Post by LittleVintageTrailer on Mar 17, 2012 19:12:43 GMT -5
They didn't require proof of value or documentation. Just the year, model and vin number. Now with that said, if my trailer is totaled they COULD ask me for photos of it (prior to it being wrecked) or ask for proof of value in the form of comps or a pre-damage appraisal. But at this point it doesn't sound like they would and that is just coming from my husband's opinion of worse case scenerio. In any case, I am printing out and keeping whatever comps I can find of Shasta Compacts that sell and may at some point get an appraisal on the trailer. But for now we are going under the assumption that the policy is what it says it is and will cover the trailer replacement of $6500. Not that I could replace what I have into it for that but it's a start. I'm ok with that number because the higher we go there is probably a higher chance they would challenge it.
We haven`t insured our Shasta yet as its not finished. We have a mid 70s corvette that we had fully restored. Priced what they were going for in same condition on ebay etc, 20-23 grand. Once we got it back, I called to add it to our insurance at a replacement cost of $20,000 with a $500 deductable and was given an appointment to meet one of their people to value it. They ended up insuring it for $18,000, $500 deductable and costs us $416 every 6 months. I liked the fact that should anything happen to it, they have already determined what the replacement cost will be. We`ll do the same thing with the Shasta, once its complete.
Last Edit: Apr 5, 2012 14:13:25 GMT -5 by boandsusan
Wow, you've got more than that in it? You panel it with gold leaf, or what?
Guess it depends how much your time is worth! Even if we calculated at min pay, the hours that my hubby and I have into our Shasta is unbelievable. A Restored camper shouldn`t be valued any less just because we choose to do it ourselves and not hire a restore company! When we insure ours I expect "replacement Value" to be, not only for the real money that we laid out but for our labor too.
Post by LittleVintageTrailer on Apr 8, 2012 9:15:16 GMT -5
Actually, I'm also getting an appraisal in a couple weeks as well. Just waiting for the write up. It will be appraised at $8,500. So we'll end up upping our policy. Keep in mind that things that travel inside the trailer are included....we have about $900 in awnings alone!!! Since those are stored inside the trailer should the trailer gets totaled, catches on fire, etc., and those items are destroyed they are included. Plus $380 in TV/DVD equipment.
I just talked with my insurance company last week about this value issue. I have mine insured for $5000. That does NOT mean that's what I would get if it was totaled. My insurance guy was very honest in telling me that the adjuster is who will decide what that value is. It's like your house, car, etc. we might have a value on it but that may not be what the insurance company will pay. He told me that the best thing to do is have lots of photos. After all is said and done, comps, photos and appraisals are great but the insurance adjuster will make the call. Kel, I'd be interested in where you are getting an appraisal for that amount. I have the same trailer as you except it has more of the original look to it. Please let me know when you can.
Shutzee is correct. It was the insurance company`s adjuster that we had to meet, before the ammount insured was decided. Our insurance company adjuster is in our area one day a week, one town over. Maybe it would be best to ask your insurance company, when and where their adjuster will be in your area and arrange for them to see your trailer and put a value on it. I just feel more comfortable knowing that THEY set the value and took the pictures. They can`t argue about replacement cost with their own adjusters, should a claim need to be made.
If you want a certain payout in the event of a total loss you need an "agreed value" policy which usually entails getting an appraisal. Regardless, if the valuation of the policy is well above what an adjuster feels is warranted, be prepared for a fight. Even with an agreed policy. If you valued your classic car at $40k and got an appraiser to put that in the appraisal but it was worth $15k, the insurance company might let the courts figure it out. So it is good to have it insured for something close to real fair market value. I doubt they'd argue over $1k on a trailer, but...
Glad I came across this thread. I called our insurance last week and spoke with them about insurance for the Shasta we are getting from BIL. She asked me all kinds of questions about what it would cost to replace it in it's current condition and what were were planning on doing to it ect. She said she would value it at $1500 for now when we are ready to add it, she said that would cover only the trailer replacement. I really like the idea of once we get it restored to our liking talking to their adjuster and having them set a value on it. I think that is probably the best way to get what you actually have into it money wise anyways. We are planning on keep a journal of not only expenses but pictures and fustrations as we go on this journey of restoration. Thanks.
Our insurance company has insured our trailer for $2000 plus receipts and pictures documenting improvements/restoration.
Yesterday I had a thought about the receipts and here's the HEADS UP...
over time many of them fade and become illegible meaning my proof will disappear! So today, I'm photocopying all of my receipts to ensure that my value won't be diminished based on lack of receipts. I'm keeping each original stapled to the photocopy since we all know how insurance companies can get some times.