Need Help with Vintage Insurance..

[oldtrucksrul]

OK, I'm just about to pick my trailer up from Twisted Silver in Nashville (very pleased so far with Jimmy's work). My question is about insurance? How do I go about looking for insurance and how do I know what questions to ask? I currently use Progressive for my auto and they seem very easy to deal with. I looked online and the quote seemed a little high for the agreed value. Is there a way to gauge the prices for the coverage? I have searched on here and the results were a little overwhelming. It's a 1948 Liner.

[Inland RV Center, In]

Originally Posted by oldtrucksrul

OK, I'm just about to pick my trailer up from Twisted Silver in Nashville (very pleased so far with Jimmy's work). My question is about insurance? How do I go about looking for insurance and how do I know what questions to ask? I currently use Progressive for my auto and they seem very easy to deal with. I looked online and the quote seemed a little high for the agreed value. Is there a way to gauge the prices for the coverage? I have searched on here and the results were a little overwhelming. It's a 1948 Liner.

Cheap insurance is usually risky.

If you have a loss, you must do it their way.

Progressive is a good company and pays for losses fair and square.

Andy

[Cursh]

I talked to state farm (my auto insurance carrier) and they said their value was based on purchase price and age.

Which sounds like I wouldn't be given much of anything at all (I think my 67 Safari cost something like $4500 new?)

Halfway through restoration I might get about what it was worth out of it, but once I'm done I don't think I'll be able to get anything close.

Is there a way to get insured based on an appraised market value?

At this point I'm not worried about it, but after sinking hundreds of hours and thousands of dollars into this project I would like to get a bit more than just what I paid for the solar set up and high efficiency fridge out of it.

[vswingfield]

Originally Posted by Cursh

I talked to state farm (my auto insurance carrier) and they said their value was based on purchase price and age.

Which sounds like I wouldn't be given much of anything at all (I think my 67 Safari cost something like $4500 new?)

Halfway through restoration I might get about what it was worth out of it, but once I'm done I don't think I'll be able to get anything close.

Is there a way to get insured based on an appraised market value?

At this point I'm not worried about it, but after sinking hundreds of hours and thousands of dollars into this project I would like to get a bit more than just what I paid for the solar set up and high efficiency fridge out of it.

Progressive will do that. When I get a few more updates completed, I will get an appraisal and change my policy. I have Progressive now, and my guesstimate of value when I bought it was about the same as theirs as to market value. New AC, fridge, and others have changed things.

[Emerson75]

I'm in a similar situation. I have State Farm for all our insurnace needs, including our AS (only 6 weeks now) but the AS policy is just temporary until I get a Progressive policy for it. I'm pretty convinced that if I stay with State Farm and something happens I will take a huge loss and live to regret it. Progressive will do an agreed upon value but only with an appraisal to justify the value. I know a lot of other forum members seem to use Progressive with good succes but I'm curious who everyone uses to do appraisals on their vintage Airsreams (individuals, AS dealers, generic appraisors, other)? Does it have to be done on site/in person?

Thanks,
Eric

[Jimmy100]

Before you jump ship from State Farm to Progressive, make sure you understand all coverages. I have done fairly extensive research for both the VAC and TCT members who tow vintage coaches with vintage vehicles. While several insurance companies do offer Agreed Value on Physical Damage for vintage vehicles, only State Farm offers that AND Liability on the towed trailer. You can also obtain Agreed Value/Physical Damage on the trailer itself. It has been a year since I polled the specialty companies that write BI, PD, and Physical Damage on antique vehicles, but none offered liability on the towed trailer, whether they covered it for Physical Damage or not. This is very important. If your trailer causes damage to other vehicles or their inhabitants while it is being towed by your antique vehicle, under the conditions of your antique vehicle policy, you are NOT covered and are wide open to significant lawsuits for damages. All trailers are automatically covered for Liability when towed by "modern iron," but not when towed by vintage rigs on Antique Automobile Policies. These specialty insurers do not want to incur the additional risk. It is very difficult to find an insurer which offers all coverages on an antique vehicle policy where rates, due to exposure, are far lower for the vehicles than a standard policy. I know from experience that State Farm does offer Agreed Value and other coverages on your vintage vehicle plus Liability on the attached trailer through their Antique vehicle Insurance Policy...in all states. They do not offer Physical Damage/Agreed Value coverage on vintage travel trailers. State Farm will require a set of photos for underwriter review should you go for this type of policy/coverage. I had State Farm for coverage on my tow vehicle for 6 months just for this purpose, leaving my other vintage vehicles on another policy. Some states(few) require all automobile insurance carriers to automatically include Liability on the towed trailer, regardless of the age of vehicle or type of policy(standard or antique/vintage), but unless you know what states those are, the carriers will not tell you. NJ is one. Again, if you are just shopping for Agreed Value for your trailer, several carriers offer that, some requiring an appraisal. Most vehicle appraisers have no idea what a vintage Airstream is worth, so you must do homework which includes receipts/labor(yours or others) and recent sales of similar year/model(not the asking price) to prove your Agreed Value estimate to the licensed or unlicensed Appraiser. Then you pay him/her for writing up a two page report. If, however, you are protecting yourself from risk from accidents caused by either your vintage vehicle or your trailer, make sure you understand what coverages are included AND excluded. Undoubtedly, if you are towing vintage with vintage, you will need two policies from two carriers to provide everything and to protect you from considerable financial hardship should you have or cause an accident.

Hunt Jones
'55 GMC
'62 Globe Trotter

[Cursh]

How Vintage is vintage? I don't really ever own vehicles worth insuring. Mostly I just hit things with them until I can tell its mine in the home depot parking lot. Trying to make a transition here with the airstream, but the truck towing it won't exactly be a show winner. I much prefer it to be a vintage clunker without collision.

(I try not to hit other peoples things)

[Jim Foster]

Both of our trailers are on our AAA policy with our autos (except the street rods). When we had a large claim with AAA on the '65 Caravel due to a broken axle in 2001, they paid everything. No problem.

Our street rods are with Sneed and Company in Memphis. I understand they do vintage trailers as well. When we had the broken axle problem we were towing with one of our street rods. The cars (2) which were damaged by the run away wheel were covered by the tow car insurance (Sneed). Turned the whole thing in, they paid out, never heard a word, rate did not increase.

Good service from both Sneed and AAA.

[Emerson75]

Hunt- Thanks for all the info. I don't have a vintage TV, so liability like you said will be covered by the TV policy. I'm more concerned with the replacement value in the event of a major event.

Jim- Does AAA do an agreed upon value for your AS trailers? If so, do they require a appraisal?

Thanks,
Eric

[Jimmy100]

Hey, Jim, it's been 6+ years since Essex Jct! I wish I could change out my own parts as easily as vehicle parts, but I would be waiting for a NAPA kidney far too long. If you could, check out Sneed's American Modern Home policy to verify that Liability is covered on the towed trailer when hitched to a named vintage vehicle. I have American Modern on the trailer but not on the vintage vehicle(s) as I understood from my agent a one-stop shop was unavailable. I have found that some super-agents such as Heacock say they offer everything but when you talk to the underwriter, there's considerable hemming/hawing with the two most popular replies being, "We don't write in your state" and "I'll have to get back to you." Thanks. Hunt

[funkill]

I just picked up Progressive. It wasn't without a little pain... the first two agents in my local gave me differing stories but basically said that they didn't offer Agreed Value for my trailer (one said it isn't available ever, other said it wasn't available in the state of FL). I phoned Progressive directly and was told they could write me a policy for Agreed Value with no problem. That's how I handled it. Also, they told me of two ways to obtain the agreed value: (1) written appraisal from any RV dealer (2) bill of sale if trailer bought within the past 2 years. Though I bought my trailer just one year ago, I had no bill of sale (title transfer was all I had - and although the tax office supplied me with a document that showed purchase price and associated tag/title/tax - it was cumbersome to use for this application). I phoned the (3) local RV dealerships and NONE would provide me a written appraisal. I didn't want to travel to the Airstream dealer just for this. I contacted the PO and requested he provide me a bill of sale - which he did. I sent in this letter and a copy of my receipt for new axles ($7,500 and $2,000 respectively) and that total, $10,000 is the Agreed Value of my TT. Suposedly, if I make significant upgrades, I can provide those receipts to increase the agreed value. ???? I'm thinking, "good luck with that one".

Laura

[2airishuman]

Originally Posted by funkill

...the first two agents in my local gave me differing stories ...

I phoned Progressive directly and was told they could write me a policy for Agreed Value with no problem...

good info laura.

most agents don't write these rv riders (agreed value or replacement coverage) often enough to KNOW the details.

and confuse the issue (and customer) with phrases like "total coverage" "complete coverage" or "fully covered" just to sell what they offer.

if you want it done correctly this is an issue where PERSONAL EFFORTS pay off...

i've posted the EXACT terms from progressive here, but ALWAYS read the policy details and rider details, boring as this may be...

http://www.airforums.com/forums/549234-post3.html

topic covered in details in these threads...

http://www.airforums.com/forums/f351...ins-41233.html

http://www.airforums.com/forums/f351...ner-39292.html

and this is an interesting yarn with GOOD updates at the end...

http://www.airforums.com/forums/f351...arm-10176.html

cheers
2air'

[WestCoastVA]

Progressive seems to be one of the best insurers of vintage trailers at the moment.

[Jim Foster]

Originally Posted by Emerson77

Jim- Does AAA do an agreed upon value for your AS trailers? If so, do they require a appraisal?

Thanks,
Eric

Eric

I never discussed the value of the trailer with our agent at AAA. They just repaired it with no questions asked. That's a good point though. I will have that discussion, and if it doesn't go well, will perhaps put the trailers on with our Sneed street rod policy.

[Jim Foster]

Originally Posted by Jimmy100

Hey, Jim, it's been 6+ years since Essex Jct! I wish I could change out my own parts as easily as vehicle parts, but I would be waiting for a NAPA kidney far too long. If you could, check out Sneed's American Modern Home policy to verify that Liability is covered on the towed trailer when hitched to a named vintage vehicle.

Hunt

As I understand it, liability for damage done by a trailer being towed, always falls on the tow vehicle insurance. When we had our incident, I thought that the liability fell on the trailer insurance, so gave the Highway Patrol the info for the trailer insurance. A couple of weeks later I had the State of California after my drivers license because the car was not on the policy that I gave the, (Sneed). Got that straightened out by giving them the Sneed info. That's how I learned that the liability is on the tow vehicle.

[modarch]

Originally Posted by Jim Foster

Both of our trailers are on our AAA policy with our autos (except the street rods). When we had a large claim with AAA on the '65 Caravel due to a broken axle in 2001, they paid everything. No problem.

Our street rods are with Sneed and Company in Memphis. I understand they do vintage trailers as well. When we had the broken axle problem we were towing with one of our street rods. The cars (2) which were damaged by the run away wheel were covered by the tow car insurance (Sneed). Turned the whole thing in, they paid out, never heard a word, rate did not increase.

Good service from both Sneed and AAA.

FYI- I called Sneed and Co. today, they are located here in my hometown. They do not cover Airstreams.

[Alwhisman]

Progressive is one of the few that even have "Agreed" policies. I just went through the same thing.

Al

[4RXLA]

Called them today to get coverage for my 77 AS and they said effective 4/15/10, no more agreed value policies on new business. Any suggestions?

[2airishuman]

my guess is that the hail storm claims from last season...

killed this policy type from the big P.

70s units insured for 100k$ getting FULL skin replacements at 50-60 K$ for the repairs

(when the units are still only sellable at 20-40K$)

it would take 1000s of claim free policies just to cover 2-3 of those jobs.

and only the rehab shops benefited from that.
___________

looks like the vintage car insurers are another option, but not the ones in this thread.

much depends on HOW MUCH VALUE is assigned to the property, but there are other property insurers out there, so keep looking.

the real question is HOW MUCH is one willing to pay for the coverage?
___________

there are perhaps 20-30 GOOD threads on this topic that mention other companies and plans.

most date back 2+ years but the reading could provide more ideas or options.

cheers
2air'

[rayandre]

I just called toll free to Progressive and the rep on the phone told me they no longer are doing stated amount policies. They only do cash value-I'd love to see how that works on a vintage AS! So where to look now?