Insurance

Hi,

About to purchase a Westy. Long search, but think we found the one!

Question about insurance. Obviously these vehicles go for much higher then NADA bluebook (which is around $34k). And even looking at some insurance company's valuations (more like $22k), I have some concern about trying to get it covered for the full purchase price.

I realize some insurance companies offer "Agreed Value" vs. "Actual Cash Value", but being in Massachusetts, we have only a single choice for RV insurance, Progressive. On their website they state it will be an ACV policy, however their website also let's me put in a higher value, and adjusts the premium, implying an Agreed Value. When I call and try to speak to someone, I rarely get anyone who can comprehend what I am talking about, and when I asked for the actual insurance policy to review before purchase, they said they don't do that, which seems very odd to me (can only see the policy after you pay). Certainly Progressive is a large company, and not likely trying to pull a fast one on me, but for boats, I have always been able to review the policy wording before purchase, which would also specifically define whether it is ACV or Agreed.

Has anyone else run into this questions/concern?

https://www.progressive.com/rv/rv-coverages/

If above is right website for insurance company, search above website for "Agreed Value." Obviously, need to see in actual policy.

Quote from website (note only select RVs can get Agreed Value):

Full total loss replacement: You can only select this for newly purchased RVs one model year old or newer. If it’s totaled within 5 model years, we’ll give you what it costs to buy a brand new RV (similar model). And yes, that’s the full cost, even if it costs more than what you originally paid for your RV.
Once your RV is outside the five-model year window, we will give you the original purchase price you paid for your RV (this will always be in writing in your policy documents).
Market value: You can select this no matter how old your RV is. We’ll give you cash for your RV’s estimated market value.
Agreed value: We offer this for select RVs. With this, you basically tell us the value of your RV, and together we’ll agree on a payout number for a total loss. The agreed value will always be in writing in your policy documents, and we won’t depreciate or change this value for up to 10 policy periods

So maybe their online quotation system doesn't say whether a Westy is one of the select RVs which can have an Agreed Value. Guess you'll have to burn up the phone lines to get a real person.

Certainly Progressive is a large company, and not likely trying to pull a fast one on me

I envy your sense of trust. I think the millions of Wells Fargo customers who were surprised to find out that that "large company" had set up fake accounts in their names charging them erroneous fees in the process would have the exact opposite opinion as you.

We are in an era of maximum greed and as a rule large companies are out of control-banks and insurance companies especially so...buyers need to beware of every large company. I trust the small company, where they still exist, far more than I do any large one.

Sorry to hack your simple question, but I couldn't resist given a recent experience that I had.

Enjoy your Westfalia.

I suppose we just live life a bit more optimistically. Or at least try to.

I aspire to be more like that.

Just in case anyone else buys a Westy and lives in Mass, some info, that hopefully will save you some time.

Progressive themselves are unable to write an Agreed Value policy. They offer it, but not directly through them. You need to purchase a policy through an Agent, and they can then offer an Agreed Value policy.

No idea what the logic is behind this, but took 5 hours on the phone with 4 people to finally get a definitive answer. And the agent was cheaper, even with the Agreed Value option on the policy.

Now, to go pick up our new Westy! Yahoo!

Don't forget the tenth annual Westyfest over Labor Day Weekend in the Finger Lakes area of New York. Great fun and lots of modifications/upgrades to see.