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Old 02-10-2012, 12:50 PM   #15
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You want "Stated Value", or whatever your carrier calls it. The premium they collect is based on the maximum possible amount they will pay you for a total loss, minus your deductible.

Even with the settlement method of Actual Cash Value (ACV), you may not get paid what it is worth if the insurance company did not collect enough premium for the risk.

Another thing: if your trailer is declared a total loss, some carriers will allow you to 'retain the salvage'. But, you need to know if-
1. They will allow you to continue to insure it, and/ or
2. Can you title it for road use again?

Insurance isn't that difficult to understand. I can't tell you how few of my customers ever read their policy, even though I encourage them to do this.

As with anything in life, educate yourself.
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Old 02-10-2012, 02:16 PM   #16
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Insurance isn't that difficult to understand. I can't tell you how few of my customers ever read their policy, even though I encourage them to do this.
As with anything in life, educate yourself.
You hit this right on the nail. Yesterday I posted that my 65 was covered through Progressive for $15,000.00. After reading some posts that suggested I might not have what I thought I had I called Progressive w/policy in hand. They told me that my policy was actual value not "agreed/stated" value. Ignorance is not an excuse on my part. They said that I can make the changes to my policy by submitting an appraisal from an RV dealer. I now have the appraisal scheduled.

Thankyou to Kamiak & JazzDad for my wake-up call. I'm sure glad we have these forums.
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Old 02-10-2012, 07:48 PM   #17
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I called FCIS (ad in the latest Blue Beret), got an agreed value policy just a few days ago based on an appraisal done at last year's Albuquerque maintenance rally. Premium nearly $100 below Progressive's quote. Of course no claims yet, so I can't address their service, but they were great on the phone. 800-331-1520 or rvadvantage.com.
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Old 02-11-2012, 08:41 AM   #18
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My first year with Progressive was for the purchase price(depreciated through that year, I suppose). My second year will be calculated as "value" by the book. I asked my agent about agreed value (she owns an AS as well and understands the "true value") She told me to list out all my upgrades and gather comparable for sale listings and sold amounts, If I can procure, and she will take forward to Progressive.

My policy doesn't come due till May, so I will have to wait to see what happens. I've started collecting comparables.

I guess this will be an annual exercise?????
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Old 02-13-2012, 08:10 AM   #19
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I guess this will be an annual exercise?????
Like re-sealing the roof every other year.
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Old 02-13-2012, 10:10 AM   #20
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There are two basic type insurance policies for Airstreams.

One and the most common, is called ACV, meaning "actual cash value".

The other is called "stated value".

The problem with ACV, is that in the case of a major loss, the owner is at the mercy of the insurance company.

If they decide to a constructive total, or just total the coach, then you have a real problem. You must now get certified appraisels from someone that is an expert with Airstreams. They must prepare an itemized list of everything of value that was added to the coach. They must also have the receipts to back up their quoted value.

In the case of a stated value policy, documentation is necessary when applying for that type policy.

In either case, photo's might be a waste of paper, but they carry tremendous weight should a major loss occur.

Having a "on line" or telephone appraisel, doesn't get the job done.

It also means absolutely nothing if a policy is an "ACV" type, but a value of say $20,000 is listed. Sometimes, a policy requires the initial purchase price of the coach, which by todays numbers could be $50,000 or even much greater.

Always, when dealing with an insurance comapny when there is a major loss, "DOCUMENTATION" is the key to a reasonable settlement.

Lastly, rarely, if ever, does an adjuster know the value of an Airstream product, or have any idea what it takes to repair them. They do not have a source, except forom a dealer, of parts prices or labor hours.

The old Caravanner Insurance Company, was the only one that ever had a flat rate manual for hours, and also had the parts prices from Airstream.

If a dealer is honest, your in good hands. If the dealer blue skies the labor hours and parts prices, then they have created a difficult issue for the owner.

When in doubt, ask someone that you can trust.

Andy
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Old 02-13-2012, 11:02 AM   #21
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Has anyone had any luck with Foremost? They are a part of Farmers. Great thread by the way!
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Old 02-13-2012, 11:26 AM   #22
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Has anyone had any luck with Foremost? They are a part of Farmers. Great thread by the way!
My agent checked with Farmers, since my cars and house are with them. They were double the premium of Progressive. I assume she checked with the associated "arms" of Farmers......maybe not.
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Old 02-13-2012, 03:05 PM   #23
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Has anyone had any luck with Foremost? They are a part of Farmers. Great thread by the way!
Foremost should indeed be placed on an insurance list.

DEAD LAST.

Why???

They depreciate the aluminum on the exterior.

Bad, bad deal.

Andy
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Old 02-13-2012, 04:12 PM   #24
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Hey folks, I am an insurance Agent and an Airstreamer. I am licensed in NC and SC, so what I am about to say is relevant in NC and SC.

Typically, your liability coverages on your tow vehicle extends to your AS. If you wreck and do property damage, your liability insurance will take care of the other guy's vehicle.

The questions is "What covers my poor wrecked Airstream?" That would be your Collision and Comprehensive coverages. Collision covers you when you are moving. If you have an accident while moving your coverage kicks in and takes care of your vehicle. Comprehensive covers your trailer when it is not moving. So, if a tree falls on your AS, Comprehensive kicks in and covers it. Having said that, with my company I can write *stated value* coverage for an AS. Currently I have my 72 Overlander trailer insured for 10K. What this means is that in the case of a claim they will pay *UP TO* 10k for replacement value.

Your local Agent can help you determine if this type of coverage is available in your state, typically the mooks on the phone don't have any idea how to write this type of coverage, nor are they typically aware that the coverage exists. One more thing, and this is important - Comprehensive *DOES NOT COVER* Awnings and other attachments to your trailer, nor does it provide very much for *personal property*. So check these coverages as well.

Lastly I write Haggerty, insurance, please understand that they impose a *limit* to how far you can operate a vehicle each year, typically this is 1000 or less. Feel to holler at me via email and I hope this helps.

Thanks!
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Old 02-13-2012, 10:24 PM   #25
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Foremost should indeed be placed on an insurance list.

DEAD LAST.

Why???

They depreciate the aluminum on the exterior.

Bad, bad deal.

Andy
Thanks Andy good to know!
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Old 02-14-2012, 09:06 AM   #26
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Much of the insurance industry is now calling Comprehensive coverage Other Than Collision, which helps the insurance buyer understand better what the coverage does for them. Again, this will be defined in your policy. Usually things such as; fire, theft, vandalism, flooding, hail, glass breakage, and others. NEVER assume you have coverage. Only slightly trust your agent or carrier to tell you the correct information. Read your policy. (Oh, did I mention that you should read your policy?)
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Old 02-17-2012, 07:53 PM   #27
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Dan and Liz - Thanks for the tip. I got an "Agreed Value" Policy for my 65 Safari of $20,900.00 from FCIS via an appraisal from a local RV dealer. Thanks.
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Old 02-18-2012, 09:17 AM   #28
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Tim: hope you"ll still say thanks if you have a claim; we'll both see how they work out. Luck to us both!
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