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Old 02-12-2007, 06:05 PM   #1
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1976 31' Sovereign
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Insurance in Florida

Anyone know of a company who writes "Stated Value" insurance on a vintage AS in Florida.

Steve
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Old 02-13-2007, 07:45 AM   #2
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Quote:
Originally Posted by DreamWeaver
Anyone know of a company who writes "Stated Value" insurance on a vintage AS in Florida.

Steve
In your definition of "Stated Value" insurance, is your expectation of an insurance company to pay a settlement based upon the "Stated Value" in the event of a total loss? If this is your expectation, you may be disappointed. Most insurance companies use stated value as the basis from which to determine a rate to charge for the amount of protection afforded. In the event of a loss, the settlement basis is the actual cash value (ACV) at the time of the loss. In the event of a loss, the company will pay to fix the damage or the actual cash value at the time of the loss, whichever is less (less the deductible). Your settlement, in the event of a loss, could very well be the "stated amount" depending on the condition of your unit at the time of the loss.
Also, before you ask a company to insure your restored Airstream, you should have complete documention supporting the "stated value". Your documentation will help an adjustor determine the actual cash value at the time of your loss.

In any event, make certain you read the section of the policy that defines how a loss is settled.

I seriously doubt whether there is an insurance company that will provide a policy that will pay a settlement based upon your "stated amount". If there is, you will likely have to go through an agency that is a surplus lines broker and they will want lots and lots of documentation as well as appraisals. If there is such a company to pay a "stated amount", it would be a company such a Lloyd's of London and the premium would be much higher than a settlement basis using ACV.
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Old 02-13-2007, 08:51 AM   #3
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I would try Haggerty Specialty Insurance. I have several antique automobiles insured through them. They also insure vintage boats. All of my vintage vehicles are insured for a specific agreed value (stated Value). Since you have a vintage Airstream, Haggerty might take you on. You can reach them at 1-800-922-4050.
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Old 02-13-2007, 09:13 AM   #4
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Progressive has three levels of insurance. The top level is "Agreed Value" based upon an appraisal which guarantees a certain value for catastrophic loss of your unit without any worry of depreciation. They are the only one to my knowledge that has that level of coverage for vintage units. Go to their website and read carefully the choices shown.
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Old 02-13-2007, 05:56 PM   #5
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Thanks for the quick response. I suppose I ment "Agreed Value". There appear to be companies who will write a policy on a mutually agreed value.

Progressive's definition is as follows:
Agreed Value: Protects your investment on RV's whose actual cash value is not easily determined through traditional methods recently purchased. The total loss payout is the Agreed Value as reflected on the declarations page. Proof of value is required for this option. For RV's purchased within the last two years, proof is the purchase documents (purchase price, without tax, title and license fees). For RV's purchased more than two years ago, the proof is an appraisal.

Progressive's web site provided me with a quote of $337.34/yr for a policy with a maximum insured value of $18,000 for physical damage.

I will research further to determine how a claim is handled.

I have had Progressive before, and when an employee totalled a truck, they were quick to pay, and I felt fair.

Steve
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