How do I get Replacement value coverage for vintage Airstream

[nelson3]

I am the new owner of a '55 Overlander 26ft. We are beginning a frame-off restoration. I need to obtain replacement value insurance for now - and during the renovation as the value increases. I talked with USAA then Progressive and they are dumbfounded. Please help! (I'm in Georgia). All help appreciated. Thanks. Nelson

[overlander63]

I think it's called "agreed value" coverage. Probably a good place to look would be companies that insure yachts.

[57Vintage]

Try Safeco. I got a policy through them but I waited until I was about 80% done with the renovation. I had to provide an appraisal as documentation. I used James Polk for the appraisal.

Just to clarify terms. You will not get a 'replacement cost' valuation. It will be the current market value. If you expect to insure for what you have in it, you'll probably be disappointed, especially your labor.

[azflycaster]

I worked with Farm and City Insurance https://www.fcisinsurance.com/ to get my previous vintage and current Airstream insured. They worked with me to get the appraisal needed to get an agreed value policy

[dbj216]

I second the referral to Farm and City in Forest City, Iowa. They underwrite for Allied Ins if my memory serves me well (it often doesn't). I had my bill of sale, my receipts for the stuff I purchased (tires, axles, fridge, welding, water heater, etc, etc.), and then they arranged a local appraiser to review documents and inspect the trailer. They agreed with my amount and wrote the policy for me.

David

[Suendan]

You will need an appraisal from a valid classic trailer appraiser. That may involve s bit of sleuthing. Research your area for a vintage trailer restorer and ask them. One resource might be the website for Vintage Camper Trailers, a magazine to that interest group. vintagecampertrailers.com. I successfully acquired coverage from Progressive at an agreed value of $20k with an appraisal from Harp's RV Service in Lincoln, CA. We have a restored 1954 Traveleze, 21 ft. with all original appliances working beautifully. It's worth more than $20 k but the appraiser suggested assigning a conservative value to enhance the chances of the agreed value coverage. There really are no comps with vintage travel trailers because they are typically different and often in very different states of condition.

[guskmg]

Jim Polk did mine. It takes about 2 weeks to get it in writing, but Progtressive said they did not even want a copy of Jim's appraisal. There are other companies that know of his work reliability as well.
guskmg

[drairstream]

I had no problem getting ins for ant spent in agreed value from progressive they said just keep receipts. If you want a higher value you will need a reputable appraisal company to perform after you are done. Expect to pay for it Won’t be cheap

[Tom_T]

Back in 2012 when we got our 1960 Avion T20 we were recommended to Progressive & Jim Polk, but we found out that Progressive had stopped doing any new Agreed Value Trailer Insurance Policies.

I guess Flo & Jaimie were too busy doing incessant TV commercials, to do the vintage trailers!

Has this changed back & is Progressive now doing AV vintage trailer policies again?

Does anyone know, or are the folks above just going by their AV insurance from Progressive being grandfathered in?

Oddly enough - the classic car insurers will do AG for classic boats with trailers - but not for vintage travel trailers - including Hagerty, Grundy, etc.

Cheers!
Tom
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[labellafiore]

I also have "agreed upon value" for my 1961 A/S Bambi. Mine is through Progressive. It was not easy to find and not all marketplaces have it. Do your research as many companies will say they have it as a bait and switch. You will get a lesser coverage, not what it is worth.

[azflycaster]

Originally Posted by Tom_T

Back in 2012 when we got our 1960 Avion T20 we were recommended to Progressive & Jim Polk, but we found out that Progressive had stopped doing any new Agreed Value Trailer Insurance Policies.

I guess Flo & Jaimie were too busy doing incessant TV commercials, to do the vintage trailers!

Has this changed back & is Progressive now doing AV vintage trailer policies again?

Does anyone know, or are the folks above just going by their AV insurance from Progressive being grandfathered in?

Oddly enough - the classic car insurers will do AG for classic boats with trailers - but not for vintage travel trailers - including Hagerty, Grundy, etc.

Cheers!
Tom
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My policy through Farm and City is agreed value with Progessive and my coverage started in 2018.

[Tom_T]

Okay, Thanx Richard & labellafiore - I'll recheck with Progressive directly - which is where I checked originally, since we don't have Farm & City here in CA, or in SoCal anyway. It could be a state by state thing.

Did you two folks happen to notice that you're both from towns called Dewey - in AZ & IL respectively!? What a Quinky-dink!

Sorry for the OT diversion, but that was just too odd to pass up.

Since 2012 I have had effectively a Stated Value policy through AAA on both the Avion & Puck, but that really works as more of a "stop loss" for AAA, & they still go by current market value, then you argue with them to get up to that value, from what I understand. AAA doesn't call it stated value, but something else.

I do need to get Jim Polk to do an updated appraisal on them both & our 3 Classic Cars, but have some work to finish up on them all first.



For the OP nelson3 - you might try Progressive & AAA just using what you paid for the yet to be restored `55 Overlander (using your payment invoice, DMV tax receipt, etc.), & then see if they'll add a Rider for the value of the parts/supplies & work/labor on either your Auto or Home policy as you go along with the resto work.

For a classic car/truck or boat+trailer resto, Hagerty & some of the other classic/antique car insurers do have a specific restoration project policy to cover the vehicle + parts + work/labor that you can update as you go along, & I think that you can just update your policy coverage amount online yourself as you go along - of course paying a higher premium.

However, many of the classic car insurers including Hagerty will limit your use of the vehicles to car shows & events only, with only a few allowing a stated mileage per year allowed (priced by miles blocks/stages).

Ergo, Hagerty won't insure most VW Westfalia Campers & other Classic/Vintage RVs & Camper Vans if they are used for camping, daily driving, etc. - but the Vintage Trailer Rallies bring up the question if they are really a vintage/classic vehicles event, since most have a public show over the weekend.

Unfortunately, the classic car/truck insurers haven't yet caught onto the growing vintage trailer/RV collector trend yet, to want to insure them.

But then it takes them years to catch onto adding collector vehicles too, such as the VW 1980-92 Vanagon Westfalia line - which are low production eligible & have been collectable for 20+ years, but Hagerty only started insuring them with the above restrictions within the last +/-5 years!

Another issue is what you have to pay during long periods of non-use of your trailer(s), which can be a lot of sitting at home time if you have multiple trailers - so it's worth checking on whether you can get a lower premium for months of disuse sitting in storage or at home. I know Good Sam offers that for regular trailers, but they don't do Agreed Value for vintage trailers as far as I know.

AAA will not reduce our trailer premium - neither for the 15 months that our Avion sat at home 2018-19 while we took our "new to us" Puck around to all the vintage trailer & car shows/events, nor are they willing to refund partial premiums during the extended non-use during the current 2020 COVID pandemic (despite a CA order for insurers to do so on all vehicles).

I bring these aspects the OP nelson3's attention, assuming that they'll be using their vintage `55 AS for vintage trailer rallies & events too (in addition to any other use).

Cheers!
Tom
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[Mike1997]

This is an old thread but thought I would add an update.

Last summer (2022) I met Jim Polk at the Airstream International Rally in Maine and made arrangements for him to do an appraisal on my 1997 AS Landyacht. Not only was I surprised with the value being much higher than expected, but my insurance company (AutoOwners) did not question the new stated value.

It raised my yearly policy by $75 which is well worth it.

[Mullers]

Stated value and agreed value are two very different things.

Stated value means the underwriter will take into consideration your appraisal and stated value, but they will still pay out based on market price. That is if you have a ‘55 overlander, and had it appraised for say $60k in 2018 but then say since then 10 overlanders have sold :
2018 $55k
2019 $48k
2020 $35k , $41k
2021 $45k $28k $32k
2022 $36k $32k $35k

In this hypothetical example, with stated value coverage and an appraisal in 2018, they are going to look at the prices of the recent sales, and say current market value is $32-$40k
Maybe they’ll consider condition of yours and if your appraisal says A1, like new restoration, they might agreed to say pay out $45k.
But it won’t be the full $60k you have as stated value, because they will argue that recent sales indicate the market has softened since the appraisal.

With under written agreed value coverage they would pay you out in full for the $60k.

Hagerty have such a policy for classic rvs. It’s not cheap tho. Expect to pay 2-3x what you pay for stated value. Possibly more.

Have heard FCIS (in this thread) is also agreed value, will be exploring them next week

It’s not to say that stated value coverage won’t result in a full payout…. But just wanted to flag up the risk, which would increase with the appraised value. As in the more your trailer is a one off, with a lot of money or love invested in, the more that it will make sense that you aren’t under insured

[dznf0g]

Originally Posted by Mullers

Stated value and agreed value are two very different things.

Stated value means the underwriter will take into consideration your appraisal and stated value, but they will still pay out based on market price. That is if you have a ‘55 overlander, and had it appraised for say $60k in 2018 but then say since then 10 overlanders have sold :
2018 $55k
2019 $48k
2020 $35k , $41k
2021 $45k $28k $32k
2022 $36k $32k $35k

In this hypothetical example, with stated value coverage and an appraisal in 2018, they are going to look at the prices of the recent sales, and say current market value is $32-$40k
Maybe they’ll consider condition of yours and if your appraisal says A1, like new restoration, they might agreed to say pay out $45k.
But it won’t be the full $60k you have as stated value, because they will argue that recent sales indicate the market has softened since the appraisal.

With under written agreed value coverage they would pay you out in full for the $60k.

Hagerty have such a policy for classic rvs. It’s not cheap tho. Expect to pay 2-3x what you pay for stated value. Possibly more.

Have heard FCIS (in this thread) is also agreed value, will be exploring them next week

It’s not to say that stated value coverage won’t result in a full payout…. But just wanted to flag up the risk, which would increase with the appraised value. As in the more your trailer is a one off, with a lot of money or love invested in, the more that it will make sense that you aren’t under insured

FCIS does do agreed value. I have had a $55k agreed value policy for maybe 10 years. It started at about $650 per year and is now a bit over $900 per year.