Appraisal & Cash Value ?'s for Insurance

[BambiII'64]

We're getting ready to leave on our maiden voyage and we need insurance! I have spoken with our insurance agent and after much searching he only come up with 3 options:

1. insure with our current policy (couple hundred a year) for a value we determine. But when it comes time for a claim they will go to 3 local RV dealers to get the cash value. My hunch is that local RV dealers will not have a clue.

2. insure with Progressive (I think) but would require an appraisal upfront. How can I get a decent appraisal? Again, I don't think there is anyone locally the knows vintage AS values.

3. ask the Airstream Forum!

Any advice on appraisals etc. would be appreciated!

Molly

[ABRACADABRA]

Originally Posted by BambiII'64

We're getting ready to leave on our maiden voyage and we need insurance! I have spoken with our insurance agent and after much searching he only come up with 3 options:

1. insure with our current policy (couple hundred a year) for a value we determine. But when it comes time for a claim they will go to 3 local RV dealers to get the cash value. My hunch is that local RV dealers will not have a clue.

2. insure with Progressive (I think) but would require an appraisal upfront. How can I get a decent appraisal? Again, I don't think there is anyone locally the knows vintage AS values.

3. ask the Airstream Forum!

Any advice on appraisals etc. would be appreciated!

Molly

1 - Doesn't make sense. You & the insurance Company either agree on a value or not!

Maybe your agent is telling you that going to three RV dealers might be for quotes for damage repairs ... & somebody(??) picks one to use for indemnificatoin of you & your loss. One can only guess that this company does not have staff adjusters qualified to evaluate the actual cost of repairs for a specialty item like this.

Policies are either AGREED VALUE or ACV (actual cash value)

Either way . . . if the cost of repairs exceed the value - they will pay policy limits and may or may not keep the salvage (your trailer they just bought from you for the policy limits)

If there is a stated value (agreed value) then you know what cost in repairs (or total theft) will total it (policy limits)
If the policy does not state a specific value, then it is an ACV policy ... with an ACV policy (like all your non-classic or common car policies) ... believe me - your going to get the short end of the stick. You have to nail down the insurred value!

2 - Progressive (and others) will sell you an agreed value policy (the only kind of vintage Airstream policy to have) based on documented cost, such as: a bill of sale, sales tax receipt, or if your attempting to insure for a greater value than purchase, appraisal.

As you have encountered, this is difficult ... your best bet is getting an Airstream dealer to value it - on paper.

If you need to know about insurance and claims, look up 'DRIFTWOOD's profile and see if he has a phone # listed. He understands insurance & claims.

[shinybean]

I agree. I am with Progressive for my 64 Safari. I did the ACV. They said they could use the bill of Sale, or check what other comparable units in similar condition have sold for to validate the value. I just don't trust what some "random" appraiser has to say about vintage Airstreams...

[azflycaster]

Originally Posted by shinybean

I agree. I am with Progressive for my 64 Safari. I did the ACV. They said they could use the bill of Sale, or check what other comparable units in similar condition have sold for to validate the value. I just don't trust what some "random" appraiser has to say about vintage Airstreams...

I thought with an ACV policy you would be paid what some "random" appraiser came up with as a value. With the Agreed Value you know what that number will be.

I insured my trailer based upon what I paid for it (agreed value). I supplied my agent with the cash price and a few pictures for his files. When I added an awning to the unit I had the agent raise the value to cover most of the awning cost.

[Silvertwinkie]

Find a company that understands vintage vehicles.