Hi Everyone. Well, after 15 years the RV-Dreams Community Forum is coming to an end. Since it began in August 2005, we've had 58 Million page views, 124,000 posts, and we've spent about $15,000 to keep this valuable resource for RVers free and open. But since we are now off the road and have settled down for the next chapter of our lives, we are taking the Forum down effective June 30, 2021. It has been a tough decision, but it is now time.


We want to thank all of our members for their participation and input over the years, and we want to especially thank those that have acted as Moderators for us during our amazing journey living and traveling in our RV and growing the RV-Dreams Family. We will be forever proud to have been founders of this Forum and to have been supported by such a wonderful community. Thank you all!!

Members Login
Username 
 
Password 
    Remember Me  
Post Info TOPIC: RV Insurance - Replacement Coverage


RV-Dreams Family Member

Status: Offline
Posts: 29
Date:
RV Insurance - Replacement Coverage


In 2005, we insured our RV with National Interstate Insurance.  They offered and we took what's called Full Replacement Value, a fixed dollar amount was set for that value.  We expected that as the gap between the Full Replacement Value and the Fair Market Value of the rig widened, our premiums would increase; but, we were totally unprepared for the magnitude of those increases.  Our premium is now so high, we can't afford it anymore and our only choice is to drop this Full Replacement Value coverage.  We both have clean driving records with no accidents or claims.

I'm posting this so anyone contemplating this type of coverage is aware that over time, it might get out of reach financially.  When we drop this coverage, our annual premium would be cut in half (and that's without doing any competitive quote shopping).  Has anyone else experienced this?



__________________


RV-Dreams Family Member

Status: Offline
Posts: 194
Date:

I am confused by your terminology. As far as I am aware "full replacement value" and " specific dollar value" are two different levels of insurance. Replacement value means that if my coach is totaled, the insurance company has to replace it with something equivalent, and since it is a semi custom trailer, they would have to essentially get me a custom rig. Usually this insurance is only offered for the first 5 years on a new rig. "Specific dollar value" is more like "-agreed upon value" which, more often than not, is the dollar amount that you paid for the rig originally.
We paid $75,000 for our custom rig. to REPLACE it now would cost well over $100,000. But the specific dollar value would probably be the original $75k, which would NOT replace my rig.


Sue

__________________

Sue

2012 Mobile Suites 36TKSB4 pulled by a

2011 Ford F450

2005 Lance 1181 Truck Camper- our vacation home

http://soos-ontheroad.blogspot.com/



RV-Dreams Family Member

Status: Offline
Posts: 5398
Date:

Did you happen to change states of domicile?  We also have National Interstate with the "full replacement value" on our MS.  We have not seen an increase in premiums, although we're still within the time period of 5 years.  In fact, when we moved from Oklahoma to Colorado, out insurance premiums dropped a lot.

Terry



__________________

Terry and Jo

2010 Mobile Suites 38TKSB3
2008 Ford F450
2019 Ford Expedition Max as Tag-along or Scout

Our photos on Smugmug



RV-Dreams Family Member

Status: Offline
Posts: 29
Date:

On the Declarations page, it is referred to as Total Loss Replacement/Purchase Price Coverage. Whatever the terminology, it's gone now and my wallet is much fatter for the coming year.

Terry, no did not change states, and of course, we are far outside the five years now too.

Anyway, academic at this point as we've decided to drop it to save $1300 on the annual premium.


__________________


RV-Dreams Family Member

Status: Offline
Posts: 1661
Date:

Just a caveat, unless you have sufficient funds already set aside in the event of a loss, I'd be putting a portion of that 1300 into a dedicated fund, just in case. At least enough to build up and cover any deductibles you may have. Odds are, you'll need it sooner or later. You know your situation better than I, so plan according to your needs.

FWIW, Brian



__________________

Brian, Cindi & Josie (our fur baby)
2017 RAM 3500 Laramie 4x4 CCLB, CTD, Aisin, B&W hitch, dually
2020 Keystone Montana Legacy 3813MS w/FBP ,
MORryde 8k IS, Kodiak disc brakes, no solar  YET!

Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us