NEED HELP INSURANCE PROBLEM

You might want to hire a private insurance adjuster. It's possible that an adjuster working for you will be able to get you a better result.

As far as the bank goes, when they gave you the loan, they determined that you could pay it back one way or another with or without insurance, or they wouldn't have made the loan. Of course, the insurance simplifies the whole situation in the case of loss, but you owe them the money, not the insurance company.

You need to inquire how the insurance company established the value. You need to get prices on comparable models to be able to negotiate with them. They could care less about your loan balance. I would consider a consultation with an attorney and have them review your policy and give you some legal advice before proceeding.

The first thing you need to do is read your policy word for word. That may explain what has happened. If you do not understand, you should ask your agent for an explanation. The suggestion from a previous post about hiring a private adjuster is a good one, but expect to pay 10% of the total insurance proceeds.

Same thing happens with cars but you have the option of gap insurance, not sure if you can get that on a camper?

Just curious as to the year and model of the 5th wheel you purchased. Purchased new? And do you know what the actual book value of it?
Good Luck

The rating basis is the value that the insurance company and you agreed upon when you purchased the policy.

that is such a shame. My insurance policy is total replacement value for the first 5 years in the event of a total. Look into another company when this is all over with.

You're mixing up your loan with your insurance.

The loan isn't based on the value of the rig- it's based on the lender's assessment of your ability to repay however much you borrowed. The rig isn't the collateral- YOU are.

Insurance is secondary:
Unless you insure for "full replacement value", you're going to get whatever the insurance company figures your rig was worth at the time of the loss- and they're going to low-ball it if they can. They couldn't care less what you owe.

The camper is not new DEMO 2012 hartland elkridge 35 DSRL it looks like the price for resale is around 32k to 35k the part that, I think is crazy they say its totaled out they bring it to auction and sell it for 15k and pay the loan for 21 is like a skam job like I said it my bad for not reviewing the policy the day I purchased the camper, to think it was under insured for 14k less than the market price stinks live and learn.

Unfortunately for you, that is how insurance works. When we buy Rv's we need to understand they depreciate fairly quickly and if you don't put down a big down payment, you can easily become upside down. If you would have purchased replacement cost insurance, you could have avoided this problem. The trouble is, you have to know what that is before you can purchase it.

All insurance companies will total a vehicle if it is the less expensive way to settle the claim. That is not unfair, it's just the way it is and is actually talked about in the insurance contract. You can purchase GAP insurance on vehicles, but I don't know about rv's. That would have covered the difference between your loan and what you settle with the insurance company for. They do not owe you for more than the trailer is worth. It's called ACV (actual cash value), which is cost new, minus depreciation. New Rv's depreciate very quickly.

You do have the option of disputing the value they are putting on your trailer. Make sure they have the correct trailer and all the options are listed. There may be some negotiating room there, but likely not a whole lot.

Some people suggested you get an attorney. In my experience as a claim adjuster, I never found an attorney that cared about the damage to the vehicle...they were only interested in the injury claim where they could get some fees. So, I doubt many attorneys would be of much use, and the insurance company would not be phased by threatening to get an attorney. The only thing that would do is not allow them to deal directly with you after that. They only owe what is stated in the contract, which is ACV.

Sorry