Several years ago we had stated value insurance on a horse. I learned that
if we had had a total loss we would have had to have proved that she was
worth that much. We probably could have proven it as we insured her for
what we paid for her.
You can't obtain coverage of $100,000 on a $1,000 trailer just by stating
that it is worth $100,000. You may get such a policy, and pay the premiums
based on your stated value, but if you have a loss that is more than the
trailer's actual value that can be substantiated the insurer will almost
certainly challenge you.
Your claim of $8,000 value might not be challenged if it appears reasonable.
Al