Insurance for high-end coaches

[ehochuli85]

I posted this on the general forum, but I figured this group would more likely have direct experience. We are looking for insurance coverage on our 2023 Newell on which we take delivery in 5 weeks. I've checked several sources, including Ron Jarvie, Melissa Thum, and various carriers listed in this forum, (Progressive, Foremost, and FMCA). Unfortunately, I've been unable to find a carrier that will insure an RV above $1M, leaving me about a million short. Does anyone have any other suggestions? I can't believe that Newell and Prevost owners self-insure their coaches for anything above $1M.

Thank you very much, Ed

 

[redbaron]

@CaptainGizmo any suggestions?

 

[sheridany]

The only carrier I know of that will write coverage more than $1mm is Pure or Lloyd’s of London. I have gotten quotes from both but they were very expensive. Pure wants all your insurance coverage to write coverage on a bus over $1mm.

 

[redbaron]

I didn't realize this problem existed. Seems like it would affect King Aire owners too

 

[ehochuli85]

True, as to Newmar's prices on the newer KAs.
Thanks for the info, Sheridan. So do folks just self-insure for everything over a million? Seems like a real big risk. Would anyone with a $2M sticks & bricks only insure it for $1M ?

 

[redbaron]

True, as to Newmar's prices on the newer KAs.
Thanks for the info, Sheridan. So do folks just self-insure for everything over a million? Seems like a real big risk. Would anyone with a $2M sticks & bricks only insure it for $1M ?

I wouldn't do it. I hadn't known this was an issue. Sounds like a Prevost conversion is officially off my bucket list.

 

[CaptainGizmo]

I’ll give you a call, Ed. Shame on you for not calling me first!

State Farm will cover you. One of the few who will!

Otherwise, you need to have a “split policy”.

 

[redbaron]

I’ll give you a call, Ed. Shame on you for not calling me first!

State Farm will cover you. One of the few who will!

Otherwise, you need to have a “split policy”.

Ok, you saved my bucket list. I am a state farm customer for most items.

Explain a split policy to me and those that dream of a Prevost conversion

 

[Neal]

Calling prevents others from learning, using this forum is a great source of sharing the knowledge for others traveling this road in the future.

 

[CaptainGizmo]

Calling prevents others from learning, using this forum is a great source of sharing the knowledge for others traveling this road in the future.

True…you know me, Neal; always wanting to share knowledge. The insurance topic, OTOH, is one of those thumbtacks I try to avoid since so many get completely emotional on their answers instead of applying reasoning.

I also hate the “who’s the cheapest” banter as well; I can’t believe anyone engages in that silly question since everyone should know by now that one size doesn’t fit all when it comes to insurance

That’s kinda why I wanted to speak offline.

So, I’m answer to @redbaron, Ronnie, companies are fleeing the high value motorhome market. My agent doesn’t tinker why, but can make guesses that he says would take up pages.
So, some folks are resorting to carrying two separate policies in order to cover their $2M Coach.
Seems kinda crazy but I know a guy who does that through Safeco. You’d think that a company would simply say “Ok, but it’s gonna cost ya, rather than have a client with two policies for the same asset.”

I know the audience is very small, here, in terms of the 1M+ liability problem. So, fakebook is gonna be the biggest resource for finding other’s experiences.

It’s not a pretty sight, though, because I just helped another gent in Nevada get insured and he’s a happy camper…especially after saving $3k on his coach and 2 car auto bundle!

 

[redbaron]

If a single accident wipes out the rv, legally you cannot file the same claim with 2 companies. That is insurance fraud, unless both insurance are notified. That notification creates delays and finger pointing as to whose on first.

I am very familiar with this in the real estate world. Granted never dealt with it in automotive, but I can imagine it's identical.

In the real estate world it is done to cover loss of use/loss of income. There are limits to those policies that during the pandemic where tested. Those with dual coverage are still battling, while I was paid within months of claim. We had one property with dual coverage, but didn't exceed the upper limit, so only filed with one company and cancelled the other policy.

Do you have any first hand knowledge of a successful claim on two policies? I know you research this stuff more than most, so I am hoping to learn of a known accepted method for filling.

Obviously the case of Andrew is what is on my mind.

 

[CaptainGizmo]

Do you have any first hand knowledge of a successful claim on two policies? I know you research this stuff more than most, so I am hoping to learn of a known accepted method for filling.

No, I've not heard of any claim with a split policy. I may be completely mistaking, but my understanding was the client had 2 policies with the same company. Seems silly. This was a recent discovery for me, so I haven't had but a very small amount of reference and research.

 

[redbaron]

No, I've not heard of any claim with a split policy. I may be completely mistaking, but my understanding was the client had 2 policies with the same company. Seems silly. This was a recent discovery for me, so I haven't had but a very small amount of reference and research.

interesting with same company. I guess if the agent recommended it, then his E&O would cover any gaps.

 

[Neal]

@ehochuli85 - you'd think Newell would know the answer to this and who to refer you to. Have you asked them about this situation?

 

[CaptainGizmo]

I’ve sought more input on this topic and have found State Farm is definitely standing above the others for high value insurance. I’ve turned a couple folks onto my rep just this last week.

Another couple owners have chosen to stay with Safeco and carry two policies for full coverage.

 

[ehochuli85]

How does the owner of a Newell, Prevost, Foretravel or other “high-end” coach find insurance? We mortgaged our future and sold our kids into slavery to buy a 2023 Newell, but then I hit a brick wall in finding insurance to cover the whole thing. I learned that many folks self-insure a large part of it, or some get two policies, (which you can’t do in some states). But I financed as much of the coach as I could, (my money makes far more invested than the 4% I’m paying for the loan), but the lender insists on coverage to the extent of the loan. So I either have to find insurance for the whole loan, or put almost a million down on the purchase. Besides, why would I want to take the chance on totaling a $2M coach by fire or otherwise, and not have insurance to cover the whole thing?

So I started this thread seeking insurance advice, since I was striking out everywhere in my search for full coverage on a $2M coach. I tried FMCA, Progressive, RLI, Safeco, and the agents who have been recommended for insurance for high-end coaches. None of those carriers would go over $1M, and the agents to whom I was referred, (including Ron Jarvie, Melissa Thum), couldn't get me anything.

Ultimately, Steve (CaptainGizmo) referred me to State Farm, and he was right – thank you CaptainGizmo‼! State Farm is the answer for expensive coaches. Steve referred me to his State Farm agent in CA (and AZ):

• Steve Little (CA & AZ) - [email protected] / 310-954-9754

And since my residence is South Dakota, (we’re full-timers), Steve Little referred me to a South Dakota State Farm agent:

• Aaron Smith (SD) - [email protected] / 605-361-3515

Aaron has lined me up with full coverage and exactly what I want with State Farm. Delivery of the coach in 3 weeks!

Thanks again, CaptainGizmo,

Ed

 

[Neal]

Any news on your delivery @ehochuli85?

 

[ehochuli85]

Next Tuesday, Neal!! Not that we're counting, but time to delivery:

 

[sheridany]

Thanks to Captain Wizmo I also was connected to the Stare Farm team Ed mentioned above and they were able to reduce my annual cost by 1/2. Pretty darn impressive.

Thanks Captain.

 

[Webz]

I had State Farm for many years in the S&B house. When we had to sell it due to eminent domain. There is now a turnpike where the house stood.
We decided to go full time and was told State Farm does not insure full time RVs.
Maybe it has changed.