Understanding Agreed Value, Cash Value, and Replacement Value

Understanding Motorhome Insurance in Decatur, AL

Decatur, AL, known as the "River City," offers visitors and locals the opportunity to enjoy time spent in their motorhome near the Tennessee River or Wheeler Lake. There are many, often complex, aspects to consider when purchasing motorhome insurance. You need to get the right amount of coverage that is adequate for your motorhome and fits your budget. To get the right coverage, you must understand cash, replacement, and agreed value.

Cash Value

Actual cash value (ACV) is how much it costs to replace stolen or damaged property minus how much depreciation has occurred at the time of loss. If your motorhome is stolen or totaled in an accident, your claim will be settled at actual cash value, considering the age and condition of the vehicle at the time.

Replacement Value

Replacement cost value (RCV) is the cost of replacing the same item, regardless of depreciation. RCV provides more coverage, but your rates will probably be higher.

Agreed Value

There is a third option to consider when insuring your motorhome. Agreed value is the amount you and the insurance company agree to be worth an item, vehicle, etc. These types of policies are not that common. You may want to get an agreed value policy if you’re insuring something such as an antique vehicle that will appreciate over time.

Contact the Will Wright Agency Inc. in Decatur for Motorhome Insurance!

At the Will Wright Agency Inc., serving Decatur, AL, we can provide you with various insurance options for your motorhome. We offer a wide range of insurance, including life, health, RV, boat, motorcycle, auto, and classic car coverage. Contact us today for more information.

Does RV insurance cover storm damage?

RV insurance shares elements with both auto and home insurance. One significant point to consider is that not all RV insurance policies provide the same coverage, notably concerning storm damage handling. Because of these differences, RV owners should carefully assess their coverage options and discuss the best policy for their needs with their insurance agent. If you are in the Decatur, AL, area, the Will Wright Agency Inc. team is prepared to answer your RV insurance queries and ensure you have the coverage that best suits you.

RV Insurance and Storm Damage

Alabama State law mandates all motorized RVs to carry the same minimum insurance coverage as other motor vehicles. The minimum liability coverage includes:

  • $25,000 bodily injury per person
  • $50,000 bodily injury per accident
  • $25,000 property per accident

Similar to auto insurance, liability insurance covers injuries and damages to third parties; it does not cover your vehicle. Collision insurance, similar to that for an automobile, covers damages to your RV resulting from an accident.

RV owners requiring coverage against non-collision damage need a comprehensive policy. Such a policy typically covers damage from:

  • Falling branches and trees
  • Hail and wind
  • Vandalism
  • Bursting or problematic plumbing

Comprehensive policies occasionally include flood damage. If not, a separate flood policy can be purchased. Some RV insurance also includes aspects resembling home insurance, like personal property protection and coverage of the RV’s surrounding common area.

Although RV insurance may seem complex, an experienced agent will help you understand and ensure you obtain the right policy.

Trusting Will Wright Agency Inc.

The friendly team at Will Wright Agency Inc., serving Decatur, AL, is ready to address your RV or other insurance requirements. Please call (256) 353-5537 or visit us in person today for the necessary coverage.

Classic Car Insurance because Your Classic Ride Deserves a Little More

Occasionally, a car is just more than a car. For many classic car enthusiasts, it’s something extraordinary. While this "something more" can differ among individuals, there is no denying the sentimental value these masterpieces from the past hold. Browse through any classic car show near you, or better still, attend one, and it’s glaringly apparent that people adore their vintage beauties. This passion is one of the reasons why folks in and around Decatur, AL, trust the experienced, professional, and friendly team at Will Wright Agency Inc. for their classic car insurance needs.

Because Your Classic Car Warrants a Little Extra

Indeed, procuring parts for your cherished 1960’s Ford model might be costlier. You might even have to get parts custom-made as replicas of the original for your 1956 Chevy. Sometimes, taking care of your classic car might be more demanding and costlier, but as every classic car owner will testify, these classics surely deserve a little more. Secure those precious memories and that stunning throwback ride and maintain its timeless elegance with the appropriate classic car insurance solutions.

Classic Car Protection in Decatur, AL

If you are a resident of Decatur, AL, or its surrounding areas and have queries about auto insurance or need classic car insurance for your vintage masterpiece, we are here to help. Our professional and friendly team at Will Wright Agency Inc., who shares your love for classic cars, can answer all your classic car insurance questions and offer the coverage your classic car needs and deserves. Reach out to us to learn more and schedule an appointment today.

Three Ways Renter’s Insurance Protects You Financially

When you rent your home, it’s important to have insurance coverage similar to home insurance. However, this doesn’t need to cover the physical property—that’s the owner’s responsibility. As a renter, you need many protections, and renter’s insurance provides them. If you are renting your home and don’t have renter’s insurance, contact us at Will Wright Agency Inc. in Decatur, AL.

Covering Your Belongings

Renter’s insurance covers all your belongings in the same way that home insurance would. Having financial protection for your belongings is essential, as they can all be damaged or destroyed in a disaster. If this occurs, you may need to replace your items, which can be highly costly without insurance.

Protecting Your Liability

Even though you may not own the property, you are still financially accountable for what happens there. If a visitor were to get injured at your place, they might have medical bills and other costs for which you would be responsible. Renter’s insurance provides you with liability coverage, which means the policy could pay for these expenses rather than you. These costs can include legal fees, lost wages, and more.

Catastrophe Protection

Imagine a serious disaster occurs at your home, resulting in extensive damage and necessitating major repairs. Events like these are more common than you might think, and it can be extremely costly to have to find temporary accommodations while your home is being repaired. Renter’s insurance covers the costs of living elsewhere while your home is being fixed.

Get Your Renter’s Insurance Policy

Having a renter’s insurance is crucial if you’re a tenant. If you don’t have coverage yet, contact us at Will Wright Agency Inc. in Decatur, AL to get started.

When to Get Motor Home Insurance for Your Motor Home

At the Will Wright Agency Inc. in Decatur, AL, our highly skilled team of insurance professionals is committed to protecting every asset and aspect of your life, including your motor home. A motor home, otherwise known as an RV, provides you with the comfort you need on your journey across the country. Even if you never take your motor home out of the garage, you can still reap insurance coverage benefits to protect your property from possible theft or damage.

What Is Motor Home Insurance?

Motor home insurance, also known as RV insurance, is a special type of policy designed to cover RVs and related vehicles. If you’re uncertain whether your vehicle qualifies as a motor home or RV, our professional team can help you clarify it. We don’t just help determine your vehicle type; we can also offer guidance on whether motor home insurance is the perfect fit for you or if a different insurance policy could better serve your needs.

What Does Motor Home Insurance Cover?

Motor home insurance shields you and your motor home against familiar problems RV owners may encounter. For instance, your RV could be insured against damage caused by others. Coverage may also extend to liability and other related expenses, although this depends on the specifics of your insurance policy.

When to Get Motor Home Insurance

Owners of RVs should seriously consider purchasing motor home insurance. Even if your RV spends most of its time parked in the garage, it’s still a valuable asset deserving protection. If you harbor concerns about possible RV damage or injuries occurring in or around your RV, it’s best to act on those instincts. It’s always better to secure protection now rather than regret not having it later.

For additional insurance information, please get in touch with our office at the Will Wright Agency Inc. in Decatur, AL, today!

Will a Regular RV Insurance Policy Cover International Travel?

The summer months are ideal for traveling abroad in an RV. However, residents of Decatur, AL who want to travel by RV should ensure they have the right type of insurance for their trip.

Does Alabama RV Insurance Cover Foreign Travel?

An Alabama RV insurance policy will not cover travel to Mexico, Canada, or any other foreign country. Thankfully, RV insurance policies for foreign travel will offer as much protection as you need. Coverage options include unexpected delays, emergency medical evacuation, and driveway-to-driveway insurance. 

What Types of RV Insurance Do You Need to Travel Abroad?

If you travel to Mexico, you’ll need temporary RV insurance. Good forms of coverage to purchase include roadside assistance, theft coverage for up to $200,000, and legal/financial protection coverage with liability limits of up to $1 million. 

If you drive your RV to Canada, you’ll need to purchase a liability insurance policy that provides at least $50,000 in liability insurance. However, bear in mind that this is only the bare minimum required by law. Ideally, you’ll want at least $1 million in liability coverage if you travel around Quebec and $2 million if you visit other parts of Canada.  

Get Help from the Will Wright Agency Inc.

Purchasing the right RV insurance policy for international travel isn’t just a legal requirement. It’s also a smart move to save you a lot of time, hassle, and problems. You may also want to add travel insurance to your purchase simultaneously, as it covers a host of incidents that aren’t covered by an RV insurance policy. Will Wright Agency Inc. experts have many years of experience offering insurance-related advice and assistance to Decatur, AL residents, and we look forward to helping you purchase the best forms of coverage for an upcoming trip. 

The Process of Insuring Your Classic Car

Optimizing Your Classic Car Insurance

The value of properly insuring your classic car can’t be stressed enough. Whether you are already an owner or considering becoming one, these are the factors to consider.

Qualifying for Classic Car Insurance

Age alone doesn’t make your vintage auto eligible for specialized insurance, as it may vary from one insurer to another. The general pre-requisites include:

  • Limited Use: Insurance generally doesn’t cover classic vehicles used for daily commuting or errands. It also often comes with mileage restrictions, excluding car shows.
  • Secure Storage: Securely storing your classic car in a locked structure is a must under this coverage.
  • Clean Driving History: A history of reckless driving, repeated speeding or DUI/DWI might disqualify you.

Additional Considerations for Classic Car Insurance

Some noteworthy aspects of this insurance are:

  • Full Replacement Value: In the absence of a standard Blue Book Value for specific models, you must mutually decide upon an amount that covers your car’s full value without depreciation.
  • Specialized Towing, Repair, and Restoration: Go for policies that pay roughly two to three times as much as a traditional car. This covers the special care required for towing, potential restoration costs, and the expense of replacement parts.

Insuring these prized possessions requires a reliable insurer. Contact Will Wright Agency Inc. in Decatur, AL, to learn more about this specialized coverage.

Common misconceptions about renters insurance

Renters insurance is one of the most forgotten coverages. Since most landlords and tenants do not realize how important this insurance is, there are many misconceptions about it. In this blog post, we will dispel several.

1. Tenants’ personal items are covered and protected by the landlord’s insurance policy 

Unfortunately, this is a very common misconception. The truth is that your landlord’s insurance covers only damages to the structure of the building. Do not expect it to cover the repair or replacement of your personal belongings.

2. You do not renters insurance if you do not own expensive items

You may think that you do not have any expensive stuff that needs to be covered by renters insurance. However, think about all your clothing, electronics, and furniture that you have. If something happens, you will have to replace it simultaneously. 

3. Renters insurance only covers personal possessions

It is also a very common myth. Not everyone knows that renters insurance also covers liability. What is liability coverage? This coverage protects tenants if they accidentally damage someone’s property and cause injuries to someone. 

4. If your roommate has renters insurance, you do not need one

If roommates are not listed on the policy, they are not covered by each other’s renters insurance. You are free to ask your roommate to include you in their policy, but if they can refuse. You may want to buy your insurance if they do not want to include you. 

Are you renting a house or apartment in Decatur, AL, or any other town in Alabama? Do you want to purchase renters insurance to ensure you are protected? Do not hesitate to contact Will Wright Agency Inc., a local insurance company serving clients in Decatur, AL, and surrounding areas. At Will Wright Agency Inc., we are ready to answer all your questions and provide the information you need. 

How Does Motorhome Insurance Work?

All You Need to Know About Motorhome Insurance in Decatur, AL

Owning a motorhome is more than just acquiring a mobile home—it’s about embracing an adventurous lifestyle. However, just like your regular car or truck, your motorhome requires insurance to protect you from accidents or damage. In Decatur, AL, many novice motorhome owners grapple with how motorhome insurance works. To help with your understanding, Will Wright Agency Inc. has prepared this overview of how motorhome insurance works.

Choosing a Suitable Insurance Agency

Much like auto or boat insurance, motorhome insurance requires you to find an insurance agency that offers RV insurance policies. Remember, your regular car insurance won’t cover your motorhome. You’ll need to decide on the type of coverage you want—be it comprehensive, collision, or liability. Additionally, you’ll have to select a deductible that suits your financial situation. After making your payment, your chosen insurance agency will provide evidence of insurance. Many insurers offer the convenience of monthly payment options to ease the financial burden.

The Claims Process

In the event of an accident, damage, or other misfortunes affecting your motorhome, you will need to file a claim. If your claim is approved, your insurance will cover the damages, depending on your chosen policy.

In essence, motorhome insurance isn’t drastically different from other insurance types, such as auto insurance. If you’re a motorhome owner in Decatur, AL, needing a dedicated insurance agent, consider the professionals at Will Wright Agency Inc. At our agency, we strive to provide exceptional service and coverage for our customers. Reach out today for a quote and experience the satisfaction offered to our family of clients.

Five Unexpected Perks of RV Insurance in Decatur, AL

Seasoned RV enthusiasts know that RV insurance is a must-have to protect your camper, fifth wheel, or pull-behind trailer in case of accidents. Not only does comprehensive RV insurance provide RV owners with peace of mind, but a few perks go along with having insurance to protect your rolling home. 

Five Unexpected Perks of RV Insurance in Decatur, AL

Perk #1. – Emergency Roadside Assistance

Nothing is worse than being stranded on the side of the road in your RV with a flat tire, lockout, or needing a tow. RV insurance policies with emergency roadside assistance can help get you back on the road faster. 

Perk #2. – Coverage for Your Personal Belongings

RV owners worried about taking their favorite devices like computers, tablets, TVs, and jewelry to get peace of mind when they have an RV insurance policy that offers comprehensive coverage for their personal belongings. 

Perk #3. – Campsite Liability Protection

Camping at America’s most famous campsites is part of the RV experience. A licensed insurance agent at Will Wright Agency Inc. can help add campsite liability coverage to protect campers from legal liability claims and accidents that happen at campsites. 

Perk #4. – Get Coverage for Full-Timers

More land lovers are taking the plunge and moving into their rolling homes full-time. Many RV insurance policies have specialized coverage options available for full-time RVers. 

Perk #5. – Safe Driver and Other Discounts

Along with safe driver discounts, insurance agents can talk to you about RV discounts that become available when you combine your RV insurance policy with your home, auto, or commercial insurance policy.

Contact a knowledgeable Will Wright Agency Inc. agent to learn which discounts you qualify for and get an RV insurance quote!