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I need to find an insurance company that will insure for actual replacement value. Does no good to pay for insurance for a $50K+ vehicle that only books out (in their book) for $15K replacement value once it’s stolen/totaled. It’s a complete waste of money. I’d rather take my chances than throw my money out the window to billionaires.
Here in Arizona all of my policies are Replacement Cost Value (RCV) instead of the loser ACV ( Actual Cost Value ). Insurance companies usually write policies at ACV rates. Many consumers don't realize the difference until it's too late.
 

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I'm paying $652 a year with Progressive. My agent says it's the cheapest that they can get for these types of vehicles, they are an insurance store and deal with multiple companies.
 

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I'm paying $652 a year with Progressive. My agent says it's the cheapest that they can get for these types of vehicles, they are an insurance store and deal with multiple companies.
Is that policy full coverage, RCV (Replacement Cost Value) policy with at least $100K in uninsured and underinsured?

Once again people shouldn't shop for prices on policies but focus instead of what benefits your coverage provides. (Value)
 

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I need to find an insurance company that will insure for actual replacement value. Does no good to pay for insurance for a $50K+ vehicle that only books out (in their book) for $15K replacement value once it’s stolen/totaled. It’s a complete waste of money. I’d rather take my chances than throw my money out the window to billionaires.
I’m in SoCal and went with foremost (farmers) went with a stated value plan that costs more but in the event something happens I get 30k not bluebook. I can get more coverage down the road as I continue to add parts. Stated value requires itemized receipts and or an inspection by a broker/adjuster to validate the amount of what you’re asking to insure. Keeps us honest and them profitable


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I need to find an insurance company that will insure for actual replacement value. Does no good to pay for insurance for a $50K+ vehicle that only books out (in their book) for $15K replacement value once it’s stolen/totaled. It’s a complete waste of money. I’d rather take my chances than throw my money out the window to billionaires.
I’m in SoCal and went with foremost (farmers) went with a stated value plan that costs more but in the event something happens I get 30k not bluebook. I can get more coverage down the road as I continue to add parts. Stated value requires itemized receipts and or an inspection by a broker/adjuster to validate the amount of what you’re asking to insure. Keeps us honest and them profitable


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Exactly. Smart man.
 

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Here in Arizona all of my policies are Replacement Cost Value (RCV) instead of the loser ACV ( Actual Cost Value ). Insurance companies usually write policies at ACV rates. Many consumers don't realize the difference until it's too late.
AZSteele what insurance company do you use for your X3? I just checked with Geico and they said they do not offer RCV on their motorcycle policies.
 

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$542 for a year with Progressive. SoCal
 

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Here in Arizona all of my policies are Replacement Cost Value (RCV) instead of the loser ACV ( Actual Cost Value ). Insurance companies usually write policies at ACV rates. Many consumers don't realize the difference until it's too late.
AZSteele what insurance company do you use for your X3? I just checked with Geico and they said they do not offer RCV on their motorcycle policies.
Allstate for all my vehicles (except company(commercial), motorcycles, toys and 3 homes (2 rentals).
Geico is a medium to high risk carrier. If you don't have any at fault accident, tickets or DUI's in the past 5 years, shop around . You can do so much better that Geico. If you want my agents contact information, PM me.
 

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Allstate for all my vehicles (except company(commercial), motorcycles, toys and 3 homes (2 rentals).
Geico is a medium to high risk carrier. If you don't have any at fault accident, tickets or DUI's in the past 5 years, shop around . You can do so much better that Geico. If you want my agents contact information, PM me.

I do insurance restoration for a living and Allstate is the hardest to get to pay claims properly from my experience, They were also sued with a class action lawsuit over the 2010 hail storm we had here for not paying out claims properly and lost.


Everyone thinks they have good insurance until they need a claim paid.

The class action law suit they lost, most homeowners didn't know they were paid short. Tim



https://topclassactions.com/lawsuit...homeowners-insurance-class-action-settlement/
 

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Just changed from Progressive. I was 1000 a year last year!

Geico just quoted me 208 for the year! Yes, made the switch! LOL

2017 X3 Xrs
I am also looking for an insurance company and I see there is a lot of difference in the price of different companies, how do you rate both of them according to their service and price? I am reading different companies reviews before choosing one
 

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I do insurance restoration for a living and Allstate is the hardest to get to pay claims properly from my experience, They were also sued with a class action lawsuit over the 2010 hail storm we had here for not paying out claims properly and lost.


Everyone thinks they have good insurance until they need a claim paid.

The class action law suit they lost, most homeowners didn't know they were paid short. Tim



Allstate Homeowners Insurance Class Action Settlement | Top Class Actions
I’m still old school when it comes to insurance, I like having an agent with a office that I can walk into and talk to (and understand). Shelter has done me right for a long time and through a few claims including a tornado that hit the house and my Wrangler sitting in the drive.
 

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I am also looking for an insurance company and I see there is a lot of difference in the price of different companies, how do you rate both of them according to their service and price? I am reading different companies reviews before choosing one
IMHO, It's not so much the insurance company, but the coverage you select. You'll hear about guys saying they only pay "this", then you find out "this" is the bare minimum coverage. Always get the most coverage you can. Everybody bitches about insurance costs, but if you're ever in an accident that might include some type of property damage, or bodily damage or even a death, you had better hope you don't have the bare minimum.
 

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I did a lot of research on insurance companies when looking for insurance for my Can AM. I only found one insurance company that would insure my Can Am somewhat close to the value I have invested (American family with agent Jacob Larsen. He is active SXS driver). I found out that for insurance coverage you cannot include any values for coverage that include Labor, or Taxes. You also will need to send them all the documented parts costs. Insurance costs your probably going to get what your paying for. If its cheap it probably has very limited coverage.
 

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Most big name name companies are decent to deal with excluding Allstate.

I would never have Allstate. Their track record of paying claims low then being sued is documented. Most people especially on a property claim do not realize they were short changed and try to make the repair fit the check, the opposite is true, the check should fit the repair.

Like Hollywood said, knowing your coverage is the biggest part of buying insurance. That's why a REAL live in office local agent is BEST!

Ask questions about what is covered and what is not. What other coverages are available etc.

Accessories like SS mentioned is something that must be considered.

Tim
 
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Most big name name companies are decent to deal with excluding Allstate.

I would never have Allstate. Their track record of paying claims low then being sued is documented. Most people especially on a property claim do not realize they were short changed and try to make the repair fit the check, the opposite is true, the check should fit the repair.

Like Hollywood said, knowing your coverage is the biggest part of buying insurance. That's why a REAL live in office local agent is BEST!

Ask questions about what is covered and what is not. What other coverages are available etc.

Accessories like SS mentioned is something that must be considered.

Tim
The hard part about asking all the questions is they don't know. It's like I need to know what specific thing I want and then get them to tell me how much.

IDK crap about insurance, here's what my X3 has currently.

300/100k Bodily injury
100k property damage
100k medical payments
Comprehensive
Collision
300/100K Uninsured/underinsured
Emergency Road Service

My comp. is probably for book value, IDK... Umbrella policy made up for any shortcomings? Anything I should change or add?
 

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The hard part about asking all the questions is they don't know. It's like I need to know what specific thing I want and then get them to tell me how much.

IDK crap about insurance, here's what my X3 has currently.

300/100k Bodily injury
100k property damage
100k medical payments
Comprehensive
Collision
300/100K Uninsured/underinsured
Emergency Road Service

My comp. is probably for book value, IDK... Umbrella policy made up for any shortcomings? Anything I should change or add?
I would bump up both property and medical to $300K. In today's world $100K is nothing. Might make your policy price go up some though. You have to decide.
 

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The hard part about asking all the questions is they don't know. It's like I need to know what specific thing I want and then get them to tell me how much.

IDK crap about insurance, here's what my X3 has currently.

300/100k Bodily injury
100k property damage
100k medical payments
Comprehensive
Collision
300/100K Uninsured/underinsured
Emergency Road Service

My comp. is probably for book value, IDK... Umbrella policy made up for any shortcomings? Anything I should change or add?
Typically an umbrella coverage is for liability.

My opinion is your limits are likely fine unless you are a high net worth person especially if you have an umbrella.

For instance you get sued and your coverage is exhausted in the event of losing the suit.

The umbrella now takes over any existing coverage after linits are reached. Not bad to have.

The biggest thing it appears you need to address are Stated value of your rig and accessory coverage.

Personally I would just address the accessory coverage and in the event of a loss you can deal with the value at the time of loss of the machine.

I have helped several guys on here with that who have had losses.

Stated value can get very expensive. I do not insure my rig that way. I suspect not many companies allow for that.

JMHO.

Tim
 
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Typically an umbrella coverage is for liability.

My opinion is your limits are likely fine unless you are a high net worth person especially if you have an umbrella.

For instance you get sued and your coverage is exhausted in the event of losing the suit.

The umbrella now takes over any existing coverage after linits are reached. Not bad to have.

The biggest thing it appears you need to address are Stated value of your rig and accessory coverage.

Personally I would just address the accessory coverage and in the event of a loss you can deal with the value at the time of loss of the machine.

I have helped several guys on here with that who have had losses.

Stated value can get very expensive. I do not insure my rig that way. I suspect not many companies allow for that.

JMHO.

Tim
LOL, I'm definitely not High net worth, dont let the Can Am life fool you. I have cow's.... so I was told I needed an umbrella to go along with my homeowners. The umbrella isn't exactly cheap, but corn fed beef is delicious, so it's worth it. I'll look into adding accessory coverage. Stated value must be the killer, my coverages line up similar enough to SuperSmith's and I'm more than $500/year cheaper.
 

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LOL, I'm definitely not High net worth, dont let the Can Am life fool you. I have cow's.... so I was told I needed an umbrella to go along with my homeowners. The umbrella isn't exactly cheap, but corn fed beef is delicious, so it's worth it. I'll look into adding accessory coverage. Stated value must be the killer, my coverages line up similar enough to SuperSmith's and I'm more than $500/year cheaper.
Yes stated value is what racks up the cost. Its like I am insuring 3 Can Am's with my stated value.
 
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