Hi,
Please see the below from a previous post.
A Few Thoughts
First "agreed value" is a reference used in property policies. Where I would agree with the agent (I being the insurance company underwriter) that the value used is correct. Therefore, coinsurance would be waived as long as the property was replaced.
As for a value showing on an auto policy - absent the below - it's used for a rating basis for the physical damage on the trailer. It is not the settlement value. On a new car for example we use the new vehicle value as a "rating basis" - when you wreck it 2 years later settlement is on an Actual Cash Value basis (ACV). ACV is replacement cost less depreciation.
In order to avoid ACV on an auto/RV policy you need a Stated Amount Endorsement. This is a definition from an insurance internet site.
"Stated Amount Endorsement
This endorsement is typically used for an unusual or valuable piece of property that does not fit standard descriptions and, instead of declining, retains its value. For example, a classic Austin Healey 3000 Mark IV might be covered by this type of endorsement to a
Personal Automobile Policy (PAP)."
Most agents and underwriters understand this endorsements use on classic cars but are not used to it on an RV. Tell the agent to treat your Airstream the same as a classic car. Various companies will require different things to attach Stated Amount - up to and including a market appraisal. Keep in mind that some companies may not have the Stated Amount Endorsement filed with the State Insurance Department to attach to an RV policy, since they would not have anticipated it ever being used.
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OHIO - WE ARE THE MOTHER SHIP
Gary