My insurance company sent me a letter reminding us that our insurance covers only the current value, not the value we insured it for 3 years ago. They are asking if we would like to reduce coverage. I think it is pretty impressive that they ask that question.
Thanks for the help.
Stu
Insurance companies base their valuations on a depreciating basis, just like your Tow Vehicle. The problem with Scamps and other Fiberglass RVs is that they do not depreciate like a normal (sticky) RV. I don't know if you bought your Scamp New or Used, however, if you bought used, you know first hand that Scamps and other fiberglass RVs hold their value extremely well; due to their scarcity and their uniqueness.
One of the reasons that fiberglass-rv-4sale.com was created was to help people fight their insurance companies' low (very low) valuations when settling insurance claims.
I suggest you check out the Sold section on fiberglass-rv-4sale.com to evaluate your own Scamp. You may decide to increase coverage instead of reducing coverage. Note: you may need to get a "Stated Value" policy instead of a normal policy.
As Always,
Happy Scamping !!!
We just recently helped a member who rolled his Scamp 19 and totaled it. The insurance adjusters will try and use NADA value to settle your claim which is so ridiculously low you will get basically nothing. Our SOLD archive on fiberglass-rv-4sale as Manwithavan says was built to help sellers/buyers correctly value trailers, but also to provide comparable sales to your insurance adjustor for valuing policy or a claim. Print about 3-4 comparable sales to your unit from the SOLD Archive to give to your insurance agent and give them the link to the archive as well. It is very likely your Scamp value has gone up in the last three years, where your agent is assuming it's depreciating like a standard built trailer. You may have to increase your coverage.
NOTE: Some insurance companies are giving Molded Fiberglass Trailer discounts now because the history shows they don't deteriorate like traditional trailers and the claim history is much lower. Ask if they are extending that discount.
Our Trailers:
2015 19 Escape
Buying or Selling Molded FG Trailers:
Fiberglass-RV-4Sale