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Old 12-07-2016, 05:43 PM   #1
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Total Loss Replacement Insurance

We purchased our knew 5th wheel in 2016 and the dealer recommended we look at Total Loss Replacement Insurance which we did purchase through National General Insurance (Good Sam) but as we were reviewing our policy prior to the renewal this year, we realized their endorsement for the replacement coverage actually stated they would give us the lesser of 3 options which included:
a. Actual cash value of the recreational vehicle covered under this endorsement at the time of loss;
b. The purchase price of the recreational vehicle covered under this endorsement; or
c. The purchase price of the recreational vehicle covered under this endorsement as stated on the Declarations Page

As I read this it seems to me the lesser would be the actual cash value option - can anyone tell me if I am missing something? When I called them, they told me I do have Replacement Value coverage but when I questioned their wording, they told me to just trust them!

With that being said, we are looking for an honest insurance company who actually offers true replacement value coverage as an option. Has anyone ever had to use total loss replacement insurance and if so, what company did you have and how did it go?

Thanks for any input you may have!
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Old 12-07-2016, 06:07 PM   #2
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Haven't had to use it, but Progressive does. They ask for a copy of the sales invoice.
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Old 12-07-2016, 06:22 PM   #3
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Can't comment on the RV insurance but, our homeowners policy as written as "Full Replacement" . Reading through the endorsements recently it states that age of structure, condition, etc. will determine value. Since we purchased this home about 13 years ago they have increased the value to nearly double the original purchase price !!! I told our agent that for that stated value I would take our clothes and they could have the rest ! The way I read this policy comes down to "We will pay you what we want to". Yes you are right, I am not a fan of insurance companies.
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Old 12-07-2016, 08:10 PM   #4
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I have total loss replacement insurance with Progressive. A tornado hit my RV and Progressive provided a check for the amount I paid for the RV. Progressive claims representative was very knowledgeable on RV's. Needless to say...I was very happy when I received the check
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Old 12-08-2016, 12:30 PM   #5
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I have a similar policy underwritten by Geico. In my case of a total loss I get a full replacement of the current model year for 5 years, then a check for the purchase price of the unit thereafter. I pay about $100.00 more per year for it, but with inflation of current model prices and NADA values tanking after the first year, figured it was well worth it.

There are some limitations to acquiring this type policy if done after purchase.
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Old 12-08-2016, 12:35 PM   #6
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Quote:
Originally Posted by Garyk View Post
We purchased our knew 5th wheel in 2016 and the dealer recommended we look at Total Loss Replacement Insurance which we did purchase through National General Insurance (Good Sam) but as we were reviewing our policy prior to the renewal this year, we realized their endorsement for the replacement coverage actually stated they would give us the lesser of 3 options which included:
a. Actual cash value of the recreational vehicle covered under this endorsement at the time of loss;
b. The purchase price of the recreational vehicle covered under this endorsement; or
c. The purchase price of the recreational vehicle covered under this endorsement as stated on the Declarations Page

As I read this it seems to me the lesser would be the actual cash value option - can anyone tell me if I am missing something? When I called them, they told me I do have Replacement Value coverage but when I questioned their wording, they told me to just trust them!

With that being said, we are looking for an honest insurance company who actually offers true replacement value coverage as an option. Has anyone ever had to use total loss replacement insurance and if so, what company did you have and how did it go?

Thanks for any input you may have!
How about calling your insurance company and finding out what they really will cover? Then post back here so the rest of us know.
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Old 12-08-2016, 01:52 PM   #7
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I was talking with national general (Good Sam) 2 weeks ago to put my trailer "in storage for the winter). (Trailer is parked beside my house)
Here is what I was told when I asked about it.:


Total loss will get a full replacement of the current model year for 5 years, After that, I will get full value of what I paid for the trailer (Show them the invoice) and that is what I will get.
By the way, Got a check for $78.00 coming back to me since they drop the collision while the trailer is in storage.
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Old 12-08-2016, 06:09 PM   #8
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I am a USAA member and personally I love their services. They do not make it very well known, but they will provide full coverge on a TT or 5W, but not a motorhome. If you are a USAA member and want coverage on a motorhome they will refer you to progressive.
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Old 12-08-2016, 06:33 PM   #9
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By the way, Got a check for $78.00 coming back to me since they drop the collision while the trailer is in storage.

I would double check about dropping the collision for the winter while parked. When I bought my trailer my friend who owns an AAA agency gave me a quote, year round liability only was only 25 bucks less than full coverage year round. He knows I store it indoors in my storage garage in the woods, he said if a tree crashed through the roof and damaged the trailer only full coverage will take care of the repairs. For a few extra dollars it was a no brainer to keep the full coverage when stored.
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Old 12-08-2016, 07:54 PM   #10
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Usaa tt insurance

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Originally Posted by Khans Keeper View Post
I am a USAA member and personally I love their services. They do not make it very well known, but they will provide full coverge on a TT or 5W, but not a motorhome. If you are a USAA member and want coverage on a motorhome they will refer you to progressive.
Khans Keeper piqued my curiosity. I too am a member of USAA and very happy with their auto/home/banking services. However, as I said I was curious and called USAA a few minutes ago and asked specifically about full replacement insurance on TTs since I have the little JAYCO which appears below in my Signature. As KK stated, USAA referred me to Progressive for my JAYCO insurance, and USAA said they did that ".. because Progressive would provide me better coverage at a better price than USAA ..". Additionally, regarding "full replacement value", USAA does not provide full replacement value - only the cash value as found in that organization (the acronym escapes me) providing guidelines on TT, 5W dependent on age and depreciation (much like Kelly Blue does for autos). USAA does have a specific rider on autos and trucks that effectively provides full replacement value (KKBB + 20% over Blue Book value), but NOT on RV's of any kind. I hope the foregoing info educates anyone considering USAA insurance for RV's. As stated previously in this post, I too use USAA for a couple services, but not my TT.
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Old 12-08-2016, 08:08 PM   #11
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Khans Keeper piqued my curiosity. I too am a member of USAA and very happy with their auto/home/banking services. However, as I said I was curious and called USAA a few minutes ago and asked specifically about full replacement insurance on TTs since I have the little JAYCO which appears below in my Signature. As KK stated, USAA referred me to Progressive for my JAYCO insurance, and USAA said they did that ".. because Progressive would provide me better coverage at a better price than USAA ..". Additionally, regarding "full replacement value", USAA does not provide full replacement value - only the cash value as found in that organization (the acronym escapes me) providing guidelines on TT, 5W dependent on age and depreciation (much like Kelly Blue does for autos). USAA does have a specific rider on autos and trucks that effectively provides full replacement value (KKBB + 20% over Blue Book value), but NOT on RV's of any kind. I hope the foregoing info educates anyone considering USAA insurance for RV's. As stated previously in this post, I too use USAA for a couple services, but not my TT.

Yes, thank you for the clarification, I will be speaking with them tomorrow. I was told by the agent who sold me the policy that my TT was covered for the purchase price and not the book value. I am also wondering if the differnce could be because of being in different states. I know when I have moved out of state in the past my USAA policy has changed at times on other vehicles due to state laws.
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Old 12-08-2016, 08:23 PM   #12
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KK - guess state could make a difference; when I spoke with them, I didn't specify any particular state. Reviewing our posts, I noticed a difference in nomenclature - "full coverage" (which brings to mind collision/comprehensive) and "full replacement value", which is what the original poster postulated. Perhaps that's where the confusion arose. If, however, you expect full replacement value, I'd surely give USAA a call.
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Old 12-08-2016, 08:28 PM   #13
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KK - I don't think my Quick Reply worked; I'll try again. When I spoke with USAA I didn't mention any specific state - only asked them about USAA "policies" and coverage, so ... Perhaps the confusion arose between the "full coverage" you mentioned and this means to me "comprehensive and collision" vis a vis the "full replacement value" the original poster wanted. WOW, the QR did work; guess I'll have to be more patient. My bad.
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Old 12-09-2016, 08:36 AM   #14
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KK - I don't think my Quick Reply worked; I'll try again. When I spoke with USAA I didn't mention any specific state - only asked them about USAA "policies" and coverage, so ... Perhaps the confusion arose between the "full coverage" you mentioned and this means to me "comprehensive and collision" vis a vis the "full replacement value" the original poster wanted. WOW, the QR did work; guess I'll have to be more patient. My bad.
Jeff, by full coverage I did indeed mean comprehensive + collision, however I was under the impression that the RV was covered for the purchase price vs book value. After speaking to USAA this morning, I was mistaken, they do indeed pay book value in the case of a total loss. As for the progressive policy being cheaper this was not true in my particular case, but I am sure it varies from person to person and policy to policy.
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Old 12-09-2016, 11:21 AM   #15
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While I haven't done it for my RV, for my boat I went through a Marine specialist, who issued a Progressive policy with an "agreed value" amount for the boat. Meaning, no matter how old it gets, they will pay be the full amount we agreed to at the beginning of the first policy. Worked out well for a situation where it already had a hefty amount of depreciation, and I was not looking to get brand new if I lost it, but did want to have at least what I paid to go used boat shopping. You might inquire with an agent about that for an RV, also.
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Old 12-09-2016, 09:00 PM   #16
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Full replacement value RV insurance

Hopefully, if I can get this all written without being "timed-out" by the Forum, we can bring this thread to a useful, graceful conclusion for Garyk and maybe get some significant info for her/him with which to make a decision on RV insurance. Undoubtedly, other Forum members will have their opinions as well - but here goes. First I'll say with all transparency, given the smaller TT I have, my insurance coverage with Progressive is about $130/year: (FOR KK) it's deductible for comprehensive/collision is $375 each. It's total coverage (and obviously this is paramount) is for ACTUAL CASH VALUE ONLY - and this dependent on model year and depreciation - just like a vehicle. THIS IS RELEVENT for Garyk. I was offered no other option from Progressive, nor did I ask or want any other option. Admonition to Garyk - when they (no matter whom, especially an insurance agent says, ",,trust them,,", I STRONGLY recommend you ask more questions, read the policy, then ask more specific questions about the coverage and conditions. DO YOUR DUE DILIGENCE - and shame on you if you don't. After my research with my own RV insurance people, my opinion is: 1- any FULL REPLACEMENT VALUE policy you're going to receive for a new RV (and vessel FLAPPER - 'cause I owned a '81 24' Bayliner in Kodiak) is going to be WAY more expensive than a normal policy; and 2 - for your sake, be explicit with your questions regarding FULL REPLACEMENT VALUE INSURANCE COVERAGE. Lastly, please, PLEASE provide us with us with info on what you find - all RV owners would surely love to have RV FULL replacement insurance at a reasonable cost. - Jeff
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Old 12-10-2016, 08:05 AM   #17
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This is the exact wording from my policy.

What is Total Loss Replacement Cost Coverage?
This coverage protects your RV if it is deemed a "total loss" (the cost to repair the vehicle exceeds its value). We will either replace your RV with one of similar or like kind or quality or pay up to the original purchase price, depending on the age of your RV (please maintain copies of the original sales receipt as proof of cost). You must carry both Comprehensive and Collision coverages in order to qualify for Total Loss Replacement Cost Coverage. This coverage is not available after the RV reaches its 5th model year.

I pay about an extra $125.00 per year to retain this coverage on an 80K MSRP unit. So yes it is affordable and well worth the annual fee IMHO.
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Old 12-10-2016, 09:05 AM   #18
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I would double check about dropping the collision for the winter while parked. When I bought my trailer my friend who owns an AAA agency gave me a quote, year round liability only was only 25 bucks less than full coverage year round. He knows I store it indoors in my storage garage in the woods, he said if a tree crashed through the roof and damaged the trailer only full coverage will take care of the repairs. For a few extra dollars it was a no brainer to keep the full coverage when stored.
I did talk with National General (Good Sam) about it and just called them and they confirmed it again this morning. They told me that collision covers what happens on the highway. Comprehensive covers everything else. If the trailer is being towed on the road, and something happens, collision covers it. If it is sitting at a campground, storage or sitting anywhere else, it is covered by comprehensive. So, if it is sitting and a tree falls on it, wind causes damage, it is covered by comprehensive.
Collision and Comprehensive are the total package for insurance, however, if the trailer is being stored, national General allows you to keep the comprehensive and drop the collision while in storage. In April, when the trailer comes out of storage, I re-activate the collision.
I also know that different insurance companies treat this differently. When I had State Farm, when my trailer was sitting in storage at my house, they said it was covered under my home owners policy and the deductible was $1000.00. I got rid of State Farm very quickly. National General Deductible is $250.00 and will replace my trailer with the current model year up to 5 years. Then I will get what I paid for it. (Invoice value)
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Old 12-10-2016, 11:59 AM   #19
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Haven't had to use it, but Progressive does. They ask for a copy of the sales invoice.
We also use Progressive for our TT. We have all our stuff with AAA insurance but our guy said the best out there is progressive and I trust him because we have worked with him for almost 16 years now.
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Old 12-10-2016, 06:13 PM   #20
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In "3'senough"'s post #17 above, everyone should pay close attention to the words, "..price, depending on the age of your RV.." or words to that effect. Therein is where depreciation comes into play. Were an RV to cost $50K new and a total loss occurs after the RV is 2 years old, I'll bet dollars to donuts the insurance company isn't going to pay the owner $50K (assuming the insured elects cash).
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