Insuring an Older Airstream

[AYRSTRM2]

No, no kidding. My agent just tacked it onto my car insurance. When I'm insuring ~400k in personal property, they must not worry about ~6k on a vintage camper. They didn't in my case. I told them how much I thought it was worth and they insured it for that. The homeowner's covers it in the driveway, the car insurance when towing and the camper insurance in case something else befalls it. We use an agent that has about 20 companies, and they're not the big names like AAA, or All-state. she just shopped around till she found us what we wanted. But also check Progressive, on the web. I got a quote on ours via the web. Yours should be no problem.

John

Originally Posted by FrenchBern

Gee and I was told my AS was too old to be insured. Where did you guys find insurance? I would sign up in half a heart beat if I could get a rate as quoted in this thread. Are you guys pulling my legs? I have very short legs that need stretching but come on guys.
Please prove me wrong.

[TheLuvShack]

Hope this helps to answer some of questions. I have searched for a company that would insure an older TT or MH for replacement value and have been unable to locate one. Nearly any auto insurance company or Foremost, Good Sam GMAC, etc. will insure an older TT for Actual Cash Value (ACV). ACV is defined a couple of ways. Cost new minus depreciation or value of the TT or MH at the time of the loss. I insure my 1971 Avion for what I think it would cost to replace it with another '71 in similar condition. At the time of the loss it's up to the company's adjuster to arrive at a fair settlement with you within the limits of the policy. A good adjuster will inspect the loss then do some homework. He'll contact dealers, search completed auctions on EBay or even check with the few vintage dealers scattered around the country for comparative prices. You can help the adjuster arrive at a fair settlement by keeping the original sales receipt plus any reciepts you have for restoration and pictures. Lots of before and after pictures. Settlements are negotiable. Insurance companies are only as good as their agents and adjusters. When you buy insurance ask a million questions and understand what coverage you're buying. Don't assume that just because you have a "full coverage" policy that everything is covered. I can assure it's not. The typical insurance policy removes all coverage then gives back to you what the company wants to cover. Read it. Know how your company will settle the claim before you buy any policy. I found that the most knowledgeable adjusters work for the companies that insure a lot of RVs. Kind of makes since doesn't it.

[driftwood]

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?

[TheLuvShack]

Norm,

As I mentioned, I can not find a "replacement" or an "agreed value" type policy on an older TT. When agents insure an older TT, most of them ask you "how much do you want to insure it for?" This certainly could lead most people to believe they have a "stated value" or "agreed value" policy. After all, you stated the value and the company agreed to insure it for that value. If you feel that you currently have an "agreed value" policy, first, please read the section of your policy typically titled "damage to your TT", then refer to "limits of liability or payment of loss". This clause will explain how damage to you TT will be settled by your policy. Typically, you'll discover it's an "actual cash value policy". If your policy is an "agreed value" policy, please let the rest of us know what company it's written with. I'd sure like to have one. Thanks!

[driftwood]

Progressive

[TheLuvShack]

Many thanks to Driftwood!!! I contacted Progressive and they confirmed that they do offer an "agreed value" policy in my state. An "agreed value" policy establishes the value BEFORE the loss. An "actual cash value (ACV)" policy establishes the value AFTER the loss. "Proper Documentation" is required at the time you purchase the policy and consists of an appraisal or sales reciept. This may vary by state, so please ask plenty of questions if you call Progressive or use their website. If you purchase the "agreed value" policy and fail to provide the " proper documentation" (appraisal), the policy reverts to ACV. The "agreed value" is the most the policy will pay for any loss. So if your TT increases in value, it's important to notify the company by submitting a new appraisal and increase the "agreed value" amount. I currently have my '71 Avion endorsed on my auto policy for $8000 (which is probably too high) and the policy is ACV coverage and the premium is $114 per year. I got a quote on Progressive's website and then called and asked questions. Progressive's annual premium is $228. I like the idea of establishing the value before the loss. Now I'm searching for an appraiser near Indianapolis, Indiana.

[Kinder]

I had a rather depressing day last week when I called many auto insurance companies (including some on this thread) and was told I needed a car to insure the Airstream. I had the AS insured through my homeowner's policy, but once the AS became my home and the house was sold, I lost the insurance. I still have a car but am planning to sell in order to save up for a few months and buy a tow vehicle... Happened to drive by a mobile home insurance agency and they had no problems insuring me. $10000 coverage on the 79 Excella 500 trailer and 5000 for personal property, for $120 a year. Granted, once I get a TV, I would have to switch insurance to make it road-legal, but not an issue for now. Maybe this info will save someone the hassles I had!

[jcanavera]

Originally Posted by Kinder

I had a rather depressing day last week when I called many auto insurance companies (including some on this thread) and was told I needed a car to insure the Airstream.

Glad you were able to get something. That's why many of us use Foremost or Progressive for insuring our Airstreams. No car insurance requirement is necessary.

Jack