How Insure Trailer After Renovation? - Fiberglass RV


Reply
 
Thread Tools Search this Thread Display Modes
 
Old 09-11-2013, 11:12 PM   #1
Junior Member
 
Name: Janine
Trailer: 1988 Perris Pacer
California
Posts: 22
How Insure Trailer After Renovation?

We bought a 1988 Perris Pacer at the beginning of this year and fixed up the inside and recently had the outside spruced up (new paint, fixed door, new windows, lights, new frig, cushions, etc.)

Now I'm trying to figure out the best way to insure it. Our insurance company, USAA, referred me to a company they work with that insures "collectible" vehicles. I have not talked to them yet. But I was wondering how to think about figuring out the right way to cover it.

Our initial purchase was under $5k, but we have now put in at least that much. I don't know how to think of its value.

Anyone have any advice? (I will post photos soon--I can't believe how great it looks! But now I'm nervous to take it camping. Haha.)

Thanks,
Janine Robinson
__________________

__________________
LagunaDirt is offline   Reply With Quote
Old 09-11-2013, 11:32 PM   #2
Senior Member
 
Bob Miller's Avatar
 
Name: Bob
Trailer: 1973 Hunter Compact II
California
Posts: 7,912
Ask your ins carrier if they have a "Stated Value" rider for your policy. With that, in the event of a total loss, you set the maximum value, but keep in mind that they will not pay out a greater than actual replacement value. That is, if you insure it for $100k they won't just fork over $100k, you still have to prove that is it's replacement value.

In your case you might be able to show current for sale prices plus receipts for improvements you made, but don't look for much credit for your labor.

Talk to your ins guy and if he/she doesn't know what you want, try a higher level person in the underwriting department.

I routinly collect For Sale Ads to use as value referencee for ins claims.
__________________

__________________
Bob Miller is offline   Reply With Quote
Old 09-12-2013, 12:08 AM   #3
Senior Member
 
Jared J's Avatar
 
Name: Jared
Trailer: 1984 19' scamp
Kansas
Posts: 1,610
I talked to American family about this. The local office gave me the number of an appraiser to call, and then I'll do a stated value policy. I have to get it done first, though.
__________________
Jared J is online now   Reply With Quote
Old 09-12-2013, 07:02 AM   #4
Senior Member
 
Roy in TO's Avatar
 
Name: Roy
Trailer: 1972 boler American and 1979 Trillium 4500
Ontario
Posts: 4,954
Bob and Jared have given you good advice. The names for different types of insurance may differ geographically, but the appraisers use listings and past sales to substantiate your value.
  1. Your receipts provides a minimal baseline value
  2. Collect listings to prove your perceived value or learn what comparable trailers have sold for. Don't limit yourself to the Perris Pacer only, use similar body styles too.
  3. Armed with that, you are now ready for an appraiser. Keep in mind the seasonal fluctuations on values.
There are other threads here that might contain information specific to your geographic area. It is worth the search.
__________________
Roy in TO is offline   Reply With Quote
Old 09-12-2013, 08:21 AM   #5
Senior Member
 
Bob Miller's Avatar
 
Name: Bob
Trailer: 1973 Hunter Compact II
California
Posts: 7,912
Receipts are also useful to show added value such as new tires & added features such as the Flat screen TV & inverter and updated appliances. Remember, you are also insuring for theft.

The sold ads in fiberglass-rv-4sale only show the original asking prices. Unfortunately, as the site also strips out contact information, it's very useful to compile original for sale ads so you can follow up on with the sellers if necessary. Following and printing out eBay final sales pages is also useful, but you will have to save the ad into your My eBay file, or save the original URL for it, to see the sold prices.

FWIW: Blue Book sites, such as NADA usually have very, very low values on RV's over about 5 years old. This may be because older RV's are usually bought for cash and buyers (and sellers) often report lower purchase prices when re-registering to avoid paying higher sales taxes. In CA reporting $5k for a Scamp you paid $10k for will save about $500 in 1st time registration fees (but I'm not suggesting that).

Let us know how the appraisal process goes.....
__________________
Bob Miller is offline   Reply With Quote
Old 09-12-2013, 11:15 AM   #6
Senior Member
 
Roy in TO's Avatar
 
Name: Roy
Trailer: 1972 boler American and 1979 Trillium 4500
Ontario
Posts: 4,954
Quote:
Originally Posted by Bob Miller View Post
The sold ads in fiberglass-rv-4sale only show the original asking prices. ....
Some of the archived ads actually list a "sold for" price. I'm not sure how Greg is getting the info but I've seen it. Possibly the ones listed through his site?
__________________
Roy in TO is offline   Reply With Quote
Old 09-12-2013, 04:02 PM   #7
Junior Member
 
Name: Janine
Trailer: 1988 Perris Pacer
California
Posts: 22
Thanks for Helpful Tips--and Stay Tuned...

Hi,

Thank you all for the helpful information. I'm still trying to figure it out, but at the moment, USAA has told us that our camper is "insured" and if something happened to it it would be covered for its "cash value." However, they cannot tell me what that would be or how they would determine that.

My understanding, based upon what you all have said, is that it would be up to us to make a case for its cash value, based on the value of comparable trailers and receipts for what we have spent on it.

Thanks again for your help! (I may give Hartford a call and see what they have to say. But we have been with USAA forever, and suspect they are still our best option.)

*What I don't understand is why this is so difficult to figure out. Aren't there tons of collectible vehicles (vintage cars, etc.) on the road, where owners have increased their value by thousands through renovations, and who insures those?
__________________
LagunaDirt is offline   Reply With Quote
Old 09-12-2013, 04:13 PM   #8
Senior Member
 
Jared J's Avatar
 
Name: Jared
Trailer: 1984 19' scamp
Kansas
Posts: 1,610
Like I said, get an appraisal.
__________________
Jared J is online now   Reply With Quote
Old 09-12-2013, 04:16 PM   #9
Senior Member
 
Bob Miller's Avatar
 
Name: Bob
Trailer: 1973 Hunter Compact II
California
Posts: 7,912
There are a number of resources to help determine the value of "Collectible" cars such as auctions, many, many appraisers and even collectors publications such as Hemmings Motor News.

And owners don't actually increase the value through restoration, they just bring it closer to where it could be. If an owner of a MB 540K tried to increse it's value with some non-stock additions it would depreciate the vehicles value. It's an entirely different market.

But the bad news is that almost all of those policies have very restrictive use clauses to reduce exposure that will limit use to well below what you would want for an everyday use RV.

The terms "Collectable: and "RV" are still, with a very, very few exceptions, mutually exclusive terms.
__________________
Bob Miller is offline   Reply With Quote
Old 09-12-2013, 04:42 PM   #10
Junior Member
 
Name: Janine
Trailer: 1988 Perris Pacer
California
Posts: 22
More Info on Insuring our Perris Pacer

Well,

I spoke with an adjuster from USAA, who then referred me to a third party, Progressive Insurance, and got a real quote from them for a specific sum. Without going into all the details, they will insure our trailer for $10K (plus $1K if loose things inside are stolen) for collision coverage and theft for about $220 a year. For $15K coverage, they want $266. (So, if our trailer is damaged/ruined in a collision, we do not have to prove it's "cash value" at the time in order to get that amount paid to us.)

I have to get it appraised to prove the current value of the PP, but we have receipts to cover at least $10K. Also, the body shop guys who painted it and made other improvements (Pacific RV in Garden Grove, CA--they did a great job, btw) told us that its value is at least that, since it's a "collectible" and all that.

I feel like I'm making some headway, but it's not a done deal yet. I am going to call at least one other insurance company to get another quote.

Janine
__________________

__________________
LagunaDirt is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Cannot Insure My Classic Car to Tow ! T-bird Tony Towing, Hitching, Axles and Running Gear 51 05-10-2013 05:19 PM
Beachcomber renovation kevin242 Modifications, Alterations and Updates 14 05-20-2008 09:00 AM
Most bang for the buck trailer renovation Cam A Modifications, Alterations and Updates 2 09-13-2007 07:58 AM
The Renovation Bug... Nicole M. Modifications, Alterations and Updates 7 04-08-2007 03:35 PM
Closet Renovation Legacy Posts Modifications, Alterations and Updates 8 06-18-2003 04:14 PM

» Upcoming Events
No events scheduled in
the next 465 days.
» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 06:41 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.