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sarahjohnmolnar's avatar
sarahjohnmolnar
Explorer
Jul 07, 2013

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 totaled. Then we were told that our policy had a rating basis of $21,990. We bought the camper for approximately 34,000, we owe $28,000. Why would the bank allow me to have an insurance policy that does not cover the amount of the loan. and what does a rating basis mean? Now we need to pay out of pocket and have no camper. We are thinking of buying it back, if that is even possible, that it may not be totaled. We feel they may be saying that so they don't have to pay to have it fixed. Any advise is appreciated. In the end we do understand that it is our fault for not reviewing or understanding our policy.
Seeking Advice
  • falconman's avatar
    falconman
    Explorer
    Jul 07, 2013
    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.
  • Popsie's avatar
    Popsie
    Explorer
    Jul 07, 2013
    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.

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