Thor Forums

[TurnerFam]

there 'could' be some wording, as such, but if your policy is truly REPLACEMENT COVERAGE, then you are covered for such, no matter the age at the time of the claim. Also, the idea that 'replacement' coverage gives you a NEW coach is not realistic... you'll find that the wording is a replacement of the YEAR MODEL of your coach, or otherwise the amount of money that one of this year/model would cost in the used marketplace.
Most policies for automobiles that come with the advertised 'replaced with a NEW vehicle', are only available during the first 12 months of ownership of a brand new vehicle, not one that has exceeded that time frame - so it's a 'temporary' type of coverage.

Agreed Value is more common among classic/antique cars, and many RVs. YOU decide the value, the insurance company AGREES to this, and then this becomes the amount you receive in the event of a Total Loss. If not a total loss, then the claim is typically paid under the 'cash value' depreciation method, not replacement cost.

ACV(Actual Cash Value) is the type of coverage where you simply purchase whatever amount you wish, no matter the actual retail/street value of your RV... you then take the risk that you have either purchased 'too much' coverage, or 'not enough', because the only time that Value is really determined, is at the Time of the Claim... sometimes years down the road, when you've completely forgotten or overlooked your coverage limits you originally purchased. Yes, you should be able to change your coverage every year you wish, if you want to, as your coach 'depreciates' in real world value. You'll never receive MORE than you purchased, even if your coach is actually worth more at the time of the loss, but you could certainly receive much LESS, even if you insured it for more than it's actually 'worth'. The 'worth' or 'value' at the time of loss is the real aggravation point for most, since used street value of RVs and vehicles are usually much less than we 'think'... our ownership and emotions, and sometimes how much we 'still' owe, usually make us think they're worth more than they really are.