I am looking to change over from State Farm for my insurance coverage. It was fine back when I bought the trailer and I only had a few thousand dollars invested, but now the restoration is done, I've invested thousands of dollars and untold hours of my own time, and thanks to Airstream's increased popularity the value of the trailer has increased so much that I would like to get a policy with an 'agreed on' value, or whatever they call it. I don't mind paying a fair amount to insure it in the event of an accident. I would be more comfortable knowing that if the trailer was totaled, I would be covered for an amount that will allow me to get another finished Caravel and get back on the road, instead of starting all over from scratch. I can tell from the amount I'm paying at State Farm ($25 a year) that they do not understand the value of the trailer, and it will be a big fight if anything happens.
So I guess I'll call Progressive and Foremost, the two insurance companies already mentioned here. Does anyone else have any further insight into vintage trailer insurance?
We have Farm Bureau Insurance and have for many years. We are allowed to insure our trailer for the amount of money that we have into it. In fact, we will be updating our insurance soon as we will be on the road at the end of April. I hadn't been recording our receipts as regularly as I used to at the begininng of our rebuild, and was astounded as to how much we have spent on Moby since his purchase in 2004.
The insurance agent will be receiving documentation and pictures, and a request for an upgrade to $13,575.41. But we know that everything works, it doesn't leak, the bed is comfortable, and it's paid for!!!!
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Beth
67 Sovereign, double bed, rear bath-"Moby"
2005 Dodge Ram 2500 Hemi, Quad Cab-"Ahab"
"Living in the belly of the whale is cool"
I got a letter from Progressive this afternoon about changes to my RV policy to become effective March 31, 2008. Pet Injury insurance now comes free with an RV’s Comprehensive and Collision coverage. Also, if you have Personal Effects coverage, they will now pay first for a covered loss before any other insurance you may have for those valuables.
I don’t have pets, but I think this is a very nice thing for those that do. I do appreciate them deciding to pay first, too.
I am looking to change over from State Farm for my insurance coverage. It was fine back when I bought the trailer and I only had a few thousand dollars invested, but now the restoration is done, I've invested thousands of dollars and untold hours of my own time, and thanks to Airstream's increased popularity the value of the trailer has increased so much that I would like to get a policy with an 'agreed on' value, or whatever they call it. I don't mind paying a fair amount to insure it in the event of an accident. I would be more comfortable knowing that if the trailer was totaled, I would be covered for an amount that will allow me to get another finished Caravel and get back on the road, instead of starting all over from scratch. I can tell from the amount I'm paying at State Farm ($25 a year) that they do not understand the value of the trailer, and it will be a big fight if anything happens.
So I guess I'll call Progressive and Foremost, the two insurance companies already mentioned here. Does anyone else have any further insight into vintage trailer insurance?
I have my 67 Caravel insured with State Farm for it's actual (agreed) value, which in this case is $9500. Premium is $81/yr, and they didn't ask for any appraisals or comparable sales or anything. Just call them and tell them what you want to insure it for.
I was told by Foremost in order to get an agreed value appraisal I need a statement on letterhead from an Airstream Dealer saying what it is worth.
There is only one dealer in my area (Albuquerque) Holiday RV. I called him when I came through from a trip last weekend. He said an appraisal would cost $50. I drove to the lot and he basicly laughed me off the lot, pulling out a NADA book which went back to 1975. Says NADA says a 75 is only worth $1300 with the implication my 71 must be worth less. He would not even look inside my coach Said "I'm not going to put my name to that" and asked me about the dent on a front panel. He did not hesitate to tell me he could replace the panel, which was repairable without replacement, and then might give me an appraisal.
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Having more fun than a jack rabbit at a coyote picnic
I would expect that kind of attitude from a NON-AIRSTREAM RV dealer (it's the same attitude I get at my local), but that kind of treatment from an AS dealer should warrant a boycott IMHO. Any new dealer who can't appreciate vintage is not a true Airstream person, but simply another hustler out to make a buck...using the Airstream brand to do it. Thumbs down on Holiday RV of Albuquerque...
A few months ago I contacted Holiday RV of Albuquerque because I wanted some minor work done on my furnace. The furnace is a fairly new NT30 not the original. I was informed this dealership has a policy they will not service any coach more than 15 years old.
Feel free to draw your own conclusion.
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Having more fun than a jack rabbit at a coyote picnic
I was told by Foremost in order to get an agreed value
Like others with older Airstreams with updated equipment and remodeling I wanted to upgrade my current insurance coverage on the 1976 A/S. So I spoke to my agent about an "agreed value" policy from my current carrier Kemper and a quote from Foremost and Progressive. Kemper would not offer a quote but Foremost and Progressive did. Both said that they would set the coverage amount based on documentation or appraisal of the trailer from an A/S dealer or my local RV service shop, Bob Jones RV in Houston. They have been servicing Airstreams for over 30 years.
Sounded good until I started going over the details with my agent. Although they would issue a policy with what appeared to be an "agreed amount", claims would be paid on a deprecated amount at the date of loss. If the trailer was totaled they would pay based on the deprecated value of the items on the trailer that I had sales receipts on, AC, tires, wheels, Hensley, etc, etc back to the date that they were purchased. Not at replacement value. Foremost told my agent that the trailer itself (the shell) had a value of only $1,200 based on their source for determining payment.
So the agreed value as I see it does not do anything for you. On a total loss you get pennies on the dollar.
Maybe someone has more specifics on how their insurance coverage is written for Vintage Airstreams to avoid this situation.
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