Outrageous Quotes? Or Just Me?

[Rocinante]

Originally Posted by Fred L

Al,
Did the agent say "NADA" ?
Presumably getting into fine print, but as I noted in my post, AMICA confirmed they do not use NADA to calculate "accepted cash value" but use comps on recently sold AS that match the trailer being insured. I was told that "agreed value" is rare or never done since it sets a dollar amount and does not take depreciation into consideration. Ie, you buy a new AS for $75,000 and pay insurance for 7 years and a tree falls on it and totals it, you get $75,000. If there is any correlation to home insurance, I would think replacement value would be the preferred valuation term.

Hey, this method of valuation sounds promising. When the time comes for us to switch our RV from GEICO to something else (next year, at the 5-year mark), we will dig into this, as we've already moved everything else to Amica.

[dcasr]

Originally Posted by Rocinante

Hey, this method of valuation sounds promising. When the time comes for us to switch our RV from GEICO to something else (next year, at the 5-year mark), we will dig into this, as we've already moved everything else to Amica.

_________________________
I have no particular favorite among Insurance Companies, but if your AS is over 5 yrs old you are courting disaster unless your policy says in exact words AGREED VALUE. Whether you have a low or high deductible, a low or high premium, unless the policy says in exact words AGREED VALUE you are in grave danger for a big surprise if you have a significant damage claim. I have my policy now with Nationwide and I jumped thru the hoops to get the AGREED VALUE policy, after leaving behind three other major insurers who all tried to tell me theirs was good enough. Its not hard to have a 15k claim if you hit something hard.

The FCIS insurance company usually has a rep at the Wally Byam International Rallies every year, and they DO have AGREED VALUE. The rep was from Forest City Iowa. Others do as well, but you have to insist and put that above price. Shop for price among the Agreed Value providers.

[Fred L]

With "Agreed Value" , do you change your value every year to compensate for depreciation or current market value ?

If not, I have a hard time understanding why (how) an insurance company would cover a rate higher than it would cost to replace what you have?

I suspect you can insure anything for any amount, but you pay for it.
As for damage, I opted for the $1000 deductible, but will be fully covered for any repairs beyond that.

As a side note, I am still waiting to hear back from Liberty Mutual, but I asked them to let me know if my AS was totaled today, what they would pay me and they said they "couldn't do that"..... call me a skeptic, but I don't know why they cant.

Will ask the same question to AMICA.

[dcasr]

Originally Posted by Fred L

With "Agreed Value" , do you change your value every year to compensate for depreciation or current market value ?

If not, I have a hard time understanding why (how) an insurance company would cover a rate higher than it would cost to replace what you have?

I suspect you can insure anything for any amount, but you pay for it.
As for damage, I opted for the $1000 deductible, but will be fully covered for any repairs beyond that.

As a side note, I am still waiting to hear back from Liberty Mutual, but I asked them to let me know if my AS was totaled today, what they would pay me and they said they "couldn't do that"..... call me a skeptic, but I don't know why they cant.

Will ask the same question to AMICA.

__________________
OK, here's how it works. If you buy a brand new model from a dealer the Airstream RV Agreed Value insurance will normally be your purchase price for a few years, 3 but not more than 5. Airstreams don't depreciate as fast as autos or trucks. If you are insuring an older model Airstream, then you contact an approved certified appraiser that an AGREED VALUE insurance company will work with, and the appraiser comes to your Airstream, takes tons of photos, pokes all around, checks the working nature of the appliances, the dings and dents on the exterior, or lack thereof, the state of polish and finish on the outside, and then they research the selling price nationally of similar age and degree of condition of your Airstream. They will produce a thick packet of documentation, and in my case they gave me two copies and also gave me the electronic copy of the same. You talk to the Insurance Company about the dollar amount the appraiser came up with and ask for a tentative quote on insurance premium. If you are OK with it, you send a copy of the appraisal, either hard copy or e-copy to the Insurance company for their final approval.

Be aware that some Insurers require the RV to be in a locked garage, or under shelter, others, (like the one I have) don't require that. Ask any insurers about location stipulations.

The insurance at that Agreed Value is usually good for 3-5 years before you need to have it re-appraised. There is obviously a cost for the appraiser to do the appraisal, and four years ago I paid $250 for an IVAN certified appraisal, though I suspect it could have gone up to as much as maybe $350 or $400, but it is worth it if you have a valuable Airstream. Mine in a 1990 Excella 29' that we have put a good deal of money into to make it wonderful and I'm not prepared to take scrap aluminum value on a 27 yr old trailer. I'm paying about $450 a year for the insurance, but the price of the policy, and my auto and truck and house all keep going up because the insurance companies have had such catastrophic losses with floods, fires, etc.


NADA, Kelly Blue Book, and other depreciating algorithms simply do not work well on RV's and the absolutely don't work for Airstreams. With Airstreams age is a factor, but it is a lesser factor than condition. Within the Airstream community it is condition, condition, condition, interior as well as exterior. The price of your insurance will also unfortunately reflect any claims you have made on any of your other insurance policies, auto, truck, and home. I was surprised when my Nationwide agent pulled up on her screen all the claims I had filed over previous years on home and auto, such as when the garage door came down on the trunk of the Lexus. Insurers not only want to know about the vehicle they are insuring, they want to know about the person's history and likelihood of filing claims.

Get the certified appraisal, get AGREED VALUE in writing in the insurance policy, pay the money and sleep well and be safe.
+d

[uncle_bob]

Originally Posted by Fred L

With "Agreed Value" , do you change your value every year to compensate for depreciation or current market value ?

If not, I have a hard time understanding why (how) an insurance company would cover a rate higher than it would cost to replace what you have?

I suspect you can insure anything for any amount, but you pay for it.
As for damage, I opted for the $1000 deductible, but will be fully covered for any repairs beyond that.

As a side note, I am still waiting to hear back from Liberty Mutual, but I asked them to let me know if my AS was totaled today, what they would pay me and they said they "couldn't do that"..... call me a skeptic, but I don't know why they cant.

Will ask the same question to AMICA.

Hi

The key feature in any agreed value policy is an up front independent appraisal of the item. That process is repeated every few years to keep the numbers accurate. At some point over the three years (or whatever period) the number will be a little high. I'm sure that "risk" is factored into the cost of the policy.

The target market for this stuff are things like classic cars and restored RV's. They generally do not follow the same sort of depreciation process as that new Ford I just rolled off the dealer lot a few months ago. That also makes this a bit less crazy.

Bob

[CarolynSteve]

Unfortunately, the insurers have taken a big hit in the last several years in various parts of the country. Flooding in Texas, fires and mudslides in California and so on.

Insurance companies as in any other business, do not like to lose money. They assess and reassess the risks.

Live in an area that could be prone to hail get ready to pay more. Live in an area that has recently flooded, well, that area will probably flood again.
Their underwriters and actuarials (math whizzes) try working out the probabilities leave a percentage for their profit and insure you.

If you are confident that you won't have an accident or claim self insure.
Take higher and much higher deductibles and assume the risk.

I don't like paying insurance as much as the next guy. One homeowners claim in 30 plus years, one auto claim in 20 years and one RV claim in 3 years.

So I am trying to understand if one insures an AS that has a current book value of $75,000. paying 1% of the value for a total loss is $750 a year.
2% 1500 a year. My small dent was $2500. with a $500. deductible.

Keep shopping the rates, keep in mind where you live and where you store your AS. Did you have prior claims? Ask your agent or insurance company:
What are the factors used to determine the rates.

Ask yourself is the insurance worth $2 to $4 a day to insure your rig against catastrophe. How does that compare to the price of your newspaper subscription, or any of your other expenses?

Keep the shiny side up.
Steve
San Clemente, CA

[KK4YZ]

I’m with State Farm. We got our bill the other day and were shocked : $1200/yr.
I increased the deductible from $500 to $2000 and the premium dropped to $674. Big difference. I’ll take the risk. If I’m claim free for 2-3 years, it’ll pay off.

[Fred L]

Originally Posted by uncle_bob

an up front independent appraisal of the item.

Any suggestions about where one would locate an independent appraiser specifically for Airstream trailers ?
I tried an internet search and the result wasn't all that encouraging.

Perhaps an AS dealer may be worth a call ?

[rideair]

One thing that is has not been talked about here is "Your Credit Score" it can and does effect your insurance rate (excluding MA, HA, CA where it's banned) and also the history or the amount of claims.

So, all things are equal, two neighbors, living on the same street, owning the same trailer, same age, etc... if one has a credit score of 750+ and the other of 500, guess who has a lower insurance cost?

Just saying, look it up!

Enjoy,

[uncle_bob]

Originally Posted by rideair

One thing that is has not been talked about here is "Your Credit Score" it can and does effect your insurance rate (excluding MA, HA, CA where it's banned) and also the history or the amount of claims.

So, all things are equal, two neighbors, living on the same street, owning the same trailer, same age, etc... if one has a credit score of 750+ and the other of 500, guess who has a lower insurance cost?

Just saying, look it up!

Enjoy,

Hi

Same two neighbors, one just inside the city line in county A, the other just over the line into "rural" county B. Any guess who pays half the insurance the other one pays?

The art of "borrowing" addresses for insurance and registration purposes was a *really* thriving activity when we lived back there.

Bob