[encantotom]

happy for you. make sure you tell the new owners about our forum.....

tom

[prairieschooner]

Wow, wonder if I am over-insured, what about you Clarke?

[encantotom]

i suspect we all overinsure our rigs. on both of mine i probably did and do, but the difference between the lessor amount of coverage and the higher one was not significant. in the end, we will only get what the adjuster says it is worth anyway. and hopefully we dont ever have to.

the wanderlodge guys, (some of them anyway) get an appraisal so they can insure it for the appraisal amount. or something like that.

since asking prices, selling prices and actual values are all over the map, i just do what i feel good about.

tom

[kb0zke]

For some coaches, an appraisal makes sense. I'd put most 'Birds and Newells in that category, since the cost of the appraisal will be fairly small in relation to the value of the coach. The insurance company is there to make a profit, so it is to their advantage to pay you only a fraction of what you thought your coach was worth. They will gladly accept premiums based on a value of $100,000, but if they decide that it was really only worth $50,000 they won't refund the difference in premiums. On the other hand, if you have an appraisal that says the coach is worth $100,000, and they accept premiums for that value, they're pretty much on the hook for $100,000 if disaster strikes. Each of us will have to decide whether the cost of an appraisal is worth it. I paid pretty close to NADA for my Foretravel, so if disaster strikes I'm not going to be out much, if anything.

Since NADA doesn't even list Newell, I'm not sure what the insurance companies would use to figure a value for one. Maybe they use some sort of standard percentage formula based on a general new price? Someone in the insurance industry may know more. I think I'd be willing to pay for an appraisal if I paid over $50,000 for a coach, but that's just me.

[HoosierDaddy]

Keep the purchase price in mind as you determine your insurable interest. If you can get an ACV or agreed value coverage, you and the ins. co. agree on the value of your coach when the policy is written. You are then entitled to that amount if there is a total loss. READ YOUR POLICY... A stated value policy may be written for less than the amount of your coaches true value if you don't want to pay the higher premium for ACV. Some policys may read ""In the event of theft or a total loss we will pay the Stated Value
or the Actual Cash Value, whichever is less." If you see "Guaranteed Value" that is the same as saying Actual Cash Value.