Rv insurance help!

[seven dwarfs]

I am looking at my RV insurance coverage and was hoping to get some help! It is so $$$. We do have total replacement coverage. We only use it maybe 6 months out of 12, if that. So, wondering who you guys use and any ideas to save money but still have good coverage. I am not so sure I need total replacement since we are not full timers! Thanks for the help!

 

[clkelley]

I keep getting offers from Good Sam about partial year coverage that can save you money with a reduced rate while it is storage. I don't pay attention to them cause the insurance for my TT is really cheap.

 

[seven dwarfs]

ok, thanks. I will give them a call.

 

[big kahuna1]

It all depends on whether you want Replacement Cost coverage or not. If you don't care to get a new one for your old one and would be satisfied with the Actual Cash Value of the unit at the time of a loss then you can simply add the trailer to your auto policy for really cheap. Your contents in the trailer are covered by your Homeowners policy.

 

[LarryJ]

It all depends on whether you want Replacement Cost coverage or not. If you don't care to get a new one for your old one and would be satisfied with the Actual Cash Value of the unit at the time of a loss then you can simply add the trailer to your auto policy for really cheap. Your contents in the trailer are covered by your Homeowners policy.

Also from what I understand the total replacement cost is only for like 3 to 5 yrs. and then it goes to actual value like a normal policy so it's a matter of the level of risk vs. $$$ you are willing to take in those first few years. I just have mine insured under my auto policy with like full comp/collision and it's around $65 every 6 mo on a MSRP 2007 trailer of almost $28,000. I can almost guarantee you they don't loose money on these total replacement cost policies and just how often are they used.

Do a poll here on if they own an RV and if a total replacement policy paid over what a normal policy would have paid. This sort of falls into the extended warranty on average not being cost effective.

Larry

 

[seven dwarfs]

Thanks for your help so far. We used to own a trailer and had it under our car insurance too but with the RV we can't do that. At first I felt as though total replacement was worth it but now for the $$ and the time we use it I am not so sure. I am going to call Good Sam tomorrow and see what they offer and go from there. Sometimes it is nice to have other peoples ideas!

 

[big kahuna1]

Also from what I understand the total replacement cost is only for like 3 to 5 yrs. and then it goes to actual value like a normal policy so it's a matter of the level of risk vs. $$$ you are willing to take in those first few years. I just have mine insured under my auto policy with like full comp/collision and it's around $65 every 6 mo on a MSRP 2007 trailer of almost $28,000. I can almost guarantee you they don't loose money on these total replacement cost policies and just how often are they used.

Do a poll here on if they own an RV and if a total replacement policy paid over what a normal policy would have paid. This sort of falls into the extended warranty on average not being cost effective.

Larry

Generally the way Replacement Cost works is you get New for Old the first 5 years. Then payment is limited to what you paid for the RV beginning the 6th year. This is can still be pretty good especially if you paid close to MSRP on your unit. RV's depreciate very, very fast. So, if you paid $25,000 for an RV and 5 years later it is totaled. The Actual Cash Value at the time of the loss was $10,000 and a new RV was $29,000.00 (assuming the Mfg. is still in business and making that model otherwise is is a "like" unit)...which payout would you prefer. Yes, you paid an extra $500.00 a year for those 5 years but you came way out ahead. Now, same loss but in the 6th year. You still get $25,000.00 for the $10,000 trailer. Still a good deal so Replacement Cost can make very good sense but you are gonna pay for it.

 

[seven dwarfs]

Ahhhh! What to do what to do. I have priced our policy we have now with every company out there and we have the best deal. I just hate making those big payments when we don't use it as much as I would like. And we are both self employed so our income is hurting right now. I am not sure what to do. We did get a great price on our unit and have a great interest rate. My luck has never been good so I am sure if I go with something cheaper, well you know! lol Thanks again.

 

[big kahuna1]

There are a couple of Companies that will "suspend" the policy while the RV is not used for months at a time. I am not sure who though at this time.

 

[des1954]

The first year we owned a Class A (1995) I went with Good Sam because Lazy Days shoved it down our throats when we bought the unit. Every year since then, about a month before my premium is due I start comparison shopping for RV insurance and always end up with the same company....Progressive. I do not have my cars insured with Progressive, so I receive no additional discounts. This year I will be adding Geico to the list of inquires, as I found out after I re-insured with Progressive that Geico now offers RV insurance.

When we full-timed in 2002-2004, I had full replacement coverage because the RV was our home. After our house was completed in 2004, I dropped the full replacement coverage.

Hope this helps.

 

[ram101]

We use progressive for our MH insurance. It was the best for the money at the time. I hanv't shopped around since but it is still less then $400 a year.

 

[bigdisneydaddy]

There are a couple of Companies that will "suspend" the policy while the RV is not used for months at a time. I am not sure who though at this time.

Liberty Mutual has told me that they will do this, I don't out of fear that I will forget to restart the coverage and we do like to us our trailer at FW in the winter.

 

[seven dwarfs]

Thanks again for the replies. We still have no clue what we are going to do, but again, great to see others ideas!