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Old 12-01-2006, 01:40 PM   #21
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Hanover , Pennsylvania
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Stated Value

Hi,

I am a newbe here and am looking at getting my first Airstream. This forum has a lot of very useful information and I am enjoying it quite a bit.

I would like to pass on some information about Stated Value Insurance. I have never owned an Airstream but I have owned collectable cars and guitars and am very familiar with this type of insurance.

First of all, lets talk about the "Stated Value". Even if you have Stated Value insurance, in the event of a claim you must still PROVE that value, other wise they will pay the depreciated value.

An insurance company will always start from the depreciated value and work up as you submit proof. As far as they are concerned, you picked the value, prove it

In the guitar world, there are several special insures that deal in guitar insurance and it is still necessary to prove the value. It is just easier as they are familiar with the guitar market and have a realistic knowledge of the actual value.

As a company they have a responsibility to preserve their assets. It will be like any other business transaction, some are easy and some are hard. Insurance companies don’t want to pay out any more than they have too.

Stated value is really a misnomer; the stated value is really the MOST you can recover, not the amount you WILL recover.

I am not saying that there are no companies that will be easy to deal with, just that plan for the worst and know a good lawyer. I am not a big fan of lawyers and my stepfather IS one, but I know too many people that had to hire a lawyer to get fair treatment.
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Old 12-01-2006, 02:47 PM   #22
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Make sure that you photograph your trailer thoroughly. Find comps anywhere and everywhere you can, print them out, and save them. Meet with your insurance agent personally and determine the actual value of the trailer from the comps. They will insure your trailer at that value, and as long as the value is supported at the time the policy is written, they should also pay at that value.

Roger
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Old 12-01-2006, 04:09 PM   #23
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As an aside, the full-coverage insurance for my new '06 fiberglass 25' trailer is half the cost of the '94 Airstream even though the value of the new trailer is nearly twice as much as the Airstream was worth. I was kind of shocked... pleasantly, but shocked nonetheless... Airstreams are expensive to insure.

Roger
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Old 12-01-2006, 08:07 PM   #24
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I wasn't trying to equate the two types of insurance, just making a point that I had received good sevice and fair treatment on our claim. It wasn't the usual well... if you had this on your policy.
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Old 12-01-2006, 08:15 PM   #25
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Insurance

I have not found any company that will quarantee a stated value as of yet. It seems you are still vulnerable to justifying the claim and in the end it is at their disgression. I am comeingto the conclusion that we just have to self insure. I would be very interested in anyone comes up with anything more concrete.
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