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Old 10-04-2016, 05:24 PM   #1
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Agreed Value Policy

Is there any insurance companies that will offer an agreed value policy?

I used to have one with State Farm, and in fact they did a total payout for me on my 71, but they don't anymore. I thought I had an agreed value policy with Progressive for my 93, but just found out is only book value Progressive told me they don't do agreed value for trailers older than 5 years.
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Old 10-04-2016, 05:54 PM   #2
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I have one with Nationwide on my 2016 FC. It is bundled with my homeowners and auto insurance.


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Old 10-04-2016, 06:01 PM   #3
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I had agreed value from Foremost on my Bambi II for a reasonable price. Currently have the 2006 Safari policy thru Progressive.
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Old 10-04-2016, 06:09 PM   #4
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My wife and I just had an appraisal done on our '58 Pacer. The appraiser needed to do a through inspection with photos and a cost replacement analysis, basically saying it was virtually irreplaceable (seeing there were only about 40 made in '58) and then our ins. co. placed the appraised value on it.
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Old 10-04-2016, 06:32 PM   #5
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I am not asking about insurance on newer Airstreams or appraisals. Specifically, I am asking about agreed value policies for restored and /or vintage Airstreams.
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Old 10-04-2016, 08:00 PM   #6
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Agreed Value Policy

I have an agreed value policy with Brown and Brown Insurance. If there is interest PM me and I can give you the agent's contact information. 1993 Excella.
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Old 10-04-2016, 09:23 PM   #7
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Originally Posted by Lumatic View Post
Is there any insurance companies that will offer an agreed value policy?

I thought I had an agreed value policy with Progressive for my 93, but just found out is only book value Progressive told me they don't do agreed value for trailers older than 5 years.
We currently have an agreed value policy with Progressive on our 1980 Caravelle. This one was written two years ago and renewed just a month ago. We did have to have a professional appraisal in order to get an agreed value policy.

I can't say whether they are writing new agreed value policies or not.

I would suggest contacting FCIS insurance as they insure a lot of Airstreams and know the ins and outs. http://www.fcisinsurance.com/ They got us our agreed value policy on the Caravelle.
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Old 10-04-2016, 09:58 PM   #8
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Mine is now ten years old and I have a policy with FCIS. I was referred to them by a WBCCI brochure. They will look at how long ago you purchased it and if less than three years, use the bill of sale to determine value. Otherwise, an appraisal will be required.
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Old 10-05-2016, 09:50 AM   #9
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Originally Posted by rodsterinfl View Post
Mine is now ten years old and I have a policy with FCIS. I was referred to them by a WBCCI brochure. They will look at how long ago you purchased it and if less than three years, use the bill of sale to determine value. Otherwise, an appraisal will be required.
Called FCIS and yes they would write an agreed value policy. I bought it in 2014 in a private sale. Since it is more than 10 years old and I did not buy from a dealer I will need it appraised. Insuring for 20K will cost $434.
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Old 10-05-2016, 11:57 AM   #10
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Foremost (a subsidiary of Farmers) offers a full replacement policy. I insured my new trailer for full price plus after market upgrades for around $850 a year. I want to avoid a loss with the payout based on the notoriously low NADA value.
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Old 10-06-2016, 06:48 AM   #11
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Doing a little comparative shopping. Awaiting a call back from FCIS.
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Old 10-06-2016, 09:32 AM   #12
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Bottom Line:
Agreed Value Policy is for a trailer that is worth more than blue book and primarily would apply to restored vintage trailers. Make sure your "agreed value" policy will actually pay out what the the trailer is worth. I have been on both sides of the fence. My agreed value policy paid out 11K on my 71 which I still use. I was told my Progressive policy was an agreed value policy on my 93 by the agent only to find out it was not and I would only get a fraction of what it was worth, which is why I brought up this thread.
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Old 10-06-2016, 10:32 AM   #13
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Bottom Line:
I was told my Progressive policy was an agreed value policy on my 93 by the agent only to find out it was not and I would only get a fraction of what it was worth, which is why I brought up this thread.
For what it's worth, I just looked at the declarations page of the Progressive policy on our 1980 Caravelle and under Coverages, it says,

Comprehensive - Agreed Value $XX,XXX

Collision - Agreed Value $XX,XXX

where $XX,XXX is the appraised value.
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Old 10-06-2016, 11:47 AM   #14
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Acv?

I changed over to Met Life a couple of years ago and they cover home, auto and the trailer. I talked about their definition of ACV and he told me that they will pay whatever it takes to replace your loss. If my trailer is worth more than they say we will negotiate.

This happened with me with another insurance carrier when my car was rear ended at a stop light. It got pushed into the car in front and was totaled. I had just purchased it for my daughter and it was in very good shape, low miles, new tires and all that. They low balled me and I protested. In the end, after showing proof of the condition I got more than what I had just paid for it.

An agreed upon value policy still requires that you "agree" to the value of the trailer. Actual Cash Value policies can be the same. The majority of folks out there will take the company's first offer and be done with it. If you challenge them, you end up trying to "agree" upon a workable value.

I might be missing something here but that it the way I think it works.
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Old 10-06-2016, 06:08 PM   #15
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Quote:
An agreed upon value policy still requires that you "agree" to the value of the trailer. Actual Cash Value policies can be the same. The majority of folks out there will take the company's first offer and be done with it. If you challenge them, you end up trying to "agree" upon a workable value.
Not according to my policy aftermath. The agreement part is up front. The policy reads that the agreed value is my sales receipt value of $xxxxxx and the same value is spelled out to be paid in loss. The next question I asked the agent is, "how long is the agreed value policy good for?" I was told that it was good for as many years as I kept the policy. So, the idea IMO is to insure the value of older or vintage items that are valued regardless of the common depreciation as in the case of NADA. The market is set up to zero out most RVs at 20 years regardless of MSRP or condition.
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Old 10-06-2016, 06:18 PM   #16
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Just heard back from FCIS. They want $647 for agreed value on my Safari. That is double my current policy with Progressive.
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Old 10-06-2016, 09:03 PM   #17
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An agreed upon value policy still requires that you "agree" to the value of the trailer. Actual Cash Value policies can be the same. The majority of folks out there will take the company's first offer and be done with it. If you challenge them, you end up trying to "agree" upon a workable value.

I might be missing something here but that it the way I think it works.
You are missing something here. With an Agreed Value policy, you and the insurance company agreed in advance on the value of the trailer, and if it's totaled, that's what they pay.

It's like a life insurance policy. Suppose you have a $100,000 life insurance policy. If you die, does the company negotiate with the beneficiary over how much your life was actually worth (allowing for depreciation, etc. ) or how much it will cost to replace you? No, they just write a check for $100,000.

This can cut both ways. A long time ago, my stepdad had Agreed Value coverage on a vintage sports car that he owned. One day he totaled it, and the company paid the agreed value. Unfortunately between the time he had insured it and the time it was wrecked, its value had gone up a lot, and he got significantly less than the actual market value of the car.

So if you have Agreed Value insurance it might pay to follow the market and get your vehicle re-appraised for more coverage it the value goes up significantly.
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