Teardrop trailer insurance

[Cosmo]

Renewing my teardrop insurance. I am trying to figure out what my insurance would actually pay me for a total loss.

I have theft and comprehensive which covers damage to the trailer that do not involve a motor vehicle.

The broker also said I also have collision which covers damage to the trailer that is do due to a third party that is not covered above.

Further questioning about what I would actually get paid if the trailer is a total loss indicated the insurance company would determine the value of the trailer based on age and condition butcould not tell me how much.
It seems the insurance ompanies are happy to sell you an amount of insurance you will never actually be able to collect.

Does anyone know where I can find a depreciation table for a teardrop or a similar RV?

It makes no sense to me to purchase let’s say $10,000 of insurance if the deprecation will only pay me $5000

Cosmo

[48Rob]

It makes no sense to me to purchase let’s say $10,000 of insurance if the deprecation will only pay me $5000

Probably a lot less...

It is called "stated value" insurance.
You state whatever value you want. They charge you, and if there is a loss, they decide what it is worth...

Rob

[Cosmo]

Thanks for the terminology. A quick search on that showed I am looking for "Agreed Value" insurance here is the link
http://www.grandsportregistry.com/CIL-0 ... _Value.pdf
And an extract from that PDF

Cosmo

Stated Value Policies
Stated value coverage pays the cost of repair to the car or the stated value of the car, whichever is less, at the time that a claim is filed. There are a number of problems with this type of policy:
• The stated value is actually used only to determine the premium level. The higher the stated value, the higher the premium.
• In the event of a claim, the language of the contract allows the insurer to set an actual cash value instead of paying the stated amount as the insured party was given to believe.
Essentially, the company accepts the owner's stated value at the time the policy is issued, but does not issue any formal agreement with that value in the event of a claim. This gives them considerable leeway in honoring the benefits of the coverage. It's a rule of thumb in insurance that the company will always pay the least amount possible.
Agreed Value Policies
Agreed value guarantees a set amount of coverage agreed upon at the time the policy was issued and is generally accepted as the best position for the owners of classics, unique, or highly modified vehicles. It carries a number of advantages:
• Allows the driver to secure and present a professional appraisal of the vehicle that they accept as a valid representation of its worth.
• Unlike standard insurance, the value of your car does no depreciate over the life of the policy.
• Is the only type of coverage that guarantees the owners will be paid in full in the event of a loss.
Obviously agreed value is the prime position. By going with a classic or specialty car insurer, the driver may have to accept some limitation on driving time, but most of these companies are generous with their leisure driving allowances, especially if the car is well-protected and maintained. Insurance companies like to know a car is securely garaged and protected by anti-
theft devices.

[48Rob]

You're good at searching!

I'm glad you figured it out. So many haven't a clue...

I have an agreed policy on my vintage car, which makes me feel very good.
I have a stated value policy on my camper, which doesn't make me feel good.
Unless something has recently changed, there are no insurance companies that will offer an agreed value policy for my camper because it is not "vintage".
One would think that they would be happy to offer such a policy for a customer that can prove, up front what was spent on the trailer, and what comparable values are, but it seems that unless there were hundreds of thousands of similar trailers to insure, it isn't worth their time.

Rob