Progressive lowered rate $600 for year

If my insurance company lowered my rates $600 per year, they would be sending me a check for $250.00. :B
I have agreed value coverage so if the coach is totaled I will get a check for the amount that we have agreed to and is written in to the policy.
My deductible is $1000 and I have $5000 personal item coverage as well as zero deductible for windshield damage. I do have an excellent driving record, with no claims, after several years, which I am sure helps.
I did get a quote from Progressive but they were so much higher I figured that they must have made a mistake. Ill stick with my full coverage at $350/year with Auto-Owners Insurance. They do write policies in MN and 25 other States. Auto-Owners Insurance

I'll get my renewal notice in a few weeks so hopefully mine went down too. It went down a lot last year, but I changed coverage. What I discovered was that if you buy a new motorhome and insure it with Progressive they have that 5 year rule where if it gets totaled in the first five years they will pay to replace it with a brand new similar unit. Okay, I knew about that, but what I didn't know is that after that five years passes, then your insurance coverage limit for a total loss becomes your original purchase price of the motorhome. So if you paid $170k for your motorhome and 10 years later it catches fire and burns to the ground, Progressive is going to give you $170k toward the purchase of a new motorhome. Now that may sound like a great deal, and it is, but it's also super expensive. So I called progressive last year and had my coverage dropped to a set figure that would cover the pay off in the event of a total loss. It will stay at that set number unless I drop it again later. But my premium went down by about $500 last year.

I hope you don't get a letter from them next month: "We found our mistake, and your rate is going back up." ;)

Boy, I don't know, RV Daytrader. Don't think it has a 'special' name.

I filled out the online form and it asked what value to put on it. After the paint job, the insurance expired while I wasn't paying attention so filled out the form again, same VIN and all, but $4,000 more value. (Nada didn't really come into it that I recall).

They didn't object. So...

Naturally, I'd expect them to deny a full value cash payment over high book if it's totalled, even if I'd set the 'fair market value' thousands over.

Replacement cost instead of ACV (actual cash value).

EDIT: Just looked on our policies (which I happened to be doing anyway). One company calls it "replacement cost" and another calls it "fair market value" instead of ACV.

Can insurance company BE any more confusing?

Jim@HiTek wrote:
Funny. I'm guessing that the actuarial tables got changed significantly in your favor. This happens throughout the industry but it's rare enough that people notice and let us know. If it had only gone down $25, you probably wouldn't have told us.

I had Geico for a year. The next year they wanted to up my yearly by over $100. Changed to Progressive and they haven't budged from the $290 per year they started with 6 years ago. This is a policy where I set my own retail price for 'totalling' the rig and I did increase the value after the paint job but only $4,000. And still no increase in rate.

So, I'm a Progressive fan too!

Jim...is there a certain name for that policy where you set the retail price??...the book value of my class C is low, but these old toyota class Cs sell for quite a bit over book.

darsben wrote:
because you called.

No I called because they notified me of the drop upon renewal

We changed companies to Allstate and saved over $500. Previous company Hartford was going up $300. So actually saved $200! Pays to ask around. Agent did also check with Progressive and Autoowners.

Funny. I'm guessing that the actuarial tables got changed significantly in your favor. This happens throughout the industry but it's rare enough that people notice and let us know. If it had only gone down $25, you probably wouldn't have told us.

I had Geico for a year. The next year they wanted to up my yearly by over $100. Changed to Progressive and they haven't budged from the $290 per year they started with 6 years ago. This is a policy where I set my own retail price for 'totalling' the rig and I did increase the value after the paint job but only $4,000. And still no increase in rate.

So, I'm a Progressive fan too!

because you called.