Motorhome Insurance Cost

[garyb1st]

From my previous post on another thread:


First, if you are in a position like I am where you do not plan or need to open any new accounts, or you can plan ahead of time to open new accounts, place a permanent freeze on your credit reports so no one can access without calling you. This assures no new accounts get opened, but also provides an argument if someone opens the account without reviewing your credit, the problem is theirs not yours.
You can do this online and the cost is free or $10 for each service. You will get a PIN number for each so if you need to open a new account you can unfreeze and freeze again later.
Transunion
https://freeze.transunion.com/sf/securityFreeze/landingPage.jsp
Experian
http://www.experian.com/freeze
Equifax
https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.jsp

Thank for the info.  When you need to unfreeze, do you unfreeze all three? 

 

[BinaryBob]

Thank for the info.  When you need to unfreeze, do you unfreeze all three?

Yes! It's all done on-line.

 

[BinaryBob]

Just got my Sears bill and noted the interest rate if the account is not paid in full.  The rate, which is both Daily and Variable = 25.24%.

Let me guess..... The "minimum payment required" is probably next to nothing?
What a moneymaker.......

 

[grashley]

Gary B

Yes, the insurer was fully aware of the DUI.  The agent / branch manager has a policy of NOT raising rates for first accidents or first DUI.  He told me this.  I have no plans of changing!

 

[garyb1st]

Gary B

Yes, the insurer was fully aware of the DUI.  The agent / branch manager has a policy of NOT raising rates for first accidents or first DUI.  He told me this.  I have no plans of changing!

What ever your premium is, put twice that much in the bank and call it a gift.   

 

[Gregg]

Just got my Sears bill and noted the interest rate if the account is not paid in full.  The rate, which is both Daily and Variable = 25.24%.

Wow!  No wonder people go bankrupt.  Have you ever checked out some of those predatory quick loan places?  From what I understand, the above is a bargain.  I just checked and the bank will give me .2% APY on a 13 month CD.

 

[JerArdra]

Here is a little follow up.  You only need to unfreeze one of the three credit agencies.  It's your choice but do remember which one you chose.  The unfreeze is immediate.  Then wait, let's say, 10 minutes and call your insurance company so they can get your credit rating.  They will call the credit bureau while you are on the phone.  The person I talked to at my insurance company could immediately tell me how much it reduced my premium.

BTW, the credit agency's online or telephone system will ask how log you want the unfreeze to last and then after that time it automatically get frozen again.

JerryF. 

 

[Gregg]

Here is a little follow up.  You only need to unfreeze one of the three credit agencies.  It's your choice but do remember which one you chose. 

JerryF.

Hope I am not hijacking the original post but wonder how, if any, impact freezing your credit has on your creditors ability to update your credit information.  Is there any downside besides the hassle of needing to unfreeze when you want someone to check your credit or take out a new loan

 

[grashley]

Hope I am not hijacking the original post but wonder how, if any, impact freezing your credit has on your creditors ability to update your credit information.  Is there any downside besides when needed to unfreeze thing when you want someone to check your credit or take out a new loan.

I AM NO EXPERT, but I believe the freeze only applies to requests for credit info, including "pre approved" offers or phishing.  I do not believe it has any effect on creditors posting information.

 

[Stephen S.]

Thank for the info.  When you need to unfreeze, do you unfreeze all three?

My credit union uses only TransUnion when I ask for loans or a limit increase on my card. If you go to open an account somewhere just ask which one they check, and you only need to unfreeze that one long enough for them to get the report.

 

[Gregg]

I AM NO EXPERT, but I believe the freeze only applies to requests for credit info, including "pre approved" offers or phishing.  I do not believe it has any effect on creditors posting information.

Seemed logical and did some additional searching on the web.  It seems, unfreezing when you need to take out a new loan or change things like a phone provider and etc is about it on the downside.  One thing I have been doing to help protect my existing accounts was to put an alert on my credit cards each time a single charge is above a certain amount.  You can get that alert either as an email or text.  Thanks BinaryBob for mentioning the freezing option.

 

[JerArdra]

What would you be paid by your insurance company if your MotorHome (MH) was totaled?  I just checked and here is what my National General policy would pay.

First, If I did not buy a new MH they pay todays actual Cash Value.

OR, second, if I did buy a new MH and take title within 180 days they would pay up to cost of the newly purchased MH with a maximum payment limit of no more than the original cost of the totaled MH plus tax, title, and registration charges.

Because we were using this insurance company when we bought a new 2004 Monaco the insurance policy lists the Original New Cost as $352,646.

JerryF

 

[garyb1st]

OR, second, if I did buy a new MH and take title within 180 days they would pay up to cost of the newly purchased MH with a maximum payment limit of no more than the original cost of the totaled MH plus tax, title, and registration charges.

Because we were using this insurance company when we bought a new 2004 Monaco the insurance policy lists the Original New Cost as $352,646.

JerryF

Interesting.  I guess you won't be replacing the Executive with a Ford gasser if you file a claim for a total loss.  lol  I suspect the premium is heavily surcharged for this feature. 

This is how many homeowner policies pay for a loss.  If you replace you get full replacement cost.  Even if more than the original price.  However, if you do not replace the home,  the policy will usually only pay actual cash value.  Not sure how they determine that on an older home.

 

[garyb1st]

Just got a quote from Progressive.  The Auto portion was somewhat higher than AAA.  I didn't get a quote for the motorhome since the AAA rate is so low, I can't imagine anyone beating it.  Their rate for my homeowners was about $400 a year more than AAA.  Guess Progressive is not as competitive in the great State of California.  At least not in L.A.  Probably Red Lining. 

As has been pointed out, different strokes for different folks.  Or, not all insurers underwrite the same way and not all insureds have the same risk profile.  So be careful when you compare rates on line like this.  But do yourself a favor and check your rates every few years.  Rates very due to many factors.  Insurers also have a practice called red lining.  If you happen to live in one of those areas, you'll be paying more for your auto insurance.  At least with some insurers.  They all have their own stats and base their rates on their experience.  By the way, red lining is illegal but hey they're probably just calling it blue lining.  lol

 

[Gregg]

What would you be paid by your insurance company if your MotorHome (MH) was totaled?  I just checked and here is what my National General policy would pay...........

JerryF

My insurance is a stated value.  When I originally purchased it, they probably went on market value but I told them I remodeled and upgraded the interior and they adjusted it to the value I specified.  Of course the rate went up a little but not that much.  They did the same on my Harley.  Suppose a person better have some documentation to justify the additional value but hope I never have to make that claim.

 

[BinaryBob]

My insurance is a stated value.  When I originally purchased it, they probably went on market value but I told them I remodeled and upgraded the interior and they adjusted it to the value I specified.  Of course the rate went up a little but not that much.  They did the same on my Harley.  Suppose a person better have some documentation to justify the additional value but hope I never have to make that claim.

Yikes.. A very common misconception that in the event of a total loss, you will receive the stated value listed in the policy.
The stated value is actually used to determine the premium level. Generally, the insurer will accept your stated value at the time the policy is issued but that doesn't necessarily carry forward in the agreement to valuation in the event of a claim.
I'd call your agent and tell him/her you want "agreed value" not stated value on your policy. This can be difficult to obtain as this coverage is usually only available for classic or restored cars that do not depreciate. But it's worth a discussion with your agent.

 

[Gary RV_Wizard]

Binary Bob gave excellent insurance advice. Make sure you read the fine print clauses about how claims are determined & paid. Most people assume they just get a check for the value shown on the coverage page, but that is rarely the case for any RV or vehicle more than one year old.  Sometimes the stated or declared value is just an upper limit on what the insurer will pay and does not reflect the actual payout at all. Read the policy carefully and discuss with your agent. And keep notes (names & dates) of your conversations.

You may also find that some things are considered accessories and covered as personal property, even if factory standard equipment. Awnings, bras, paint protection films, towing equipment, etc., may fall in this category.  Insurers can be extremely intransigent about their categories of payouts, even when presented with clear evidence to the contrary.

 

[garyb1st]

Binary Bob also made me think about the meaning of stated value (SV).  It's been a few years, but when I sold insurance, SV was used in place of actual cash value (ACV) for vehicles with market values significantly greater than ACV.  Usually the vehicle being insured was a show car or vehicle that was otherwise highly modified.  The benefit of paying the additional premium for the SV coverage comes when the vehicle sustains a partial loss.  Often the repair value of a vehicle involved in a minor accident will exceed it's ACV by a significant amount.  When this happens, regardless of the value of the vehicle to the owner, the most the insurer will pay is ACV.  If the insured has SV coverage, the insurer will pay the total loss up to that amount.  I may be mistaken but to me agreed value and stated value are the same.  Again my experience is dated so Bob is likely correct on this point.  More importantly, do as Gary RV Roamer suggests.  Read your policy.  The fine print.  Remember, the big print giveth.  The small print taketh away. 

With respect to Jerry's coverage with the National General Insurance Company, it is a provision of his policy.  I never heard of it but was able to find a description of the coverage on line.  I'm sure the premium for the added protection is pretty high.

 

[arcticfox2005]

After discussing this with them, I canceled the card and cancelled Sears, and will never take any of these "good deals"again from anyone.

It seems, according to a well-published "expert", that Sears is likely to go belly-up very soon, so your action was appropriate.

Bill

 

[Gregg]

Yikes.. A very common misconception that in the event of a total loss, you will receive the stated value listed in the policy. .......
But it's worth a discussion with your agent.

Yikes is right.  Called and she said that although they can not write "Agreed Value" she would check with an adjuster on how something like that is handled since they obviously could not find a replacement with the same amenities and features.

She was able to change my sports car to the "Agreed Value".  Only increased the policy by $5.  Told her I would let her know.  : We both laughed it was a no brain er.