Originally Posted by RavensFan24
I decided to stay direct and just upgrade to full replacement coverage with diminishing deductible for an extra $100 a year. With a brand new trailer, it seemed stupid NOT to have it.
first off i love these threads! having been in insurance agent for 12 years i always find it interesting how many people on forums think they know so much about insurance but couldn't be more wrong when it comes to explaining things.
and to RavensFan
grab yourself a calculator and see if this makes any sense to you..
so you have a disappearing deductible? as i understand it, the deductible get's reduced by 100 a year each year you don't have a claim and you paid 100 bucks extra a year to have that added on?
well if you have no claims in 5 years and have a 500 deductible how much do you save in the 6th year?
do you think they will lower your rate by 100 bucks? or keep collecting that amount?
if you'd like, you can give me 100 a year and ill take 100 off your deductible each year you stay claim free!
let me tell you a little secret, insurance companies are in the business to make MONEY little additional add ons like this don't save you any money! why would an insurance company sell you something extra as an added benefit if it cost them more in losses than it made in profit?
here is another example..
clients comes in and says Farmers has a Glass endorsement that lowered the deductible to 100 bucks for glass. but when you look at the cost and figure you'll get a windshield every 3 years (in colorado with the sand they use on the roads) a new WS costs about 300 bucks for 90% of the vehicles on the road and you add up the cost for that endorsement your still going to pay 100 bucks, so that leaves 200 the insurance company has to pay and the endorsement costs only 10 bucks a month to add to the policy. over 3 years that is 360 dollars to add the endorsement, but they only pay on average 200 of that towards the claim.
here is a better solution, drop all the fluff and raise the deductible to 1,000 pay for the small stuff like glass and save yourself 500 a year in insurance costs! trust me in the end you'll be far better off..
here is my all time favorite scam.. Allstate offers a safe driver reward bonus check, accident forgiveness. call an agent and compare the cost and you'll see the smoke and mirrors pretty quickly. from the base policy with no add ons, to the coverage with the 2 aforementioned endorsements you'll pay about 15% more. so if you have an accident they won't raise your rates by 12% (why would they? they are already getting 15% the day you sign up!)
then if you have no accidents (or tickets) they will agree to refund you a small % of your comprehensive and collision portion of the auto insurance policy. which amounts to about 50 bucks!
let me shed a little light on this thread..
first off i highly recommend people buy the replacement cost endorsement. with the company i sell for offers full replacement cost coverage as long as you bought it new. with that endorsement we can guarantee you up to the total amount you purchased the unit for, or another new equivalent as a replacement.
secondly, personal contents are covered on your home insurance with EVERY company away from home (usually at the very minimum 10% of the total of your personal property coverage amount on the HO policy)
third, for those of you who cancel your policy in the winter months because your not using it, your not saving any money! insurance premiums on RV and seasonal equipment are usually designed so that the premium is "earned" during the summer months so for example on a $500 per year cost usually about 60% of that total premium is earned (varies by state) during the months of May, June, July, August. as you go into fall and winter maybe about 30% and 20% as you get into winter.
to clarify.. on a home policy or auto policy premium is earned or "used" to pay the policy as you go. even though your RV insurance payment remains the same each month for the year, they are essentially holding onto the money and applying it towards the policy as needed or as it is EARNED if you cancel you only get back what is NOT EARNED and you leave your unit unprotected. it is dollar wise and penny foolish!
something unique about ANPAC we offer a 25% cashback refund each year you stay claim free after 3 years for your home, auto, camper, motorcycle, ATV, Boat etc..
most of my clients receive between 600-1000 dollars per year just for being claim free! you get back 25% of what your premiums were 3 years ago each year you stay claim free. if you have a claim you loose it and it starts over after 3 years.
if you think about it your RV insurance is actually free because your refund each year is quite a bit more then you paid for the RV policy.
further, they also have a common cause of loss deductible which means if you have your camper broken into and items stolen, the RV has a 1k deductible and the home has a 1k deductible and since the 2 losses happened on the same day and from the same occurrence, you only pay 1k for both claims (theft of property on the home and comprehensive on the camper)
with any other company you have to pay those deductibles separately or a total of 2K
furthermore ANPAC doesn't charge anything extra to offer the refunds (they are not offered in every state due to insurance regulations unfortunately)
Also because they don't do ANY national advertising campaigns they have the lowest rates because they don't spend 938 million a year telling people how to save 15% or more on car insurance.
lastly, for those of you who insure with companies online and not a local agent consider this fact. you have everything you own in the hands of someone you don't personally know!
how can you be sure they sold you the right coverage? remember the policy is only as good as the guy who wrote it!
and if your not an insurance professional and you went to some website where YOU could quote, buy and print. it's likely you got exactly what you paid for.
if you go to a local agent at least you can see how your hands fit around his neck while there so you know how much it takes to stop him from breathing if HE sold you a policy that was inadequate!
personally ill put my customer service up against any online company. i sign my name on every contract i write i cannot hide behind a telephone if your coverage or the company leaves you out to dry when you needed it most!
I make my living and get PAID to keep my clients happy and I live off of referrals! so ask yourself this question..
do you think an online representative who get paid hourly to answer your questions, or a local licensed insurance professional has more interest in making sure your insured correctly?
well option 1 is almost a guaranteed NO
and option 2 could be 50% but at least you can make that judgement on your own because you get to meet the person who is providing the coverage and i believe when it comes to protecting your income, assets and property and the things you value most it should be left in the hands of someone you know, like and trust!