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Old 05-21-2016, 03:04 PM   #15
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Agreed Value

Agreed Value Insurance is not an ACV Policy. The unit is insured for a specific dollar amount. In the event of a total loss the check to the insured will be the Agreed Amount with no downward adjustment for depreciation. This term is quite familiar to those who own Collector Cars. This works well for the Insurance company where an asset is going up in value. Agreed Value policies are not generally issued where the strong possibility exists the asset is going down in value. The company will probably be sending you a questionnaire every few years that may require photos.

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Old 05-21-2016, 05:28 PM   #16
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We've had our Airstream since purchasing it used in 2007 (if my memory is correct). We have been with the same insurance company for 27 years and I was pleased to learn they were able to write RV insurance on our 28' CCD.

Last month I rubbed the driver's side just enough to that both the upper and lower panels needed to be replaced. Airstream estimates $12,000 damage. Our insureance company is telling us that our NADA value is $12,000 so they "may have to" total our trailer. Of course the market value of our trailer exceeds $25,000. Our adjuster is an auto guy and claims the company does not have separate RV adjusters. No decisions are final at this point but I wish I now wish I would have read our AS Forums more often to learn about insurance intricacies. Even though our insurance company advertises RV insurance I think it is just another way to collect additional premiums. I certainly don't feel like my loyalty has earned much.

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Old 05-22-2016, 02:34 AM   #17
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Bingo John!

I do not believe it is just reputation of company- we had our auto and home insurance with State Farm for thirty some years then they pulled out of providing policies for homes in FL and our auto insurance went way up in price. We had a few claims through the years and had issues each time - thank goodness for our agent who always worked it out. He retired. Now we are with another company.

It is all about the policy type you have and what is in writing. You have to check this EVEN after going through it with an agent. We assume that people represent things as they are and that is the first mistake as we need to read the agreement for ourselves.

As for replacement policies- yes that is good if you can get it and it is not too costly. Most companies will not offer it unless your Airstream is five years or less in age - I was told. That is why I shared that the agreed policy is really the way to go for those with older than five year units.

That foremost policy may be a good thing. Sounds like some form of umbrella policy. Here in FL when we checked on an umbrella policy it was through the roof in cost.
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Old 05-22-2016, 01:22 PM   #18
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USAA tells me they use the sticker value when it was new. What are they really telling me? That is the only answer they give.
From my Pecan Tree
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Old 05-22-2016, 10:14 PM   #19
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Originally Posted by PecanMan5 View Post
USAA tells me they use the sticker value when it was new. What are they really telling me? That is the only answer they give.
My guess is the next part they're not saying is "and apply the NADA depreciation table to determine today's value." That would be standard industry practice for automobiles at least, but as you see higher in the thread Airstream prices don't follow the standard depreciation and haven't since I started following these forums a LONG time ago, but the NADA values never seem to get fixed.
— David

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He has all of the virtues I dislike and none of the vices I admire. — Sir Winston Churchill
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Old 05-23-2016, 02:46 AM   #20
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USAA won't insure RV's; they pass that off to Progressive so I would not listen to anything a USAA rep says.
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Old 05-24-2016, 08:43 AM   #21
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My auto and RV insurance is with GEICO. I found out the hard way that they use NADA depreciation schedule. I had to file a claim for damage to the tune of $12,000. I have $1,000 deductible. GEICO told me they valued my 2005 International CCD at $12,000 so they were about to total it. North Trail Collision Center worked with the insurance company and were able to get the value up to $15,000. So, for now I'm out of the woods but learned a big lesson. Once everything is repaired I may begin to look for replacement value insurance. However, I will have the issue of just having made a claim.
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Old 05-24-2016, 10:35 AM   #22
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I think one of the best things about this thread is the actual title.

It's a very interesting and strong industry that most of us don't quite understand.

Interestingly enough much of its mandatory to have and increasingly difficult to use.

I would shudder to add up the amount of money spent in each of our lives versus the claims.

Car Insurance Mandatory
Home Insurance Mandatory if mortgage
Health Insurance Mandatory
Life Insurance (Seems Necessary)
Disability Insurance (work)
Phone Insurance (really)
Plumbing ( house to street)

And the beat goes on.....(stepping off the box)

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Old 05-27-2016, 08:45 AM   #23
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So circling back on this.

I was quoted $800 for the Foremost policy. Started asking questions. Found out there is no Replacement Coverage, its ACV. So I asked what the "ACV" is, they said between $70-$80k. I think they said that because they had the paper that showed what I paid for it which was $78k with all options. But the MSRP was $96k.

So here is the issue. I get into an accident at no fault to me. I have to get a new trailer, now they are $110k MSRP and I can't negotiate a good deal so I pay $90k.

The insurance company low balls it and gives me $50k. So I get screw $40k from an accident at no fault to me?

I put the brakes on the Foremost policy, they also have terrible reviews online. Sounded good but the flaws came out.

Anyone had advise for insurance in MA?

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Old 04-24-2018, 09:52 PM   #24
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Originally Posted by Ted S. View Post

Anyone had advise for insurance in MA?

Hi, Im looking at insurance rates here in MA, for my 77' MH.

Who have you gone with? Are you pleased?

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Old 04-25-2018, 06:15 AM   #25

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Thumbs up Our recreational Insurance experience....

OK… let me start, in 2016 we lost our boat in a Storage fire, total loss. Agreed value policy with Foremost Marine, $55K. The boat, motor and trailer were 13 years old at the time of the claim.
All contacts with the Insurance company were by phone or email. The total loss of the building prevented any direct inspection to confirm the loss. The fire occurred on November 9, by December 15 a direct deposit was in my account. Any money that I didn't recover,(5K), was my own fault. I underestimated the replacement cost of the boat trailer and didn't include or have a listing for all the personal equipment that was in the boat at the time of the fire. The company did approve two amendments to the claim for a total of $58k. The premium for that policy was $580 per year.
Absolutely first rate customer service. BUT… when I got the premium notice for the new boat the annual cost went up about $600 on an agreed value of $65k. $1180/yr.
Noting that I was in no way responsible for the fire, I suspected that they felt I just may be a little too old,(75), to be tooling around in a “speed boat” and with one claim already in the books they were not going to take a chance….so long Foremost.
Contacted Global Marine Insurance, Geico accepted the agreed value, $538/yr.
Hull, motor & equipment $54500., Trailer $5500. Personal effects $5000.
A much more comprehensive policy with towing and all comprehensive liability coverages.

Lesson…do your homework, have a complete inventory, keep ALL records, (digital & paper)…don’t get old. 😂👍


POI...this is the new one.
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Old 04-25-2018, 06:49 AM   #26
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Originally Posted by jamimes View Post
Hi, Im looking at insurance rates here in MA, for my 77' MH.

Who have you gone with? Are you pleased?

The "value" of your motor home is going to be almost nothing unless you have it appraised and then get an agreed value policy. I have used FCIS in Iowa and been very pleased.


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Old 04-26-2018, 09:44 AM   #27
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For most, the agreed value policy is the way to go. I spent hours on this learning the options. Really, unless the camper is new or almost new, there are only two options 1) bundled with tow vehicle or separate NADA-depreciation based policy or 2) agreed value policy. Only the agreed value policy pays a fixed value. The other one pays a depreciated value that zeros out at about 20 years.
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Old 06-15-2018, 06:17 AM   #28
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My sincere thanks to all contributing on this thread. About to pick up my new Flying Cloud 26, and getting off the phone with GEICO with an unbelievable quote, I had to come here to get the straight story.
Thank you, thank you, thank you.
Armed with questions, I'll try this insurance stuff again.

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