Insuring an Airstream

[J. Morgan]

There is a caveat,,, the way I understand it, if the policy is not a declared value policy, an insurance company will insure for a certain amount, but if there is a loss, valuation will be based on depreciated value.

In essence, paying premiums on a value higher than the depreciated value is like throwing part of the premium away.

This is what my insurance agent told me anyway.


1/2 Ton 4WD Truck, 72 Sovereign Hensley Arrow

[graysailor]

I asked about the declared value when insuring my boat and my agent said that the agreed value is what the insurance company would pay.

[Len n Jeanne]

Runwoman, we live in Canada and worked through our local independent insurance company, who farmed out their RV insurance to a larger company based in near Vancouver. I don't think you'd find them in the US. So I think the main thing to clarify is, exactly what does your insurance cover in case of an accident? If repairs are possible, are they to be a "like new" condition, or something less? If the RV is a write-off, what is to be the value of your reimbursement?

It is probable that in the US if you work with a major insurer all the way, you won't be dealing with middle men the way we did.

One thing we learned the hard way, is that in the event of an accident, there can be several different companies involved: the appraisal company who sizes up the damage, the insurance adjustor who is assigned your claim, the big insurance company (who contracts with the adjustor) who makes the final pay-out, and the local insurance company from whom we bought the insurance.

Although the dollar value of any pay-out is the primary consideration, finding a company that is easy to deal with is also important. If the accident was bad enough that the trailer goes to the salvage yard, its owners are going to be mightily stressed and shaken, even if they weren't injured in the crash. Having to dicker with the insurance adjustor over a period of months, as we did, just compounds the nightmare.

Insurance is one of those things we never thought we'd draw upon, but when we did, we were glad that we'd paid for the best insurance, because even with all the hassles, they did finally come through for us.

[rodsterinfl]

J.Morgan and Graysailor are correct. Declared or agreed value is the best you can get if the trailer is not new OR older than three to five years. The problem is that FEW companies offer an agreed value policy. Two of the prominent companies are lauded by various RV companies. One is used by WBCCI. I bounced between the two when finally discovering they were "the offerings" and took the one with the best rate/best coverage in writing for me.

You have to be careful. All the insurers ask how much you paid. That does not mean it is a declared value policy. The agreed/declared value policy says so in writing with NO DEPRECIATION- it says so in writing. When I shopped recently there was no common name brand insurance company that offered an agreed value except I believe Allstate but I did not call them but rather an RV insurer familiar with the policies available.

[mnmhays]

I have an agreed/declared value on mine. I will reevaluate this amount with my ins. co. once restoration has been completed.

[rodsterinfl]

oops, in my post #44 I said Allstate. It is Nationwide. FCIS is the company that I believe WBCCI offers in their brochure.

The point of all of this is not to sell insurance but to bring an important aspect of ownership out- valuation in case of tragedy. Yesterday I got that Good Sams insurance package in the mail offering me a free zero gravity chair as a new customer. I called them and told them I cancelled and that the sales brochure was misleading since the policy they sold me (that I cancelled) was nothing more than an auto policy as stated on the docs and based on NADA depreciation and value with no guarantee of an "RV adjuster" as they described. He told me that it was an RV policy even though it said Auto policy on the declaration. Hmm, in an actual claim which one would they agree to, what the declaration page says or the 800 sales guy selling the policy?

The insurance issue will be different for each owner. New or almost new- best option is replacement. Five years or older- agreed value and vintage agreed value via appraisal. The least coverage is depreciative NADA value which is what most policies are written as. The premium for me was very little difference to get the better policy.

Good for you KWN306. Blue Sky is the other big RV player.

[lahrfarm]

My first AS was a 69, I had the same policy with state farm as I do now. When it got hailed on they had me get an estimate for repair, and totaled it at our original insured value. They gave me no trouble.

[rodsterinfl]

My first AS was a 69, I had the same policy with state farm as I do now. When it got hailed on they had me get an estimate for repair, and totaled it at our original insured value. They gave me no trouble.

Good. Acting as a "good neighbor". As a story, I had State Farm for my auto from 1979 till 2010. Once in a wreck in Tennessee they towed my car even though I did not have towing. I later learned it was my agent that handled that. Then in 2010 my agent retired and my rate suddenly skyrocketed $75 more per 6 month period. I shopped and dropped. My lesson was that the agent makes a big difference too. We knew Brad and he owned the agency. I like State Farm we lost our homeowners through them too as they pulled out of Florida. The issue though is that no insurance company has to do anything that is not on that declaration.

[lahrfarm]

Originally Posted by rodsterinfl

Good. Acting as a "good neighbor". As a story, I had State Farm for my auto from 1979 till 2010. Once in a wreck in Tennessee they towed my car even though I did not have towing. I later learned it was my agent that handled that. Then in 2010 my agent retired and my rate suddenly skyrocketed $75 more per 6 month period. I shopped and dropped. My lesson was that the agent makes a big difference too. We knew Brad and he owned the agency. I like State Farm we lost our homeowners through them too as they pulled out of Florida. The issue though is that no insurance company has to do anything that is not on that declaration.

I agree, I do have a good agent with a 25yr relationship

[X New Yorker]

Hi - Would you mind sharing what you found out from Progressive regarding you RV insurance?

Thanks

[MaineStreamer]

I posted this on one of the other discussions, but am doing so again here, under the appropriate topic.

I finally got adequate insurance coverage for my 2007 Safari 20. I bought it through
Ronald L. Jarvie
Certified Insurance Counselor
Overland Insurance Services
480-994-9584 or 800-677-4027
Ron Jarvie <ron@rvins.com>

He gave me the contact information for
Valuation and Identification Solutions
AudaExplore, a Solera company | O: 800.351.3133, ext. 7449
to get an appraisal done, which came in just a little less than I paid last year. I also took an AARP safe driver seminar online in April, which resulted in a discount for my Airstream insurance premium and my car insurance.

Net result:
Vehicle:
2007 20’ Airstream Safari
Agreed Value @ $33,795 ( insured value )

COVERAGES:

$ 500,000 - Campsite / Vacation Premises Liability
Towing & Roadside ( 100 Mile Limit or up to $750 Reimbursement )
$ 1,000 - Comprehensive Deductible
$ 1,000 - Collision Deductible
Vanishing Deductible ( $100 credit applied in 30 days )
Total Loss "Market Value"Coverage *
$ 750 - Emergency Expense Coverage ( $200 per day )
$ 3,000 - Personal Effects ( replacement basis - $250 ded. )
$ 1,000 - Custom Equipment ( tow bars, dollies & additions after purchase )

Premium: $ 337.41 per year( on above package )

* "Agreed Value"- Pays the insured value in event of a total loss.

Discounts applied: Paid-in-Full, Homeowner, Prior Insurance, RV Club & Driving Course
Rate program: Occupied less than150 days per year (no mileage limit)

Now, that makes me happy!

[cwbiii]

I'm at the insurance crossroads with a 69 Tradewind I paid 4k for 10 years ago and have since invested over 20K into along with a lot of sweat equity. Needless to say I want it to be adequately insured to cover the costs of having it professionally repaired to be identical to what it is now... which is no way near its NADA value. There are companies that insure antique cars for their real value once established. So the main questions is: Where /how do I get my rebuilt/restored trailer correctly valued. Then I can put my long time agent to work finding me a policy that properly covers it. It is going to be roadworthy again very shortly and I need to get this done in a timely fashion after I have or this season will be gone.

Chuck

[cwbiii]

So how does one locate an appraiser of restored airstreams?

[J. Morgan]

I think I just looked on the internet.

Found a company that was willing to do an appraisal over e mail.

Fast, easy, done.

[mnmhays]

I have mine insured through my auto insurer. I stated that I was in the midst of a renovation and they said that we could revisit coverage once I am done and suggested that I save receipts. In the meanwhile, I am insured for MSRP (which is more than I paid initially). My TV insurance covers the liability aspect of things.

[rodsterinfl]

So the main questions is: Where /how do I get my rebuilt/restored trailer correctly valued. Then I can put my long time agent to work finding me a policy that properly covers it. It is going to be roadworthy again very shortly and I need to get this done in a timely fashion after I have or this season will be gone.

Agreed value policy is what you want. They will tell you what you need.

[rodsterinfl]

OK, One year later on the policy I wrote about previously. It went up $8 for my rate and I received a $200 vanishing deductible credit. Just thought I would share the renewal rate on the agreed policy I took out last year.

BTW, reviewing this thread after a year, there seems to be a bit of uncertainty on "declared" value versus "agreed" value. Declared value refers to what you paid for the vehicle, trailer, whatever. They calculate the premium from that BUT it has nothing to do with claim value or "total loss" valuation. You will only get what they say it is worth on the NADA value or wholesale market if a total loss is made UNLESS you have an agreed value policy which means I am insuring this for what I paid and it never depreciates that amount as long as you keep the policy UNLESS the company has a time limit on the policy. I was told that Allied does not which is what FCIS and Overland offer. I do not know about Blue Sky and, Progressive told me 10 years. I do hope this helps others. I found that there was little to no difference in the premium for agreed policies but a huge difference in value to the consumer.

[Tnayman11]

Hi rodsterinfl,

I can't thank you enough for your detailed posts regarding your insurance hunt. My husband and I just purchased our first AS, a 1972 Land Yacht. Thanks to your diligence, I'm sure you have saved us countless hours calling and researching to find an "Agreed Value" policy. Before I call Nationwide, I was curious if you are still happy with your policy through FCIS/Nationwide? Any new updates or things you have learned since your last post?

Thanks!
Teresa

[Pocahontas]

Hi, Pat
I found your insurance advice in the Forums and am going to follow your recommendations to the "T" on insuring our first AS, a 19' Safari, we pick up in a month. I was particularly pleased to see you went from a motorhome to the Safari. Now three years later, are you still enjoying it?

I'm new to posting. This was in reply to Pat, on page 1, I believe, of this thread.

Paula