by jmanscotch » Mon Nov 05, 2018 10:02 am
I've heard horrible tales of "stated cash value" policies. In the end, the insurance co covers claims at the worth of a base trailer, regardless of a noted value. The real policy you want is an "Agreed upon value" which is different in that the insurance co agrees to provide a policy that'd pay out an agreed amount in the event of total loss. This agreed amount will be what you set it at (which should be a reasonable price for all receipts and time/effort gone into the build).
I've talked to about every local insurance rep and several country wide ones (from big names to specific RV, converted bus specialized companies, commercial trailer insurance companies, etc) and have yet to find one that'll insure me with an agreed upon value. The most common response is, "our underwriters just don't have a system to write such a policy on a one off item like this". So that seems to be the main hurdle.
I was able to cover it a little more with my renters insurance, but it's still basically a 5x8 cargo trailer in their eyes. My plan, once I'm truly complete, is to tow it to some local agents and inquire in person, showing them what's been done. It should be obvious that you're likely going to have to bring your other assets to be covered with said insurance co to get them to work with you; home, cars, etc.
Jake