camperdude
Junior Member
Posts: 71
Likes: 23
1959 Metzendorf clone
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Post by camperdude on May 24, 2014 17:49:31 GMT -8
I am here to tell you that you need to stop and review your insurance now!! Talk with your agent and make sure you have the coverage for your vintage or newer unit that you expect. Case in point...friend traveling home from recent rally. Hit in the side of a very nice , low miles, 1967 Dodge Coronet wagon, towing a restored 1957 Scotty Teardrop. Severe damage to car, but repairable, Scotty was hit and knocked 40-50 in the air and landed upside down in a ditch. Sustained major damage, and awaiting insurance report. Probably totaled. Will insurance pay what owner believes it was worth, and what he believes was covered for? Million dollar question!!
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Post by vikx on May 24, 2014 21:26:08 GMT -8
We went thru H*ll trying to get the insurance company to fork over money for an older ham. Finally found enough comps (like trailers with values) and they paid for the repairs. It took several of us to put it all together. Please let us know how this comes out, Dude.
I'll probably move this to the insurance section...
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camperdude
Junior Member
Posts: 71
Likes: 23
1959 Metzendorf clone
Currently Offline
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Post by camperdude on May 25, 2014 2:24:27 GMT -8
Thanks vikx... I looked but didn't see the insurance section. Guess I better get new glasses!
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John Palmer
Senior Member
Hi, From a vintage trailer guy located in Santa Ana, CA. It's good to see lots of activity here.
Posts: 1,613
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Post by John Palmer on May 25, 2014 9:48:49 GMT -8
You want to have an AGREED VALUE policy in place, "before life happens".
If you have taken the time to understand the insurance terms, and purchased an "agreed value policy", you will be treated fairly during the accident adjustment period.
If you buy insurance, and do not understand the insurance term called "stated value", you best hire an attorney "and dig in" for the long fight.
It is also my opinion that most insurance agents "just sell product", and do not understand the difference in the two insurance terms.
Major insurance companies do not understand (or care) that true vintage vehicles "appreciate", compared to new vehicles that "depreciate" the day they are driven off the lot.
The two largest voids in our hobby are "having a comparable value book" for price range reference, like a Wholesale Blue Book, that major lending companies and vehicle dealerships use for new vehicle sales. And having a wide network of "Certified Appraisers" that will review and write appraisals that would be universally accepted by insurance companies, and courts for litigation.
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