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Old 04-14-2008, 04:57 PM   #1
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Question Agreed Value Ins ??

Like others with older Airstreams with updated equipment and remodeling I wanted to upgrade my current insurance coverage on the 1976 A/S. So I spoke to my agent about an "agreed value" policy from my current carrier Kemper and a quote from Foremost and Progressive. Kemper would not offer a quote but Foremost and Progressive did. Both said that they would set the coverage amount based on documentation or appraisal of the trailer from an A/S dealer or my local RV service shop, Bob Jones RV in Houston. They have been servicing Airstreams for over 30 years.

Sounded good until I started going over the details with my agent. Although they would issue a policy with what appeared to be an "agreed amount", claims would be paid on a deprecated amount at the date of loss. If the trailer was totaled they would pay based on the deprecated value of the items on the trailer that I had sales receipts on, AC, tires, wheels, Hensley, etc, etc back to the date that they were purchased. Not at replacement value. Foremost told my agent that the trailer itself (the shell) had a value of only $1,200 based on their source for determining payment.

So the agreed value as I see it does not do anything for you. On a total loss you get pennies on the dollar.

Maybe someone has more specifics on how their insurance coverage is written for Vintage Airstreams to avoid this situation.

Thanks
Don Hardman
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Old 04-14-2008, 05:02 PM   #2
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You can try to get "replacement coverage". The way that usually works, they will pay you the depreciated amount, but when you provide proof of replacement (usually a receipt), they will cut a check for the differencde, up to the limit of the policy.
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Old 04-14-2008, 05:24 PM   #3
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good job on checking the details don...

each company writes this differently and even state2state...

the wording in my policy is pretty specific and follows what's online from progressive...
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Agreed Value
Agreed Value protects your investment in your RV without considering depreciation for total losses.
The total loss payout is the agreed value as shown on the Declarations page.

Proof of value is required for this option.
For RVs purchased less than two years ago, the purchase documents are proof of value.
For RVs purchased more than two years ago, an appraisal serves as proof of value.


Total Loss Replacement/Purchase Price
Total Loss Replacement/Purchase Price coverage provides you with a new, untitled RV
if your RV is five model years old or less and is deemed a total loss.
If an RV older than five years is deemed a total loss,
the payout will be the purchase price as reflected on the Declarations page.

The purchase price value includes all permanently attached equipment, tax, title and license.
The value should be increased if additional equipment is added.
This coverage is only available for new RVs, up to one model year old.
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so how is the statement (from progessive) written as you read it?

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Old 04-14-2008, 05:31 PM   #4
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This is so rediculous. All I want out of insurance is to know that I can pay a reasonable annual amount, and if something happens to my trailer, they will pay me enough to replace it. All this depreciating and stuff is stupid. It sounds to me like I'd be better just putting away a little money every month and if anything happens in the future I'll be prepared to pay for it myself, and hopefully nothing will ever happen.
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Old 04-14-2008, 05:33 PM   #5
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We have two Street Rods insured with a company that specializes in such cars. it is "Agreed Value". Over 25,000 they want an appraisal. No depreciation. If a car gets damaged, the owner can submit an estimate, repair the damage himself, and get paid for it. Pretty cool stuff, as many of us owner/builder types don't want others messing with our Street Rods.

I will be seeing their representative in Bakersfield at the National Street Rod Association Western Nationals next week. I have been planning to ask her about Vintage Trailers. There really isn't much difference between vintage trailers and Street Rods when it comes to their care and the way their owners protect them. Also, the vintage trailer owners and the Street Rod owners have much the same mind set, just a different vehicle.

I'll post back if I have any news.
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Old 04-14-2008, 05:38 PM   #6
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Jim, I would be very interested to hear back what you find out.
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Old 04-14-2008, 05:38 PM   #7
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Originally Posted by Stefrobrts
... if something happens to my trailer, they will pay me enough to replace it...
and that is exactly what progressive provides IF you purchase the correct policy....

agreed value (for old trailers)...

replacement coverage (for new trailers)...

most folks buy 'whatever is cheapest' and those policies (a market value policy) do neither.

i did check with a 'classic car' insurance company 3 years ago; they would NOT write for the rv...

BUT there are multiple companies that WILL write/cover old stuff n collectables,

but they usually DON'T include the collision/liability portion, so full coverage requires multiple policies.

the rates were NOT competitive (for me) so i passed.

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Old 04-28-2008, 05:18 PM   #8
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Sneed Insurance

We just walked in the door from the National Street Rod Western Nationals in Bakersfield, CA. While there, I talked with Lillian Gore, who I have been doing business with on our Street Rods for many years. I asked about insurance on Vintage trailers and she said that they just started insuring them. She said that she will send me more information vis e-mail as soon as she gets back to Memphis. In the meantime, here is a link to their site.

Classic Car Insurance, Sneed StreetRod, Home and Auto Insurance
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Old 04-28-2008, 06:16 PM   #9
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Agreed value

This is a post I did some time ago.
Insurance
I did extensive research on this over a year ago and frankly found that many who responded on the forum did not have adequate coverage or listened to inaccurate advice from their agents. I even received inaccurate advice form my long time agent. I found after talking to underwriters and some folks on here who had done the same homework, the only way you can be protected with a guarantee is with an "agreed value" policy. I even went the "declared value" route first thinking from the advice of my agent that I was getting the guarantee I wanted. Not so!!!!! It does not matter the amount of the delcared value, an adjuster comes out and makes the final decision. Only in an agreed value, sounds similar but huge difference in coverage, do you get an actual guaranteed. Most companies won't even write an agreed value policy. But a few will but you must get an appraisal and submit the paperwork they ask for in order for them to justify the agreed value you want.
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Old 06-04-2008, 07:52 PM   #10
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This is a post I did some time ago.
Insurance
I did extensive research on this over a year ago and frankly found that many who responded on the forum did not have adequate coverage or listened to inaccurate advice from their agents. I even received inaccurate advice form my long time agent. I found after talking to underwriters and some folks on here who had done the same homework, the only way you can be protected with a guarantee is with an "agreed value" policy. I even went the "declared value" route first thinking from the advice of my agent that I was getting the guarantee I wanted. Not so!!!!! It does not matter the amount of the delcared value, an adjuster comes out and makes the final decision. Only in an agreed value, sounds similar but huge difference in coverage, do you get an actual guaranteed. Most companies won't even write an agreed value policy. But a few will but you must get an appraisal and submit the paperwork they ask for in order for them to justify the agreed value you want.
Stewart
I just received a letter from my insurer last week saying that they had found a company which would write an "agreed value" policy - with the same caveats mentioned above. The only problem I have is trying to find an Airstream - or other dealer - who can provide the appraisal. Any suggestions??? I went through this same thing for an old antique Buick I had - but the insurer accepted my requested amount of insurance without an appraisal.
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