Should I have it reappraised ? - Fiberglass RV
Free 7 Day Trial RV GPS App RV Trip Planner Campground Reviews RV Maintenance Free 7 Day Trial ×


Reply
 
Thread Tools Search this Thread Display Modes
 
Old 03-29-2021, 01:59 PM   #1
Junior Member
 
Trailer: Compact II
Posts: 9
Should I have it reappraised ?

I have a Compact II that I restored and then had appraised in 2013 by Jim Polk . I keep seeing that fiberglass trailers are in high demand and that prices have gone up considerably. Is it time for a new appraisal? I have not kept up with current values. I'm not interested in selling just want to make sure on insurance valuation.
John O is offline   Reply With Quote
Old 03-30-2021, 03:52 PM   #2
Senior Member
 
Name: Michael
Trailer: Trail Cruiser
Alberta
Posts: 747
Seems like a good idea John. Better safe than sorry. Most insurance companies will use a book value that likely doesn't include upgrades. You can keep receipts for work done but insurance companies will likely call this maintenance and not want to include these amounts. If you do it yourself you have no receipts and insurance companies aren't likely to consider your labor. An appraisal, from a recognized appraiser, solves the question as to the value of your unit. I suggest you advise your insurance company of your appraisal. They may take issue with the amount and you need to be aware of this BEFORE you are in a position to make a claim. Insurance policy particulars can vary greatly. Ask about a 'total write off" and if there are limits involved, deductibles etc.
I learned about these things some years ago when I had a total write off of a five year old unit. "Replacement cost" would have been purchase price minus depreciation, as calculated by the insurance company. "Guaranteed replacement cost" is purchase price of a NEW unit, of similar size and with similar options but no depreciation. HUGE difference.
Also, more coverage usually equates with higher premiums. How much coverage do you want and what are you willing to pay for it?
Mike_L is offline   Reply With Quote
Old 03-30-2021, 05:30 PM   #3
Senior Member
 
Name: Darwin
Trailer: 2002 19 ft Scamp 19 ft 5th Wheel
Posts: 3,358
Send a message via Yahoo to Darwin Maring
It all depends on the credentials of the appraiser.
You may find that you need multiple appraisals to get anything out of an insurance company.
Darwin Maring is offline   Reply With Quote
Old 03-30-2021, 07:14 PM   #4
Senior Member
 
Jon in AZ's Avatar
 
Name: Jon
Trailer: 2008 Scamp 13 S1
Arizona
Posts: 10,132
Registry
I would have a conversation with the insurer or agent before you do. Its always possible they will not recognize a higher valuation. The you will have to take make a choice: stay with the devil you know, and add the money you would have spent on the appraisal to your “self-insurance fund,” or look for a new insurer.
Jon in AZ 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
Should I have said something? SRD General Chat 22 02-27-2014 02:09 PM
All items in your camper should have a dual function. Kevin K General Chat 18 04-17-2012 01:44 PM
Uh Oh---should we have left the pipe in??? Vickie B. Problem Solving | Owners Helping Owners 15 04-11-2011 02:33 PM
DARN it! Should have followed MY instincts Deb in MN Problem Solving | Owners Helping Owners 14 05-11-2006 12:27 PM

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

Reviews provided by


All times are GMT -6. The time now is 01:39 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2021, vBulletin Solutions Inc.