RV insurance coverage

[quiltlady]

We just purchased a new 2013 class A motorhome. The finance guy told us to insure it for MSRP. Of course we did not pay MSRP for the coach. Why would we want to insure it for that? It drives up the cost of our insurance when we know we would never pay MSRP for a replacement.
Thanks for the feedback

[JimM68]

mmiille wrote:
So help me out. From NADA Guides, Say the suggested list price is $232,000. The high retail is $186,000. The low retail is $155,000. But the same model is advertised for $140,000 on line, which means you could probably get it for less. What would you set the value at?

We should insure for what it would cost to "make us whole" after a total lose.

None of the numbers you speak of matter for a hill of beans.

Some would be "made whole" receiving the current "value" of their motorhome.
Others would be most comfortable with "replacement cost"
And others with "we'll buy you a brand new one"

Note that total loses are few and far between.
Buy the coverage you need.

[ferndaleflyer]

I use the stated value thing.....If something happens to it I just want enough to replace it. Don't care about NADA, MSRP, etc. All I care about is getting another one to replace the one I have.

[jsmart]

Kinda sounds like "gap" insurance.

[mmiille]

So help me out. From NADA Guides, Say the suggested list price is $232,000. The high retail is $186,000. The low retail is $155,000. But the same model is advertised for $140,000 on line, which means you could probably get it for less. What would you set the value at?

[JamesBr]

I insured for agreed value. The insurance company asked what I paid for the RV, I told them the total price out the door, they then asked for the MSRP on the unit. Then recommended that I insure for agreed value replacement at a number under MSRP but well above my full purchase price (not the finance price.)

[rvis2005]

Total Loss Replacement or Purchase Price coverage would need for it to be at "Purchase Price". Total Loss coverage, which is only available to certain year models is terrific coverage and you should have it if you qualify..."in the event of a total loss, you get a brand new RV".

You may call me to discuss in further detail. 1866 417 1639. Tommy

[rk911]

by MSRP coverage i'm going to assume you are referring to replacement cost coverage. a MH depreciates over time. if you have replacement coverage and your MH is stolen or destroyed in an accident you'll be able to replace it because you'll get what the MH was valued at at the time of purchase. if you have std. coverage your settlement will be for the current value of the MH only.

let's say that you paid full retail of $100K for your MH. the minute you sign the papers and drive it off the lot your $100K MH is now worth anywhere from 20%-30% less. get slammed by a semi as you exit the lot and you'd be $20-$30K short of replacing it. extreme example sure...but I think you get the point.

only you can decide how much of a gambler you are. and, AFAIK, replacement coverage policies are only in force for 3-5 years. after that the coverage becomes standard. be sure to thoroughly understand whatever policy you purchase.