Couple words about Progressive Insurance Coverage

[Jim & Susan]

We've had an "Agreed Value" policy with Progressive since 2010 on our '73 Overlander. The agreed amount was $12,000. Basically, the purchase price plus what money we had spent renovating. This is actually a low number because I didn't take into account any of the labor costs that might be involved in a covered repair. Anyway.....

Our policy is up for renewal in about a month, so I did one of those things that we rarely do......I read the entire policy. On the back of page 2 of the "enrollment information", there's this statement:

"Important information about your Agreed Value coverage"

"Agreed value policies are available for 10 policy terms, after which point the Actual Cash Value settlement option becomes available."

So, we've been with Progressive since 2010, our "Agreed Value" policy lapsed two years ago. Guess we'll be looking for a new carrier.

Lesson learned, read that policy. Caveat Emptor!


Jim

[richard5933]

Originally Posted by Jim & Susan

We've had an "Agreed Value" policy with Progressive since 2010 on our '73 Overlander. The agreed amount was $12,000. Basically, the purchase price plus what money we had spent renovating. This is actually a low number because I didn't take into account any of the labor costs that might be involved in a covered repair. Anyway.....

Our policy is up for renewal in about a month, so I did one of those things that we rarely do......I read the entire policy. On the back of page 2 of the "enrollment information", there's this statement:

"Important information about your Agreed Value coverage"

"Agreed value policies are available for 10 policy terms, after which point the Actual Cash Value settlement option becomes available."

So, we've been with Progressive since 2010, our "Agreed Value" policy lapsed two years ago. Guess we'll be looking for a new carrier.

Lesson learned, read that policy. Caveat Emptor!


Jim

Good thing you found this before you needed it.

We have a Progressive Agreed Value policy on our vintage coach, and there are lots of things to know about them. For us, a professional appraisal was necessary to establish the value, and then the policy details state that Progressive will pay UP TO the Agreed Value, adjusted for actual condition at the time of a loss. In other words, they will still depreciate the value from the starting point, and the only thing that was Agreed was the value at the time the policy was written.

I'm guessing that if you contacted Progressive through a decent agent you could get the policy re-written as a new Agreed Value policy, but likely they'd want something like a professional appraisal to back up the value.

[bweybright]

Trying to learn here. At what age is it advisable to get the appraisal and work through the insurance mess? We have a 2007 special edition stores inside that is impeccable. Should I now start doing the process? We are with State Farm, so I am sure they are going to go Nada, not what it is really worth. But my agent is good so I just need to learn what I should be asking for.

[richard5933]

Originally Posted by bweybright

Trying to learn here. At what age is it advisable to get the appraisal and work through the insurance mess? We have a 2007 special edition stores inside that is impeccable. Should I now start doing the process? We are with State Farm, so I am sure they are going to go Nada, not what it is really worth. But my agent is good so I just need to learn what I should be asking for.

First step is to find out what "book value" is right now on your trailer. That's what will be the starting point should there ever be a loss.

You insurance agent is the place to start on this. Ask him/her to check on what they consider the current value of your trailer to be. Doesn't matter what anyone else thinks the value is until you know what they think since they'll start with that on any negotiations. Once you know their valuation, you can talk with your agent and see if it makes sense to try and change to another policy type, like an Agreed Value policy (sometimes called Stated Value or something else.)

[djb75]

Also, if you suffer a total loss, don't just take your insurance company's word for the value. If the payoff is significantly short of what you think it should be, get a public adjuster involved.

[57Vintage]

Suggest you get an appraisal done as an assist in establishing a new value to insure. James Polk will do them by mail if you provide sufficient documentation and photos.

https://polkassociates-llc.com/rvs/

If you find your local agent is unable to satisfy you, I'd suggest contacting FCIS. They specialize in insuring vintage trailers. I started with them after getting my appraisal. They put me with SAFECO. I later transferred the policy to a local SAFECO agent (friend of mine).

https://www.fcisinsurance.com/

[uncle_bob]

Hi

Best guess here is that 10 years after the appraisal, Progressive wants a new one done. I'd at least call them up and see.

No matter how the policy looks in the bold print, it's always going to be the grubby details back on page 997 that impact what actually gets paid. A full up "we're going to pay a ton" policy is going to be expensive. That's just how insurance works. A great big life insurance policy costs more than a tiny one. If you find a "really good deal" on agreed value, it may be best to go over all that fine print very carefully ......

Bob

[Scott S]

I had an agreed upon value policy with State Farm. I have had it well over 10 years. Knowing that my trailer has appreciated over the years I have questioned my agent multiple times. He insists that my policy is no longer the stated value, but in case of loss, will be fair market value even if it has appreciated in value.

[B17drvr]

NADA retail is 16700. Not sure what the ACV would be on it. Maybe your agent could find that info.

[Florida 55]

Originally Posted by Jim & Susan

We've had an "Agreed Value" policy with Progressive since 2010 on our '73 Overlander. The agreed amount was $12,000. Basically, the purchase price plus what money we had spent renovating. This is actually a low number because I didn't take into account any of the labor costs that might be involved in a covered repair. Anyway.....

Our policy is up for renewal in about a month, so I did one of those things that we rarely do......I read the entire policy. On the back of page 2 of the "enrollment information", there's this statement:

"Important information about your Agreed Value coverage"

"Agreed value policies are available for 10 policy terms, after which point the Actual Cash Value settlement option becomes available."

So, we've been with Progressive since 2010, our "Agreed Value" policy lapsed two years ago. Guess we'll be looking for a new carrier.

Lesson learned, read that policy. Caveat Emptor!


Jim

A few months before our 10th policy term ended, we had a conversation with Progressive. We obtained an appraisal on our Airstream from an RV appraiser recognized by Progressive. We now have a new agreed value policy with Progressive. Due to the strong demand for new and used Airstreams the new appraised value of our Airstream was above the price we purchased it for 10 years previously. Progressive had no problem accepting the appraisal and increasing the agreed value.

[CA_CAJUN]

We’ve insured with USAA for almost a half century. Unfortunately I’ve had 2 claims in the last 2 years and their responsiveness exceeded expectations. I’ve had State Farm and Progressive for a few things over the years and I can tell you that there is a difference. If you or your family have any ties to the military, it’s worth looking into. I’ll gladly pay a premium for no-hassles when needed.

[Airhead59]

Our Progressive agreed value ($40K) policy is in it's 5th year. Our premium went down $200 this year. I guess I need to read the fine print.

[Slimpockets]

We used to use USAA but they are no longer price competitive. I save a few thousand a year by no longer using them. It was a great company when I was young.

[Florida 55]

Originally Posted by CA_CAJUN

We’ve insured with USAA for almost a half century. Unfortunately I’ve had 2 claims in the last 2 years and their responsiveness exceeded expectations. I’ve had State Farm and Progressive for a few things over the years and I can tell you that there is a difference. If you or your family have any ties to the military, it’s worth looking into. I’ll gladly pay a premium for no-hassles when needed.

My auto and truck are insured by USAA. When I purchased my Airstream, I spoke to USAA about insuring it. USAA referred me to Progressive. I engage with Progressive through a web portal for USAA members.

[Adiredneck]

We just went with an agreed amount policy with Progressive. Interesting point is that, in checking the NADA blue book value on our 2014 27FB Classic, it's "average retail" is now more than $18,000 more than we paid for it new.

[stevejones]

Originally Posted by CA_CAJUN

We’ve insured with USAA for almost a half century. Unfortunately I’ve had 2 claims in the last 2 years and their responsiveness exceeded expectations. I’ve had State Farm and Progressive for a few things over the years and I can tell you that there is a difference. If you or your family have any ties to the military, it’s worth looking into. I’ll gladly pay a premium for no-hassles when needed.

USAA does not insure RVs. If you are hitched up and towing your RV is insured as an extension of your tow vehicle (if insured through them) but they do not insure RVs. They use Progressive for RV coverage.

Steve

[stevejones]

Originally Posted by Adiredneck

We just went with an agreed amount policy with Progressive. Interesting point is that, in checking the NADA blue book value on our 2014 27FB Classic, it's "average retail" is now more than $18,000 more than we paid for it new.

I'll have to call Progressive back. We used to have their full timer policy which was agreed value. But when we quit full timing and I had to change my state of residence they told me I could not have an agreed value policy. The fact that some of you do makes me wonder if the person I was working with just didn't know what she was talking about.

Steve

[bobstock]

I got an appraisal from Polk and am insured with Foremost. I was told by my agent it is not an "agreed value" but the appraisal amount is stated on the policy. According to my agent if I had a total loss I would get close to the appraised value. Better than a regular policy for a 1960 Airstream which would have a very low value.

[balance94]

Originally Posted by Jim & Susan

We've had an "Agreed Value" policy with Progressive since 2010 on our '73 Overlander. The agreed amount was $12,000. Basically, the purchase price plus what money we had spent renovating. This is actually a low number because I didn't take into account any of the labor costs that might be involved in a covered repair. Anyway.....

Our policy is up for renewal in about a month, so I did one of those things that we rarely do......I read the entire policy. On the back of page 2 of the "enrollment information", there's this statement:

"Important information about your Agreed Value coverage"

"Agreed value policies are available for 10 policy terms, after which point the Actual Cash Value settlement option becomes available."

So, we've been with Progressive since 2010, our "Agreed Value" policy lapsed two years ago. Guess we'll be looking for a new carrier.

Lesson learned, read that policy. Caveat Emptor!


Jim

Hagerty now offers agreed value policies. We got one a year ago half way through renovation. Got it insured at 40k without appraisal, and automatic increase in value by 10% per quarter to account for the remaining renovations. Then when it was complete we raised it to 79k following an appraisal by Polk. I’ve been very happy with them and will be renewing this month.

https://www.hagerty.com/insurance/vintage-camper-trailer

[Al and Missy]

Originally Posted by stevejones

USAA does not insure RVs. If you are hitched up and towing your RV is insured as an extension of your tow vehicle (if insured through them) but they do not insure RVs. They use Progressive for RV coverage.

Steve

There have been several cases of posters on here that are insured by USAA directly. There are several subtleties involved.

1. To them RV means motorhome. They do not insure motorhomes.
2. In some states they insure travel trailers directly, in others they refer you to Progressive. I was told that the difference was due to state laws. I'd be willing to bet that it may also be a risk decision.
3. If you are towing your trailer, I believe it is partially correct that it is insured under your TV policy, but only for liability, not for collision or comprehensive. If anyone is considering letting their TV policy cover the trailer they should check their policy carefully to find out what is actually covered.

And finally, if it isn't written down, it didn't happen. Verbal assurances mean nothing when push comes to shove.