Insurance, again, 10% incress on the truck, 18% incress on the trailer, NO CLAIMS

[mr. cob]

Howdy All,

Yes it's that time again, just received the renewal notices from progressive and I am NOT a happy camper.  They want over 1,200 dollars to insure the truck for actual cash value, that's not much on the open market for a 2001 Pete, with 1.6 million miles on it even thou it's in great condition; they want over 600 dollars to insure the trailer again for actual cash value what's a 2014 Voltage toy hauler worth even if it has a new very good solar system and brand new Lithium batteries.

How do you folks have your truck and trailer insured, actual cash value, agreed value, or some other way that I am not aware of?

I don't mind paying for insurance it is what it is, but I'd like to get something of value in return if something should happen and I need to replace what was lost, constant dramatic rate increases with no claims being made is legalized theft in my mind.  So how are you folks handling this situation?

Dave

[rynosback]

WOW, that is steep. It might be because of the cost of new and used cars increases. As well as RVs have been going up. So the cost of replacement is going up. 

[Steve from SoCal]

I don't insure with Progressive but, in other recreational pools "boats/yachts" Progressive has been raising rates/declining to cover many.     From comments in that market they are reshuffling their actuarial tables.

 

The marine market is reinsured worldwide, RV's may be as well.    The best advice I have heard is use a broker that knows the market.     Dealing direct with insurers may not be the best method for insurables that don't fit in a neat check box on an application.     Regarding RV premium's going up, look at all the new RV owners in the last year.    It must have been a rough year for claims, same with boats.     

Edited July 10, 2021 by Steve from SoCal

[noteven]

42 minutes ago, rynosback said:

WOW, that is steep. It might be because of the cost of new and used cars increases. As well as RVs have been going up. So the cost of replacement is going up. 

I heard a finance genius being interviewed on the radio in Canada the other day. He said governments have been "introducing XX trillion$ in new liquidity..." 

I sez to the guy I sez, "Oh so they are printing money which causes inflation..." 

[slackercruster]

Everything going up, housing, 2x4's are $9.50 here. Plywood subfloor is $84 a sheet. Some nuts I had bought last year were $14, now are $18. Even if no inflation companies say, f it, I want some more $$. I cut back on everything I can.

[trimster]

My guess...and this is exactly what it is.... with all the newbies out there, I'm sure claims are up. As well, the vast amount of full-timers (for whatever reasons)...are driving up claims. Plus, the inflated parts costs and looooong wait times to get insured repairs.

All this will push premiums up.

[steiny93]

Concerning Progressive,

I have a boat which I've had insured with them since 2008, that one boat has slowly inched its way up in regards to its premium.  Haven't had a single claim.

This last year, the premium on that one boat was over $800 for a years worth of coverage.  I called my independent agent, expressed my concern (I have other boats at higher values with lower premiums).  He had the boat 'relisted', basically they remove it from the policy then its re-added with a new policy.  For the exact same coverages, on the exact same boat, with the same company, the premium went to $235 for a years worth of coverage.

 

I'm still pissed

 

[Pat & Pete]

1 hour ago, steiny93 said:

Concerning Progressive,

I have a boat which I've had insured with them since 2008, that one boat has slowly inched its way up in regards to its premium.  Haven't had a single claim.

This last year, the premium on that one boat was over $800 for a years worth of coverage.  I called my independent agent, expressed my concern (I have other boats at higher values with lower premiums).  He had the boat 'relisted', basically they remove it from the policy then its re-added with a new policy.  For the exact same coverages, on the exact same boat, with the same company, the premium went to $235 for a years worth of coverage.

 

I'm still pissed

 

I have to wonder if you're getting the exact things covered as the old policy . 

You may have the same 'visible' coverage , but , is the new base policy still covering everything that the original policy covered ?

Edited July 12, 2021 by Pat & Pete

[rpsinc]

Or companies are more focused on new business rather than customer retention.  Sad to say, but I have not seen any insurance company advertising that was targeted to retaining customers, rather to gain new ones.

So it may just be a function of what is being done.  People jumping companies to find the cheapest rates, so brokers become more valuable.

[mr. cob]

Howdy All,

My main question remains unanswered, are you folks insuring your truck-trailer for an agreed to amount/ value, or if something happens will you be compensated based on what your truck-trailer may be worth in the used vehicle market?

Dave

[SuiteSuccess]

My insurance with National General is replacement value.  Truck and trailer value went down, premium went up by $40.

[steiny93]

3 hours ago, Pat & Pete said:

I have to wonder if you're getting the exact things covered as the old policy . 

You may have the same 'visible' coverage , but , is the new base policy still covering everything that the original policy covered ?

Its exactly the same, I did a windiff of the policy documents and everything.

[Pat & Pete]

Just now, steiny93 said:

Its exactly the same, I did a windiff of the policy documents and everything.

In that case , time for a Miller . 👍 

[steiny93]

Just now, Pat & Pete said:

In that case , time for a Miller . 👍 

well... time to be really unhappy with the agents lack of hustle over the last x years

Couple buddies and I were chatting about this topic.  We don't get why the independent agents don't do a review as a course of having you as a customer.  Say every 2 years they spend 1 hour reviewing your policies and seeing if anything is out of wack.  Just imagine if your agent called you up, out of the blue and said, "hey i can save you xyz dollars, you want to adjust your policy?".  Think about how much you'd brag out that dude to your friends.

But nah, they wait till you get upset over pricing then they find savings.

[Pat & Pete]

3 minutes ago, steiny93 said:

well... time to be really unhappy with the agents lack of hustle over the last x years

Couple buddies and I were chatting about this topic.  We don't get why the independent agents don't do a review as a course of having you as a customer.  Say every 2 years they spend 1 hour reviewing your policies and seeing if anything is out of wack.  Just imagine if your agent called you up, out of the blue and said, "hey i can save you xyz dollars, you want to adjust your policy?".  Think about how much you'd brag out that dude to your friends.

But nah, they wait till you get upset over pricing then they find savings.

That would call for the case to be opened and invite some of your friends .

There are agents that do exactly what you'd think they should/would be doing , not simply collecting premiums .

[mr. cob]

5 hours ago, SuiteSuccess said:

My insurance with National General is replacement value.  Truck and trailer value went down, premium went up by $40.

Howdy SS,

How was "replacement value" determined?  When we bought the trailer new in August of 2014, we were insured by Blue Sky, trailer as it was new was insured as "replacement value".  This would continue until Blue Sky, stopped insuring RV's, since then both National General and Progressive, will only insure it at whatever they determine market value to be.  Have found no one that will insure truck at anything over market value which is a pittance to what it would cost to replace in it's present form.

Dave

[ARGO]

2 answers- ask your insurer about a "stated value" policy

Or, have your rig appraised by a qualified appraiser with pics, etc. In the event of a total by theft etc, you can use that to show ALL the stuff your rig had since it is unable to be appraised. Beware of policies that say "stated amount ***OR*** ACV, whichever is LESS" 

[steiny93]

13 hours ago, mr. cob said:

Howdy SS,

How was "replacement value" determined?  When we bought the trailer new in August of 2014, we were insured by Blue Sky, trailer as it was new was insured as "replacement value".  This would continue until Blue Sky, stopped insuring RV's, since then both National General and Progressive, will only insure it at whatever they determine market value to be.  Have found no one that will insure truck at anything over market value which is a pittance to what it would cost to replace in it's present form.

Dave

I would venture to guess your "replacement value" went away after a set number of years, then the coverage became actual value (market).  Replacement Value is determined by the cost to buy new, I haven't seen that available unless the item is very new.

Another option would be 'agreed value' coverage, basically you and the insurance company figure out a number and that is what you are insured for.

[steiny93]

18 hours ago, Pat & Pete said:

There are agents that do exactly what you'd think they should/would be doing , not simply collecting premiums .

If anyone has a recommendation of an agent who does the above and can write ND / MN / SD policies please send over their intel.

[aknavy]

I'm in the renewal process with Good Sam, and I have replacement value on the trailer of $168k and stated value on the truck, replacement value on contents, and my rate is staying the same.  You might want to check with them.

[mr. cob]

2 hours ago, aknavy said:

I'm in the renewal process with Good Sam, and I have replacement value on the trailer of $168k and stated value on the truck, replacement value on contents, and my rate is staying the same.  You might want to check with them.

Howdy aknavy,

I looked into Good Sam, a year ago, they told me no way they would cover my truck or any other class 8 that had been converted to RV use.

Dave

[Alie&Jim's Carrilite]

Mr C- 

We have agreed value on the RV and Truck.  The truck is higher than the street value of the truck, because I can't by or build a truck for $7400. The RV is what our original purchase price was.  We're paying more in premium than I want, but we already had 1 RV totaled.  Our premiums run around 2400 or so.... not fun.

 

[mr. cob]

1 hour ago, Alie&Jim's Carrilite said:

Mr C- 

We have agreed value on the RV and Truck.  The truck is higher than the street value of the truck, because I can't by or build a truck for $7400. The RV is what our original purchase price was.  We're paying more in premium than I want, but we already had 1 RV totaled.  Our premiums run around 2400 or so.... not fun.

 

Howdy Jim,

Thanks for your reply, yes, 2400 bucks is a lot of money but if it will pay you a decent amount should you be misfortune enough to need it; it's heck of a lot better then paying 2/3 of that and getting next to nothing in case of a total loss. 

In my case I couldn't even buy the deck on my truck for what the actual cash value of a 20 year old truck may be.  We don't have a fancy trailer or a modern truck but for us it was a major investment that if totaled with what we could get from insurance would end our RV'ing as we do it now, at this age no way I could afford to spend the replacement cost to our truck and trailer.

Dave

[aknavy]

6 hours ago, mr. cob said:

Howdy aknavy,

I looked into Good Sam, a year ago, they told me no way they would cover my truck or any other class 8 that had been converted to RV use.

Dave

My agent:

Cory Jacobs

Executive Sales Agent

800 Superior Ave. E.

Cleveland, Ohio 44114

(216) 592-7173

Cory.Jacobs@ngic.com

 

Just sent me my renewal paperwork today, so I know he does for Florida.  Not sure if your location causes issues, but give him a call.

[Danandfreda]

Herrmann insurance agency rapid city South Dakota call and ask