Insurance Coverage?

Ron Dittmer wrote:
- Never a need to suspend coverage during off-season. They figure our Corvette and motor home are seasonal use vehicles with less miles driven per year. Estimated annual usage was provided (Allstate required that data too.)

I really like that. I don't think we have it in Canada.

Actually, it seems to me an insurance company would do well insuring people instead of vehicles for liability. Why would it matter how many vehicles I have; I can only drive one at a time. If I park the motorhome and drive the minivan, there is no additional liability risk.

A 2mil umbrella policy for $300, hey that sounds like a great idea until my agent told me it would be $800.
Gotta think about it

I switched it to agreed value. I also verified that their roadside assistance wasn't capped at a dollar amount. The roadside assistance through the insurance cost $35 which is considerably cheaper then GS or Coachnet. Thanks again for all who provided input.

The level of liability limits that you opt for will depend on what sort of assets you have. If you have a substantial net worth, then 100/300/50 coverage is too low. If you're in a bad accident and cause a serious injury, the plaintiff's attorney will do an asset search. If he sees that you have multiple properties and were the CEO of a prosperous company, he probably won't settle for the policy limit. When in doubt, go for the higher limit.

I would recommend hanging onto the Medical coverage. Not only does that cover you, it covers anyone riding in your vehicle as well. It's also no-fault which means that it gets paid regardless of how the accident was caused.

Definitely go with "Agreed Upon" or stated value coverage. Actual cash value will most likely leave you coming up short in the event of a total loss. With stated value you know exactly what you'll get.

For what it's worth, I used to handle liability claims for the third largest insurer in the country. I dealt with everything from simple fender-benders to multiple death cases. I never once had a case where the plaintiff wouldn't settle for policy limits. Doesn't mean it won't happen - it's just unlikely.

Cash is likely nada value. Around here NADA is low so I would try agreed value.

What about agreed value vs cash value? Which is better?

Thanks all for your input. I've adjusted my policy some based on it. We pick up my class C on Friday - can't wait.

We had Allstate for over 35 years. But we became AARP members and signed up with Hartfort. It was a no brainer for the following benefits.

- 3 policies combined into one, Autos, Motor Home, Extended Liability (umbrella)

- Better Auto/MH Coverage $250k/$500k instead of $100k/$300k

- One payment per year (a discount for one payment per year)

- Never a need to suspend coverage during off-season. They figure our Corvette and motor home are seasonal use vehicles with less miles driven per year. Estimated annual usage was provided (Allstate required that data too.)

- Cost for everything came to about 1/3 the cost Allstate.
We never gave Allstate a reason to raise our rates with no substantial claims. I think over 35 years they paid out less than $3000 of which most was due to hit-&-run parking lot and theft damage. The rates kept climbing while the vehicles get older. And their advertisement of good drivers getting cash back...we never seen anything but cost increases. We've been such good drivers for so many years. Oh yes this too, very few trivial moving violations over the years.

Bye Bye Allstate

We also have an umbrella policy for $3mil. We have a pool, go camping and would like to retire someday. If something happened that's outside our liability limit we could lose assets, including property and retirement funds.

We have our RV insurance with National General, which used to be GMAC. Call Good Sam and get a quote - they beat Progressive by $800/year for similar coverage.

Safe travels!

CSL info

I would recommend anyone with any assets looks into an umbrella policy. They are relatively inexpensive (I have $2,000,000 in coverage for less than $300/year) and kicks in when you have a claim that exceeds the limits of liability on one of your policies - auto, homeowner, etc.