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A Twin Peaks Insurance Blog: total loss replacement

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RV Insurance Coverage:  Total Loss Replacement

Total Loss Replacement - In the event of a total loss within the first five model years, the RV will be replaced with a brand new comparable model. If a total loss occurs after five years, the original purchase price will be paid out towards getting a replacement unit for up to ten model years. Thereby, doing away with depreciation of the RV for the first ten model years.

While we hope for the best we are here to make sure you are prepared for the worst.  From theft to blowouts to wind storms and "Ooops, I forgot to unhook" we have you covered.  Our partnerships with the industry's leading specialty RV underwriters allow us to offer these and many more exclusive programs to ensure you have the coverage you need when it counts.  For more information or to add RV Insurance Total Loss Replacement Coverage to your policy call us today toll free 800-507-8467.


Tiffanie Novosel
220 Licensed
Nationwide RV Specialist


For every difference between your car and your RV, there’s another reason to have specialty RV insurance.
 

Your motor home needs more than auto insurance protection.

 
With an auto policy, an RV claim can be delayed until it is known whether the RV’s appliances, plumbing, and other special features are covered under the auto policy or a homeowners policy. Some RVer’s even end up having to pay out of pocket for items that are standard with RV specialty insurance.

Getting an RV repaired isn’t as easy as calling the nearest auto repair or body shop. Many auto insurance companies will have a hard time finding the special services needed when you have an RV claim, often resulting in longer settlement turnarounds. They are auto insurance experts, not RV specialists.

How much is your RV insured for if you have a total loss, for example a collision or a fire? If it is a five year old unit and you paid $175,000 for it, are you still paying for a $175,000 unit or have you reduced it to its present “Actual Cash Value” (ACV), probably $95,000? Without specialty coverages an ACV policy will only pay the current value at the time of loss, often resulting in over insuring without proper policy maintenance.

Our RV Insurance protection picks up where an ordinary auto policy stops. As RV Insurance Specialists, Twin Peaks RV Insurance knows what it takes to maintain and repair RVs, so we offer you the kind of protection only found with a specialty RV company.

 
Specialized Coverages:

Total Loss Replacement - In the event of a total loss within the first five model years, the RV will be replaced with a brand new comparable model. If a total loss occurs after five years, the original purchase price will be paid out towards getting a replacement unit for up to ten model years. Thereby, doing away with depreciation of the RV for the first ten model years.

Disappearing Deductible - For each policy year you are claim free, the original Comprehensive and Collision deductible will be reduced by 25%. After four consecutive claim free years you’ll have no deductible to pay in the event of a loss. Following a claim being paid, your deductible will be restored to the original level shown on your policy and the cycle will begin again.
 
Personal Effects - Replacement cost for items such as clothing, dishes, sporting equipment and electronics.
 
Vacation Liability - Provides home owner’s type of liability coverage at times when your RV is being used as a temporary vacation residence.
 
Full Timers - Provides a more extensive liability coverage, similar to that of a home owner policy for those who use their RV over five months out of the year or as a primary residence.
 
Emergency Vacation Expense - In the event of an emergency where your RV is damaged or destroyed by a covered hazard, you will be reimbursed up to the selected limits, generally ranging from 750 to $7,500, to pay for reasonable temporary living facilities, transportation and the cost of returning the RV.
 
Towing and Roadside Labor - Provide specialized RV towing to the nearest qualified RV facility and the necessary labor at the site of disablement.
 
Tow Dolly / Tow Bar Coverage - Provides up to $2,500 worth of coverage.

Purchase Price Guarantee/Agreed Value - In the event of a total loss within 10 years or other specified time period, you will be paid your original purchase price or agreed upon value.

Standard Coverages:
Bodily Injury
Property Damage
Uninsured/Underinsured
Personal Injury Protection / Medical Payments
Comprehensive
Collision

 

We have been specializing in RV’s since 1980 and are licensed in over 40 states. We are here for your RV insurance needs. We would love to hear from you to discuss how you can get specialized coverage for your RV lifestyle. 800-507-8467

RV Insurance Specialty Coverage: Total Loss Replacement

 

This is a must have RV coverage.  Did you know most sources estimate RV's lose 30% of their MSRP value right off the lot!  Here is the typical depreciation schedule you will find via various online sources:

"DEPRECIATION - Starting with MSRP the depreciation is 30% driving it off the lot, another 10% at the end of the first year, and 6% for each year following. We all know that no one pays MSRP for a new coach with typical discounts of 15 to 25% depending on the model. So here’s a typical actual depreciation schedule."

 

YEAR DEPRECIATION VALUE
1 18% 65,600
2 10% 57,600
3 7% 52,000
4 6% 47,200
5 6% 42,400
6 5% 38,400
7 5% 34,400
8 4% 31,200
9 4% 28,000
10 3% 25,600
11 3% 23,200
12 2% 21,600
13 2% 20,000


Depreciation schedule sourced from bestclassA.comrversonline.org


Total Loss Replacement vs Actual Cash Value

Without the election of a specialty valuation coverage for your RV such as RV Total Loss Replacement coverage your RV payout will default to Actual Cash Value otherwise known as ACV.  ACV, sometimes called Market Value pays the actual cash value of your RV at the time of loss, depreciation and all.  

RV Total Loss Replacement coverage varies from underwriter to underwriter but in general terms this coverage will pay for the replacement of your RV with the newest model if your RV is determined to be a total loss within its first five model years.  Following the fifth model year the payout would be equivalent to the purchase price of the RV providing the funds are used towards the replacement of the unit, this continues up to the tenth model year thereby essentially doing away with depreciation.

Here are the top 5 RV valuation methods:

  1. Total Loss Replacement - New (You pick the replacement manufacturer, floor plan, and color)

  2. Total Loss Replacement  - Standard (Underwriter picks a match of your prior unit as closely as possible)

  3. Purchase Price Guarantee

  4. Agreed Value

  5. Actual Cash Value


While we hope for the best we are here to make sure you are prepared for the worst.  From theft to blowouts to wind storms and "Ooops, I forgot to unhook" we have you covered.  Our partnerships with the industry's leading specialty RV underwriters allow us to offer these and many more exclusive programs to ensure you have the coverage you need when it counts.  For more information or to add RV Insurance Total Loss Replacement Coverage to your policy call us today toll free 800-507-8467.


Tiffanie Novosel
220 Licensed
Nationwide RV Specialist

*Imaged originally sourced from RV the movie

 



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