How do you plan to insure your conversion?

[kllcbosmetris]

[font=Verdana, Arial, Helvetica, sans-serif]With most of the high-end heaters, inverters, solar/electrical system, custom seats, cabinets, etc. there will be a lot more to lose if something happens (accident or theft) to the van. How do you plan to insure your vehicle? Regular passenger vehicle van or camper van RV or ... ?[/font]

 

[Artsyguy]

No answer here, but I'm anxious to hear other's experiences. My stealth van isn't exactly a RV or camper, despite the current (and future)modifications. Currently just registered and insured as a truck in PA...

 

[Born2Explore]

I currently have mine insured with a "Declared Amount" in the policy. I was super honest with the Progressive rep's that I spoke with (I spoke with a total of 3), and they said that this was the best/only way to insure my van. They said if it was insured any other way, there would be an issue with the underwriting of the policy if I reported a claim... which meant they would find a loop hole and end up not paying me if I had it insured as a passenger van, and they find out it was a camper van with a hi-top.

So basically, I told them how much I thought the van was worth and how much it cost to build everything inside it (solar, batteries, kitchen, fridge, vent fans, materials, etc) , and they added that as a "Declared Amount". Now if a tree falls on it, it gets totaled in a wreck, or gets stolen... they write me a check to replace the van AND all of the stuff inside it.

For example, if your van has a value of $4k. and it costs you another $4k to build it... they write you a check for $8k.

Interested to hear how others on the forum insured their vans too!

 

[Artsyguy]

For example, if your van has a value of $4k. and it costs you another $4k to build it... they write you a check for $8k.

Do they not take depreciation in account, or simply on the value that you give them?  I would think they would have limits on the value that you state your van is worth?  Just wondering aloud...I'm thinking about calling my agent about this very question, but I'm also a little afraid of opening a can of worms.  Currently carrying Comp/Collision/Liability on my cargo van.

 

[Born2Explore]

Do they not take depreciation in account, or simply on the value that you give them?  I would think they would have limits on the value that you state your van is worth?  Just wondering aloud...I'm thinking about calling my agent about this very question, but I'm also a little afraid of opening a can of worms.  Currently carrying Comp/Collision/Liability on my cargo van.

I didnt think to ask that... but on my policy it literally has that total amount listed, so I assume that amount cannot depreciate at least for the current term. So maybe they reassess the next time the policy needs to be renewed?


And yea, id be careful about discussing details with your agent. Unless you maybe ask the questions and/or get a quote for a vehicle you PLAN to buy in the future.

 

[Almost There]

I have 'stated value' insurance on my vehicle.

It was an interesting exercise when I had to come up with a figure. A lot of my parts were obtained in the US over the past 2 winters and I had to research each item to find a cost if I had to replace them in Canada...all I can say is I was shocked at what I would have to spend here to replace it.
BUT, the vehicle is  now insured such that if I had to do it over again, the insurance company would be the one footing the bills.

 

[kllcbosmetris]

Progressive rep's that I spoke with (I spoke with a total of 3), and they said that this was the best/only way to insure my van. They said if it was insured any other way, there would be an issue with the underwriting of the policy if I reported a claim... which meant they would find a loop hole and end up not paying me if I had it insured as a passenger van, and they find out it was a camper van with a hi-top.

Interesting. I figured insurance companies would not pay for the 'extra' inside or outside additions but I didn't think they would refuse the whole claim (i.e. collision or comprehensive) to fix the car/van, if it was insured as a passenger van.

 

[Born2Explore]

Interesting. I figured insurance companies would not pay for the 'extra' inside or outside additions but I didn't think they would refuse the whole claim (i.e. collision or comprehensive) to fix the car/van, if it was insured as a passenger van.

Yea... that is the way they explained it to me, at least. It made sense to me at the time. And then if there was an electrical fire in the van, thinking about how they MAY NOT cover it. I definitely pay a little more, but having the peace of mind knowing that if something were to happen, no matter what, they would cover it...  thats worth something too.

 

[InterBlog]

Declared value, AND, full-timer RV policy on our van.  If you use your van for anything other than pure occasional vacation travel, then you may not be covered if something happens when (for instance) you are driving it to and from your job.  This is the case with many conversions - people often do not use them strictly in the style of an RV.

IMO it's best to discuss this kind of thing with a competent agent, rather than directly with insurance company sales people, many of whom have very little training.  I use Overland Insurance Services which I believe is owned by Ron Jarvie and his family members.  Ron was recommended to me by other rig owners and he has been great.

 

[keightley]

I work in the insurance industry in that I help locate and buy all sorts of strange insurance policies for the organization I work for. I also submit claims to these insurance companies. When you are talking how much you would get for a vehicle or any property for that matter, you want to specifically state to them you want "replacement cost value", not "actual cost value". "Actual cost value" takes depreciation in consideration. "Replacement cost value" will be the cost it is today to replace. So for example, say someone stole your television from your home. It cost you $2000 at the time you bought it say three years ago which was the most top of the line TV you could afford. If you policy specifically states "replacement value", you could get an equivalent TV at today's cost which very well can be more than $2000. But if your policy states "actual cost value", they will depreciate purchase price of the TV which could be only $300.

With all that said, do realize that the premiums to a policy that states "replacement cost value" will cost you more than premiums to a policy that states "actual cost value".

The most important part of this that I want to impart to all... READ THE FINE PRINT BEFORE YOU PURCHASE. Do not have someone tell you what it says in the fine print.

And yes... you can find insurance on almost anything. Case in point... there is insurance for road cyclists. Granted, it is about $50 a month but if some idiot driver hits the cyclists and (s)he need to be medivac to the nearest hospital in a helicopter, this policy will pay for it. The kicker? You either have to pay the premium for the year in full or pay monthly for and entire 12-months. I don't ride often anymore, so I am taking the risk that someone won't hit me and doing my 50 mile road trips without insurance. But this was a tough call to make. The policy also had roadside assistance. LOL My biggest fear on these trips is busting my tire and warping my rims so that I cannot fix it then and there. The thought of paying Uber or Lyft $50+ to come get me almost keeps me off the road. Did you notice? I said "almost".

I also found an insurance policy that would pay my rent for two months if I go laid off from my job. It was rent insurance that had supplemental unemployment insurance rider on it.

Keightley

 

[kllcbosmetris]

I work in the insurance industry in that I help locate and buy all sorts of strange insurance policies for the organization I work for. I also submit claims to these insurance companies.  When you are talking how much you would get for a vehicle or any property for that matter, you want to specifically state to them you want "replacement cost value", not "actual cost value".  "Actual cost value" takes depreciation in consideration.  "Replacement cost value" will be the cost it is today to replace.  So for example, say someone stole your television from your home.  It cost you $2000 at the time you bought it say three years ago which was the most top of the line TV you could afford.  If you policy specifically states "replacement value", you could get an equivalent TV at today's cost which very well can be more than $2000.  But if your policy states "actual cost value", they will depreciate purchase price of the TV which could be only $300.

With all that said, do realize that the premiums to a policy that states "replacement cost value" will cost you more than premiums to a policy that states "actual cost value".

The most important part of this that I want to impart to all...  READ THE FINE PRINT BEFORE YOU PURCHASE.  Do not have someone tell you what it says in the fine print.

And yes... you can find insurance on almost anything.  Case in point... there is insurance for road cyclists.  Granted, it is about $50 a month but if some idiot driver hits the cyclists and (s)he need to be medivac to the nearest hospital in a helicopter, this policy will pay for it.  The kicker?  You either have to pay the premium for the year in full or pay monthly for and entire 12-months.  I don't ride often anymore, so I am taking the risk that someone won't hit me and doing my 50 mile road trips without insurance.  But this was a tough call to make.  The policy also had roadside assistance.  LOL  My biggest fear on these trips is busting my tire and warping my rims so that I cannot fix it then and there.  The thought of paying Uber or Lyft $50+ to come get me almost keeps me off the road.  Did you notice?  I said "almost".

I also found an insurance policy that would pay my rent for two months if I go laid off from my job.  It was rent insurance that had supplemental unemployment insurance rider on it.  

Keightley

The issue I have with the stated value or replacement value insurance policies is that you need to itemize the items in the vehicle. My fear is that they will take your money while underwriting the policy and long after (until you have an accident of any kind) but when it is time to pay will say something like this electrical wiring or this lithium battery voids the policy etc. Very tricky with the conversion campervans, especially the DIY ones.

 

[John61CT]

Then insure contents with a rider on homeowner/renter insurance.

They just happened to be transported in your van at the time.

But unless your DIY electrics could have been the **cause** of the loss, I'd say having all the stuff on the list makes a case for their having accepted covering it.

For boats, a licensed surveyor signs off on your build being according to standards, consider yourself lucky you can even get coverage without that hassle.

 

[breeze]

The issue I have with the stated value or replacement value insurance policies is that you need to itemize the items in the vehicle. My fear is that they will take your money while underwriting the policy and long after (until you have an accident of any kind) but when it is time to pay will say something like this electrical wiring or this lithium battery voids the policy etc. Very tricky with the conversion campervans, especially the DIY ones.

Those are valid concerns, and what insurance is for. Life is a crap shoot, and insurance helps your odds out in the long run.

What I do know in vehicle insurance:
1. If you are a US Veteran, NOBODY beats USAA insurance on price, coverage, and service; and they do not rip their customers off.
2. If USAA does not cover my vehicle type in a certain State, like a motorcycle, Progressive seems to be who I always end up with at the end of the day (for car or motorcycle.)

The problem with Insurance Agents, is they have a limited number of high risk companies which offer Insurance Agents different profit margins. 9 times out of 10, if I NEED TO USE my insurance from an Insurance Agent, I get swindled in some way and switch immediately afterwards.

Those are my only 2 choices, unless I am time crunched and broke (and then you know I'll be ripped off!) After I make most of my significant conversions, I'll collect my receipts and call USAA for a re-quote. Warren Buffet made the insurance industry tough, and from my experience over the years, USAA and Progressive have been the only two companies I can consistently rely on.

Of course, there may be some new RV type insurance I've heard only a little bit about and will investigate it next time, or the next time after anyway  And I'd try to keep the LI-ion system COMPLETELY separated from the Vehicle electrics!! PLAN on it from the Start.

 

[Stardown2earth]

I currently have mine insured with a "Declared Amount" in the policy. I was super honest with the Progressive rep's that I spoke with (I spoke with a total of 3), and they said that this was the best/only way to insure my van. They said if it was insured any other way, there would be an issue with the underwriting of the policy if I reported a claim... which meant they would find a loop hole and end up not paying me if I had it insured as a passenger van, and they find out it was a camper van with a hi-top.

So basically, I told them how much I thought the van was worth and how much it cost to build everything inside it (solar, batteries, kitchen, fridge, vent fans, materials, etc) , and they added that as a "Declared Amount". Now if a tree falls on it, it gets totaled in a wreck, or gets stolen...  they write me a check to replace the van AND all of the stuff inside it.

For example, if your van has a value of $4k. and it costs you another $4k to build it... they write you a check for $8k.

Interested to hear how others on the forum insured their vans too!

I just called progressive and they told me that they couldn't insure my van because i told them i was converting it soon. To call back when it was fully converted.  im desperate right now.  Dont have insurance at the moment.

 

[Trebor English]

Interested to hear how others on the forum insured their vans too!

What I do is buy insurance for risks I can't afford to carry.  When I am driving there is the risk that I will crash into a very expensive car that I can't afford to replace so I have liability insurance.  The same for bodily injury lisbility.  I might not be able to afford the medical, rehab, loss of income, risk for the person I crash into.  

My van and the stuff in it are cheap.  A 1999 or so Windstar is always available on Craigs list for $500 to $2200.  My stuff is simple, camp stove, $80 mini fridge, $25 inverter, $110 solar panel $15 PWM controller, sleeping bag, pair of Sterilite drawer sets, clothes, old lap top, $70 cell phone.  The biggest thing is the $250 MaxxAir exhaust fan.  

I make it a point to keep $3000 in the emergency fund.  That's enough to replace everything I need.  This way the loss of the van and all the stuff in it is a risk that I can afford to take so I don't pay an insurance company to have them carry the risk.  That's like a stated value policy.   What makes it work is keeping everything cheap.

 

[tx2sturgis]

When I was looking at a possible conversion of a boxvan or cargo van,  I ran into a few dead ends, even with Progressive who is my insurance company now. 

I walked into a State Farm agents office, they called the State Farm insurance company, and they were willing to insure the new or used boxvan (or cargo van) as a commercial vehicle until I got it recertified at the DMV as an RV, and then they would take a few pics and insure it as an RV. 

So I would advise checking with a local State Farm agent.

 

[Annie W]

Bob has made a video on nearly everything related to "cheap RV living", so
where is his Instructional video on this critical issue of insuring our mobile house ? Anybody know?

 

[Almost There]

Bob has made a video on nearly everything related to "cheap RV living", so
where is his Instructional video on this critical issue of insuring our mobile house ? Anybody know?

The problem with trying to do something like that is that there is as many variables as there are vehicles needing to be insured.

Each state has it's own regulations as to what a vehicle is titled as. Then each insurance company operating within a specific state has it's own rules as to what it will insure and how.

Add in whether you've other vehicles and whether you're full-timing or part-timer.

Then add in the variables such as vehicles and vehicle lengths, age, etc. and the possibilities are endless.

It's just like choosing a vehicle and outfitting it - one size does not fit all, ever!

To try to describe how to insure YOUR specific vehicle just isn't something that can be done in a 20 or even a 30 minute video.

 

[Annie W]

had previously posted about our Honda van nearly being Totaled,
when in that frame of mind noticed this thread, & asked.

Every point you stated is rather obvious, Almost There. Thank you kindly.

 

[John61CT]

Some might think your post was meant as

"Why isn't there a vid about insurance?"

as if you were expressing an expectation that there would be.

Rather than a more literal reading, meaning

"Is there one? and if so, please post a link?"