Originally Posted by TheLuvShack
... ACV is defined a couple of ways. Cost new minus depreciation or value of the TT or MH at the time of the loss. ....
Well, my older Airstream's present day value is now more than what it cost new, (and I'm no where near done) so for me I don't think its a good idea to be insured with an ACV policy.
Documenting and justifying the value after a loss
, in my opinion, would be little late. Too much of a gamble for me. Further, it is difficult enough to find an Airstream dealer with the knowledge of vintage values ... being assigned an adjuster with vintage value knowledge would be an extremely rare circumstance.
Personally, I want to know exactly
what my insured value is going to be, so if I have a total loss or theft I will know exactly
what the pay-out will be. Values should be established at the origin of the policy.
The before and after pictures is an excellent recommendation. Those could prove to be invaluable. Many insurance companies will require photographs when the policy is placed so they have a record of the condition.
It is not uncommon to insure your intended restoration with an initial value and increase the insured value at a later time. The initiation of your policy value documentation can be your bill-of-sale - the company rarely will quarrel with that. The problem then lies with obtaining the elusive 'appraisal'
to establish the value after the restoration is complete.
Having a policy with out definition is not for me, nor would I recommend it for anyone. Post loss is not a good time to be negotiating.
I am aware that, since the knowledge level within the insurance industry is not as acute as it once was, non-normal claims are paid out (many times in full - many times not
) because the time, expense & knowledge to evaluate the loss is not internally justified within the company. There is no computer program for vintage Airstreams (or boats, or classic cars, etc) that an adjuster can just plug in parts and pieces and print out a settlement.
So why take a chance?