msmith1199 wrote:
Then Disovery4us, you are willing to pay a lot of extra money on ALL of your insurance policies so in the unlikely event you have a total loss you make money on the deal. Right now I have a 10 year old DP motorhome that I owe more on than it's worth. If I lower my insurance to the payoff on the loan and then I have a total loss event, I will still be able to go out and buy a 10 year old equivalent DP and finance it and probably have a payment that is way less than half of my current payment. So I'm covered either way.
I don't wish to make money on a loss I just wish to be able to get back in to a comparable item that was lost. With you owing more than the motorhome is worth you are basically doing an agreed value by agreeing to a policy that would payoff the loan. You are basically saying that I need a ACV policy with an additional to cover the loan, the agreed to part. I am doing the exact same on mine I just have to make an educated guess on the agreed to part. My DP appraised for more than the insurance's ACV(which changes day to day) and is more than the loan amount therefore I went to an agreed value. This way the loan is paid and I am paid enough to walk back into a comparable model, no cash in pocket, not a newer nicer rig, just another comparable model.
In regards to all policies yes. Again on all of these policies I don't intend to make money I just realize that the loaf off bread by the toaster and the gallon of milk in the fridge aren't getting any cheaper and I don't want an argument with an insurance company over an unforeseen loss to keep me from enjoying either one.
