Replacement or agreed value?

cmreumund · 02-10-2009, 03:15 PM

I'm in the process of buying insurance for my 07 Safari 27' FB SE. Progressive has a basic insurance plan that relies on "agreed value" for replacement if it's totaled which is priced half (550 annually) of the full replacement plan offered by Camping World (GMAC) about $1250 annually.

The way I see it, it's a gamble to choose. If I bet I won't total it I should go with the progressive plan just to get basic coverage. If I bet on totaling it, I should take the GMAC.

I'm 53 yrs old with no violations and no accidents. It seems I should bet on my good driving record and take the basic plan from progressive. Am I reading this right or am I missing something?

Thanks for your imput always.

Craig

**CanoeStream** · 02-10-2009, 03:45 PM

Pictures - Colaws Inventory / Junk Yard info 7/19/04. It can happen but the chances are still pretty low.

I wouldn't try to cover yourself for inflation. I like the replacement provision available to new units. I've had Progressive insuring ours for the 3 1/2 years we've had it. I set an amount a few thousand less than what we paid. You're right - about $550. I did seek another quote from USAA a year back -- and promptly got transferred to the USAA desk at Progressive.

I got a quote of $500 for an agreed value 2/3d's (my estimate of value) of what Progressive is covering. So I didn't switch.

I'd recommend seeing what USAA would quote on a new unit if you qualify (active or former military).

Outfitting the Airstream or most anything else -- I've never found any savings at CW... even with the Presidents Club. ha-ha

Melody Ranch · 02-10-2009, 03:45 PM

The agreed value will cover you. Progressive has a great reputation here with that coverage. You need a few things that the Progressive agent should tell you about...letters of appraisal, etc.

**CanoeStream** · 02-10-2009, 03:50 PM

Mr. Ranch -- they'll insure a new unit without an appraisal. But I did set my price IIRC. I was honest and didn't inflate the value. Sure wish I hadn't taken it ice fishing...

willyd · 02-10-2009, 05:57 PM

I also agree with the "agreed value" concept and am also insured with Progressive.

Fyrzowt · 02-10-2009, 08:28 PM

Quote:

I'd recommend seeing what USAA would quote on a new unit if you qualify (active or former military).

Or child (or married to one) of Military

**CanoeStream** · 02-10-2009, 08:57 PM

Quote:

Originally Posted by Fyrzowt

Or child (or married to one) of Military

I'm "a child of." We did a lot of moving while growing up. And married to the daughter of a former POW. What else explains my Texas-Minnesota connection?

GStephens · 02-10-2009, 09:32 PM

Progressive was wonderful on a $23,000 claim I experienced year before last. obtained an estimate of damage, but they also sent out a professional adjuster who found additional damage my estimate had overlooked. Go with Progressive.
GStephens

Jim & Mitzi · 06-12-2009, 08:12 PM

I finally challenged my agent as to what value I could expect if my A/S was totaled or stolen. It took them several weeks to tell me what they should pay if there would be a total loss. 18K was the number I was told. I have nothing in writing yet. If you are paying a premium you should have a dollar amount of compensation if needed............................................ ..........................

Inland RV Center, In · 06-12-2009, 08:23 PM

Quote:

Originally Posted by Jim & Mitzi

I finally challenged my agent as to what value I could expect if my A/S was totaled or stolen. It took them several weeks to tell me what they should pay if there would be a total loss. 18K was the number I was told. I have nothing in writing yet. If you are paying a premium you should have a dollar amount of compensation if needed............................................ ..........................

There are 2 types of policies.

One is ACV, actual cash value.

The other, is a stated value. Most companies don't write that type policy anymore, since they are not Airstream experts, therefore have no idea what an Airstream is worth, in time.

Getting a current value of a used trailer, even from an Airstream dealer who has never seen your trailer, is a huge JOKE.

But that's basically how most Insurance companies and adjusters work, but only if you let them get away with it.

Andy

Lumatic · 06-12-2009, 08:34 PM

Check your deductable. You may be able to keep the top end the same but save considerable money with a higher deductable.

**CanoeStream** · 06-12-2009, 08:44 PM

Andy, Progressive will insure new coaches for replacement value when they are the insurer from the get-go. I'm USAA eligible and shopped there before I renewed last year. Guess what -- Progressive is USAA's actual insurer for RVs. So I transferred to the Progressive "USAA desk" and they recommended I not change from my replacement value insurance. I fully agreed.

Back in August 2005 with Progressive I originally got to declare what my replacement value was. I stated 42K although that was about 4K less than I paid -- just wanting to protect most of the investment. At the end of last summer, were I to switch to USAA (still Progressive) I estimated my market value was closer to 32K (optimistic I'm sure) for an August 2005 produced '06 25' FB SE -- and I'd only have saved $100 a year for $10K less insurance, with the value probably less than that and declining as time advances. I stuck with the original policy. I will still look at this every year or so.

Inland RV Center, In · 06-12-2009, 09:17 PM

Quote:

Originally Posted by CanoeStream

Andy, Progressive will insure new coaches for replacement value when they are the insurer from the get-go. I'm USAA eligible and shopped there before I renewed last year. Guess what -- Progressive is USAA's actual insurer for RVs. So I transferred to the Progressive "USAA desk" and they recommended I not change from my replacement value insurance. I fully agreed.

Back in August 2005 with Progressive I originally got to declare what my replacement value was. I stated 42K although that was about 4K less than I paid -- just wanting to protect most of the investment. At the end of last summer, were I to switch to USAA (still Progressive) I estimated my market value was closer to 32K (optimistic I'm sure) for an August 2005 produced '06 25' FB SE -- and I'd only have saved $100 a year for $10K less insurance, with the value probably less than that and declining as time advances. I stuck with the original policy. I will still look at this every year or so.

I remember USAA being in cramped office spaces when their office was across the street from Fort Sam Houston, in San Antonio, Texas.

Then they built a huge building on Broadway street, in San Antonio.

Then they built even a larger building north of the 410 Freeway, still in San Antonio, and that was about 30 years ago.

Working with many different Insurance companies, USAA and Progressive are tops. State Farm is tops as well.

Many others, like to play games when they use adjusters that know nothing about Airstreams, but try to (in my opinion) con the insured to accept a check NOW.

Once that check is cashed, it's just about too late to take them to task.

The game is simple. If your Airstream is damaged, have a "GOOD" dealer make the estimate, that can also do the proper repairs.

We recently were asked to review and modified, if necessary, an estimate prepared by a Airstream service center, for repairs to an 2008 trailer.

They were going to rip the inside out to replace a window sheet. Included in the estimate was a bunch of money for sealers to be used in the interior, after the furniture was reinstalled, several hundred dollars for labor and material to clearcoat the new metal (that comes from the factory already coated), and a number of other phoney labor and material charges.

That coach will be "very carefully" inspected by the insurance company after the repairs are completed. The bottom line total was over $10,000.00 plus to replace a window sheet on the door side of a 25 foot Airstream? Needless to say, a much smaller amount, was the final estimate, all well documented.

That is the very kind of thing that causes problems for the person who just wants it fixed, but properly and reasonably.

I am sure, because of that dealer, the insureds premium will sky rocket.

A dealer like that will get wealthy at the insureds expense.

Be careful what dealer you take your coach to, when it has been damaged.

When you chose the dealer, the insurance company assumes that your aware of their business practices.

Excessive estimates can back fire on an insured.

Andy

DIMMER · 06-12-2009, 10:08 PM

I loved my time at that old, Fort Sam Houston, in San Antonio, Texas!!!!

Jim & Mitzi 18K for what year of trailer?? Not for a 1973 International??