Newell Coach Insurance Costs

[MiracleJ]

I am searching for opinion on insurance costs. When we purchased our Newell we had our policy written by Alstate insurance. (Allstate) had given me a insurance policy for about $750 with a $1,000 deductible.

We did $250,000/$500,000 Bodily Injury and $100,000 property damage.

It has Collision and Comprehensive limits of "Actual Cash Value".

my questions are

1) Should we go with an insurance policy from one of the RV groups stat specialize in motor homes
2) Do these limits sound about average
3) Does the premium sound right.
4) If our coach is totaled what determines the value for the insurance company ?. Will any insurance company use what I paid for our newell or will they use the market price of probably half that as the replacement value?

Thanks for any input,

MiracleJ

[The Newell]

I bought a policy from Our local farm bureau agent and underwritten by progressive and I had an 35,000K replacement value on our 1976 Newell. The cost was a little over 600 a year. I do not know if the location is a defining factor or not but You might check just out of curiosity.

[tuga]

Originally Posted by MiracleJ

I am searching for opinion on insurance costs. When we purchased our Newell we had our policy written by Alstate insurance. (Allstate) had given me a insurance policy for about $750 with a $1,000 deductible.

We did $250,000/$500,000 Bodily Injury and $100,000 property damage.

It has Collision and Comprehensive limits of "Actual Cash Value".

my questions are

1) Should we go with an insurance policy from one of the RV groups stat specialize in motor homes
2) Do these limits sound about average
3) Does the premium sound right.
4) If our coach is totaled what determines the value for the insurance company ?. Will any insurance company use what I paid for our newell or will they use the market price of probably half that as the replacement value?

Thanks for any input,

MiracleJ

MiracleJ,

I have my 1999 Newell insured with Allstate. I have the same limits that you have 250,500, & 100. My premium is $750 per year. I have been trying for 20 years to find out what the insurance company would pay if the coach was totaled; I still don't know.

When I ask my agent, they say it will be market value less depreciation (which translates into Tuga gets screwed)!

If you can get an answer from anybody please post it. I would love to hear how they arrive at fair market value. I know how I would do it but what really counts is how the insurance company will do it.

[prairieschooner]

I noticed this years ago with our boat. The Insurance Companies are now selling what is called "Market Value". There is a "Stated Value" policy but that policy is more expensive and may have extra restrictions. I am no expert on this but I do know about it.
I am considering getting the "Stated Value" policies on my '55 T-Bird and '52 Pontiac Sedan Delivery this year.

[Newellin Thunder]

My guess is that you stand a pretty good chance on getting screwed on the value of your coach when it comes time to settle after a wreck. Be sure that your policy covers actual replacement cost or value. You may have to have a "stated value" on your policy, otherwise they find some "comparable" coach and that's the value.