Update on Progressive... We found a 1968 Overlander in October. I signed in to Progressive website and got insured agreed upon value of $2,000. Today I got a letter saying they changed my settlement option to market value. They never told me I had to get it appraised or any of that. Once I get it restored I may do that.
Pat
03 tundra
68 overlander
I am thinking that getting coverage for your Airstream through your auto policy may actually be for a small trailer for towing an ATV, a load of lumber, etc. It could be a rider on the auto policy and thus probably be only be an extension of auto liability coverage. The agent may not understand the policy. Years ago insurance agents made a middle class living from commissions (my father-in-law was an agent; he retired around 1990 as things were starting to get bad), but commissions have been cut and cut some more and the quality of agents naturally suffers.
Insurance is regulated by the states and depending on the state, specific coverages may or may not be mandated or offered in all sorts of ways. Some states regulate premiums, others don't. Colorado, for example, has generally let the insurance companies do whatever they want. Coverages change all the time, often giving you less and less. Over the years there has been a change in the attitude of the insurance industry—they, generally, try not to pay claims figuring on wearing you out so you'll give up. Sometimes it costs more to fight you than they save, but they don't care.
Some companies have worse records than others. State Farm has been sued many times for not paying claims and I believe there have been some major class actions against them. We have Progressive and have only had one claim. It was handled professionally and promptly. It was not on our trailer. Because I want to stay married, I won't tell you who was at fault. There's no way real insurance on an expensive trailer is going to be less than $100. Most states have mandatory liability coverage and that is for a self propelled vehicle—maybe that's what the agent quoted 6 years ago meant. Of course, a trailer could become self propelled due to gravity and foolishness.
It's important to read the policy to know what is covered. Unfortunately, you never see the policy until after you pay the binder. The companies try to hold you to a contract which is often vaguely written that you never actually agreed to. Question the agent carefully. Check company websites, and, of course, lots of information is available on the Forum. GStephens post #27 is very helpful for example.
The consumer is pretty much on our own. Years ago agents were independent agents who represented us and guided us to the best policy (we hoped, but maybe the policy with the best commission for them) and if we had a claim, they guided us through that. In the 1980's the companies started tying the agents to them and tried to eliminate the independent agents. Those company dedicated agents work for the company, not us. If we have a claim, we are directed to someone in the company bureaucracy who doesn't know us and simply does what he or she is told to do. I used to have one agent for all insurance. Now I have 3, 2 independent—one for auto and trailer, one for homeowners, one for health insurance. We bought road service for the trailer from Good Sam, no agent necessary.
I have experience challenging the industry, so we almost always get what we are claiming, but not everyone wants to go to law school, get a law license, and then fight for full payment. It's just not cost effective. It's a much more confusing world now—we have 2 phone companies (cell and landline), an ISP, satellite TV, but I used to pay $8/month for a phone (that's when I made $70/week).
We have Allstate. Allstate has insured my homes and vehicles for over 25 years. The few claims that we have turned all have been handled to our satisfaction. 2 1/2 years ago we bought our Trade Wind and insured it with All/St at an agreed value of 5k. Well to no ones surprise we have more than doubled that value with upgrades and improvements. I plan on uping the value and have been compiling the sold prices on similar Airstreams to support my argument if need be. But first I am entering the begining of a claim for side panel replacement (Oops I scraped a steel post). Allstate has given me a claim number and I have selected the Airstream shop to do the repair. Rough verbal estimate is 3k to 4k. The shop is about to turn their estimate and thus we will hear soon the results. Wish us well. I will update you.
Neil.
UPDATE;
The Allstate 'adjuster' was here 3 days ago and inspected our damage. The repair estimate by our selected Airstream service shop is about $3200. The adjuster telephoned the shop for verification and told me he will approve the repairs at that price minus my deductible. Then he asked if I was satisfied with the entire claim process. I mentioned that I did have to make a couple of unnecessary followup calls to Allstate to 'keep the ball rolling'. He appologized and waived my deductible. So my only out of pocket expense will be the travel (2 1/2 hour drive). We can overnight at the repair facility. Kidda like a 3 night camping trip.
Neil
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Neil and Lynn Holman FreshAir #12407
We insured ours last year and they told us we had to get it appraised for the full amount. When we are finished with our repairs I will get the AS appraised.
Quote:
Originally Posted by kokopat
Update on Progressive... We found a 1968 Overlander in October. I signed in to Progressive website and got insured agreed upon value of $2,000. Today I got a letter saying they changed my settlement option to market value. They never told me I had to get it appraised or any of that. Once I get it restored I may do that.
Pat
03 tundra
68 overlander
All this upgrading of insurance without an "agreed value" policy through various companies is well and good PROVIDED you don't suffer a catastrophic loss. Bragging about how cheap your premiums are is well and good PROVIDED you don't have a catastrophic loss.
Panel replacement from a hail storm can easily exceed $25,000 on one of our trailers. On a vintage trailer, we might feel we know what its value is, but I assure you the insurance company without an "agreed value" policy will discount the overall value of your trailer to a rediculously low value if you only "stated its value" regardless of how many documents you show them. 'Agreed Value" ande "Stated Value" policies are two entirely different products (policies). You loose big time when if you don't know the difference.
If you own a newer trailer, then these problems don't arise because the trailer's book value will exceed the cost of panel replacement, but on a vintage trailer you must get an "agreed value" contract. To have such a policy requires two things: 1) the trailer must be appraised, and 2) such a policy requires an insurance company that offers an "agreed value" policy. Ask all the questions of your various insurance companies and you will find that only one offers such a policy on older Airstreams at this time. At least that was the case several years ago when I researched this question. That company is PROGRESSIVE.
In an earlier post I told how I "thought" I was covered through Foremost. As I am trying to do with you, another forums member tried to tell me different and I argued just as many of you are now doing. That forums member stayed with me and eventually convinced me. Had he not I would have learned a very expensive lesson just like some of you may learn, The agent had even told me I'd be covered. I had talked to someone who answered the phone at headquarters and they also told me I was covered, but at the insistance of the forum member who was trying to help me, I phoned the company headquarters again and had a discussion with a supervisor. He eventually admitted that I wasn't covered through the Foremost "stated value" policy. He said my trailer would be depreciated, perhaps severely from the figure entered on my policy. My coverage and the value of my trailer would certainly be discounted in the event of a catastrophic loss and I would not be covered.
I contacted Progressive and I took out an "agreed value" policy. It required an appraisal. I contacted three different Airstream dealers before I found one who would give me an appraisal on my trailer, but I secured one eventually. It was appraised for $17,000. I accepted that value even though I thought it was worth more and obtained my policy through Progressive.
Several years later (two years ago) I did suffer a catastrophic loss to the tune of $24,000 damages to a 1982 trailer in a hail storm. It doesn't take a genius to know that most 1982 trailers are probably not worth more than $6,000 to $8,000 on eBay and there is no Blue Book value on a trailer that old. That is all I would have received had I not had the "agreed value" policy, but I had an "agreed value" policy with Progressive in the amount of $17,000 and they paid right off. Try that with any other type of policy, especially those of you who are insuring your trailer as an attachment to your auto policy or those paying $80 a year for your coverage. If you have a repair for more than a few thousand dollars, the insurance company will simply total your trailer. Then it will be too little, too late and a VERY expensive lesson learned.
GStephens
Well Gayland you have me convinced. But why in the world don't you give us an idea of what a 17,000 Agreed policy costs yearly.
How much was the deductable?
Did you switch all your coverage (auto & homeowner etc) to the Progressive?
Have you stayed with them?
What did you do with the damaged trailer? If fixed, do you now have a salvage title or regular title?
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They never told me I had to get it appraised or any of that. Once I get it restored I may do that.
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