to be able to get a well-priced policy. However, they told me that their collector-car policies are generally intended for cars that aren't used very much, just towed around on trailers to go to shows. As I know people who don't use those very cars that Hagerty insures as show cars and drive them everyday, I am glad they are reconsidering. Brother had a very satisfactory claim through them.
Barbara Beiser
Denver
wannabe
[Updated on: Tue, 22 March 2016 22:07] Report message to a moderator |
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| Re: [GMCnet] Agreed Value Insurance Cost [message #296102 is a reply to message #296097] |
Wed, 24 February 2016 11:12 |
nchapekis
Messages: 165
Registered: February 2004
Location: Ypsilanti, MI
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I am both a GMC owner and an insurance agent, and I have researched markets for agreed value RV insurance extensively. FYI Hagerty is simply an insurance agency which utilizes different insurance companies to provide coverage, as do other classic car insurers such as JC Taylor, Grundy, Condon & Skelly, etc. I have been in touch with virtually every one, including the underwriting companies, and the answer is the same with all of them: writing coverage for RVs under classic car programs is not profitable due to the extremely high fire exposure. There is nothing we can do to change this reality, with the improbable exception of every RV in the country being outfitted with one of Jim Bounds' Firefight systems, which would consequently improve loss experience in our market segment. I know of three carriers that provide agreed value policies currently: Progressive (on a limited basis - only through certain agencies), Blue Sky RV Insurance (a specifically-underwritten program accessible on their website), and Allied Insurance (a subsidiary of Nationwide - available through independent agencies, however not in all states).
Nick Chapekis
Ypsilanti, MI
former owner - 78 Kingsley
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| Re: [GMCnet] Agreed Value Insurance Cost [message #296103 is a reply to message #296080] |
Wed, 24 February 2016 11:27 |
barbarab
Messages: 16
Registered: February 2016
Location: Tucson, AZ
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Also, do all the carriers require a re-appraisal every 3 years in order to adjust the Agreed Value?
Apparently National Interstate does have this requirement.
Barbara Beiser
Tucson
76 Glenbrook
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| Re: [GMCnet] Agreed Value Insurance Cost [message #296116 is a reply to message #296103] |
Wed, 24 February 2016 13:48 |
Bob de Kruyff
Messages: 4260
Registered: January 2004
Location: Chandler, AZ
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barbarab wrote on Wed, 24 February 2016 10:27Also, do all the carriers require a re-appraisal every 3 years in order to adjust the Agreed Value?
Apparently National Interstate does have this requirement.
I'm not aware of that with my Progressive agreed value policy.
Bob de Kruyff
78 Eleganza
Chandler, AZ
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| Re: [GMCnet] Agreed Value Insurance Cost [message #296120 is a reply to message #296102] |
Wed, 24 February 2016 14:52 |
George B.
Messages: 213
Registered: February 2012
Karma: 1
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nchapekis wrote on Wed, 24 February 2016 09:12I am both a GMC owner and an insurance agent, and I have researched markets for agreed value RV insurance extensively. FYI Hagerty is simply an insurance agency which utilizes different insurance companies to provide coverage, as do other classic car insurers such as JC Taylor, Grundy, Condon & Skelly, etc. I have been in touch with virtually every one, including the underwriting companies, and the answer is the same with all of them: writing coverage for RVs under classic car programs is not profitable due to the extremely high fire exposure. There is nothing we can do to change this reality, with the improbable exception of every RV in the country being outfitted with one of Jim Bounds' Firefight systems, which would consequently improve loss experience in our market segment. I know of three carriers that provide agreed value policies currently: Progressive (on a limited basis - only through certain agencies), Blue Sky RV Insurance (a specifically-underwritten program accessible on their website), and Allied Insurance (a subsidiary of Nationwide - available through independent agencies, however not in all states).
Interesting, Thank you for that clarification Nick. Based on what we see on the GMC forum and Face Book I only recall three total losses over the last few years. One a roll over on a tow truck, one fire, and one flood.
I now have coverage through Progressive but they would not give me an agreed value policy. They gave the reason they could not change the coverage from what I already had as to value. (???) My annual amount is $890 for an "actual cash value" policy in Las Vegas. About twice what I paid for the same coverage in California two years ago. Humm I drove the coach maybe 1,500 miles last year. I better start driving more!
George Butts
Las Vegas Nevada
73 "Custom 26' Q" & 76 23' Birchaven
71 Honda 600 Coupe & 01 Tracker Toads
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| Re: [GMCnet] Agreed Value Insurance Cost [message #296145 is a reply to message #296120] |
Wed, 24 February 2016 23:18 |
jimk
Messages: 6734
Registered: July 2006
Location: Belmont, CA
Karma: 9
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Not every agent are trusted to do this.
It was like when I was working for Ford Motors, only my trusted dealers
could warrenty work when it was byond the time or mileage.
On Wed, Feb 24, 2016 at 12:53 PM, GEORGE BUTTS wrote:
> nchapekis wrote on Wed, 24 February 2016 09:12
>> I am both a GMC owner and an insurance agent, and I have researched
> markets for agreed value RV insurance extensively. FYI Hagerty is simply an
>> insurance agency which utilizes different insurance companies to provide
> coverage, as do other classic car insurers such as JC Taylor, Grundy,
>> Condon & Skelly, etc. I have been in touch with virtually every one,
> including the underwriting companies, and the answer is the same with all of
>> them: writing coverage for RVs under classic car programs is not
> profitable due to the extremely high fire exposure. There is nothing we
> can do to
>> change this reality, with the improbable exception of every RV in the
> country being outfitted with one of Jim Bounds' Firefight systems, which
> would
>> consequently improve loss experience in our market segment. I know of
> three carriers that provide agreed value policies currently: Progressive (on
>> a limited basis - only through certain agencies), Blue Sky RV Insurance
> (a specifically-underwritten program accessible on their website), and
>> Allied Insurance (a subsidiary of Nationwide - available through
> independent agencies, however not in all states).
>
>
> Interesting, Thank you for that clarification Nick. Based on what we see
> on the GMC forum and Face Book I only recall three total losses over the
> last few years. One a roll over on a tow truck, one fire, and one flood.
>
> I now have coverage through Progressive but they would not give me an
> agreed value policy. They gave the reason they could not change the coverage
> from what I already had as to value. (???) My annual amount is $890 for
> an "actual cash value" policy in Las Vegas. About twice what I paid for the
> same coverage in California two years ago. Humm I drove the coach maybe
> 1,500 miles last year. I better start driving more!
> --
> George Butts
> Las Vegas Nevada
> 73 "Custom 26' Q" & 76 23' Birchaven
> 71 Honda 600 Coupe & 01 Tracker Toads
>
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--
Jim Kanomata
Applied/GMC, Fremont,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] Agreed Value Insurance Cost [message #296169 is a reply to message #296102] |
Thu, 25 February 2016 13:58 |
Emery Stora
Messages: 959
Registered: January 2011
Karma: 4
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Nick
Add National Interstate to your list. I have that through Explorer RV Insurance Agency of Richfield, Ohio.
Emery Stora
> On Feb 24, 2016, at 10:12 AM, Nick Chapekis wrote:
>
> I am both a GMC owner and an insurance agent, and I have researched markets for agreed value RV insurance extensively. FYI Hagerty is simply an
> insurance agency which utilizes different insurance companies to provide coverage, as do other classic car insurers such as JC Taylor, Grundy, Condon
> & Skelly, etc. I have been in touch with virtually every one, including the underwriting companies, and the answer is the same with all of them:
> writing coverage for RVs under classic car programs is not profitable due to the extremely high fire exposure. There is nothing we can do to change
> this reality, with the improbable exception of every RV in the country being outfitted with one of Jim Bounds' Firefight systems, which would
> consequently improve loss experience in our market segment. I know of three carriers that provide agreed value policies currently: Progressive (on a
> limited basis - only through certain agencies), Blue Sky RV Insurance (a specifically-underwritten program accessible on their website), and Allied
> Insurance (a subsidiary of Nationwide - available through independent agencies, however not in all states).
> --
> Nick Chapekis
> Ypsilanti, MI
> 78 Kingsley
>
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
> http://list.gmcnet.org/mailman/listinfo/gmclist_list.gmcnet.org
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| Re: [GMCnet] Agreed Value Insurance Cost [message #296232 is a reply to message #296169] |
Fri, 26 February 2016 10:31 |
nchapekis
Messages: 165
Registered: February 2004
Location: Ypsilanti, MI
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Emery Stora wrote on Thu, 25 February 2016 14:58Add National Interstate to your list. I have that through Explorer RV Insurance Agency of Richfield, Ohio.
Will do. Their website indicates agreed value is only available for bus conversions, but obviously that is not the case.
Nick Chapekis
Ypsilanti, MI
former owner - 78 Kingsley
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| Re: [GMCnet] Agreed Value Insurance Cost [message #296244 is a reply to message #296232] |
Fri, 26 February 2016 12:36 |
barbarab
Messages: 16
Registered: February 2016
Location: Tucson, AZ
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And Nick, if you're making a reference document, national interstate is the one that requires reappraisal every 3 years.
Emery, would you please contact me (email or phone 3039162470)? Tried to PM you but you're not set up for that. I am a newbie in Denver.
> On Feb 26, 2016, at 9:31 AM, Nick Chapekis wrote:
>
> Emery Stora wrote on Thu, 25 February 2016 14:58
>> Add National Interstate to your list. I have that through Explorer RV Insurance Agency of Richfield, Ohio.
>
> Will do. Their website indicates agreed value is only available for bus conversions, but obviously that is not the case.
> --
> Nick Chapekis
> Ypsilanti, MI
> 78 Kingsley
>
> _______________________________________________
> GMCnet mailing list
> Unsubscribe or Change List Options:
> http://list.gmcnet.org/mailman/listinfo/gmclist_list.gmcnet.org
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Barbara Beiser
Tucson
76 Glenbrook
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| Re: [GMCnet] Agreed Value Insurance Cost [message #296300 is a reply to message #296244] |
Sat, 27 February 2016 11:37 |
Emery Stora
Messages: 959
Registered: January 2011
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I have had various agreed value policies over the years with different underwriters. I have changed because they seem to stop writing in some states.
In all cases I have had to supply updated appraisals about every 3 years. Progressive was the one I had before National Interstate and they also require updated appraisals every 3 years.
Emery Stora
> On Feb 26, 2016, at 11:36 AM, Barbara J Beiser wrote:
>
> And Nick, if you're making a reference document, national interstate is the one that requires reappraisal every 3 years.
>
> Emery, would you please contact me (email or phone 3039162470)? Tried to PM you but you're not set up for that. I am a newbie in Denver.
>
>> On Feb 26, 2016, at 9:31 AM, Nick Chapekis wrote:
>>
>> Emery Stora wrote on Thu, 25 February 2016 14:58
>>> Add National Interstate to your list. I have that through Explorer RV Insurance Agency of Richfield, Ohio.
>>
>> Will do. Their website indicates agreed value is only available for bus conversions, but obviously that is not the case.
>> --
>> Nick Chapekis
>> Ypsilanti, MI
>> 78 Kingsley
>>
>> _______________________________________________
>> 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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