I had a very disturbing conversation with my insurance company in the spring of this year. Apparently the replacement cost of a 72' Boler
is only about $1000 as it was $850 new in 1972. I understand depreciation and I also know I will never see every dime back that I put into it but, there is apparently a disconnect between what these little gems are worth in the market place vs what a "car insurance" policy will cover and the common knowledge on the street as compared to say "a stick built trailer". I was told by my insurance agent that on order to get a fair replacement value for my trailer;
I need to;
a) Get a very very detailed appraisal done by a reputable RV dealer. with a replacement value explicitly identified.
b) keep all the receipts of everything I have spent on it (upgrades).
c) show the original bill of sale.
I also understand that there are some RV insurance agents that would classify our little eggs under our home insurance as it could be considered a short term residence. I haven't investigated this option as mine is used for short term outing mostly.
As a result of this finding I am left with the thought of.. So what am I paying insurance for? If my trailer is stolen, catches fire or written off in any circumstance, it's simply not worth as much in the eyes of my insurance company.
As a result (once I am done upgrading) it will be getting a detailed appraisal done by my local reputable dealer. I will also be looking into changing my insurance policy to one that is specific to RV/trailers. This needs to be done before I ever need insurance.
BTW: in case your wondering, lets just say my insurance company rhymes with "great charm"
Please ring in on your experiences and comments.
I know I'm not alone on this.