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New User
Posts: 2
| My 1997 Cato was in an accident. The insurance company wants to total it for $12,000. I think its worth closer to $20,000. Because Cato does not make trailers anymore, there is great discrepancy in its value. Does anyone have any comparables to come to a value? Details: 1997 Cato, 6H slant, all aluminum, fully insulated, about 40ft, front, mid and enclosed rear tack all fully carpeted floors and walls, mangers, 5 drop down windows in front 2 in back, front escape door, hay rack, 11 saddle racks, 80 3in hooks. I had redone all of the seals and put new weather stripping around all windows and doors. It has 5 new tires, new electric over hydraulic brakes, new battery and a solar trickle charger mounted on the roof. Any help is greatly appreciated. | |
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Elite Veteran
Posts: 781
  
Location: La Cygne, KS | What did you have the trailer insured for? This can be a sticky situation but stick to your guns. I called several trailer dealers to get trailer values that were comparable to a trailer that I had stolen. I submitted the quotes to the insurance and then haggled some more to get the real trailer value. | |
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New User
Posts: 2
| It's not technically insured for a specific value, its a full coverage rider policy on my truck which was attached to it at the time of the accident. And this is my own insurance company and they are also really fighting me on the value of the truck. | |
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 Expert
Posts: 1283
Location: Home of Wild Turkey Whiskey | If there is no "agreed value" you might be up a creek on this. | |
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Expert
Posts: 1351
Location: Decatur, Texas | This is where the insurance company has you by the %**%&! I learned years ago, as cheap as trailer insurance is always buy it, never hope the truck is enough to cover it. I have a policy on each trailer I own, from a 28' flatbed hay trailer that is insured at $5000. that runs under a 100 a year full coverage, a 60-k LQ traielr that is 800 per year and just added a 04 SUNDOWNER 8010 with a 45-k value and it is costing me under 600. per year and all have full coverage! This is the cheapest investment a person can make. | |
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Regular
Posts: 85
Location: Ocala, FL | You should go to some trailer dealers and see if you can get some help with value. We had the same problem last year. We did, however, have the trailer insured separately for $25,000. but the insurance company tried to give us $8,000. I did all kinds of comparables on the internet but they didn't agree. Finally, we had a local (Ocala, FL) dealer agree to talk to the adjustor and they gave us the insured amount for the trailer. Do not sign off until you get your price! If they don't give in, ask if they have an Ombudsman and to give you the name and number. I find that changes their tune quickly. | |
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Expert
Posts: 5870
Location: western PA | The insurance companies will always low ball their initial offerings. Having prices of comparable trailers will help establish your values. Any recent maintenance and improvements will raise your trailer's value. Haggle vehemently, and do not accept any first offer. Blow off the appraiser and ask for his supervisor's number, always try to go to a higher authority. Only by pressing the issue, can you expect an honest result. Here's a Cato that's currently for sale on HTW; http://www.horsetrailerworld.com/home/trailerdetail.asp?ID=180528 Gard
Edited by gard 2008-11-21 3:45 PM
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Expert
Posts: 3802
Location: Rocky Mount N.C. | They must have gotten their idea on the price from looking at this 1997 Cato, 6 horse... http://eastnc.craigslist.org/grd/926787746.html I would stay on their case for the $20K. I got my 2000 Silver Star (that's no longer in business), 3 horse, midtack, 7' dressing room, ramp, 21' awning A/C, etc, insured for $18,000.00, no matter if it's hooked to the truck or not. If it were to get totaled, I'm looking for $18,000.00!!! I have separate insurance on all of my trailers and equipment.... Thanks for reminding me why I pay those premiums!!
Edited by retento 2008-11-21 5:36 PM
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Location: KY | Very good advice here. If you have photos, you might write up the specs on your trailer and take the specs and photos to a dealer and ask them for an expert opinion on REPLACEMENT VALUE. Ditto on your truck. If that fails to influence the ins co, then you might make a complaint to your state's insurance regulatory agency that the ins is refusing to settle a valid claim in bad faith. That usually rattles ins co adjusters pretty good. Best of luck to you, and keep us posted. | |
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Elite Veteran
Posts: 714
Location: Minnesota | Before you complain to the Insurance Commissioner, you need facts. (1) When did the accident happen, (2 )When did you report it, (3) When did the Ins. co. contact you, (4) When did the Ins. Co make an offer, (5) How did they come up with a value, (6) How did you determine the value, (7) Has there been ongoing dialogue? You really need to document all information. Ask for any offers to settle in writing, as well, give your denial in writing. Get your local agent involved! He's the one hurt if you pull your business, not the company. I spent 14 years in the Ins. business as an Adjustor and agent and I would never recommend adding a rider as good idea. Separate the policy's, preferably with one company.
Edited by genebob 2008-11-22 10:17 AM
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Location: KY | Genebob definitely is right; all communications with ins need to be in writing. Might also want to pull out the policy and re-read it. Good luck! | |
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Help need comparables trailer values for Insurance
