RV insurance jumped

We had disappearing deductible every year the deductible went down so at four years no deductible.

We had two minor and one major ($12k) claim and the service was top notch. BUT after the increase Hartford was almost half the price.

None of the claims were our fault.

Big Katuna wrote:
Shop around. We have been loyal Progressive customers and they have given us great service but they went crazy on us with the auto policies a few years ago and we switched. We kept the RV policy with them as they were about the same.

In December we got a letter saying the rate was increasing almost $500 a year.

We are now with AARP/ Hartford and they are way cheaper. No claims yet.

Both Hartford and Progressive insure to your stated value, whatever you say it is, which in our case was payoff.

...........Had Progressive for 4 years , 5th. year they were supposed to renew at a lower rate because no claims filed during 4 previous years ! Sorry snots sent me a notice with large increase in Premium , obviously wanted my to drop which I , did . They lie plenty when it suits their purpose . , jf

Well, I wasn't trying to imply your agent was lying to you. I was just repeating what my agent said at the time. When my agent said that, it was in response to my grumbling about how much the premium was. When he asked about MSRP, I challenged that stating that nobody pays that phoney MSRP number the industry throws out there.

Truthfully, knowing a little bit about how premium figures are derived, I suspect that part of it ( actual paid amount vs MSRP ) is not a major factor in the higher premium.

I would guess as a rule, there are probably quite a few claims made on RV's for repairs due to hitting trees and other obstacles. Lots of folks are pretty sloppy in how they drag these things around behind their truck.

gmw photos wrote:

Hornnumb2 wrote:
This is through state farm, says that has changed for this year. I paid 21 and they are using 30 as the value. I requested a quote from Good same but they were $40 more than State Farm

I have everything ( cars, trucks, motorcycle, houses, RV ) thru State Farm, and when I bought this trailer four years ago, the agent told me at that time they used MSRP ( not actual price paid ) as one of the variables in calculating premium. So at least in my case, this is not something they have changed very recently.

PS. my county also used MSRP in establishing the basis for annual personal property taxes.
However, sales tax was based on actual price paid of course.

I guess my agent lied to me then, she said it just change to that this year.

Hornnumb2 wrote:
This is through state farm, says that has changed for this year. I paid 21 and they are using 30 as the value. I requested a quote from Good same but they were $40 more than State Farm

I have everything ( cars, trucks, motorcycle, houses, RV ) thru State Farm, and when I bought this trailer four years ago, the agent told me at that time they used MSRP ( not actual price paid ) as one of the variables in calculating premium. So at least in my case, this is not something they have changed very recently.

PS. my county also used MSRP in establishing the basis for annual personal property taxes.
However, sales tax was based on actual price paid of course.

Progressive is actually independent brokers all under one umbrella name. I noticed an ad with the same company name on my home insurance about $350 less than the broker I was with. I filled out the same form for both, with the same coverage. Of course, my agent gave me the same loyalty argument and said he would not help with any home claims. The same happened on my RV insurance. On my car insurance, State Farm gave me a good rate. We filled out the paperwork. When we got around to write a check, the rate had doubled. They said the rates changed daily. Right. I don't trust any of them.

How true! There is no loyalty value consideration by insurance companies.

I think clients who have gone a great many of years without a single insurance claim are considered a "high risk" by insurance companies. The odds of not having an accident in the future are against them. :(

To my knowledge State Farm subs out their RV insurance (they don't write the policy). If they have raised the rate you should shop elsewhere chances are you will find someone with better rate.

lanerd wrote:
Loyalty means nothing to insurance companies. As soon as my insurance jumps a significant amount, I will immediately start researching for another company.

In my 50 years of being an auto (of one type or another) owner, I probably have not had more than five claims.....so that's thousands and thousands of $$ I've paid out for premiums for those few claims. Who do you think is ahead in this game?

Based upon those 50 years, the odds of me having to request another claim is very remote so I always shop for the absolute minimum cost to me, and will do so every year if necessary.

So my advice to you is shop around and submit requests for price from at least 5 to 10 companies. Keep a record of those request so that you can do it again next year.

Ron

I don't doubt insurance companies make big profits on clients but If I pay $1500 a year for 20 years with no claims That is $30,000 profit for them. However, one claim could be $1 million. It is the roll of the dice for them. Basing rates on lots of things. I paid State Farm premiums for years on my S&B home. Never had a claim until a few years ago. A lawsuit went to the appelate court and cost them big bucks. I didn't get any rate increases. Its all a gamble.

Loyalty means nothing to insurance companies. As soon as my insurance jumps a significant amount, I will immediately start researching for another company.

In my 50 years of being an auto (of one type or another) owner, I probably have not had more than five claims.....so that's thousands and thousands of $$ I've paid out for premiums for those few claims. Who do you think is ahead in this game?

Based upon those 50 years, the odds of me having to request another claim is very remote so I always shop for the absolute minimum cost to me, and will do so every year if necessary.

So my advice to you is shop around and submit requests for price from at least 5 to 10 companies. Keep a record of those request so that you can do it again next year.

Ron