Agreed-Value RV Insurance

[silverloaf]

I've got full coverage from Progressive but only up to the purchase value of last Dec. Through a local insurance broker. Will soon attempt to up the coverage before heading to Fla. Current premium is $165.00/annum

Tarnished-

What is the year and model of your trailer? What is the curent insured value of your trailer at the premium you stated?

Thanks.

[Tarnished]

Current insured value is 6700.00. 1977 Travelcader 26'.
When I finish working on her I'll up the value to about 9500.00 later this month,
the total amount I'll have invested.

[KYAvion]

After the work you’ve done, I imagine you would get more than $9500. It might be worth getting an appraisal to up your value. You never know when something unforeseen might happen to your trailer.

[silverloaf]

Tarnished-
I would like to know how Progressive is offering that high a coverage. In our area, they determine coverage by the age of the trailer. For our 88 30P, Progressive will only insure it up to $2300 regardless of improvements. The premium is $270/annum. They do not offer agreed-to coverage.
We now have Progressive for our vehicles but not the trailer. What does your broker know that ours doesn’t?
Also, what State do you live in? That might be a factor.

Thanks.

[Tarnished]

I'm in VA. Deltaville area, very rural. I've been dealing with this broker for almost 40 yrs, though the salesperson has changed many times. I did pull my business ins from them 10 yrs ago as I found a better company at a slightly better rate. The premium isn't the most important part of insurance. I generally shop their payout rate. While not a fan of Progressive, way to much money spent on advertising, my favored ins company has stopped insuring RV's and Waterfront property. I'll find out next month how reasonable Progressive is prior to hitting the road again.
Have you tried Campers World? They're pushing into all areas of the RV market.
KYAVION. I doubt if I would be able to get any additional coverage as they discount 'hobbiest' labor.
An aside: A new Airstream owner stopped by the shop. Spoke to my son. Wanted a price on all new cabinetry on his NEW 24 footer. He thought the work quite shoddy, and the dealer ignored him!
Gotta love marketing.

[KYAvion]

I bet if you had an appraisal done by an entity like Polk Associates you’d be in good shape.

[silverloaf]

Silverloaf- is that an “Agreed Value” policy?

KY -
The trailer coverage we had with Auto-Owners was agreed-to value. It was exceptional coverage for the money, considering no appraisal was involved. Unfortunately, we experienced 2 high-buck, at-fault accidents over a 2 year time frame. A-O would not renew our car and trailer coverage....a first for us. To make matters worse, A-O was the only company in Michigan we know of that writes agreed-to policies.

We were able to get new coverage through Progressive. The trailer coverage came through Camping World's insurance affiliate. We still have agreed-to coverage of $13,000 based upon pictures we sent to them. But the policy now costs us $460/year. I suspect the cost reflects where we live; Michigan (esp. Detroit area) has the highest insurance rates in the country! On the other hand, the high premium was offset by not having to pay for an official appraisal to get approved.

Interestingly, we learned that Progressive does not typically write agreed-to coverage policies on trailers. They are considered a niche-market policy available only through RV market places like Camping World.

Everything we have done now is a short-term fix. We will re-evaluate all of our insurance policies after moving to Georgia early next year. I think it is also prudent to have an official appraisal done as well, but not in Michigan.

[Brooks88]

That's a smart move securing full coverage with Progressive, especially through a local broker for personalized service. Considering an increase before heading to Florida is a prudent choice – enjoy the peace of mind on the road!