trotwood56
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Post by trotwood56 on Apr 17, 2016 17:09:19 GMT -8
Hi all, I am just about done renovating my 1954 Trotwood Cub. I bought it for $800 but now it is worth considerably more. Does anyone know of how to properly insure a trailer? I'd like to have it insured incase of a wreck or theft. Can you get vintage vehicles and trailers appraised for what they are actually worth and insured for that value?
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Deleted
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Post by Deleted on Apr 17, 2016 17:59:17 GMT -8
I know you are looking for an answer, I am curious too. It seems like it would be hard to appraise the value of a vintage trailer, I am sure someone on here knows what can be done.
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trotwood56
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Post by trotwood56 on Apr 18, 2016 10:06:03 GMT -8
I know you are looking for an answer, I am curious too. It seems like it would be hard to appraise the value of a vintage trailer, I am sure someone on here knows what can be done. I just got a quote for an agreed value policy of $6000 in the event of incendient. Its got a $541 yearly premium so like $45 a month. I'm not aure if thats a good deal?
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Post by Deleted on Apr 18, 2016 13:48:40 GMT -8
My thinking is it would take 10 years to over pay the policy value. Based on that doesn't sound too bad to me.
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turbodaddy
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Post by turbodaddy on Apr 18, 2016 15:04:15 GMT -8
trotwood56, can you give us the name of the company that gave you a quote? I haven't had any luck finding coverage other than liability and the excise tax value which is about $350.
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trotwood56
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Post by trotwood56 on Apr 18, 2016 15:52:35 GMT -8
trotwood56, can you give us the name of the company that gave you a quote? I haven't had any luck finding coverage other than liability and the excise tax value which is about $350. [br www.rvadvantage.com/Heres the site I used
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turbodaddy
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Post by turbodaddy on Apr 18, 2016 16:07:45 GMT -8
Thanks for quick reply,
Ha ha...of course, they do not sell insurance in Hawaii and my home state, Massachusetts!
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chametzoo
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Post by chametzoo on Apr 18, 2016 20:32:47 GMT -8
If they didn't require an appraisal, it's not agreed value. I've had other on line RV insurance agents bluff their way through the conversation and not press for a value appraisal, that means you're actually getting actual cash value, which you don't want. Agents can be sneaky that way. They are not actually providing the insurance, the insurance company is. Contact FCIS in Iowa: 800.331.1520 as your agent. They will insure you through Progressive Insurance with agreed value insurance based on an appraisal. Progressive is the only company that will insure your vintage trailer without requiring it be in a garage and under security. For your appraisal, call Jim Polk of Polk Associates in Oja, CA: 805.646.7293, and for about $250, he will do an appraisal based on pictures and documentation that you provide. He will also do a "comparables" analysis, mostly based on 'on-line' selling information (for instance, 'Tin Can Tourist' classified ads.) Like with the classic car market, there is not a lot of public record of private sales information (what folks actually pay for unique, restored vehicles…. so classifieds have to do.) Submit the appraisal to FCIS and you'll have an agreed value policy just like vintage car owners have. This is exactly the path that I took and I pay Progressive $380/yr. to insure the trailer for $25K, guaranteed. You just have to have proof (a professional appraisal) of the value. Also, redo your appraisal every few years… vintage trailer values are going up!
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nanoglam
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Post by nanoglam on May 18, 2016 17:32:11 GMT -8
My carrier State Farm had no problem with covering mine for the value I requested - we carry our other autos and home with them also - as the value increases we will see if that changes.
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chametzoo
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Post by chametzoo on May 19, 2016 7:32:42 GMT -8
My carrier State Farm had no problem with covering mine for the value I requested - we carry our other autos and home with them also - as the value increases we will see if that changes. State Farm had no problem covering my trailer at one time also and I told them how much I paid for it and they said fine. But, I assure you that what your agent sold you is "stated value" insurance and not the "agreed value" insurance you really want. At settlement time, State Farm (the insurance company… not the State Farm agent you work with) will depreciate it back to the stone age and you will get pennies on the dollar for what you believe it is worth. If you own a 1950's 60's or 70's vintage trailer that you value, you have to get it appraised and you have to go to an insurance company (through a knowledgable agent in the field of specialty or antique vehicles) who will write a policy based on an appraisal. Your average State Farm home/auto insurance agent knows zilch about "agreed value" insurance… it's not what they do. You can bring your kid's little red wagon to them and they'll write policy on it! I made my recommendations in one of the posts above.
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nccamper
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Post by nccamper on May 19, 2016 8:23:00 GMT -8
$380 a year for $25K in coverage sounds very reasonable. I wonder if that would translate into $90 for around $6000 of coverage?
$540 for coverage of $6000 seems very high to me. Consider this...if you take the camper out 4 weeks a year you're paying $18 for coverage each day you use your camper. I know you're also covered for theft and weather damage in your yard. I wonder if that's covered by a homeowner policy?
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swirlygirls
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Post by swirlygirls on May 19, 2016 18:53:13 GMT -8
I went through all this a few months ago. I got an appraisal through Blue Moon Caravans in Missoula, Montana. I sent photos, I didn't take my trailer there in person. Here's a link to a previous thread where I talked about this but more importantly, where others with more experience gave their wisdom. And I have the right kind of insurance and I sleep better for it. vintagetrailertalk.freeforums.net/thread/4890/appraisal
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iriscottage
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Post by iriscottage on Sept 29, 2016 15:48:39 GMT -8
I went through all this a few months ago. I got an appraisal through Blue Moon Caravans in Missoula, Montana. I sent photos, I didn't take my trailer there in person. Here's a link to a previous thread where I talked about this but more importantly, where others with more experience gave their wisdom. And I have the right kind of insurance and I sleep better for it. vintagetrailertalk.freeforums.net/thread/4890/appraisalHi swirlygirls...Does Blue Moon in Montana appraise campers besides airstreams? I looked at the webpage and that's all I saw. I have insurance through progressive now for my 68 Scotty. But it has never been appraised, and I don't know how much I'd get if it were destroyed or damaged. So I'm looking to get an appraisal. I am in Kentucky, so someone who does it with photos and documentation would be great.
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LittleRedWagon
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Post by LittleRedWagon on Oct 27, 2016 5:50:26 GMT -8
I went through my insurance agent and he was able to get me agreed value insurance on my '72 Shasta 1400 based on lots of photos before/during/& after the renovation, for $10,000 agreed value at $10 a month premium through Grange (I also have 2 vehicles covered so do have some discounts and a perfect driving record so far).
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cwcoolcow
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Post by cwcoolcow on Feb 3, 2017 5:07:40 GMT -8
Contact FCIS in Iowa: 800.331.1520 as your agent. They will insure you through Progressive Insurance with agreed value insurance based on an appraisal. Progressive is the only company that will insure your vintage trailer without requiring it be in a garage and under security. For your appraisal, call Jim Polk of Polk Associates in Oja, CA: 805.646.7293, and for about $250, he will do an appraisal based on pictures and documentation that you provide. He will also do a "comparables" analysis, mostly based on 'on-line' selling information; Thanks for the heads up. I followed your advise as stated above. Took about 2 weeks turn around time but incredibly easy. Both Jim and FCIS were very helpful and friendly. Can't believe how much more my Shasta Compact was appraised for compared to what I paid 2 years ago (with only some minor cosmetic improvements during that time). I was previously using Allstate but even my agent suggest I go this route. She said, after all was said and done, I would only get Blue Book value.
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