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A Twin Peaks Insurance Blog: specialty coverage

View the latest blog posts from A Twin Peaks Insurance.

RV Insurance Specialty Coverage: Diminishing Deductibles aka Disappearing Deductibles

Save big on RV Insurance with Diminishing Deductibles. The concept of your deductible decreasing each year you are claim free is not new to the RV Insurance specialty product lines but it is definitely one of the most used. This coverage varies slightly depending on which carrier you are insured with but in general here is how it works.  

Let's say you select a deductible limit of $1,000 to start.  Every year you don't have a claim your comprehensive and collision deductible will decrease by 25% as demonstrated in the chart below.  Notice with this rate of decline at your 5th year your deductible would be $0.

 Year Deductible % of Decrease
 1  $ 1,000  25%
 2 $ 750  25%
 3 $ 500   25% 
 4 $ 250   25%
 5 $ 0   


Keep in mind the program you select will have an impact on the type of diminishing schedule available to select.  For instance, most programs use a 25% per year diminishing rate.  There are some though that diminish $50 every 6 months or $100 per year.


Would you pay $400 to save $1,000

RV Diminishing Deductible coverage often costs less than $100 per year. It's easy to see in the event of a claim how the savings add up.  Factor in the separation available from some carriers allowing Comprehensive claims to work independent of Collision claims and you double your savings in the event of a loss.

Top 5 things to ask your agent:

  1. Do you offer diminishing deductibles?

  2. What are the rates of decrease available?

  3. Do glass claims count against my comprehensive diminishing rate?

  4. Do my Comprehensive and Collision deductibles work independently of each other?

  5. If I am towing my car, will I pay one or two deductibles if they are both damaged?


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 Diminishing Deductible Coverage to your policy call us today toll free 800-507-8467.

Tiffanie Novosel
220 Licensed
Nationwide RV Specialist



 


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

 



RV Insurance Specialty Coverage: Personal Effects




This is one of those coverages you just don't get properly with an auto policy.  This coverage is designed to protect your belongings, your treasures and your necessities with you while you travel the open road.  So what types of items are classified as personal effects?  Some nice imagery I learned early on in my entry into RV insurance nearly 15 years ago is this:  Imagine if you were to take your RV and flip it upside down, essentially everything that would fall out would be the "personal effects"  all the rest (everything bolted down and permanently affixed) would be part of the RV itself and included in the value of the vehicle.  Common examples would include tools, cameras, clothing, cookware, bikes etc...

In general this coverage has traditionally been split into two categories:  Standard and Valuable.  With the standard coverage, items valued up to $1,000 are covered pretty much as a blanket case, meaning it is not necessary to inform your agent specifics about the items before a loss.   With the standard coverage the most the underwriters will usually payout on any one individual item or in some cases a set of items is $1,000 even if your coverage limits are $10,000.  What about my $2,000 set of golf clubs?  These should be covered under a similar but separate coverage called Valuable Personal Property or Scheduled Personal Property .  The cost of the coverage is a bit more but definitely worth it if you have a loss.  Often ith Valuable Personal Property Coverage you will need to provide your receipts and/or appraisals and itemize the items to be covered.  It's good practice to keep an inventory list off site to help in the event of a claim.

Personal Effects Coverage is absolutely essential for full-timers.  Some underwriters will offer full timers standard coverage option up to 20% of the value of the RV and some up to about $100,000.  For the same reason you carry Total Loss Replacement coverage, nobody\expects to have a total loss but if you do you'd be surprised at how quickly all those belongings add up.

Doesn't my homeowners cover me?

Yes, kind of, sort of, maybe....  In truth, those of you with homeowners policies will likely have some kind of coverage that will carry with you while you are out on the road\, but each underwriter is different so you will need to check with your carrier to see what limitations would apply.  For instance, some companies may exclude items kept permanently in your RV, some have reduced limits for losses away from the home while other exclude any collision related loss all together.

While we hope for the best we are here to make sure you are prepared for the worst.  From burglary to unlatched awnings and "Ooops, that bridge was a lot lower than it looked" 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 Personal Effects Coverage to your policy call us today toll free 800-507-8467.

Tiffanie Novosel
220 Licensed
Nationwide RV Specialist


 



RV Insurance Specialty Coverage: Consignment Coverage




Did you know
most insurance policies even specialty RV insurance policies exclude coverage for your recreational vehicle when your RV is on a consignment lot?


The primary benefits of consignment are convenience and exposure.  Most consignment dealers will offer the following 5 services.

  1. Appraise/Value your RV at Fair Market Price

  2. Feature your RV in both print and electronic advertisements

  3. Assist purchasers in securing RV financing

  4. Complete payoff processing of existing liens

  5. Accept trade-ins or paying cash for your RV

In addition to foot traffic on the lots, Placing your RV with a consignment dealer will expose your unit to potential buyers through marketing channels that would otherwise be cost prohibitive such as print advertising, direct mail, websites and email marketing.

The dealers handle the showing of the units, but who is actually responsible if something goes wrong? While we hope for the best we are here to make sure you are prepared for the worst.  From fires to vandalism to falling trees and inexperienced test drivers 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 Consignment Coverage to your policy call us today toll free 800-507-8467.

Tiffanie Novosel
220 Licensed
Nationwide RV Specialist

 



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