Renewing Insurance

[kamadeca]

Here's the situation. We have a 2003 Safari 25 SS. The insurance is up for renewal and I noticed that it is insured for $60000 (CAD). Given that it is now 4 years old should I be reducing the amount it is insured for to its estimated value, or keep it at $60000 (roughly replacement cost)?

Any insights, advice, etc. would be helpful - I am trying to save a few dollars here.

Thanks.

[bobchevy89]

I'd keep it at that price. if you lower it it might go too low. then when you need it not enough to replace the TT.
Bob

[Silvertwinkie]

Insurance is one of the most needed and biggest scams out there. There are more loopholes in the policies to get them out of paying than there are policies.

I agree that the thought of carrying more than it's worth seems like a valid thing to do, but unless it's going to do direct replacement and not market value, then insuring it for more than it's worth is a waste of money, because they won't pay you what it would cost to replace it, just what the book says it's worth being a 2003. I have a 2004, same model and it's nearly to the point of half of what it was new (retail figures).

[CanoeStream]

You can see one value source here: "New Car Prices" "2007 Used Car Values" – NADA Pricing Guides No telling how real the figures are in the resale or insurance settlement marketplace (two different things entirely!).

No bluebook value will fairly assess a vintage Airstream, so such folks commonly work from a "declared value" approach (search on 'declared value' to read more).

[2airishuman]

hi kamadeca

you don't mention what insurance company.

have you read the exact wording of the replacement rider?

'full replacement' policy riders are generally only good for 3-5 years on new units.

once past that time book value is likely to be your upper limit of coverage...

unless you have documented upgrades and add ons (like solar or new awnings)

even then trailer upgrades aren't covered unless they are specifically added to the policy.

'agreed value' policy riders are usually reserved for much older units with lots of restoration work.

insure for book value at this point but make sure 'contents' are also covered.

cheers
2air'

[DFord79]

Insurance...grrrrr....If you think you have replacement value....you better have your insurance agent show you in writing. VERY, Very few have full replacement value insurance even tho thats the way its worded. Some company's will do it for 3 years...but then its depreciated at book. I had an uncle learn about insurance the hard way with His airstream after spending 10's of thousands to remodle only to find out (he thought he had the remodle covered) after a tradjic accident ( He fell asleep at the wheel and totaled His Airstream) that the remodle money was not covered. It's like walking a tight rope when it comes to insurance. My state farm agent says they will only insure an Airstream the same way they insure a car. Thats with a depreciating value...based on NADA. Also...if you travel to Mexico....most insurance does not cover you.

[supercars]

Our classic cars are insured at an agreed value NOT book value. Is this type of coverage available on Vintage trailers/motorhomes?

[overlander63]

Originally Posted by supercars

Our classic cars are insured at an agreed value NOT book value. Is this type of coverage available on Vintage trailers/motorhomes?

It is, depending on insurance carrier.

[CJ of Okla]

Who covers vintage trailers? Our car insurance (Farmers Union) said they won't cover our trailer.

[safari57]

Originally Posted by kamadeca

Here's the situation. We have a 2003 Safari 25 SS. The insurance is up for renewal and I noticed that it is insured for $60000 (CAD). Given that it is now 4 years old should I be reducing the amount it is insured for to its estimated value, or keep it at $60000 (roughly replacement cost)?

Any insights, advice, etc. would be helpful - I am trying to save a few dollars here.

Thanks.

I chose the agreed value route. That eliminated any misconceptions on anyone's part. If anything is left to interpretation it can too easily come down to who can afford the most lawyers and in those cases the insurance company typically wins. This way I'm only paying for insurance on an amount I'm comfortable accurately reflects the value of the trailer to me and my ability to find an acceptable replacement within that range.

Barry

Barry

[Relentless]

You are over insured by at least $10,000. A new, 2007 25 Safari SE can be bought for $50,000 from a dealer. That's fully loaded with all the upgrades, extra awning, 23" TV package, etc.

[ROBERTSUNRUS]

Hi, I have two vehicles insured for agreed value; But I think that only comes into play with a total loss. If and when this happens, I will find out if that's what I will really get.
Insured at agreed value: 1959 Ford Galaxie and 2005 Airstream Safari 25-B. The "59" at one time had to be appraised and the "Airstream" had to have some documents to show it's worth or cost.
Insurance companies involved: J.C. Taylor and AAA of California.

[kamadeca]

Originally Posted by Relentless

You are over insured by at least $10,000. A new, 2007 25 Safari SE can be bought for $50,000 from a dealer. That's fully loaded with all the upgrades, extra awning, 23" TV package, etc.

Unfortunately that is in the States. I am in Canada so add another 10-20% to that cost (55,000 - 60,000)

Malcolm

[overlander63]

Originally Posted by CJ of Okla

Who covers vintage trailers? Our car insurance (Farmers Union) said they won't cover our trailer.

I have our trailer insured through GEICO. It is an actual cash value policy, but the way the policy is written, we have it insured for enough so the personal effects and other stuff parts of the policy add up to almost what I feel the trailer is worth. Costs about $200/year. It is paid out without providing receipts for reimbursement. It's kind of cool being able to play their game their way and still have what I need without getting ulcers.