Truck, Fiver Insurance

[SuiteSuccess]

Thought I would share some info regarding insurances. Many of you may already be aware but some may not. I was one of the unaware. This info will also apply to homeowners and auto insurance. I have found out that your agent will usually not notify you of depreciating value of your goods, but if you file a claim you will be paid cash value of the depreciated goods unless you have the rare "agreed value policy" (which is what I thought I had). For example, my truck, fiver, and a travel trailer are insured through Blue Sky. They all had a higher value when I first bought the policy (rating basis). My fiver and trailer rating basis are twice what I would receive as "cash value" such as NADA valuation unless I could document with receipts added value. I was still being charged on renewal for the ORIGINAL rating basis not current value. I found the same applied to my autos and homeowners policy with State Farm. Again my agents never called me and said we need to reevaluate. I'm not picking on Blue Sky or State Farm, guess it's my fault, but would have been nice to receive a notification saying "Hey, let's review your policy and see if you're paying too much."

[DIESELSUBMARINER]

thank you.

this is good advice

[rpsinc]

Dont many insurance agencies get paid on commission. The more $ they sell the more commission they make.

[Big5er]

Carl, my Farmers agent sends me emails regularly almost begging me to come see him to review my policy. I usually ignore him. Guess I should get off my ass and go, eh?

[SuiteSuccess]

Sounds like it. After reviewing mine saved several hundreds. I have never received one email to review from agent. We are looking for a new State Farm Agent and may "re-shop" truck and fiver/trailer. Seems like it would be part of the service but think rpsinc has it right. Not in their best interest,

[redcrzr]

Like Big5er I routinely ignored the invitations to "step into my office". The couple of times I did the agent was trying to increase my coverages with scare tactics or trying to interest me in other products.

I will heed your advice Suite and the next time I will have a discussion such as you are suggesting.

 

Todd

[SuiteSuccess]

Would caution folks talk to your agent and ask the same questions before changing anything.

[JPL]

Randy and all With this mess we are going through right now the main thing I've gotten from this is to be sure you read and fully understand what your policy says. Make sure it's covering what you think it's covering. You don't expect to total your unit and not put a visible mark on it. Ladies and gentleman(?) learn from my misfortune. Please keep it on the hard surface! Pat

 

Randy How are you feeling? Getting better? God Bless Pat

 

The Old Sailor

[Pappy Yokum]

Sounds like it. After reviewing mine saved several hundreds. I have never received one email to review from agent. We are looking for a new State Farm Agent and may "re-shop" truck and fiver/trailer. Seems like it would be part of the service but think rpsinc has it right. Not in their best interest,

 

At one time I had State Farm.

The agent I had was very good - no hard sell tactics.

Then he retired or? New agent was gung ho for new increases. Adios State Farm.

 

BTW - there *are* agencies that do NOT have agents on commission.

Ex: Wawanesa (which only sells ins in Western states and parts of Canada). - although probably? not for HDTs.

 

Wawanesa beat the heck out of USAA and Blue Sky - exactly "apples to apples" on my vehicles, 5th and home owners.

(**No benefit to/for "bundling" same).

All vehicle policies are annual - no 6 month - but premium can be paid in 3 installments if desired.

 

I was in an AAA office to pay a vehicle registration fee - and the gal behind the counter asked if I would like an insurance quote from an agent.

Said, "No thanks" - as I had already done that in the past (true!) - which AAA couldn't beat or match.

 

She says, "Oh....who do you have your insurance with?"

When I told her Wawanesa - she put a giant - -on my face when she replied,

"Oh we tried to insure with them, but they turned us down because my husband uses his car for business".

(Hope her supervisor didn't hear that one!)

 

It pays to shop around, and of course - carefully read and understand your policies - no matter what is insured or by whom.

 

.

[HERO Maker]

So a big question now is who is insuring for Replacement Value out there, if it is not an "original owner" rig?

 

Purchase Price Guarantee doesn't work for me right now considering I purchase a $130,000 rig for $99,000! Not bragging, just saying we get blessed all the time with being able to get a great price on something, or have it totally donated for the ministry use.

 

So another question I now have our agent checking on is, what happens if a vehicle was given to us, and there is no purchase price?

What happens if you inherit a rig, that is not an Airstream? I say Airstream because they will order an appriasal on that and use if for "Rated Value". But no other rigs. They would only revert to ACV, or purchase price, whichever is lower!