How do you value an old trailer for Insurance?

[Gump]

1984 Holiday Rambler Imperial travel trailer. How do you tell the insurance company what to value it at? NADA is nothing. But they couldn't replace it for even close to that. I can't really find a used one to price it at. Maybe $6-$8? Not likely would they find another one like it.

Never mind. "Agreed value" policy with an appraisal.

[HoneyBadger]

Our insurance policy on our '89 motorhome asked US the value- we said $8500 and they accepted it.

Would they actually pay out all of that value and what would be considered a total loss? They're an insurance company, so who knows?

[Gump]

Originally Posted by HoneyBadger

Our insurance policy on our '89 motorhome asked US the value- we said $8500 and they accepted it.

Would they actually pay out all of that value and what would be considered a total loss? They're an insurance company, so who knows?

I was speaking to a insurance friend about this who doesn't offer "agreed value" policies but actual cash value and she said you tell them what you paid for it, then if it's a total loss they'll look around to see what a like unit would cost and they look at the purcahse price on the title. This scenario doesn't leave me feeling confident.

[Minikathy]

I just bought a mostly restored 63 Lil Loafer for $3k. I pretty much did what has been suggested; I walk in into my agent's office, told her what I bought and the price. She sent it in to the company underwriters who did some research into their own past history and came up with a premium. For what it was worth, my agent also copied photos of the trailer while under reconstruction (she came complete with an album of 8x10s!), and the finished product so the underwriters could evaluate whether the $3k risk was worth insuring. I ended up with a $29 per year premium.