What about insurance?

[daved20319]

Having spent thousands of dollars and countless hours converting a pile of aluminum on it's way to the recyclers into a polished diamond inside and out, how do you go about getting it insured for something close to what you now have into it?

We bought ours about 15 years ago for $5000, had we not bought it, it's next stop would literally have been the wrecking yard. In the last few years I've replaced axles, shocks, tires, water heater, water lines, furnace, most of the 12 volt electrical, batteries, in other words, all the critical systems. I'm now working on secondary systems and interior cosmetic issues, next winter will be exterior. So far, we're into it for somewhere around twice our initial cost, and that's JUST material cost, I've done all the labor myself, don't even want to think what the bill would have been if we'd had to pay someone to do all that.

So how do you keep your insurance company from writing it off as totaled from one minor crease down the side? Or worst case, how do you recover something close to what you've got into it in the event it DOES get totaled, somehow? My wife talked to our agent today, but I've got a feeling that our agent is clueless in this kind of situation. I'd really appreciate hearing from some of you that have already dealt with this issue. Thanks.

Dave

[Paul Ouellette]

Get a letter of value from an Airstream dealer & take lots of pictures.

Show these things to an insurance broker & no doubt you'll find that he'll be pleased to help you !!

P.
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Calling all Airstream 34's...
Join the Facebook A'34 group today !!

[Denis4x4]

Check with the classic car/boat insurance companies and talk about agreed value. I use Hagerty, however there are quite a few different companies. Also if you have an umbrella policy, make sure that the company insuring the AS meets the umbrella policy requirements.

[star kitty]

Dave - I'm in the same boat as you. I restored my trailer by myself and have taken photos and kept receipts as well. I currently have State Farm and all they have told me is to keep good records. But it's hard to value the time we have both invested.

I know if you do find a company who issues "stated value" policies, they will require a professional estimate of the value. That's going to be in the $300.00 range. Probably worth it in the end. I know my local AS dealer will not do value estimations.

Until my policy with State Farm ends, I have been meticulous in keeping good records and whenever a similar trailer pops up for sale, I print it off as proof of the value of these trailers. It's the best I can do for now!

Denis - Hagerty told me they do not do travel trailers. Do you have a vintage car policy with them?

[Riverrat6270]

I have the same problem with insurance. I'm hoping somebody has a insurance company that will write a policy on declared value and I'm willing to pay a premium appropriately. My last unit was a white box that got totalled and took a bath on that.

[Paul Ouellette]

Dave : Just one more thing...

Keep in mind that "quite often" insurance is like a hospital gown...because...

You get the impression that you're covered...but in reality, your ass actually isn't !!

[Aviator]

We have an agreed upon policy with Progressive. I send some pictures of our trailer, and some links to trailers for sale so that they had a reference as to what replacement cost was and they agreed. Initially they asked for an appraisal, but after I sent the above information Progressive decided the appraisal wasn't necessary.

No claims as yet, thankfully, so I can't attest to their service.

[tkasten]

We also used Progressive with an agreed value. I sent them a copy of every receipt for the entire resto/reno including the original purchase price. We have an agreed insured value of $15,000.00 and I'm happy with that. You really get nothing for you labor.

[Wabbiteer]

Amica sends me a notice each year asking to update the coverage to reflect any improvements on a booster policy. Keeping good records is also for homeowners & the tow vehicles drivers insurance for if/when they have to approach yet another insurance company to recover damages from an incident not of your doing. I think.

[Kamiak]

Most companies provide "stated value" policies where the premium is based on what you say it's worth (within limits), rather than current market value of a 40-year old vehicle. This is often done in the case of old cars. Values above a certain level, or a certain level above blue book will likely require a degree of documentation, in the form of an appraisal, not your shoebox of receipts. If you don't have stated value coverage, then your restoration and TLC are of value to you only, and it's insurance value is that of a 40-year old vehicle.

[Denis4x4]

Star Kitty, i have four cars with Hagerty and also used their boat policy for a restored Chris-Craft. I may send them a link to this thread as it might make sense to for them to do some follow up.

[Lance M]

For those of you wanting to get a professional appraisal, I recommend you contact SilverPal or SilverPal2 here on the forums. SilverPal2 gave a very informative presentation about insurance and agreed policy values at the Vintage Restoration Rally in Albuquerque.

[star kitty]

Originally Posted by Denis4x4

Star Kitty, i have four cars with Hagerty and also used their boat policy for a restored Chris-Craft. I may send them a link to this thread as it might make sense to for them to do some follow up.

I figured you were a good customer and they threw in your trailer as a bonus!

I found my Globetrotter a year ago in Durango. Bought it out in May Day.

BTW, there is a vintage Chris Craft sitting in a salvage yard in Denver just withering away. What a shame. The wood may be too far gone to restore. It's a beauty though!

[Denis4x4]

Just got off the phone with Hagerty and asked about vintage AS coverage. The sticking point seems to be propane appliances and the added liability that that incurs. It's still under study according to the rep I talked to.

[JazzDad]

You want "Stated Value", or whatever your carrier calls it. The premium they collect is based on the maximum possible amount they will pay you for a total loss, minus your deductible.

Even with the settlement method of Actual Cash Value (ACV), you may not get paid what it is worth if the insurance company did not collect enough premium for the risk.

Another thing: if your trailer is declared a total loss, some carriers will allow you to 'retain the salvage'. But, you need to know if-
1. They will allow you to continue to insure it, and/ or
2. Can you title it for road use again?

Insurance isn't that difficult to understand. I can't tell you how few of my customers ever read their policy, even though I encourage them to do this.

As with anything in life, educate yourself.

[tkasten]

Originally Posted by JazzDad

Insurance isn't that difficult to understand. I can't tell you how few of my customers ever read their policy, even though I encourage them to do this.
As with anything in life, educate yourself.

You hit this right on the nail. Yesterday I posted that my 65 was covered through Progressive for $15,000.00. After reading some posts that suggested I might not have what I thought I had I called Progressive w/policy in hand. They told me that my policy was actual value not "agreed/stated" value. Ignorance is not an excuse on my part. They said that I can make the changes to my policy by submitting an appraisal from an RV dealer. I now have the appraisal scheduled.

Thankyou to Kamiak & JazzDad for my wake-up call. I'm sure glad we have these forums.

[Dan and Liz]

I called FCIS (ad in the latest Blue Beret), got an agreed value policy just a few days ago based on an appraisal done at last year's Albuquerque maintenance rally. Premium nearly $100 below Progressive's quote. Of course no claims yet, so I can't address their service, but they were great on the phone. 800-331-1520 or rvadvantage.com.

[dznf0g]

My first year with Progressive was for the purchase price(depreciated through that year, I suppose). My second year will be calculated as "value" by the book. I asked my agent about agreed value (she owns an AS as well and understands the "true value") She told me to list out all my upgrades and gather comparable for sale listings and sold amounts, If I can procure, and she will take forward to Progressive.

My policy doesn't come due till May, so I will have to wait to see what happens. I've started collecting comparables.

I guess this will be an annual exercise?????

[JazzDad]

Originally Posted by dznf0g

I guess this will be an annual exercise?????

Like re-sealing the roof every other year.

[Inland RV Center, In]

There are two basic type insurance policies for Airstreams.

One and the most common, is called ACV, meaning "actual cash value".

The other is called "stated value".

The problem with ACV, is that in the case of a major loss, the owner is at the mercy of the insurance company.

If they decide to a constructive total, or just total the coach, then you have a real problem. You must now get certified appraisels from someone that is an expert with Airstreams. They must prepare an itemized list of everything of value that was added to the coach. They must also have the receipts to back up their quoted value.

In the case of a stated value policy, documentation is necessary when applying for that type policy.

In either case, photo's might be a waste of paper, but they carry tremendous weight should a major loss occur.

Having a "on line" or telephone appraisel, doesn't get the job done.

It also means absolutely nothing if a policy is an "ACV" type, but a value of say $20,000 is listed. Sometimes, a policy requires the initial purchase price of the coach, which by todays numbers could be $50,000 or even much greater.

Always, when dealing with an insurance comapny when there is a major loss, "DOCUMENTATION" is the key to a reasonable settlement.

Lastly, rarely, if ever, does an adjuster know the value of an Airstream product, or have any idea what it takes to repair them. They do not have a source, except forom a dealer, of parts prices or labor hours.

The old Caravanner Insurance Company, was the only one that ever had a flat rate manual for hours, and also had the parts prices from Airstream.

If a dealer is honest, your in good hands. If the dealer blue skies the labor hours and parts prices, then they have created a difficult issue for the owner.

When in doubt, ask someone that you can trust.

Andy