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Old 10-23-2014, 11:53 AM   #15
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Originally Posted by FlaBucki View Post
PS - the owner of Progressive Insurance is a huge democratic party benefactor.
Nonsense. Progressive is a publicly-traded corporation (NYSE: PGR). As a corporation, they support several fine causes, including the Progressive Insurance Automotive X PRIZE (with a $10 million prize purse) -- an international competition designed to inspire a new generation of viable, super fuel-efficient vehicles.

It is true that Progressive's Chairman, Peter Lewis, contributes to liberal causes as an individual. Not everyone on this list would consider that to be a bad thing.
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Old 10-23-2014, 12:16 PM   #16
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It doesn't make a lot of sense to insure your vehicle for more than its fair-market value. You are obviously paying for the privilege. I understand the temptation to use this as a way to fund the purchase of your next vehicle. But, (a) you will (statistically) get less back than you pay (otherwise the insurance company--which has better numbers than you do--would never take the deal); and (b) you won't get ANYTHING back unless you have a claim--hardly something to hope for.
Since the topic of this thread is insuring an Airstream Interstate,— a motor vehicle— once it's paid for you don't have to insure it at all if you don't want to, but you still have to carry liability insurance on it.

If you're still making payments on it, the finance company that holds the title will tell you the minimum insurance you must carry, typically enough to reinburse them if you total it, with next to nothing left for you. How much more insurance you carry, that's up to you.

My insurance on my Interstate costs me just over 1% of the purchase price per year, so I'd have to pay premiums for 100 years before my insurance costs as much as buying a new one. As rates go, that's not bad at all for an agreed-value policy on a motorhome where liability coverage is included.

It actually costs more to insure my 2013 Honda Fit subcompact than it does to insure my Interstate that cost five times as much to buy.
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Old 10-23-2014, 12:46 PM   #17
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Avanti, I may not have been clear in my original question. We ARE trying to insure the vehicle for its actual market value, which is very close to what we paid for it. I'm not trying to inflate the value for some other purpose - I just want to be able to recoup my investment if something catastrophic happens to it.

Perhaps hard numbers would help clarify this analysis. I have the original dealer's window sticker for this rig and it reads $92,986.00 as the price. Despite the facts that the thing does not have a single scratch on it, was barely used, and has been driven only 26,000 miles, Progressive confirmed for me again this morning that they cannot value it more than $31,960. That is bat-s*** crazy relative to its market value!! (Check the current sales listings!!) That means if I totaled it out tomorrow, I'd be out of pocket a few tens of thousands of dollars!! OR, I could go with an agreed value policy, pay a little more in premium (about $120 per year, as it turns out), and actually insure it for what I'd need to spend to replace it.

Hope this helps!

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Old 10-23-2014, 06:33 PM   #18
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We totally agree with Protagonist. It costs so little, percentage-wise, to insure the AI, that it makes no financial sense not to do so even if coll/comp is not required by virtue of the fact that you own it outright (as we do). This is a no-brainer.

As newbies, this was a huge surprise to us, but it was explained to us that the low premium costs can be traced to the fact that it's NOT a daily driver and the claims risk is way, way lower as a result. We fall into the 30-to-150 usage days per year insurance risk pigeon-hole.

What HAS been a massive surprise to us, however, is the difference between insuring it for so-called blue book value and insuring it for agreed value. I didn't give Avanti our actual purchase price because I'd like to keep that private for the moment, but check out this comparison:

-- 2006 AI with 103,000 miles = $51,500 for sale on RV Trader a few days ago (based on our research, this seller will probably achieve fairly close to his ask)

-- 2007 AI with 26,000 miles = we paid ??? but you can bet your fanny that the price exceeded the example listing given above.

So here are our relative insurance quotes:

-- Insure 2007 AI for scheduled value of $31,960 for a premium of $X per year

-or-

--Insure 2007 AI for agreed value of $51,500++ for a premium of ($X + approx. $120) per year

Good grief - this is absolute insanity!! The only reason why an owner of an older AI would choose an actual cash value policy is if they have not been properly informed of their other alternative, which is the agreed value policy. In sooth, caveat emptor!!

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Old 10-23-2014, 07:29 PM   #19
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Alison FYI, it took me less than 2 minutes to find your Interstate including price
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Old 10-23-2014, 07:58 PM   #20
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Respectfully, the "It costs so little..." argument is irrational. It makes no difference whatsoever what a financial instrument costs. It is the ratio of cost to expected value that matters. (If I sold you a bond that only costs $.02 but paid out $.01, would you buy it? No? Why not? It is SO cheap!) Insurance is the same thing.

An insurance policy is a zero sum game. If the insurance company is making a profit, then the average policy-holder is taking a loss, plain and simple. This doesn't mean insurance is a bad idea--you may be glad to pay the insurance company to take over a risk that you can't afford. But, it DOES mean that, unless you think that your insurance company runs at a loss, you should only buy insurance that you really need; i.e., to protect against losses that you couldn't readily cover from your own pocket. Yes, lots of people just feel better having too much insurance "just in case". If spending such money makes you feel good, that's fine, but there is no possible argument that it makes "financial sense." Should Bill Gates buy life insurance? The answer is "no", no matter how cheap it is (assuming that the it isn't being sold at a loss). Why? Because he doesn't need it.

Back to your situation:
When you are comparing an "agreed-value" policy to a "fair market" policy, any apples-to-apples comparison will show that if the agreed-value policy pays more, then it will cost more. The only reason you might want it would be if you disagreed with the insurance company about what the vehicle is worth (which you seem to do). In this case, find a company that gives a better valuation. If you can't, then you are probably wrong in your opinion. Why? Because the insurance companies have MUCH more information than you have. You have NO IDEA whether an extra $120/year is a good deal or a bad deal. That is a financial calculation for which you do not have sufficient information.

You should, of course, do whatever makes you happy. If over-insuring helps you sleep at night, that may be money well-spent. But that is not the same as saying that it makes financial sense.
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Old 10-24-2014, 06:46 AM   #21
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Quote:
Originally Posted by avanti View Post
Respectfully, the "It costs so little..." argument is irrational. It makes no difference whatsoever what a financial instrument costs. It is the ratio of cost to expected value that matters. (If I sold you a bond that only costs $.02 but paid out $.01, would you buy it? No? Why not? It is SO cheap!) Insurance is the same thing.
The terms of my insurance are:

If it's totalled in the first five years, the insurance company buys me a new one to replace it.

If it's totalled after five years, they pay me the actual purchase price. No depreciation. But of course that wouldn't be enough to buy a new one.

But that's not really the important thing. Damage severe enough to amount to a total loss is likely to put me in the hospital or the morgue if I happen to be in it at the time of the accident, and replacing my RV will be the least of my worries.

The most important thing is the liability coverage, which at the very least should be equal to the total value of everything you own, since if someone sues your butt and the insurance isn't enough to cover it, you'll stand to lose everything you own! Side note, it's not legally possible to go bankrupt on debts resulting from lawsuits; even if you can't afford to feed yourself after you pay the plaintiff, you're stuck with the bills.
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Old 10-24-2014, 08:22 AM   #22
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Ron, yes I am aware of that - partly by virtue of the method of purchase, that info is available to those who know how to search - I just preferred not to state it here.
:-)

Protagonist - I don't have a case study to point to for the AI, but I am constantly surprised at how little damage it can take to "total" a vehicle, especially a used vehicle. I got rear-ended in an F-150 several years ago and walked away without a scratch, but the insurance company's initial reaction was along the lines of, "Baa-arp! Game over because the frame is bent ---> write-off!!" That was a company vehicle so I don't know how the matter was ultimately resolved.

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Old 10-24-2014, 08:51 AM   #23
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Originally Posted by Protagonist View Post
The most important thing is the liability coverage
Now, THAT, I agree with.

It is the opposite of the "Bill Gates" argument: The more you have, the more you need it.
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Old 10-26-2014, 10:01 AM   #24
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Geico - had to call to insure (they don't do RV quotes online)

The Emergency Road service seemed cheap considering they will need a trailer to tow it and coverage is to 'nearest authorized dealer' so that could be a few hundred miles.

Vehicle total 6 month premium: $307.80

2014 AIRSTREAM INTERSTATE
Comprehensive $75.80
Deductible: $1,000
Pays for damage due to theft, flood, vandalism, explosion, and fire.

Collision $91.70
Deductible: $1,000
Pays for damages to your vehicle caused by a collision or when it overturns.

Emergency Road Service $8.90
Carried
Covers towing, lockout, labor for flat tires, or delivery of a loaned battery.

Emergency Expense $0.00
1M
Pays reasonable expenses incurred for temporary living facilities, transportation and towing.

Replacement Cost Personal Effects$0.00
5M
Protects certain personal belongings that are inside the RV, up to the coverage limit chosen.

Vacation Liability Coverage $0.00
10M
Provides bodily injury or property damage coverage while the covered RV is at an insured location.
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Old 10-26-2014, 10:02 AM   #25
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Here is breakdown on the 'roadside' from Geico - normally I wouldn't bother.

Emergency Road Service Coverage (ERS)

Please note: In order to select Emergency Road Service coverage you must also select Comprehensive and/or Collision coverage.

What is Emergency Road Service Coverage (ERS)?
Emergency Road Service coverage is GEICO's alternative to auto-club towing and road services (such as AAA).

ERS is available for one low price per vehicle and unlike an auto club; there is no extra charge for additional drivers.

It covers problems not typically covered by car insurance such as:
  • Lockout Services - GEICO pays up to $100 per lockout for the following situations:
    • Key breaks in ignition - One new key is provided, the old key is removed.
    • Key breaks in door or trunk - One new key is provided, the old key is removed.
    • Lost Keys- GEICO pays to open car and provide one key (door and ignition if applicable).
    • Key locked in vehicle - GEICO pays to unlock your vehicle.
  • Towing - GEICO covers a tow to the nearest facility where the necessary repairs can be made.
  • Jump Start - GEICO pays to jump start a dead battery.
  • Mechanical Labor - GEICO covers up to one hour of labor at the place of breakdown such as fixing a flat tire.
Note the following situations are not covered by ERS:
Electronic key pads, key lost to "The Club" or other theft prevention devices, frozen locks, spare keys and house keys, cost of gas, oil, loaned battery cost, or tires.

Close
What is Emergency Expense Allowance Coverage?
Under this coverage we will pay your reasonable expenses for temporary living facilities, transportation back to your residence, and towing the disabled vehicle to the nearest qualified RV repair facility if the insured RV is inoperable due to a covered loss and is either over 50 miles from your residence or is your only residence. Sublimits may apply.


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Old 10-31-2014, 07:07 PM   #26
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Has anyone here had to file a claim against their insurance?

SB
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Old 10-31-2014, 07:17 PM   #27
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Has anyone here had to file a claim against their insurance?

SB
Yes. Progressive. They handled well but socked it to me on premium the following year.
Edit: mine was a collision with my garage door opening frame. 2 panels replaced.
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Old 10-31-2014, 07:22 PM   #28
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Yes Geico. Did it all mobile app; they sent an adjuster 2 days later, saw my estimates - I did the repairs myself & put the $ in my pocket. (Wind tore awning off). $4,000 in damages.

- mine just renewed; no change in premium (was wind damage not collision - not sure if that matters)
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