FWIW, I have at this moment a blown TRC #10176 30 amp voltage regulator sitting on my workbench and because I know for a fact that the owner wasn't protecting it with a Surge Protector #44260 (which TRC specifically recommends in the VR's owner's manual) I'm fairly certain that this VR has suffered a significant voltage surge. :M
From the owner's manual -
"The VRSG is not a protective device and the connected RV will not be protected from damage should an open neutral develop during the course of operation. The fault indicator panel is for indication only. Note: The VRSG is not a surge protector. To achieve the ultimate combination of line voltage and surge protection, use with Surge Guard models 44750 or 34730 which must be plugged in after (downstream) of the VRSG. In addition, to provide surge protection for the VRSG, use Surge Guard model 44260 which must be plugged in before (upstream) of the VRSG."
When plugged into a properly wired source that reads 122.2 the output from this VR is just 115.8 volts even though the unit indicates it's in bypass mode and there is no load plugged into it's output ... in bypass it's output should closely match it's input. Furthermore, the over voltage LED is on, indicating the incoming source voltage exceeds 132 volts, which it does not. I've email TRC for commentary but since I'm in Canada it's doubtful that returning it to TRC in Florida could in any way be a cost effective solution, leaving me little choice but to open the box myself and see what I might do to repair this unit. My best advice - if you're running any brand of voltage regulator with your recreational vehicle you'd be well advised to protect it with a surge protector which does not have low & high voltage shut off ... this will allow the VR to deal with any low voltage sags but at the same time protect the VR from random voltage surges.