Progressive Insurance (agreed value)

[Livies_Dad]

Have been with Progressive for 7 yrs. No claims. Premium always went up a little each year. This year its up $200.00. I have agreed value of $75,000 in comprehensive and collision. This is where the increase is. I would guess on my 2006 , value now would be $25k.If totaled, my understanding(I think) Insurance company would pay /replace RV. Trying to decide if this is good thing to have or is it time to drop it??I have read the policy, clear as mud.:?

[Captain_Happy]

I use to have Progressive, had it for over 2 years when I first went full-time. On the tow vehicle the premiums would increase every 6 months. So at the beginning of the year I got the new statement from progressive for renewal and it had gone up over $200.00. So I concealed my policy and found another provider for less, and better coverage. It seems to be the way insurance work these days. Give you a good rate going in, and then increase your rates every year. I kept the Progressive Full-time Insurance on the Motor Home because the other company doesn't do full-time policies. Bummer.

[crasster]

It's up to $75,000. Period. I agree with 2nd post. They'll just buy it out.

[Cobra21]

Biggyniner wrote:
Depends how you insure it. I have mine insured for 10k. If I would let them do Book value it would be half of that and my premium would be much lower. This is through Progressive. If it's totaled they will pay me the 10k.

I have Progressive on my C also. My policy limits are similar to this and written exactly like this. The policy also states the maximum payoff limit on the policy. No fine print, plain and simple.
Brian

[mountainsam]

Just insured our news class C and I insured it for replacement value, meaning, the insurance compnany will replace it as it is. A 2017 for a 2017 of equal value. If I should have a complete loss in 2020 I will get a 2017 of equal value.
Insurance cost going up year by year with the value of the insured vehicle going down each year is a real reason to get bids from other insurance companies every few years.

[Photomike]

samven1 wrote:
If I were in your position I would contact Progressive directly and get an explanation in writing. No matter what you hear verbally it will carry no weight when you file a claim and they only pay blue book.

Also agree. It is funny (or sad) how many times something changes when push comes to shove.

When I bought my TCer I insured it for replacement cost, which was listed on the contract for what I paid for it. I know I could never replace it for that much as I had done so many updates and other units were not even close to what I had. The only good part is that I would have my initial investment back - hopefully.

That being said I deal regularly with people that have had fire or floods in their house. They bring in wedding albums and / or wall portraits for a quote on replacing them and I will do up a quote for $500 for acquiring the negatives, a new album, printing the images, packaging, etc. They will present it to the insurance company and be told they will only pay $50. A fully finished wedding album can not be bought for $50, many times the cover is more than that but that is all the insurance company will pay for replacement costs - they sure have a lot of fine print they can fall back on.

[Desert_Captain]

Tyler0215 wrote:
If it's totaled they will pay blue book value. They won't replace it. No ins company will pay $75K for a $25K MH.

This generalization is simply not true. If you are willing to pay the premiums for full replacement, the coverage is available. I pay extra every year for this coverage and it is available for the first 9 years of ownership. Full replacement under my policy is agreed to be the original sales price to include the sale tax.

No, it's not cheap but for me it is worth every penny.

:C

[samven1]

If I were in your position I would contact Progressive directly and get an explanation in writing. No matter what you hear verbally it will carry no weight when you file a claim and they only pay blue book.

[Biggyniner]

Depends how you insure it. I have mine insured for 10k. If I would let them do Book value it would be half of that and my premium would be much lower. This is through Progressive. If it's totaled they will pay me the 10k.

[wrgrs50s]

My understanding is they would replace your 06 motorhome with a comparable 2006 or provide you the $25k to find your own. That's the way my insurance explained it to me.

Works similar with new RV, replacement of the same yr model.

[j-d]

Tyler0215 wrote:
No ins company will pay $75K for a $25K MH.

Not sure this blanket statement is true. An OP on this forum had a family member wreck a Class A enroute a workcamping assignment. Ins tried several times to repair it. Decided on a total, and paid for a new equivalent coach.

I don't know the details of how the replacement value was set. I can see where somebody buying a coach that was 100,000 new, could insure it for that. If they bought that same coach used for 50,000 I don't know if they could insure for a new replacement.

[Tyler0215]

If it's totaled they will pay blue book value. They won't replace it. No ins company will pay $75K for a $25K MH.