Appraisal Guidance Needed

[Emerson75]

Originally Posted by Journalist

I walked into my local State Farm office a week ago and told them I wanted to insure my '69 Tradewind. My agent asked what it was worth. I quoted him $14,000 and he wrote a policy for it. $500 deductible and $111 a year premiums. No appraisal letters, no hassle, and he didn't bat an eye at the value I gave him. This was also done sight unseen, didn't even have to hitch up the truck.

Are you saying that if you experience a total loss that State Farm is going to write you a check for $14,000? My assumption, is that they are using the $14,000 figure to draw up a premium. That does not necessarily mean they will hand you that amount if there is a total loss however. I hope for your sake that is not the case, but I would strongly suggest talking to you agent in detail about this. My experience with State Farm, was that they will only figure what the coverage amount will be if there is an accident, at which point they will then figure what the fair market value is based on recent sales figures of comparable trailers. I have my policy with them, just until I can find an agree upon value policy. Up until this point, this has been impossible. I even had a local insurance broker looking into possible options and they came up empty. They thought Haggerty would insure me (they write a lot of agreed upon value policies for custom motorcycles and classsic cars that have no "book value"), but after talking to them they don't insure anything that can be lived in, so no RV insurance. If you have something like a custom motorcycle or car trailer they will insure that, as long as it doesn't have plumbing or a stove.

My experience is that Progressive no longer sells agreed upon value policies if you talk to them on the phone. However if you go online, you can buy one of these polices. I'm seriously considering taking my chances and getting a policy online with Progressive, because my State Farm policy will probably screw me if I even have minor damage, as they would probably just hand me the $1,400 NADA value this year, and next year when my AS is no longer listed in the NADA book (36 years old) they will give me even less.

I'm certainly with those that are frustrated, I'm in the same boat (or Land Yacht for that matter!). I've just requested a quote online from Farm and City, I will wait to see what they have to say.

-Eric

[1956Safari]

Okay Eric, Lets keep this thread going since we all need help with this.
J

[1956Safari]

I filled in the form at RV Advantage and await their response. I'll also call Progressive next.

[Emerson75]

I've heard back from Farm and City, they will write an agreed upon policy for an AS! Requiremetns are that you have an appraisal performed by an appraiser or dealership, provide inside and outside photos, and have an underwriter at Farm and City approve the appraisal. Very exciting, this the first positive progress I've made concerning AS insurance.

GStephens- Thank you for the heads up on Farm and City! Also, I see you own an Angus Ranch. My grandparents own an Angus Ranch here in PA (since 1953), and they are who I purchased my AS from. Just thought that was coincidental.

-Eric

[gaylejoe]

I have a new policy with Farm & City and trying to up the insured value of my AS. I had it insured for $35,000 but they dropped it to 33,500 because that was the price on the bill of sale. Since we did some updates like 2 Fantastic Fans, Street and rear we are trying to get back to the 35,000. Having to produce receipts and photos.

In case we haven't noticed, the insurance compaines have us by the "you know what".

[1956Safari]

Okay in the fine copy of the Farm & City policy I received it says: (Agreed Value Policy) For vehicles purchased more than 2 years ago, support is an appraisal.
So, now where does one get an appraisal when the nearest AS dealer is 5 hrs away? I'm now on the hunt.

[1956Safari]

Anyone used The International Vehicle Appraisers Network (I-VAN)?

[Aage]

Originally Posted by 1956Safari

Anyone used The International Vehicle Appraisers Network (I-VAN)?

No, what do they do?

[1956Safari]

They mostly appraise vintage and custom autos. They quoted me $300. Does anyone know of an AS appraiser in the NY METRO Area????

[87MH]

OK - Farm & City Insurance Service/Progressive/Progressive Specialty Insurance Co sent me a renewal notice - I've had the '78 Sivereign with them since October 2008 with an "Agreed Value" limit.

Following is from the policy:

"Important notice about upcoming changes in your coverage...blah, blah, blah...

Increases in coverage

Part I - Damage To A Vehicle

Under your current policy: An adjustment for depreciation or betterment was taken at the time of a loss.

Under your renewal policy: Betterment will no longer be taken in the event of a loss."

Now, on the first page of the "RV Insurance Coverage Summary" (renewal declarations page) under the "Outline of Coverage"

Under the "limits" section it specifically states that both Comprehensive and Collision limits are "Agreed Value $XX,XXX".

Anyone with the ability to smack speak Insurancese or make a double dog dare Lawyeresque comment?

I need some help prior to contacting Progressive/Farm & City.

Am I paying a premium for an "agreed value", but could only anticipate a "blue book or replacement value" should damage occur?

I will certainly e-mail for clarification - or should I send a certified letter?

Thanks in advance.

[Freedom55]

We had hail damage to a 1983 31ft AS, value set at $8000. Progressive assessed the damage at $4374 for 4 panels $356 each (corner panels). The assessor did not even look on top to see the damage on the center panel, that is the money panel. Progressive would not negotiate with me. My premiums increased 30% the last two years before the hail.

[rhansen]

1. For those who can't find an appraiser, try to find an independent insurance adjuster with RV experience to assist you. In some states, such as Texas, a licensed adjuster can perform vehicle appraisals. The rule was create to allow purchasers of used vehicles to obtain an appraisal for determination of purchase value to base the sales tax on. Before a buyer could walk into the tax office an state any purchase price without proof then pay the sales tax when having the title transferred. Now, Texas uses an online valuation, but many purchases are below that amount. In this case the adjuster may be able to give you an appraisal for insurability depending on the state law, and will charge for it. If not, the adjuster probably can lead you to one of the national firms used by insurance companies to do an appraisal with your assistance. Sometimes individuals are fighting these companies because they appraise too low trying to prove a total loss for the insurance company. To help with the appraisal you can search the internet to find comparable trailers for sale, make a copy of the ad or forum posting with the price and how it is equipped, and try to find out how much some have been sold for. Then bundle that info with a copy of all of your receipts for improvements and base cost if you have it, and supply it to the appraiser along with digital photos and ask for a confirmation of your own appraisal amount, and if they think it is more, ask for the max they can come up with. You should be able to get an appraisal over the phone and internet in this manner.

2.Hail Damage Question: Both my airstream ('72 31' Soverign updated with new 110v fridge, drop in range, new a/c unit with heat pump, faucits, free standing microwave, pex plumbing, new toilet & water heater, new power module, floor & carpet) and my 24'x8'x8' enclosed car hauler were hail damaged in the Oklahoma storm last Thursday. The dents are all over the top and on the curved side and broken plastic vent covers that allowed water inside.

I am an adjuster and have adjusted a lot of mobile homes that included travel trailers being used as a permanent residence, but I don't remember ever doing an airstream. How is this normally repaired? The only way I can see it being done is to drill out the rivits and have aluminum shaped to match the removed section, drilled, and installed. I assume this requires removing the a/c unit. But to do this from front to rear would probably exceed the value of the trailer. I have this one insured for around $8500, If I am remembering correctly.

One other note: normally the amount a vehicle, home, or trailer is insured for is the "limit" to be compensated in the event of a total loss. It has been my experience that if a policy does state that the limit is an "agreed value" then when the cost of repairs reaches that amount, it will be a total loss and no depreciation will be applied. However, normally the actual cash value is what is paid regardless of the limit. If you insured a car for $20k but can buy the same year make, and model, condition, and miles, for $10k, that is all you would be paid in a total loss.