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
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
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
