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Post by wisconsinjoe on Oct 7, 2013 17:41:28 GMT -8
After doing all the hard work to restore our 1963 Friendship Vacationaire camper, I was determined to find insurance. Almost every place I tried either flat out refused or wanted a certified appraisal (without telling me where I could find someone to do that, especially in my home of Wisconsin). Eventually I stumbled upon American Adventure Insurance from somewhere in California. They hooked me up with Progressive Insurance in an "agreed amount policy" of $10,000 with no appraisal required. I did send photos and a detailed list of all the improvements ($4,500) and purchase price ($4,000) and my 100 plus hours of labor.
The premium was $290/year, but got bumped up to $360 because I had a recent speeding ticket (going 45 mph in a poorly marked 35 mph zone). So, I just sucked up and paid because I do believe in insurance. By the way, the policy covers comprehensive and collision like an auto policy with a $500 deductible that decreases 25%/yr to $0 deductible in four claim free years. It also covers personal liability not only in the camper, but also in the camp site. I do know that other folks just added to their auto policy for very little money, but if it isn't an agreed value, it becomes worthless. Try depreciating a 50 year old camper based upon its original price.
Anyway, I am satisfied although a little more financially poor. Another thing, I tried going to Progressive myself and immediately ran into the appraisal wall. Somehow, going through this independent agency, they were able to make it happen easily. Contact them at 888-930-3680. Talk to Hunter at extension 478. Mention the Friendship Vacationaire.
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Post by wisconsinjoe on Oct 11, 2013 12:03:59 GMT -8
I have heard some negative comments about Progressive Insurance, so I am a little worried about my policy with them. I really can't find a good alternative. Is it really that bad?
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mobiltec
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Post by mobiltec on Oct 12, 2013 20:05:45 GMT -8
One of my customers has USAA and it even covered me for delivering the trailer 200 miles north. She is very happy with them and has a declared value on the trailer. She says it's very reasonable. I haven't checked but you might want to take a look. www.usaa.com/inet/pages/recreational_vehicle_insurance_main
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Post by trailerman on Feb 22, 2014 9:04:41 GMT -8
Do you have to be military or ex-military to join USAA ?
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Post by trailerman on Feb 22, 2014 9:26:55 GMT -8
1) Searching found this info on a NON USAA site
USAA bank: What are the requirements for membership? Military only? money.stackexchange.com
2) I will call USAA Monday morning to get the details........... 800-531-8722
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John Palmer
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Post by John Palmer on Feb 22, 2014 9:29:23 GMT -8
After doing all the hard work to restore our 1963 Friendship Vacationaire camper, I was determined to find insurance. Almost every place I tried either flat out refused or wanted a certified appraisal (without telling me where I could find someone to do that, especially in my home of Wisconsin). Eventually I stumbled upon American Adventure Insurance from somewhere in California. They hooked me up with Progressive Insurance in an "agreed amount policy" of $10,000 with no appraisal required. I did send photos and a detailed list of all the improvements ($4,500) and purchase price ($4,000) and my 100 plus hours of labor. The premium was $290/year, but got bumped up to $360 because I had a recent speeding ticket (going 45 mph in a poorly marked 35 mph zone). So, I just sucked up and paid because I do believe in insurance. By the way, the policy covers comprehensive and collision like an auto policy with a $500 deductible that decreases 25%/yr to $0 deductible in four claim free years. It also covers personal liability not only in the camper, but also in the camp site. I do know that other folks just added to their auto policy for very little money, but if it isn't an agreed value, it becomes worthless. Try depreciating a 50 year old camper based upon its original price. Anyway, I am satisfied although a little more financially poor. Another thing, I tried going to Progressive myself and immediately ran into the appraisal wall. Somehow, going through this independent agency, they were able to make it happen easily. Contact them at 888-930-3680. Talk to Hunter at extension 478. Mention the Friendship Vacationaire.
Wisconsinjoe, I'm curious, does the policy that you have "in your hand" specifically say AGREED VALUE in the total amount of $10,000?
In past conversation's with Progressive they have used the two different terms of AGREED VALUE and STATED VALUE interchangeably. They are NOT the same.
In a past life, I was a service manager of a large volume multi brand dealership. We had ten insurance repair jobs working at a time. The only insurance company that was "just plain cheap", and "unreasonable" was Progressive.
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John Palmer
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Post by John Palmer on Feb 22, 2014 9:43:22 GMT -8
One of my customers has USAA and it even covered me for delivering the trailer 200 miles north. She is very happy with them and has a declared value on the trailer. She says it's very reasonable. I haven't checked but you might want to take a look. www.usaa.com/inet/pages/recreational_vehicle_insurance_main
Larry, I'm guessing that the term DECLARED VALUE is just another term for STATED VALUE insurance.
What happens in these cases is the person that insured the trailer thinks they have a policy that will cover their property up to the amount of the value they stated/declared. But when the accident occurs, and the claim is made, the insurance adjuster will come out and tell you that they will only cover up to something like 70% of the "current depreciated value" of the trailer. They will value the trailer at say $2000. and then want to total it for $1400. It's all very misleading unless your policy actually says AGREED VALUE.
It's tough to get a "certified appraisal", or find a company that will write AGREED VALUE policies on travel trailer's. The normal collector car insurance companies will not touch vintage travel trailer's.
IMO, a "certified appraisal" has many important uses beyond just buying an insurance policy. But it comes down to if your talking about a $2,000 trailer or a $40,000 trailer value.
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lamacki1
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Post by lamacki1 on Feb 22, 2014 10:35:19 GMT -8
I agree, John. Many times the agents you are speaking with do not understand that you are insuring a vintage "restored" trailer and don't understand the difference between stated value and agreed value. They tell you that they can write an agreed but it actually isn't and you'll, sadly, only discover this, when you need it. It doesn't even help to call and try to get clarification on the policy you have because the person you end up speaking with doesn't have a clue. I want insurance on Sundance. I need insurance on Sundance. But I haven't found it yet.
I'm not sure why we can't get someone interested in insuring these the same way they will insure vintage cars. Makes no sense to me.
Barbara
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John Palmer
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Post by John Palmer on Feb 22, 2014 14:48:48 GMT -8
I agree, John. Many times the agents you are speaking with do not understand that you are insuring a vintage "restored" trailer and don't understand the difference between stated value and agreed value. They tell you that they can write an agreed but it actually isn't and you'll, sadly, only discover this, when you need it. It doesn't even help to call and try to get clarification on the policy you have because the person you end up speaking with doesn't have a clue. I want insurance on Sundance. I need insurance on Sundance. But I haven't found it yet. I'm not sure why we can't get someone interested in insuring these the same way they will insure vintage cars. Makes no sense to me. Barbara Barbara, It's just my opinion but I think the problem is that there is not a good way to determine the "true or market value" of a vintage trailer. Also there is not a true standard for what a quality restoration really is? When you see a trailer advertised as "restored", and the price is under $10K something is wrong with the description. It costs more than $10K "just in parts" to do a nice skin off, repair all the dry rot, replace all plumbing, and electrical systems. Most trailers will need new propane bottles and fittings (due to 12 year industry limit), and tires/wheels/coating/hubcaps/spare tire is about a grand. Toss in some upholstery and flooring materials and your at the $10K if you started with a under $2000 starter trailer. Noticed this is all without any labor costs, or work you will need to sublet out (sand blasting/paint/upholstery labor work/etc).
Until our "new hobby" get a good control on these issues we are not going to have insurance companies fighting over our AGREED VALUE policies.
I'm not even going to discuss how many trailer's and owners describe them "as restored", but just got a quick lipstick and paint job over the rot.
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mobiltec
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Post by mobiltec on Feb 22, 2014 15:25:48 GMT -8
Every insurance company does things differently. My best advice is to do your homework. And by the way, as far as insurance adjusters are concerned, they are not the FINAL word. They are only the first "bulldog" that is sent out to take a look at the damage. They are trained to say NO! They hardly EVER say YES the first time. I've been doing home flood damage repair for a long time and every single adjuster that came out low balled the estimates. Most of the time the figure would be in the $3000 to $5000 range to start off with, and the final "adjustment" would work out somewhere in the $10k to $20k range.
So Do they homework. Get a professional in the vintage trailer industry to appraise your trailer. Find an insurance company that will work with your needs.
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Post by schweetcruisers on Feb 22, 2014 15:28:35 GMT -8
Yes you have to be current or ex military, or a dependent of a USAA member. USAA does not underwrite their own policies when it comes to RV/Travel Trailers, they partner with Progressive. I just got a quote from USAA/Progressive as I've been a member since 2004, an agreed value policy on my restored trailer was $880.00 a year.
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Post by bigbill on Feb 22, 2014 15:38:12 GMT -8
StreetRods/HotRods/Collector cars were a bear to insure 30 years ago, but now almost all companies will cover them. So keep the faith as the market grows insurance will become easier to obtain. One one the biggest problems insurance companies see is our trailers get put out in the back yard under a tree waiting for a limb to fall on them, but our collector cars are kept secured in the garage under lock and key.
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Post by bigbill on Feb 22, 2014 15:40:28 GMT -8
StreetRods/HotRods/Collector cars were a bear to insure 30 years ago, but now almost all companies will cover them. So keep the faith as the market grows insurance will become easier to obtain but it will always be a higher risk item. One one the biggest problems insurance companies see is our trailers get put out in the back yard under a tree waiting for a limb to fall on them, but our collector cars are kept secured in the garage under lock and key.
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mobiltec
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Post by mobiltec on Feb 22, 2014 18:24:46 GMT -8
Yes you have to be current or ex military, or a dependent of a USAA member. USAA does not underwrite their own policies when it comes to RV/Travel Trailers, they partner with Progressive. I just got a quote from USAA/Progressive as I've been a member since 2004, an agreed value policy on my restored trailer was $880.00 a year.
That seems kinda high to me. My friend is paying somewhere just around $300 from what I remember. I'll have to ask her about the details of her policy and get back to you.
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Post by vikx on Feb 22, 2014 21:29:36 GMT -8
Another thing about Sundance, she wasn't "restored", she didn't need it! There are receipts of upgrades and the purchase price; not sure they would equal what she should be insured for. Somewhere between $12,500 and $15,000...
I would think Sundance would be worth more because she is original and had work done to improve and protect. That being said, there's no "proof" of worth if an insurance company is going by monies spent.
I agree they are out to say NO. The more we talk about this, the better.
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