NEED HELP INSURANCE PROBLEM
We are new to the RV World. a year ago we purchased a 38' 5th wheel camper. just a few weeks ago, during a storm, a tree fell on our camper. We had the insurance adjuster come out and he declared it t...
Forum Discussion
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 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.
