Insurance declared value of used motor home

[wagonmaster2]

Has the pandemic affected the price of used motorhomes for sale any?
I'm currently changing insurance companies on my 2016 diesel motor home due to $990 increase on current policy for renewal and the new company's declaration page shows ACV for collision and comprehensive, which is to be expected on used vehicles. But then in ( ) they show "not to exceed $402,000 which is about the original price when new. And I know they aren't going to pay that in case of total destruction.
Since NADA shows about $253,000 and a couple for sale on internet lists $239,000 and $249,000 is it possible the new premium is probably way over stated anyway?
Wanted to check on information and suggestions here before jumping back on insurance company for over rating my coverage. Even at that they are still over $800 less than my maturing policy but maybe could still be more difference if priced correctly.

[doxiemom11]

Each state may be a little different and if multiple vehicles are insured under the same policy number in TX, that is not the norm. Usually, each vehicle or rv has it's own policy. After all, each has it's own value. If ACV will not exceed the cost price new, then that means that you can be paid up to the amount based on the condition of your particular coach. You take care of yours it's going to be worth more than someone with the same coach who does not. The ACV up to retail allows for a higher payment to you based on your coach's condition and mileage.

[jumanjii1]

Allstate only charges me $600 a year for full coverage up to $375,000.

[wagonmaster2]

Just called my insurance agent about the Actual Cash Value rating. Boy, insurance companies have more ways to stick to the customer than Carter has little liver pills (my dad's old saying).
In Oklahoma they won't write for a stated value, only ACV, but that premium is based on the new price of the vehicle not the current value when initially insured. The premium is based on original new price of $402,000 where as ACV right now for 4 yr old coach is between $250,000-$260,000, which is probably about what payment would be for total destruction.

In another state, and wasn't given any examples, I could tell them exactly how much I wanted it insured for but not Oklahoma. No idea who sets these rules.

Appreciate all the ideas from you'all.

[Roger_in_VERMON]

Please do yourself a favor. On our first diesel motorhome we had ACV. We had it in indoor storage. Two years later the facility burned to the ground. The insurance company wanted to give us 1/2 of what we paid. It took us one full year to settle the claim. We did get more than what they originally offered but it was far from what we should have gotten. On the motorhome we purchased to replace it we now have a stated value. We can't live thru that again. Chances are we will never have another total loss but if we do we will get what we paid.

[wagonmaster2]

Bruce Brown wrote:
Is yours a full replacement policy? If so, they need to insure it for enough to replace it should something happen.

I tried for Full Replacement but no-go on a 5 yr old coach. So they use Actual Cash Value giving the owner no choice.

[dougrainer]

doxiemom11 wrote:
A collector car is not insured with the same type of policy that a car or rv is. Unless maybe you have a vintage rv that is 25 yrs or older and in mint condition. Common for base value on a car or rv to start with the manufacturers suggested retail.

My 45 year old Corvette is in mint condition. It is on the same policy as my other 2 vehicles. It just has a rider for the Corvette stating ACV value. The funny thing is, State Farm has a Safe Drive program and when I have to update the odometer on the Corvette(3 or 4 times a year thru my Smart Phone), I have to call my insurance Agent because the State Farm Computer does not recognize the lack of very little increased mileage on the Corvette. Doug

[rgatijnet1]

This is just an opinion but it would not surprise me if collision repair costs have increased due to COVID. This has probably affected business costs, labor availability, repair part availability and costs. Just a guess on my part but most everything I have dealt with on a daily basis has increased in cost.
Now that being said, I did get an 11% decrease on my total insurance from State Farm due to less use due to COVID restrictions.

[doxiemom11]

A collector car is not insured with the same type of policy that a car or rv is. Unless maybe you have a vintage rv that is 25 yrs or older and in mint condition. Common for base value on a car or rv to start with the manufacturers suggested retail.

[dougrainer]

Maybe State Farm is different. My Corvette(1975 30k miles) is fully covered ACV. BUT, I had to prove and show what its stated value is NOW. My premiums reflect the stated value which the premium is more than if I had a junky old 1975 corvette with lots of miles and wear and tear, that right now book value is around $7500. I would suppose that you can insure a Motorhome for a ACV, but you need to show the Company what it is worth BEFORE you have a claim. AND, your premiums will reflect the ACV if it is higher than just a regular model you own. It probably all boils down to your claim history on your previous years and your driving record. Clean record, you probably will get a good deal. Doug

[Bird_Freak]

You can insure for a stated value you and your insurance agree to and write the policy.
All my collector cars were insured this way.

[wagonmaster2]

I knew you could designate how much liability coverage you wanted but for Collision and Cmprehensive coverage I was always told ACV stood for Actual Cash Value at time of destruction, and whatever the vehicle is worth is what you get paid for on used vehicle. But on new vehicles the insurance companies will insure for Replacement for couple years or so, which means they will pay for a new vehicle.

Maybe I'm not understanding the insurance world like I thought. Really confused now.

[Bruce_Brown]

Is yours a full replacement policy? If so, they need to insure it for enough to replace it should something happen.

[C20]

As stated, you can insure it for what you want. We have a stated value policy on ours and know exactly what they will pay in the event of a total loss. Have the same kind of policy on our El Camino and a wrangler we have.

[Lwiddis]

Good response, wandering.