Why Did My RV Insurance Premium Stay Flat This Year?

[Trivet]

I will never understand insurance premiums, but I'm not complaining.

Every February my insurance comes due on my 2003 motorhome with fulltimer coverage and a rider for some costly personal effects. I just got my statement for 2026 and the premium is the same as 2025. My rule is that if the premium stays in the general vicinity of the prior year's premium, I don't shop around, which makes me very happy because I hate shopping for insurance.

I haven't had to shop for almost 10 years.

2017: $1,746
2018: $1,963 kind of a big jump but I'm glad I stayed the course
2019: $1,804 decreased the value of the coach
2020: $1,860
2021: $1,422 comprehensive went down by 60% even though I had windshield replaced!
2022: $1,397
2023: $1,397
2024: $1,408
2025: $1,471
2026: $1,471

This is a Progressive policy, through an independent broker. I've also earned a $0 deductible for both comprehensive and collision (windshield deductible has always been $0).

I remember a few years ago I checked out buying through Progressive directly, and it was more expensive than through my broker.

Every year, I dread what the premium's going to be, because my cars certainly aren't receiving the same treatment (insured through USAA). But even if it does go up in 2027, I shouldn't complain because I've had a pretty good run of it, for reasons I'll never understand.

 

[Arch Hoagland]

Where do you live?

 

[Derby6]

Well the rigs getting old. INS should go down n theory. Lol

 

[Trivet]

Where do you live?

Domicile in Texas.

Well the rigs getting old. INS should go down n theory. Lol

Why would that be? The claims I'm insuring against don't have much, if anything, to do with the age of the coach: the medical expenses of the person I hit, the cost to repair a vehicle I hit.

In fact, it could be more likely that an older coach would cause an accident due to something mechanical failing, now that I think about it.

Besides, the two cars I insure are a 1998 and a 1999, and as I said, their insurance is definitely not staying the same. There was a 20% increase in February 2023, and a 15% increase six months later, in August 2023. Fortunately it's stabilized since then.

Of course, we've filed no claims on any vehicles except comprehensive, which don't make your premium go up. And in my case, my comprehensive premium went down by 60% after I filed a claim.

As I said, I'll never understand insurance premiums.

 

[Derby6]

Agreed, really good points. The value of your coach has significantly decreased -- That is where my mind went.
Most of us will never completely understand insurance premiums...LOL

 

[Gary RV_Wizard]

As the Fair Market Value (FMV) of the coach decreases with age, the maximum risk to the insurer goes down. Whether it goes down as much as other factors go up, e.g. inflated parts & labor costs, is a toss-up. Of course, if your RV is insured for replacement cost or a fixed "Agreed Value", then FMV depreciation is irrelevant.
In most cases the insurer won't decrease the policy's stated value unless you ask, but they won't pay more than FMV regardless.

 

[Trivet]

In most cases the insurer won't decrease the policy's stated value unless you ask, but they won't pay more than FMV regardless.

I didn't realize that when I first bought this coach (my first RV). I assumed if I kept the insured value higher it would be to my benefit. The minute I found out how it really worked, I lowered the value, and have lowered it once or twice since then. I assume they're going to total it if it incurs even a moderate amount of damage, given that it's going to cost a fortune to repair.

 

[Adventurous Traveler]

I was with Progressive for about 16 years, until last year, when my agent combined my RV insurance with my auto and home policies. I saved about $500 or a little more on all of the policies overall. In October, we needed to put in a road service claim when my DW drove our Kia off the tow dolly. Impossible to get a hold of the new insurance company, NYCM, and even the agent couldn't get past their AI firewall to get us service.

So, last week I went back to Progressive for the RV coverage, ending my association with NYCM, New York Central Mutual, after 8 months. Using Progressive online, my premium is $400 less with better coverage than what I was paying when I went through my agent. I figure part of that savings is the not paying an agent's commission.

 

[Trivet]

It has to have been several years because I haven't shopped insurance in a good while, but I was surprised one time to find that the online quote I got from Progressive was more than what I was getting quoted through brokers.

Like I said, I'll never understand insurance premiums.

 

[msw3113]

Like I said, I'll never understand insurance premiums.

Nor will I. Adding to the confusion is that separate agencies for the same name-brand insurer ("good hands" people) have quoted me different rates for the same coverage.
I am deluged with offers for insurance from unnamed, low-cost "no agent commission" entities. I read @Adventurous Traveler's unfortunate experience as a cautionary tale.

 

[Adventurous Traveler]

I have to add that re-signing with Progressive online and by phone call was especially easy. The customer service gent I spoke with was American, polite, and informative with answers to every question I had. What further impressed me was that his pricing was the same as filling out the online form. Instead of asking me what my RV is worth, everybody thinks their rig is worth more than it is. I was quoted for what the rig is worth should it be totaled, which I thought was very generous.

 

[Derby6]

Just got my policy updated my INS went down a lil.