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Topic: Lazy Daze insurance values based on NADA (Read 4 times) previous topic - next topic
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Lazy Daze insurance values based on NADA
Yahoo Message Number: 57459
I just checked with my insurance company on insuring the purchase of a Lazy Daze of any age.  They insure any LazyDaze based on the NADA recreational vehicle value...(see NADA.com, recreational vehicles)  NADA sets the value of all used/new recreational vehicles, cars, etc, and is used throughout the country.   Thus,  if you were to buy a used LazyDaze and if you were to have an unexpected accident and totaled it the next day, the insurance company would evaluate your LazyDaze payout based on the given low NADA recreational vehicle value. (See NADA.com) Some insurers will pay out the full purchase price of the vehicle if it is a NEW vehicle.
 However, All used vehicles are evaluated on their value as listed in the NADA rv guide.
My insurer says this is a given.
 Thus, when you purchase a used LazyDaze, your insurance company will value your LazyDaze 26.5'  2001 purchase for August 30, 2005 at the low value of $28,730,  a 2002 a low value of $31,520, a 2003 a low value of 37,790, and so on.   The value decreases as each MONTH goes by.  Deduct this from the price you paid and that's your LOSS.
 Shocking! Isn't it?  We all know that the price we pay for a LazyDaze is based on how many buyers want the same item...  but, our insurer never varies....  their value of your purchase is based on the values as put forth in the NADA r.v. guide.   Call YOUR insurance company and check it out.
Re: Lazy Daze insurance values based on NADA
Reply #1 –
Yahoo Message Number: 57463
Dear fsm8,

Is there any chance you could use your real name in this group? We really are all friends here.

I believe your post is only partially correct. For an example, the 2001 LD 26.5 does have an NADA low retail of $28,730, and an average retail value of $34,610, not including options. Progressive Insurance, my insurer, would pay the $34,610 average retail, not the low retail.
 Now, let's say I had paid $40,000 for that LD. Progressive and I could use that figure as an "agreed value", for an added premium of course, and in the event I totaled my purchase one day later the payout would be the $40,000 we had agreed on. So the scenario you have laid out may be true for your insurer but I wouldn't present it as an industry-wide situation.
 In the case of a new vehicle, you can get total replacement value for the first five years, which would get you a new rv of the same make and model.

Paul NE 50
 
Re: Lazy Daze insurance values based on NADA
Reply #2 –
Yahoo Message Number: 57479
,"Paul Wood"  wrote:

Quote
Dear fsm8, Is there any chance you could use your real name