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Old 04-19-2016, 11:21 AM   #1
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Vintage Owners - WARNING!!!

Check your insurance policy - and get ready to puke!

I started another thread about 2 weeks ago, asking where I should go to get insurance on my 1984 Avion which is finally finished. Progressive, Foremost, Farm Bureau, and a couple of others were mentioned.

None offer an "Agreed Value" policy any longer - it's "Stated Value" - which means I can STATE that mine would take $40K to replace, but if I'm in a wreck or it's stolen, they can come back in and do an NADA Blue book and pay $10K and call it good. (I CAN keep all my receipts, have a detailed set of pictures taken of every upgrade, and dispute their total, but I'll probably have a 2 year fight on my hands AND pay a lawyer to get a reasonable settlement.

Apparently a lot of companies have changed their policy offerings within the last six months or so... so if you just paid you premium, but didn't read through the whole 30 page policy, surprise, you may not have the coverage you need.

I've been hoping that it was just a Virginia thing, but I asked Frank to give me the name of his agent (who has a couple of vintage Airstreams himself) and NO JOY!

I've even offered to change the insurance on my truck over to any company willing to insure my trailer but so far no luck. It looks like I'll have to be severely underinsured or sell the trailer. Crikey! When you get a new policy if you don't have an agent go over it one page at a time ... the company may have changed the terms and you may be completely underinsured.

IF I HAD a house, I might have a etter chance of getting insurance. Fulltimers - do it in a nearly new unit. You can get replacement coverage for the first five years on most of those!

Paula
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Old 04-19-2016, 12:38 PM   #2
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Did you try Good Sam insurance, now called National General?

I haven't read the policy this year as I just reinstated full coverage. You can switch to "storage" when stored, though for you Paula, that may not work.

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Old 04-20-2016, 04:35 AM   #3
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Good Sam apparently just resells Foremost and National General - and Foremost won't cover me. What's one more phone call? I'll give them a shout.

Also another poster started a Blog Entry in response. Says he got Blue Sky with an agreed value of $150K. I'll call them too.


Paula
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Old 04-20-2016, 05:06 AM   #4
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Our insurance comoany sold me an "agreed value" policy for $15,000.
In the fine print, on page 16 of the policy, they "agreed" to insure the trailer up to $15,000, or Actual Cash Value, whichever is less. According to NADA, it's worth $500... Another company will do agreed value, as long as I have documentation of any upgrades, and an appraisal from a dealer. That's great, except it has to be stored in secure indoor storage, and moved no more than 50 miles per year.
So, we're still looking for insurance, too. Let us know what you find out...
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Old 04-20-2016, 07:01 AM   #5
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Safeco does mine on agreed value. Safeco is a Liberty Mutual company. Not sure they would do it by itself, as they do all our vehicles, our boat, and a low speed vehicle (street legal golf cart).

I am a commercial insurance agent and make my living identifying coverage restrictions, limitations and exclusions every day. One thing that I often see is the misconception that bBuying a policy for something, does not necessarily mean you're covered for what YOU want to be covered for.

Carriers offer different terms & conditions AND they change them from time to time, so Definitely READ your policy.
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Old 04-20-2016, 11:06 AM   #6
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Try Josh Pagel @ FCIS

Try Josh Pagel @ FCIS. I have an 'agreed upon' value of $195K on mine (needed an appraisal, receipts, etc to get it)

The policy is actually thru Progressive, however FCIS is authorized to write them.

Josh Pagel
(800) 331-1520
http://www.fcisinsurance.com
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Old 04-20-2016, 11:11 AM   #7
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Quote:
Originally Posted by Foiled Again View Post
None offer an "Agreed Value" policy any longer - it's "Stated Value" - which means I can STATE that mine would take $40K to replace, but if I'm in a wreck or it's stolen, they can come back in and do an NADA Blue book and pay $10K and call it good.
So you pay for $40k worth of coverage and they cover $10k. Great business model...
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Old 04-20-2016, 11:21 AM   #8
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Good reminder! Thank you for the heads up
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Old 04-20-2016, 11:40 AM   #9
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Arrow Also try AAA

Hi Paula,

You might also try AAA, since we have an "Agreed Value" on our 1960 Avion T20 with them since we got it in July 2012 (& Progressive had stopped their Agreed policies by then for new customers). We had the guy who did the PPI for us, also write his Opinion of Value (O.V.) - Uwe Sallwender at Area 63 - he's a restorer & not an appraiser so it's an O.V. & not appraisal per se, but AAA accepted it for Agreed Value - & he gave us a SoCal area appraiser, whom I'll use for an update appraisal here soon.

You'll have to request it as A.V. specifically when you call AAA, & have something to support your claimed value, like your receipts, purchase price or a recent appraisal if it's gone up in value since then ($200-500 well spent IMHO).

We're in CA, so the rules & limitations on insurers is different than the other 49 states I'm sure, but worth a call for you.

They also insure for the full year/12 months - instead of every 6 months - so less opportunities to jack your rates & change terms.

Keep in mind when you look at their rate, that after the 1st year of insurance, you'll have a dividend of 5-10% of your policy amount (I'm guessing %) which deducts off your first of the 10 months payments. For us it usually cuts $120-180+/- to $10-20 ~ so say $80-150 off (2 cars + trailer). They're policy holder owned - ergo the dividend.

Based on your comment - I'll have to recheck the wording when our renewal docs come in a few weeks for our June renewal.

Thanx for the Heads-up!
Tom
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Old 04-20-2016, 11:45 AM   #10
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I have an appraisal on my vintage Airstream. Have my ins with State Farm. They put the appraisal with my file, and said the appraised value is what they will pay.
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Old 04-20-2016, 12:41 PM   #11
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This is why I have not insured my trailer other than as being towed by my truck. Eight years ago when my Good Sam full timer insurance more than doubled in price without ever filling a claim I checked into exactly what it covered. A years worth of premiums was equal to what I would receive if it was totaled after the deductible. I just paid myself the premium into a savings account to self insure. I now have enough put away to pay for two equivalent value trailers.
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Old 04-20-2016, 01:07 PM   #12
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So many people buying vintage trailers and putting very high values on them has killed the market. I see this in the Tin Can Tourists all the time. People spend a couple hundred dollars on an old Shasta and put a couple thousand into it and try to get it insured for thousands more. All if this has hurt the AS Avion vintage owner whose trailers really have value. My Avion is insured for ten thousand, I'm gonna check the policy. Thanks for the heads up.
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Old 04-20-2016, 01:36 PM   #13
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Try Charles at Americas Mailbox. http://www.americas-mailbox.com Thye have a half a dozen companies that they quote and you might have some luck.
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Old 04-20-2016, 02:36 PM   #14
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I too had Good Sam and now have National General (NG). My policy stated the "agreed value".....
BUT...
on the phone after talking to a claims adjusted he stated NG would only pay NADA price.
I asked what good is the agreed value for?
Agreed value could play a factor if in an accident my insurance found the other party at fault. Then "I maybe able to collect the "agreed value" of my trailer.
In case of an accident and I was at fault and I wanted to collect the "agreed value" on a claim the adjusted quoted me a policy price of 4x what I'm paying now.
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Old 04-20-2016, 02:38 PM   #15
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Best way to know, is to read your coverage terms.
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Old 04-20-2016, 03:00 PM   #16
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Quote:
Originally Posted by Foiled Again View Post
Check your insurance policy - and get ready to puke!

I started another thread about 2 weeks ago, asking where I should go to get insurance on my 1984 Avion which is finally finished. Progressive, Foremost, Farm Bureau, and a couple of others were mentioned.

None offer an "Agreed Value" policy any longer - it's "Stated Value" - which means I can STATE that mine would take $40K to replace, but if I'm in a wreck or it's stolen, they can come back in and do an NADA Blue book and pay $10K and call it good. (I CAN keep all my receipts, have a detailed set of pictures taken of every upgrade, and dispute their total, but I'll probably have a 2 year fight on my hands AND pay a lawyer to get a reasonable settlement.

Apparently a lot of companies have changed their policy offerings within the last six months or so... so if you just paid you premium, but didn't read through the whole 30 page policy, surprise, you may not have the coverage you need.

I've been hoping that it was just a Virginia thing, but I asked Frank to give me the name of his agent (who has a couple of vintage Airstreams himself) and NO JOY!

I've even offered to change the insurance on my truck over to any company willing to insure my trailer but so far no luck. It looks like I'll have to be severely underinsured or sell the trailer. Crikey! When you get a new policy if you don't have an agent go over it one page at a time ... the company may have changed the terms and you may be completely underinsured.

IF I HAD a house, I might have a etter chance of getting insurance. Fulltimers - do it in a nearly new unit. You can get replacement coverage for the first five years on most of those!

Paula
I dropped Progressive and went with Good Sam. They placed me with Allied an Allstate company. I needed to provide an appraisal. I have agreed amount of $31,000 on my 66 Globe Trotter and it didn't need to be in a locked garage and was half the cost of Progressive. I can give you the agents name if you like. Just email me at floridalarry@me.com or I can post it here when I get home
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Old 04-20-2016, 03:03 PM   #17
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When I insured my Silver Streak I found comps of similar trailers that had been sold. Provided them lots of pictures and came to a value. My policy states the value we agreed on at the time the policy was written. I don't know what more can be done.
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Old 04-20-2016, 03:41 PM   #18
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Streamers: I gotta laugh. When camped I lower my 1958 Caravanner to the ground because I've no solid axle-rather 2 air bags for 11" lift or down to full kneel. A thief would say this thing has tires but how can I make it roll. You'd have to know the code to activate the air compressor or I suppose go out and rent a very long tilt bed car hauler. When camped and not set up yet a burglar would find only a styrofoam twin mattress folded up at each end. When gone I fold up and lock in place. Would make for some austere camping. Might slam the door with anger as he departed. When not set up I don't lock the door (why pay for a repair) weather or not the slant ramp is upright or deployed. And you can not lower the ramp unless air compressor code is known. Can't break windows with a ball bat since they are 1/4" polycarbonate. My rig tows almost completely empty. All contents when OTR are loaded in the bed and covered by my Escalade EXT policy (TV) It's not that hard to unload trailer and go. Have $11K in it but as a trailer claim would not get "Jack". It's a shell and when set up who wants to load the wood stove for heating or cooking. I dare to say I probably can't find anyone to take it as a gift if forced to use it for camping. I took it in to price for trade and many salesmen were called to observe and many laughs later I offered to give them the "pink" if they had a trailer to compare in any parameter. Problem is I adore it.
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Old 04-20-2016, 06:49 PM   #19
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Quote:
Originally Posted by SCOTTinNJ View Post
So you pay for $40k worth of coverage and they cover $10k. Great business model...
I realize I am quoting myself here but I still don't get it. What industry estimates a value of something, charges you a fee based on that value, and then lowers the value after the fact? It's insanity.

It's no different in concept then you walking into a restaurant and ordering a $10 sandwich, then when you are done they say you have to pay $40.

Nobody would accept that but it's exactly what the insurance industry does. Just in the opposite direction so to speak.
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Old 04-20-2016, 07:17 PM   #20
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Yikes!! 😳😬 Not good news. May take $Hide's advice and pray we don't have a need for insurance the first few years, and hopefully never.
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