Trailer Value - insurance

[JustinS]

Not gonna lie I am pretty ticked at my insurance company right now - Not gonna name it but they say that they help support military families...

They valued my trailer as a plain 5 X 12 trailer, Mine is 5 X 14 on the title, either way they way low balled me on the offer they didn't take the value of the dog boxes, the storage, the Electrical system for the fans or airing lights. So I asked how I could help them determine the actual value because they were way off.

They told me to find comparable used trailers and send the pictures with the prices of them, I did and didnt hear anything back for a week and a half so I called back and they said that they couldnt use those because they didnt have lengths on them and they didnt have any features listed.

GRRRR. why would they take my payment to insure my trailer for replacement cost, if they were not going to give me replacement cost if something happened to it? I feel like that should be illegal. When I put insurance on it they asked me what it would cost to replace it and I told them about 3500 as that is what the guy said that built it - I got it used - is there something I can do?

Is there any laws protecting consumers from insurance companies from doing this?

[claimsadj]

Your trailer is not insured at replacement cost. It is an acv policy meaning they pay you the value of it today as a used item. Replacement cost would mean they owe you a ore determined value placed on the item at the time you insured it. With that said it sounds like they suck. I'll pm you my info and help you with documenting your loss.

[Russ]

They have to pay you what a trailer of like kind and condition is worth. They are low balling you. An attorney would get this straightened out quickly but it would be the expensive way to go. Go to http://dlr.sd.gov/insurance/consumer_information.aspx and click on the file a complaint button.

The insurance carrier has an obligation to do an investigation and pay fair market value.

Russ