chametzoo
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Post by chametzoo on Aug 28, 2014 20:17:59 GMT -8
I think a loaded Glock makes a wonderful theft deterrent. Don't plan on standing guard at my trailer :-). Like to get out on the trails and climb a mountain or two. |
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chametzoo
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Post by chametzoo on Aug 28, 2014 20:21:38 GMT -8
Thanks John… insurance is an important aspect. I'll look into the distinction you point out. 99% (maybe higher) of insurance agents do not understand the difference in these two insurance terms.
It's easy to get a Agreed Value policy on a collector car, NOT so easy to get AGREED VALUE on a vintage travel trailer.
Briefly.... Could you explain the difference? Google is coming up with nothing on that. |
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John Palmer
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Hi, From a vintage trailer guy located in Santa Ana, CA. It's good to see lots of activity here.
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Post by John Palmer on Aug 28, 2014 20:54:48 GMT -8
99% (maybe higher) of insurance agents do not understand the difference in these two insurance terms.
It's easy to get a Agreed Value policy on a collector car, NOT so easy to get AGREED VALUE on a vintage travel trailer.
Briefly.... Could you explain the difference? Google is coming up with nothing on that. NO.......not briefly! LOL
If you buy a new truck, insure it, and drive it off of the dealer's lot, it will be (heavily) depreciated, this is called STATED VALUE insurance. If you bought a $40K truck, your finance company will demand that it have full coverage insurance in place for $40K before they will commit to the financing deal. I think we all understand and expect this depreciated valuation. You have to love the insurance industry, because they even came up with a new type of insurance that covers the difference between what you still owe the finance company and the lower replacement cost they will pay you if the truck gets totaled on your way home. This special term insurance is called "Gap Insurance". If you buy a new crotch rocket motorcycle, GAP insurance is a good idea because of the high percentage that "go down".
So far so good, are you with me?
The problem is when we spend $20K restoring a 1950's trailer that sold new for $1K. We would not expect the same insurance company to write a policy (and collect the premium) for a $20K policy, then tell you they are going to depreciate the replacement value from the new $1K 1955 selling price! It sounds absurd, but that is exactly what happens. Both the insurance company, and the insured (the owner) need to agree on what they will use as a value in the event of a total loss "at the time the policy is written", you want NO surprises. This will most likely require a certified appraisal. Your life insurance company will not write you a million dollar life policy without a current physical. It's just good business practices. This last type of policy is called AGREED VALUE, and is used on collector vehicles. You need to talk with a special agent that is knowledgeable about these policies.
Tons of material is on the internet about AGREED VALUE collector car insurance companies. It's very reasonable in cost, they make you jump through some hoops to control their loss exposure. The hard part is getting it written on vintage travel trailers, Grundy, Hagerty, AAA, do not want to write this business on travel trailers, but they aggressively promote ARGEED VALUE hot rod and collector car business, go figure?
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chametzoo
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Post by chametzoo on Aug 29, 2014 1:52:37 GMT -8
The problem is when we spend $20K restoring a 1950's trailer that sold new for $1K. We would not expect the same insurance company to write a policy (and collect the premium) for a $20K policy, then tell you they are going to depreciate the replacement value from the new $1K 1955 selling price! I'll check with my agent on the distinctions you are talking about. Thanks. You're right… no surprises! Also: for anyone else, a great thread on this subject here: Vintage trailer insurance revisited in Values, Appraisals, and Insurance Forum
But back to hitch locks….LOL! What do/would you lock up your trailer with if camping remotely? |
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Post by bigbill on Aug 29, 2014 6:11:32 GMT -8
A serious answer answer to a serious question is:
1.Try to select an area to park your trailer where you think it will be safe.
2. Purchase a device that renders the hitch unusable that is made from hardened steel to prevent it from being cut off by any reasonable means.
3. Installation of an alarm is a great idea but if you are camped in a remote area the thing to keep to keep in mind is "if a tree falls in a forest and no one hears it did it make a sound".
4. The next problem with an alarm is if you are in a populated area and something other than thieves set it off while you are gone how happy are the neighboring campers going to be.
5. The more difficult it is to hook up your camper and leave with it the less likely it will be stolen. Thieves like something they can grab and run with, an easy mark.
6. Years ago I worried about my "Stuff" being stolen but I finally decided that if something happens the insurance company has a problem. Just remember no matter how you have it insured you will most likely lose something but life is like that. We have to live or lives with a reasonable amount of caution to danger but we also have to take reasonable risks to be able enjoy ourselves and see the world around us.
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chametzoo
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Post by chametzoo on Aug 30, 2014 6:40:44 GMT -8
2. Purchase a device that renders the hitch unusable that is made from hardened steel to prevent it from being cut off by any reasonable means. Thanks Bill. Good common sense advice. As far as a "hardened steel device", is there one that any of you use that is superior to others in your experiences? I think that is the essential place to start. Proper insurance second. And to add to the list, quick location of the trailer should it be stolen. Toward that end: a GPS device/service that can notify you when the trailer has been moved or disturbed. Looking in to that. |
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dwells
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Post by dwells on Aug 30, 2014 9:45:20 GMT -8
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Post by bigbill on Aug 30, 2014 12:24:59 GMT -8
chametzoo I use a device that my Dad bought back in the Sixties that was sold as a Master lock it has a notch that slides over the flange on the coupler then a large screw that screws up inside where the ball goes it is turned with a large Allen wrench then you turn the key in the lock and it seals off the access to the screw. The whole thing is hardened to the point that a hack saw won't even scratch it. If you lost the keys my guess is it would take a cutting torch to remove it. I don't know if the are still available or not.
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purplepeep
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One is never enough:)
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Post by purplepeep on Aug 30, 2014 20:23:52 GMT -8
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dwells
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Post by dwells on Aug 31, 2014 8:05:07 GMT -8
Some of the ones available seem to require a monthly subscription but a few don't. Many are motion activated and you can get alerts to your phone or email if it's activated. Then track it's movement on google maps on your smart phone. Pretty cool stuff!
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