Originally Posted by rrbyrd
Really, I was wondering that as well. They tell me they start at the original msrp & go down to the year from there. They don't know how to insure my trailer with equipment inside...
Not a realistic approach.
I went throught the same gyrations a few years ago. Here's my take, but by all means choose the path you feel best suits your needs.
Tell them what you value you want it insured for. The original purchase price is irrevelant in most cases. My prior agent gave me this standard line about needing the original purchase price and could not justify the reason why when I questioned him about it. I contacted another agent with the same underwriter for a quote. He asked me several questions such as my purchase price, replacement value, and desired deductable.
Points I pondered:
1. It's not realistic to expect someone to know the original purchase price of an older unit, and NADA values don't typically give a good representation of some market trends.
2. Say it cost $10,000 ten years ago, and now it's a rare, or highly desireable model worth considerably more than the original purchase price. Or worth substantially less than the original prurchase price. In either case you could end up significantly under/over insured.
It was worth another phone call in my case. I received more coverage and a better rate.