Dave:
Can you insure them for a fixed value, or replacement value? If not, then it would seem that you'd have to review the insurance policy every year to drop the level of the insurance of them to fall in line with the lowered replacement values.
Different states have different insurance laws and then you have the policies that vary by company. Most companies that I'm aware of settle all vehicle losses based on Actual Cash Value (ACV, the value of the vehicle prior to the loss). I know of none that pay based on Replacement Cost (RC). Would I like to have my '97 Polaris replaced with a 2013? Sure but I wouldn't be able to afford the premiums.
The company I represent bases the premiums on the year, engine size and MSRP, not on current, stated or declared value. Do the premiums decrease every year? Not necessarily but a 2010 ATV is still less to insure than a 2011. A 2008 less than a 2009 etc.... The question is always at the time of settlement, of whether you're receiving a fair value on that unit. With an answer to that being; "with what they've paid me, can I purchase a comparable unit?" If not, they've underpaid, IMO.
I'm going to be talking with the homeowners insurance company shortly. The insurance jumped rouhly 30% in a year and I didn't have any claims.
Scott, regarding homeowners (HO) insurance, it's definately a sore subject with most!
HO insurance is an unprofitable line of insurance for every insurance carrier which is why you don't see ads on TV for it. They can't charge enough compared to what they're paying out in claims, yet they need to find a way to be competitive to get, and keep your auto insurance (and life/health, etc.). And now with a wealth of technology and accumlated data, for the company I represent the rates are (in part) based upon the location of the risk. Where it used to be based upon your Fire Protection Class (distance from a fire station and hydrant) it's now based upon where claims are occuring, right down to the zip codes, if not even longitude and latitude.
Causes for increases?
Poor rating practices (low premiums to attract auto business then 30-50% increases because it caught up)
A change in the underwriting model (matching price to risk)
Living in an area with a high loss ratio
Credit scoring (now used by almost every insurance company)
And whatever other reason they can find to generate revenue
There's a lot I don't agree with in this industry but hey, I'm just a small fish in a big pond
Literally
PS - Sorry for the long post
