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  • Insurance Question

    Was not sure where to put this, its tangentially related to solar, but mods feel free to move it if you do not think it fits.

    I was watching a video on Youtube today of someone who had to total out their rig. While this is a horrific thought, it begs some questions about insurance, and specifically the upgrades some of us have been making. Obviously I plan to make some calls to my agents to verify but curious if anyone has any thoughts on coverage for things like the solar upgrades and Li-Ion batteries. Usually I would expect the rig itself to be covered by its policy, or the trucks if connected, and the contents under my homeowners. Are things like solar panels and batteries considered contents or a "part" of the rig? Obviously they are not factory, but are the Li-Ion batteries any different than if I had replaced the stock battery with a new one, just more expensive? Do any of you notify the insurance company of the upgrades?

    The video I watched was minor damage to the rear that unfortunately totaled the frame. In this case the solar and batteries would be completely intact, would you expect to be able to go get those items same as your coffee maker and clothes, or would you have to arrange to buy them for salvage from the insurance company?

    Just curious what direction to expect this discussion to go before I reach out to my agent. My home, trailer, and auto are all through different companies, and the truck is a corporate policy through my company, so its not a call to one agent to sort it out.

    TIA
    Forum moderators are not GD employees--we are volunteers and owners presumably just like yourself. Unless specifically mentioned otherwise, we have nothing to gain should you choose to purchase a product or engage a service we discuss on this forum.

    Neil Citro
    2018 Reflection 28BH Pepwave
    2019 F350 6.7L Long Bed Crew Cab

  • #2
    I would guess that unless you upped the coverage rate to include the add ons then your policy would only cover the value of the factory RV. Anything that is add , such as your solar setup , the cost of replacement would have to be added to the cost of coverage for replacement or value of the RV. Just like your home if you add on or remodel or add a collection of antiques you should let your insurance company know so they can adjust your policy to reflect the amount of additional insurance needed. I would also hope if your solar is not covered and is not part of the original equipment that you would be allowed to remove it before being sold to a scrap yard. If your insurance company is not paying for it then they do not own it.

    Brian
    Brian & Michelle
    2018 Reflection 29RS
    2022 Chevy 3500HD

    Comment


    • #3
      Originally posted by Country Campers View Post
      I would guess that unless you upped the coverage rate to include the add ons then your policy would only cover the value of the factory RV. Anything that is add , such as your solar setup , the cost of replacement would have to be added to the cost of coverage for replacement or value of the RV. Just like your home if you add on or remodel or add a collection of antiques you should let your insurance company know so they can adjust your policy to reflect the amount of additional insurance needed. I would also hope if your solar is not covered and is not part of the original equipment that you would be allowed to remove it before being sold to a scrap yard. If your insurance company is not paying for it then they do not own it.

      Brian
      This is kind of my thought as well, I guess my question is if I would need to add it to the RV, truck, or homeowners policy. Again if it counts as contents, then I would not think there would be any kind of rider. I saw one insurance company offered some kind of "customization" rider for their RV policies, Progressive (who I have) does not seem to have anything like that. Looks like I will need to give them a call. From looking at the site it looks like maybe I need a coverage change from full replacement cost to Agreed Value (NOT Actual Cash Value), and we would need to "agree" the value is higher than book value.
      Forum moderators are not GD employees--we are volunteers and owners presumably just like yourself. Unless specifically mentioned otherwise, we have nothing to gain should you choose to purchase a product or engage a service we discuss on this forum.

      Neil Citro
      2018 Reflection 28BH Pepwave
      2019 F350 6.7L Long Bed Crew Cab

      Comment


      • #4
        Many years ago I had a friend get his car totaled. He asked the agent since they weren't paying for the aftermarket mods if he could take them off, the agent told him "after we look at it and before the wrecker picks it up, we don't care what falls off"
        Joseph
        Tow
        Vehicle: 2024 GMC K3500 Denali Ultimate Diesel
        Coach: 303RLS Delivered March 5, 2021
        South of Houston Texas

        Comment


        • #5
          Neil - with our insurance we set the value of the RV and pay the premiums applicable as you shared in the agreed value option. We are with Farmers for everything and have been for a couple decades or more. Thus we take the "normal" value the way equipped from the factory and add in improvements/upgrades and get a higher value as you mentioned .

          Thinking about this, instead of lowering our RV value most every year with depreciation, I may need to increase it some with the white hot RV market thus prices actually increasing over the last year.

          Dan
          Dan & Carol
          2014 303RLS Reflection #185 (10/2013 build)
          2012 Silverado LTZ Crew Duramax 2500HD - 2700/16K Pullrite Superglide

          Comment


          • #6
            Originally posted by Canyonlight View Post
            Neil - with our insurance we set the value of the RV and pay the premiums applicable as you shared in the agreed value option. We are with Farmers for everything and have been for a couple decades or more. Thus we take the "normal" value the way equipped from the factory and add in improvements/upgrades and get a higher value as you mentioned .

            Thinking about this, instead of lowering our RV value most every year with depreciation, I may need to increase it some with the white hot RV market thus prices actually increasing over the last year.

            Dan
            Yeah this is exactly what I’m thinking. I’ve got full replacement value up to 120% of purchase price but I don’t think there’s any allocation for improvements. I was looking at the site last night and it looks Like progressive offers agreed value but you can’t sign up online, and if your rig is more than two years old you need an appraisal to get the value. I’ll call and see, if that’s the case it’s probably not worth it.

            My homeowners has been with the builder since we bought eight years ago cause I’m lazy lol. I should look at getting it all in one place.

            Forum moderators are not GD employees--we are volunteers and owners presumably just like yourself. Unless specifically mentioned otherwise, we have nothing to gain should you choose to purchase a product or engage a service we discuss on this forum.

            Neil Citro
            2018 Reflection 28BH Pepwave
            2019 F350 6.7L Long Bed Crew Cab

            Comment


            • #7
              Neil- yes coming from the financial services industry (insurance/annuities/equities/etc.) there is value (price reductions) by having all your insurance with one carrier. As you also shared, it is a good idea to check around every so often as emphasis on certain markets, products, demographics, losses, claims, time as a client, etc. change with carriers.

              I last did this a few years ago Am Fam and they were not as competitive for the whole shebang. I may need to do this again too but our total costs are pretty competitive.......and our agent is a long time family friend. I hope that is a good thing ! I also did the same with an independent agent sometime ago and they too could not compete.

              Dan
              Dan & Carol
              2014 303RLS Reflection #185 (10/2013 build)
              2012 Silverado LTZ Crew Duramax 2500HD - 2700/16K Pullrite Superglide

              Comment


              • #8
                Originally posted by Canyonlight View Post
                Neil- yes coming from the financial services industry (insurance/annuities/equities/etc.) there is value (price reductions) by having all your insurance with one carrier. As you also shared, it is a good idea to check around every so often as emphasis on certain markets, products, demographics, losses, claims, time as a client, etc. change with carriers.

                I last did this a few years ago Am Fam and they were not as competitive for the whole shebang. I may need to do this again too but our total costs are pretty competitive.......and our agent is a long time family friend. I hope that is a good thing ! I also did the same with an independent agent sometime ago and they too could not compete.

                Dan
                Yeah I shop my company insurance every year, but always leave my personal alone lol. I have a car, the trailer, and a ATV through Allstate, but never moved the house because it seemed like a hassle. We refinanced last year and I moved off of Escrow so its a simpler move now.
                Forum moderators are not GD employees--we are volunteers and owners presumably just like yourself. Unless specifically mentioned otherwise, we have nothing to gain should you choose to purchase a product or engage a service we discuss on this forum.

                Neil Citro
                2018 Reflection 28BH Pepwave
                2019 F350 6.7L Long Bed Crew Cab

                Comment


                • #9
                  Hi folks. Beware of the terms "full replacement" and similar. Make sure you know the actual definition of "replacement value" (as defined in the insurance policy). It may or may not be not be what you think it is. In most cases, it is defined as something like "similar age and function" - meaning depreciated value. Look for words like "replacement cost NEW". The more you know...
                  Ken & Sandra
                  2021 303RLS | 2020 F350 Lariat 6.7L 4x4 SB SRW

                  Comment


                  • #10
                    Originally posted by KSC_Travels View Post
                    Hi folks. Beware of the terms "full replacement" and similar. Make sure you know the actual definition of "replacement value" (as defined in the insurance policy). It may or may not be not be what you think it is. In most cases, it is defined as something like "similar age and function" - meaning depreciated value. Look for words like "replacement cost NEW". The more you know...
                    Definitely worth keeping in mind. For anyone curious this is Progressives statement on coverage:

                    In the event of a total loss of a newer RV (no more than the fourth preceding model year old), we'll pay to replace the current RV with a new untitled RV that is, to the extent possible, the same make, class, size, and type, and which contains comparable equipment. (Other limits apply for vehicles that are not replaced after a total loss.) For RVs over five model years old that experience a total loss, we'll pay the Purchase Price as reflected on the declarations page.
                    Forum moderators are not GD employees--we are volunteers and owners presumably just like yourself. Unless specifically mentioned otherwise, we have nothing to gain should you choose to purchase a product or engage a service we discuss on this forum.

                    Neil Citro
                    2018 Reflection 28BH Pepwave
                    2019 F350 6.7L Long Bed Crew Cab

                    Comment


                    • #11
                      I have Auto Owners who have proved through a hail damage claim years ago to be excellent. They do not do full replacement on RVs, but we do have this on our home. For Michigan no fault, the RV insurance is cheap.

                      Agree with others, the insurance company would most likely allow me to remove the add on components.

                      Jim
                      Last edited by Guest; 03-26-2021, 01:10 PM.

                      Comment


                      • #12
                        I would hope they would too, like you say if there is no claim against them then they are yours. Obviously does not help if those items are lost in a fire or rollover
                        Forum moderators are not GD employees--we are volunteers and owners presumably just like yourself. Unless specifically mentioned otherwise, we have nothing to gain should you choose to purchase a product or engage a service we discuss on this forum.

                        Neil Citro
                        2018 Reflection 28BH Pepwave
                        2019 F350 6.7L Long Bed Crew Cab

                        Comment


                        • #13
                          Originally posted by ncitro View Post

                          Definitely worth keeping in mind. For anyone curious this is Progressives statement on coverage:

                          In the event of a total loss of a newer RV (no more than the fourth preceding model year old), we'll pay to replace the current RV with a new untitled RV that is, to the extent possible, the same make, class, size, and type, and which contains comparable equipment. (Other limits apply for vehicles that are not replaced after a total loss.) For RVs over five model years old that experience a total loss, we'll pay the Purchase Price as reflected on the declarations page.
                          Neil - Now THAT is a clear coverage statement!
                          Ken & Sandra
                          2021 303RLS | 2020 F350 Lariat 6.7L 4x4 SB SRW

                          Comment


                          • #14
                            Originally posted by KSC_Travels View Post

                            Neil - Now THAT is a clear coverage statement!
                            Yeah I was impressed they laid it out that clearly.

                            Forum moderators are not GD employees--we are volunteers and owners presumably just like yourself. Unless specifically mentioned otherwise, we have nothing to gain should you choose to purchase a product or engage a service we discuss on this forum.

                            Neil Citro
                            2018 Reflection 28BH Pepwave
                            2019 F350 6.7L Long Bed Crew Cab

                            Comment


                            • #15
                              ncitro Neil,

                              If you don't mind my asking, what are you paying for the full replacement?

                              Jim

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