Insuring a CTC

Converting Cargo Trailers into TTTs

Insuring a CTC

Postby domoarigato » Wed Oct 17, 2018 4:36 am

Does anybody have the low down on getting insurance on a converted CTC post completion? I haven't actually contacted my provider yet, but from what I have been reading, not all are privy to insuring conversions. Anybody gone through this and had success?

Regards,

Domo

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Re: Insuring a CTC

Postby McDave » Wed Oct 17, 2018 11:39 pm

I'm with Farm Bureau, The trailer and contents are covered by truck insurance as long as it is hitched to tow vehicle. Also covered under homeowners if it is inside shop. Not covered if it burns up in yard or driveway unless hitched up. However, my Harley, Indian, 57' Chevy and 58' Rambler are not covered by homeowners even when in shop. If it can move under it's own power, not covered.?? Not sure what that is all about, but I'd hate to have to leave them all missing a wheel or something.
I know Don (FLBOY) was able to get his insured for a good portion of what he's got in it, but I'm sure not all of it. He'll give ya the 411 if you ask nice.

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Re: Insuring a CTC

Postby Solarseniors » Thu Oct 18, 2018 10:00 pm

I contacted my insurance Co.,and asked them for a stated cash value coverage.They asked for a description of the contents,and covered me for $12k.Cost was $18.00.for 3 months remaining in the coverage year.
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Re: Insuring a CTC

Postby domoarigato » Fri Oct 19, 2018 7:44 pm

Thanks for the replies guys. I need to do a tally of everything in there before contacting my insurance company, but it's good to know that it's at least doable. I received a pm from another gent who confirmed this as well. Hopefully progressive is CTC friendly. I'll update this post once it's settled, and give a break down.

-Domo

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Re: Insuring a CTC

Postby jmanscotch » Mon Nov 05, 2018 10:02 am

I've heard horrible tales of "stated cash value" policies. In the end, the insurance co covers claims at the worth of a base trailer, regardless of a noted value. The real policy you want is an "Agreed upon value" which is different in that the insurance co agrees to provide a policy that'd pay out an agreed amount in the event of total loss. This agreed amount will be what you set it at (which should be a reasonable price for all receipts and time/effort gone into the build).

I've talked to about every local insurance rep and several country wide ones (from big names to specific RV, converted bus specialized companies, commercial trailer insurance companies, etc) and have yet to find one that'll insure me with an agreed upon value. The most common response is, "our underwriters just don't have a system to write such a policy on a one off item like this". So that seems to be the main hurdle.

I was able to cover it a little more with my renters insurance, but it's still basically a 5x8 cargo trailer in their eyes. My plan, once I'm truly complete, is to tow it to some local agents and inquire in person, showing them what's been done. It should be obvious that you're likely going to have to bring your other assets to be covered with said insurance co to get them to work with you; home, cars, etc.

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Re: Insuring a CTC

Postby domoarigato » Mon Nov 05, 2018 11:56 pm

Jake, thanks for the reply, thats good info. I have still yet to cross this bridge, but will attempt to do so in the near future. I will bear this in mind.

-Mike

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