RV Insurance Coverage

[Enjoying_The_Journey]

We upgraded our 5th wheel back in May and I called our insurance company (Geico) to swap out the rv's.  They know we are full timing and just wanted to make sure the coverage we have on this new one was enough and the right kind.  They informed me that we do and it is what most rv'ers as well as full timers get.  

the current coverage on the rv is:

comp/coll deductibles $1000

RV Medical $1000

Emergency Expenses $3000

Replacement Cost Personal Effects $20,000

Vacation Liability $500,000

We only pay $538.80 for six months

I was reading other rv posts on here and other forums and they talk about “fulltimers” insurance.  I called and got a quote which they compared and to exactly what I have now (same coverage above) and it is $2300 per year. 

So what is the difference between the two types of policies and is it worth the price difference?

 

Thanks!!

Edited October 15, 2019 by Enjoying_The_Journey
Not getting a good response.

[sandsys]

The thing you need to look at is liability insurance. If someone trips on your steps you want them covered. This is usually covered by homeowners insurance for non-fulltimers but... I don't know how they are defining "vacation liability" since you will never actually be on vacation. That wording scares me.

Linda

[SWharton]

x2 also that you pay by the 6 months. My experience is that full time insurance is a yearly bill.

Contact one of these for a second opinion.

FCIS 800-331-1520

Miller Insurance 800-622-6347
 

[Smitty77_7]

We also added 'Stated/Agreed to Replacement Cost' (Or some such wording.), on the unit itself in case of a catastrophic lost. We've added quite a bit to this unit, and no that to get anywhere near the same amount of replacement RV - NADA pricing would not cover it. Not all companies will do this, but we found ARP Hartford would do this for us. 

Best to all,

Smitty

[ARGO]

Be sure you have what you think you have. Go to section D in the policy and READ it,  "what we pay in the event of a loss" .  Many plans say "$XXXXX  **OR** ACV, whichever is LESS". 

Whatever you do, document your rig's extra features on a CD or something. In the event of a theft or complete fire, you need to prove all the stuff you're claiming did exist. Or better yet, get a professional appraiser to value your rig, note all the extras and arrive at a value. Now THAT will get you your value in court. (Yes, I did that on my rig 2 yrs ago & have it  documented)

[SWharton]

We have "agreed value" insurance. Essentially it is a life insurance policy for the RV. No questions asked.

I would go through your RV and video everything, put it in a safe place not in the RV along with all the invoices for everything bought. Don't forget the basement.

[LindaH]

You absolutely NEED fulltimers insurance, which provides the liability normally found in homeowners insurance.  Yes, it's more expensive than "regular" RV insurance because you're combining both RV and homeowners liability insurance. 

If you new RV is actually *new,* you will also want Total Loss Replacement coverage which will replace your RV with an equivalent new one in the case of a total loss during the first 5 model years and pay you want your purchase price was thereafter.  Of course, if the RV is "new to you," then this coverage wouldn't apply.

Just a note on Total Loss Replacement coverage:  Make SURE that the replacement coverage is for a period of 5 years.  When I was searching for insurance for the rig in my signature, I came across one company that had a period of only 18 months for their Total Loss Replacement coverage!  (I *think* the company was Geico, but I'm not sure.)

[chirakawa]

1 hour ago, LindaH said:

You absolutely NEED fulltimers insurance, which provides the liability normally found in homeowners insurance.  Yes, it's more expensive than "regular" RV insurance because you're combining both RV and homeowners liability insurance. 

If you new RV is actually *new,* you will also want Total Loss Replacement coverage which will replace your RV with an equivalent new one in the case of a total loss during the first 5 model years and pay you want your purchase price was thereafter.  Of course, if the RV is "new to you," then this coverage wouldn't apply.

Just a note on Total Loss Replacement coverage:  Make SURE that the replacement coverage is for a period of 5 years.  When I was searching for insurance for the rig in my signature, I came across one company that had a period of only 18 months for their Total Loss Replacement coverage!  (I *think* the company was Geico, but I'm not sure.)

I didn't "NEED fulltimers insurance", bought separate liability policy which suited me fine.

I didn't "want Total Loss Replacement", I didn't think the risk/cost benefit was worth it.  Everyone must decide for themselves what level of risk they are willing to accept. 

[Enjoying_The_Journey]

Thank you!  

I did call my insurance company back to have them further explain what the exact difference were between the different policies.  She said there really isn’t much of a difference in the coverage, but that it is based on what the rv’er qualifies for based on rv their situation.  She said during the questions part of the quote if an rv’er is “mobile” in their rv then the policy will be like what we have (which includes coverage just like a homeowners policy as well as liability).  If an rv’er is “stationary” for a year or more (or will never move) then that’s when the comprehensive policy will be given.  She did say that most insurance companies will be this way and is based on how much (or not at all) you move your rv.  The quote I got from Foremost for the “fulltimers” policy was not a replacement cost policy and they quoted the exact same coverage but costs way more.  As far as replacement cost on an rv,  Foremost said they will only cover up to your purchase price but it is still based on actual cash value and even if they say they will replace the rv with like kind and/or price it will still be based on ACV.  I had gotten a quote also from progressive and their total replacement cost on the rv was the same as Foremost and would only pay based on value of the rv and we all know rv’s Don’t hold their value very well.  So if they say replacement cost have them clarify how they define that.

So what I have learned these last two days is that if you have liability, comprehensive, collision, emergency expenses, rv medical, replacement cost personal effects then you have everything covered.  

 

[SWharton]

I question your liability policy. Most umbrella liability policies don't kick in unless your RV insurance has a required amount of coverage.

[Enjoying_The_Journey]

7 hours ago, chirakawa said:

I didn't "NEED fulltimers insurance", bought separate liability policy which suited me fine.

I didn't "want Total Loss Replacement", I didn't think the risk/cost benefit was worth it.  Everyone must decide for themselves what level of risk they are willing to accept. 

 

8 hours ago, LindaH said:

You absolutely NEED fulltimers insurance, which provides the liability normally found in homeowners insurance.  Yes, it's more expensive than "regular" RV insurance because you're combining both RV and homeowners liability insurance. 

If you new RV is actually *new,* you will also want Total Loss Replacement coverage which will replace your RV with an equivalent new one in the case of a total loss during the first 5 model years and pay you want your purchase price was thereafter.  Of course, if the RV is "new to you," then this coverage wouldn't apply.

Just a note on Total Loss Replacement coverage:  Make SURE that the replacement coverage is for a period of 5 years.  When I was searching for insurance for the rig in my signature, I came across one company that had a period of only 18 months for their Total Loss Replacement coverage!  (I *think* the company was Geico, but I'm not sure.)

The liability that we have on the rv policy is exactly the same liability coverage as on a homeowners policy.  

I was also told that in order to get actual replacement cost (with any insurance company) is you must tell them that is what you want when you get insurance as soon as you purchased the rv.  Switching companies they will say total loss replacement coverage but it is actually market value and will replace it for like kind of what the rv is worth at the time of loss and not what you paid or think it’s worth so it will be a lot less.  So it might not even be worth paying the extra for that particular coverage if something was to actually happen you might not get what you think your going to get. So you have to be careful with how the insurance companies words it and makes you think that it is covered a certain way when actually it isn’t. That’s what I have found out the last two days researching this.

[Kirk W]

15 minutes ago, Enjoying_The_Journey said:

So you have to be careful with how the insurance companies words it and makes you think that it is covered a certain way when actually it isn’t. That’s what I have found out the last two days researching this.

You will find that there are some pretty knowledgeable people on these forums who have a lot of experience dealing with insurance and who have knowledge that was not given to them by an agent who is trying to sell his insurance. Should you be interested in speaking with one of the agencies specializing in coverage for full-time RVers who have also developed a solid reputation with many members of these forums, here are a few often recommended by those on these forums.

Miller Insurance                 AIS Insurance                   RV Advantage

[LindaH]

20 hours ago, Enjoying_The_Journey said:

As far as replacement cost on an rv,  Foremost said they will only cover up to your purchase price but it is still based on actual cash value and even if they say they will replace the rv with like kind and/or price it will still be based on ACV.  

We have friends who were in a wreck with their less than 5-year-old fifth wheel which the insurance company totaled.  They had Total Loss Replacement Coverage on their fifth wheel and the insurance company replaced it with a new model of the same brand.

Here's what my policy says, in part, under Total Loss Replacement/Purchase Price Coverage:

"In the event of a total loss, if your recreational vehicle is, at the time of the loss, the current model year, or through the fourth preceding model year, out limit of liability will be:

a) replacement of your recreational vehicle with a recreational vehicle that is, to the extent possible, the same make, size and type, contains comparable equipment to your recreational vehicle, and has not previously had a title issued or recorded to any person or entity other than a dealer or manufacturer;

b) the actual cash value of your recreational vehicle at the time of the loss minus the applicable deductible; or

c) the cost, up to the purchase price, to repair or replace the damaged parts of your recreational vehicle minus he applicable deductible;

whichever you choose."

It goes on to explain what happens in the event of a total loss after five years.

[GlennWest]

I question myself sometimes about coverage. We have bout everything we can. My 2003 Teton is a very nice well made unit and I keep upgrading and making it better. But the reality is if totaled I wouldn't get swat for it. Market value is low