Insurance declared value of used motor home
Has the pandemic affected the price of used motorhomes for sale any? I'm currently changing insurance companies on my 2016 diesel motor home due to $990 increase on current policy for renewal and the...
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Just called my insurance agent about the Actual Cash Value rating. Boy, insurance companies have more ways to stick to the customer than Carter has little liver pills (my dad's old saying).
In Oklahoma they won't write for a stated value, only ACV, but that premium is based on the new price of the vehicle not the current value when initially insured. The premium is based on original new price of $402,000 where as ACV right now for 4 yr old coach is between $250,000-$260,000, which is probably about what payment would be for total destruction.
In another state, and wasn't given any examples, I could tell them exactly how much I wanted it insured for but not Oklahoma. No idea who sets these rules.
Appreciate all the ideas from you'all.
In Oklahoma they won't write for a stated value, only ACV, but that premium is based on the new price of the vehicle not the current value when initially insured. The premium is based on original new price of $402,000 where as ACV right now for 4 yr old coach is between $250,000-$260,000, which is probably about what payment would be for total destruction.
In another state, and wasn't given any examples, I could tell them exactly how much I wanted it insured for but not Oklahoma. No idea who sets these rules.
Appreciate all the ideas from you'all.
