Insurance for Troopy Camper

Submitted: Wednesday, Jan 24, 2024 at 10:59
ThreadID: 146837 Views:1806 Replies:7 FollowUps:6
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Hi Folks
Long time since I posted on the forum but I've been happily using the Troopy since I bought it nearly 15 years ago. No need or desire to change vehicles and have mine pretty well sorted.

I do have a problem I expect fellow owners also experience and am asking for help. The market value of the vehicle has climbed to dizzy heights that far exceed the "computer says" replacement value I get insured for - which goes down each year. Wondering what people do and suggest.

Cheers
Mark
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Reply By: Peter_n_Margaret - Wednesday, Jan 24, 2024 at 11:09

Wednesday, Jan 24, 2024 at 11:09
Is it registered as a station wagon or as a "caravan type vehicle"?
The latter will allow insurance as a campervan/motorhome at an agreed value (justified by an independent valuation) with CIL or Ken Tame or others.
Cheers,
Peter
OKA196 motorhome
AnswerID: 645139

Follow Up By: Gnomey - Wednesday, Jan 24, 2024 at 12:32

Wednesday, Jan 24, 2024 at 12:32
Hi Peter
Thanks for your reply. It's registered as a "Toyota Caravan" and an agreed value is what I'm after. Would willingly get an independent valuation if that would get me a sensible result.

Have a feeling it was insured with CIL many years back but I went elsewhere, possibly because they wouldn't offer adequate cover.

The vehicle only does a 1-3k kms per year and is securely parked at home none which seems to influence either the premium or the amount of cover.

Cheers
Mark
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FollowupID: 925405

Follow Up By: Kenell - Wednesday, Jan 24, 2024 at 13:00

Wednesday, Jan 24, 2024 at 13:00
Gnomey,

Motor Vehicle insurance in the dim distant past was always underwritten on the basis of current market value. As consumerism developed the open ended nature of the cmv method caused many arguments and complaints. Inevitably the insured would argue the vehicle was worth more than the insurer was prepared to pay (I know because I had to deal with the arguments). This ultimately resulted in the preferred alternative of agreed value ie a figure both parties could agree on before entering into the policy year. It then developed one step further and most insurers offer a full (new for old) replacement cover in the first few years of a new vehicle's registration. Only one insurer that I know of offers full new for old regardless of age (I have one).
Now times have changed again - insurers offer agreed value ie new value less an allowance for depreciation that often is less than the customer thinks his car is worth. As a result cmv is back in vogue because the current market value recognises appreciation and depreciation. One has to be prepared to argue his case when the loss happens though. It also means that an economic total loss can mean a car is repairable with much greater damage than might have been the case when it was insured for /worth less.

Caravans and the like are inevitably insured for an agreed value or specific sum insured and cmv isn't usually an option. Your vehicle sits somewhere in the mix and it is a matter of determining whether it is a modified 4wd or a camper/caravan with an engine. I doubt CIL will help much but the likes of Ken Tame who will go into bat for you might be the go.
Good luck with it.

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FollowupID: 925407

Follow Up By: Peter_n_Margaret - Wednesday, Jan 24, 2024 at 13:15

Wednesday, Jan 24, 2024 at 13:15
Our OKA has been insured with Ken Tame at "agreed value" for 19 years. The "agreed value" has not varied more than 10% during that whole time. It is currently $150k.
They also offer a "guaranteed rating 1" premium which means the premium remains the same despite a claim (I have had one large one).
You must however be a member of the Campervan and Motorhome Club of Australia to get the insurance.
In the last few years, CIL have offered rates that were quite competitive.
Cheers,
Peter
OKA196 motorhome
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FollowupID: 925408

Follow Up By: Gnomey - Wednesday, Jan 24, 2024 at 13:47

Wednesday, Jan 24, 2024 at 13:47
Thanks again guys. Looks like the Ken Tame road needs travelling.

The big problem with CMV for Troopies is that they aren't being made and demand is strong for diminishing supply. I recently had a look at carsales and based on what is on offer the CMV of my vehicle is somewhere between 2 and 3 times what I paid for it. Hard ask for computer says. No rep is going to research beyond SOPs and get back with a realistic offer.

Cheers
Mark
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FollowupID: 925410

Reply By: AlbyNSW - Wednesday, Jan 24, 2024 at 14:03

Wednesday, Jan 24, 2024 at 14:03
Try Shannons, I have had no issues in stipulating the insured value . They don’t do motorhomes if you fall under that category
AnswerID: 645143

Follow Up By: Gnomey - Wednesday, Jan 24, 2024 at 16:06

Wednesday, Jan 24, 2024 at 16:06
Thanks for the suggestion Alby. Will keep it up my sleeve in case KT or CIL don't come through.

Cheers
Mark
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FollowupID: 925412

Follow Up By: Peter_n_Margaret - Wednesday, Jan 24, 2024 at 17:35

Wednesday, Jan 24, 2024 at 17:35
I am building another OKA motorhome/camper. Shannons are not interested.
Cheers,
Peter
OKA196 motorhome
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FollowupID: 925413

Reply By: Member - peter g28 - Sunday, Jan 28, 2024 at 16:22

Sunday, Jan 28, 2024 at 16:22
This might be long shot but give Club4x4 a call and have a chat to them, your troops is technically a 4wd with a heap of extras, so they may be able to cover it..
AnswerID: 645154

Reply By: That Troopy Bloke - Monday, Jan 29, 2024 at 02:06

Monday, Jan 29, 2024 at 02:06
I don't know what state you are in, but here in SA, the RAA do agreed value. I have had my pop top Troopy insured with them since I bought it 22 years ago. I have never had a valuation, but they do adjust the agreed value each year, and the agreed value has more than doubled in the last 5 or 6 years to the point where the agreed value is now much higher than what the vehicle is realistically worth. The premiums are still very reasonable though.
AnswerID: 645157

Reply By: Rahsaan M - Monday, Jan 29, 2024 at 19:47

Monday, Jan 29, 2024 at 19:47
Speak with your insurance provider about the possibility of switching to an "agreed value" policy. This type of insurance allows you to agree on a specific value for your vehicle with the insurer, which is often based on the current market value. This way, you can ensure that your Troopy uno online is adequately covered for its true worth.
AnswerID: 645160

Reply By: Gnomey - Tuesday, Jan 30, 2024 at 15:59

Tuesday, Jan 30, 2024 at 15:59
Just checked back in. Thanks again for all the helpful suggestions folks.

I'm based in Vic and the RACV are my present insurers. I battled last year to get an agreed value of about 70% of its replacement value on then current prices. The renewal notice is for a lower value at a higher premium.

I am waiting for a quote from Ken Tame and I'm willing to join the relevant association if that's what it takes to get adequate cover. If that goes phutt I'll probably try CIL.

Can ask RAA if they will take me as a member and then insurance customer.

Cheers
Mark
AnswerID: 645162

Reply By: Gnomey - Monday, Feb 12, 2024 at 10:51

Monday, Feb 12, 2024 at 10:51
Just to tie this one up. I went with KT insurance. Not the smoothest organisational passage but we got there in the end.

My premium is slightly more than I was paying but the agreed value was suitably increased (by about 40%) and I took out extra contents cover to allow for expensive fly fishing gear.

Happy camper. Thanks again for your helpful suggestions.

Cheers
Mark
AnswerID: 645279

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