Totaled Airstream - Insurance question

[cleecooper]

Hi All, our 2015 International was just recently totaled in an accident.
We were not involved and no one was hurt.
The insurance of the truck causing the accident has accepted full liability.
I have filed our claim through Progressive and the will subrogate.
I have total loss protection so Progressive will replace my Airstream with a new one.
Here is my question: we currenlty have a loan on our trailer. If a newer model is purchased by Progressive to replace our 2015 will we only be responsible for the same loan amount as we have now? Will Progressive pay the difference so that we are financing the same amount as with our 2015?

Next question - what other potential benefits or costs should I look to have taken care of from the other carrier?

Thanks for the help!

KC

[Bigventure]

First they will find the value of the trailer. You can help them by doing research. Don't forget to tell them about the upgrades you did. New converter, solar, etc. plus whatever was in the trailer. Dishes, pots etc. Then the loan will be paid first. Whatever is left is yours less deductible and deprecation. They will pay you the tax and title costs. Then it's up to you to find a trailer.

[NorCal Matt]

Sorry you lost your trailer, glad no one was hurt. I can't answer your question, but I'm interested to hear how it works out for you. I have progressive as well

[pmclemore]

Amen on your good luck in not being hurt. Amen also on helping Progressive value your trailer. First thing they will do is look at Blue Book and you will have to fight them off that spot with documentation - such as sale information found in the classified system here.

Good luck.

Pat

[DKB_SATX]

To those talking about having to fight about blue-book: It sounds like you have the same Progressive policy I just started for our new trailer, and for an Airstream less than 6 years old what they'll do is pay for a new trailer of the same size and model. No depreciation, but from the documentation they asked me for, I'm sure they'll expect you to drive a similar bargain to the deal you made initially on your trailer.

The net result will probably be that they'll pay off the existing loan and pay the difference between that amount and the price of the new trailer toward the new one. You'll be on the hook for a similar loan amount unless you make different decisions about down payment, term, etc. but you'll have current interest rates rather than the rate of your old loan.

[spike2tx]

We had a total loss on our fully restored 1975 31' Sovereign due to a fire at our storage. and our policy was with Progressive. Needless to say we had way more invested than the normal worth of a 75 trailer ! In fact over 100k. Progressive at least from my experience was far better than I thought it would be. Having all your receipts is a must for extras. Also if you have lots of extras they might ask for an appraisal. I had very detailed receipts and photos and was able to settle in 30 days. Hope this helps

[jcanavera]

Originally Posted by cleecooper

Hi All, our 2015 International was just recently totaled in an accident.
We were not involved and no one was hurt.
The insurance of the truck causing the accident has accepted full liability.
I have filed our claim through Progressive and the will subrogate.
I have total loss protection so Progressive will replace my Airstream with a new one.
Here is my question: we currenlty have a loan on our trailer. If a newer model is purchased by Progressive to replace our 2015 will we only be responsible for the same loan amount as we have now? Will Progressive pay the difference so that we are financing the same amount as with our 2015?

Next question - what other potential benefits or costs should I look to have taken care of from the other carrier?

Thanks for the help!

KC

I'm assuming your policy is the same as my Progressive policy in that it has total replacement within the first 5 years of a new trailer with a like model, no matter the cost. That means you should be eligible to get a new International even though it will may cost more, as long as it has the same basic configuration.

Now the sticky side of that is the execution of this transaction. Will they get you the replacement trailer and directly pay the dealer? Will they ask you to get a deal and then send you a check based on the deal? The devil is in the detail and I'm not sure how they will handle your loan on the totaled trailer.

You need to ask. Bottom line be happy you have that policy. Also be aware that once you pass that first 5 years, if the policy is like mine, it reverts to a stated value at purchase time. That means Progressive will pay you the initial value of the trailer at the time you purchased it. I investigated that a few years back with Progressive confirming that even though my Classic is now over 12 years old, if I experience a total loss, I will get a settlement equal to the price I paid for the Classic back in the fall of 2003. It's really excellent protection although the premium for this is higher than a policy that will depreciate the trailer with age and condition.

Jack

[bganso]

In all likelihood, the insurance will make out the check to you and the bank. The bank will payoff your loan and give you the difference. You'll need to find a new trailer and arrange for new financing. The down payment (equity) will be between you and the bank. It's not likely the bank will keep the existing financing in place and allow a substitution of the collateral. Wyoming has many community banks and a friendly banker may make an exception. If you've financed with one of the big guys, you're SOL. Interest rates have moved up and cars loan defaults have increased. I know this isn't a car, but vehicle loans are looked at similarly.

[cazual6]

I have Wawanesa, I just called and asked my coverage, I have Liability and Comprehensive with a low deductible. They cover the value of the rig, not what you owe. They did say the adjuster can determine on a case by case. Keep us posted.

[TBRich]

We have not made a total loss claim on our Progressive policy (the same as described with the replacement with new iwithin 5 years & original purchase price thereafter).. However, we have made two claims for damage. Progressive was great. They handled everything qiickly without hassle. We just payed the deductible. We have been very happy with them … with no reason to doubt they would follow through with a full loss claim.

[WestieHouse]

Originally Posted by TBRich

We have not made a total loss claim on our Progressive policy (the same as described with the replacement with new iwithin 5 years & original purchase price thereafter).. However, we have made two claims for damage. Progressive was great. They handled everything qiickly without hassle. We just payed the deductible. We have been very happy with them … with no reason to doubt they would follow through with a full loss claim.

We also have had two claims with Progressive and they handled everything quickly, fairly, and courteously. Progessive has been terrific. All of our our other insurance policies (5 altogether) are with USAA, but like with my Harley, USAA sent us to Progressive to meet our needs for the AS.

Glad to hear it is only property damage!

[369goose]

Agreed, insurance will likely come in low on the value of the trailer & you will have to provide documentation on any upgrades you may have done to the trailer. The contents is likely where they will be more difficult. Start compiling a list of what you can remember being inside at time of the accident. Many items won't come into your memory til you are settled and using the replacement AS and you will think where's that little water pressure regulator, fancy flashlight or coffee maker, etc, etc. The longer it takes to settle the claim the fewer items you will recall. Asking your credit card company for a summary of your account can help recall many purchases & also serve as documentation for purchased items.

Good luck 🤔

[WestieHouse]

Nothing beats keeping a file of receipts and making a video (or taking photos) of your Airstream. Keep these in a separate location. Might help with setting a sale price one day.

[cleecooper]

So, Progressive has decided trailer is a Total loss. I have 2 options:
1. take the payoff for cost of trailer (purchase price, plus taxes, fees)
Use this to pay off current loan and then buy another trailer on my own OR
2. Use my Total Loss Protection - a company finds a new trailer (never previously owned / must be from dealer)
* this means if a 2015 isn't available they will pay for and purchase a newer trailer. Loan will be same as loan from 2015.

In your opinion, which option do I choose?

[Clutch1855]

Depends on how much you owe on current trailer. If you still owe pretty much full amount I would go with option #1. You would get newer year model. If there was a big down payment option #2 sounds better.

[Mattirs]

This is a tricky question, I did property & casualty insurance for 20 years. This depends on what you took out, replacement value or stated value, then there are variations in between. Replacement value means they will give you what it costs to replace it, this is where a lot of people get caught if it is totaled by the owner right away. There is too much for me to type on my phone, will give fuller answer when I can use a keyboard.

[chris_kelly]

Originally Posted by Mattirs

This is a tricky question, I did property & casualty insurance for 20 years. This depends on what you took out, replacement value or stated value, then there are variations in between. Replacement value means they will give you what it costs to replace it, this is where a lot of people get caught if it is totaled by the owner right away. There is too much for me to type on my phone, will give fuller answer when I can use a keyboard.

I know the OP hasn't posted in a while, so decided to hijack this thread since I may be in a very similar predicament.

Unfortunately, we've had hail damage to our trailer, and costs are skyrocketing - approx $46k in repair costs for a 2015 Signature 23FB.

Would like to hear your opinion on cash vs camper.

caw

[thebreezeman]

Had hail damage on my 2015 flying cloud totalling $51k. When they total it in thinking of keepingit, pocketing the money, and using the damaged trailer

[SYC2Vette]

Originally Posted by thebreezeman

Had hail damage on my 2015 flying cloud totalling $51k. When they total it in thinking of keepingit, pocketing the money, and using the damaged trailer

If you do that I wonder if you can then use an agreed upon value for the trailer that is much lower to reflect the damage? Might then significantly reduce your annual insurance cost too! Insurance guys should chime in, but I think you might have to pay the insurance company the salvage value in order to keep it. Some classic car insurance companies give you the option of keeping your totaled classic.

[Mattirs]

You will have a hard time insuring the trailer for comp and collision on a salvaged title.
And yes if you want to keep the trailer you will have to buy it back from the ins company at what they think they can get for it as salvage.

Thanks,
Matti