Appraisal forTerry's TTT Garageable Standy Build

[terryjones1]

I am almost finished with my trailer [Terry's TTT Garageable Standy Build].

Build Journal: viewtopic.php?f=50&t=40591

I contacted my car insurance company (Farmer's), and requested that they give me a quote for insuring the trailer.
They have requested that I give them an appraisal of the trailer.
To me, that would be the replacement cost or cost to build.
Farmers wants the value of the trailer in dollars.

I know that several of you have followed my build, and many have built their own trailers.

Does any of you care to give me an appraisal for my completed trailer!!??

It certainly would be appreciated!

Tomorrow, I will have finished re-painting the outside of the trailer.

I then need to install the sink and water system.
I have, also, posted this request on my Build Journal.

[mary and bob]

You may need to get an official professional appraisal. You could probably get someone that does antique cars.

[Woodbutcher]

They asked me the same question. I said put it at 10K and charge me based on my stated value. I showed pictures and they accepted it.

[KCStudly]

My gut reaction was 10-15k, based on what is available out there new vs. your known quality level. Commercial units may have a bit more trim and built in features, but they can't compete with the quality of construction and water proofing that you have incorporated.

The higher you make it the more you will pay, so there is a threshhold of pain that you must balance. How much would it pain you to loose vs. how much do you want to continue to spend everytime that bill comes vs. what are the odds of a serious loss.

[cuyeda]

I had concerns how the insurance company would handle a claim if the trailer was a total loss, or stolen, and still perplexed. A trailer could be insured for any stated value, but does not mean you will get that value as pay out if it becomes a total loss. Estimators will use current market rates at the time of the claim. My inquiry for a canned ham style trailer had me worried. There are no commercial manufacturers of this size trailer, and the trailers in the Craig's lists can range anywhere from $300 - $5000. Finding comparison values can vary from time to time, and this concerns me.

Fortunately for teardrop trailers there are commercial manufacturers that you could use as compared values for replacement. Vintage canned hams not so much. Ask your agent what the claim process would be if you had a total loss. How would they determine value for your trailer.

[pete42]

this doesn't answer your question but when I insured my used travel trailer the bill was more than what agent said it would be
when I ask why he said the home office says your trailer is worth more than you first stated so it is insured for 20K instead of 5k the price I paid.
I know as I'm sure you do that you car insurances covers the other person if your trailer comes lose and hit someone.
but I understand you are wanting to protect your investment which is good.

Pet

[48Rob]

You really need an appraisal from a recognized authority.

Steve mentioned "stated" value as an easy way to go.
I'm sorry, but I must caution against that route.
It is easy, but not a safe way to protect your investment.
You, I, anyone can "state" whatever we want, but when there is a claim, the adjuster for the insurance company will determine what the value is, period.

An agreed policy is much better, in that you and the insurance company agree upfront, in writing what the value is.
If there is a claim, they will honor that amount.
It is harder to find companies that offer agreed policies. State Farm is one that does.
Most companies are quite pleased to collect premiums based on your perceived "stated" value, but in the end pay what they feel it is worth.
It is very important to note that MANY insurance agents do not understand the difference between the two types of policies.

It sounds like your insurance company is attempting/requiring the matter of value to be settled upfront, which is a good thing.
You might ask what appraisers/local sources they use to determine values when they have claims on stated value policies.
Expect to pay $100-$300 for a professional appraisal, a lot I know, but well worth settling up front, rather than after an accident.

Rob

[David S]

I had a camping trailer that I had $3000.00 in so I told American Family that was what I wanted it insured for in a replacement type policy and they charged the appropiate rate.
When it was totaled by hail they wrote me a check for that ammount less my deductable.
You can get it appraised ,but only you know how much your blood sweat tears that you put into that very nice trailer is worth.

[Woodbutcher]

With a stated value policy the insurance company wanted to see photos of the trailer before agreeing to my value. I may have not made that clear. In my case there was no one from the company to assess the value as they had no experience with home built trailers like these. That's why we went the stated route. They asked for my actual material expenses which were 5K. I asked for 5K for my labor as I had several hundred hours in building. Their concern was where would I get this repaired in the event of some damage short of a total loss. I said it would require a cabinet maker to repair it. The point I am trying to make is there needs to be some serious dialog with the insurance company before writing a policy. Both parties must agree on the terms. But there is no reason that a stated policy can not be done. Rob mentioned that the adjuster can place any value he wants at the time of a claim. I disagree. The insurance company can ask to see the trailer prior to writing the policy if they have any doubts of the quality and value. You can include pictures and sales of other home builts of like value that have sold to help prove your value. These can be printed from this forum and several others. But this needs to be done at the time you are requesting coverage.
One other thing that helps. If you are a long standing customer and have all your other insurance with the same company you have an advantage over just insuring your trailer with the cheapest place. Do your homework and prove your case before you have a claim and you will be fine.

[48Rob]

Hi Steve,

I hesitated to make that post, as I didn't want to be disrespectful or argumentive, but since even in the insurance industry, there is so much confusion about the different policy types, I thought it worth the risk...
I spent a great deal of time recently switching insurance companies, and educating myself (and them) in order to get the best protection I could. I'm just trying to pass that info/option on.

Rob mentioned that the adjuster can place any value he wants at the time of a claim. I disagree.

Actually, I said this;

the adjuster for the insurance company will determine what the value is, period.

In the event of a claim, it is the adjusters job to determine the value.
The adjuster will search for similar trailers/values, they will look for book values, and sold prices, then determine what the value, with depreciation, should be.
Almost every stated value policy also incudes the language "ACV".
This stands for "Actual cash value", and it is almost always much lower than "stated value".

Of course you can argue, and you can try to prove value through photos, build journals, materials receipts, etc, but my point is why take the chance that you might not be very pleased with their final number?
If you plan to/have to do all the leg work to make your case, why not get the value determined, and agreed in writing before you need to file a claim.
There are a lot of really sad stories out there from people who had stated value policies for years, then had a claim, and walked away with 50% or less of the "stated value" when the adjuster/insurance company was finished.

Rob

Here is some more info on the different policies;

http://www.lelandwest.com/faq/stated-am ... lained.cfm

http://www.vehicleappraisers.com/Insura ... ation.html

[terryjones1]

Thanks everyone for your input!
It looks like I will be going to a certified appraiser to get a value that the insurance company will accept.

[PanelDeland]

Might be worthwhile to check with one of the specialty/classic car insurance co.'s.The will cover cars on an agreed value policy.I don't think an aprasial is required since you pay according to the value.

[Martiangod]

If you have an RV dealer that you trust, Most insurance co's will accept their appraisel, check with your insurer, as dealers are in most cases the authority on trailer value, Insurance CO's always approach us on values during claims, and in many cases, don't even look at it if we already have.
May help to call an RV dealer, better a reputable mom and pop, if they are willing, take build pictures, copy of reciepts, and a labour/ time estimate to build.