Insurance cost - Page 2

funpilot · 10-06-2014, 09:12 AM

At least with Geico, full replacement value is only paid for the first 5 model years. So, if you have a 2009 model + 5 = 2014 is the last model year you can get full replacement with Geico, as I understand it.

Padgett · 10-06-2014, 09:34 AM

So for my '06 I am paying as much as for my '12 tow vehicle (worth about 3x as much) for much less coverage with Geico.

funpilot · 10-06-2014, 11:19 AM

Quote:

Originally Posted by Padgett

So for my '06 I am paying as much as for my '12 tow vehicle (worth about 3x as much) for much less coverage with Geico.

I just went out and priced what I could get from Progressive. Looks like more or less the same premium as what Geico would charge. However, unlike Geico, they would not let me read the policy until I purchased it, so will still go with Geico.

10-07-2014, 02:35 PM

Games and more games... I have found that there is a wide latitude in "stated value." When I asked if I could value and insure my TM at $20k several companies said no problem. Of course I pay more if I buy more insurance which I may never use. Rates do vary significantly state to state.

Padgett · 01-23-2015, 10:53 AM

Update, my local AAA office is close and while talking to them the subject of the trailer came up and with a stated value of $10.9k and $500 deductable, the premium was $243/year (with single payment discount) about 1/2 the Geico premium even with three cars on the same policy.

Interesting thing is the underwriter is Progressive (AAA acts as agent).

Just did it today so need to see how it plays out & will post if any surprises but worth knowing for other Floridians

tentcamper · 01-23-2015, 01:39 PM

Quote:

Originally Posted by moaboy

Games and more games... I have found that there is a wide latitude in "stated value." When I asked if I could value and insure my TM at $20k several companies said no problem. Of course I pay more if I buy more insurance which I may never use. Rates do vary significantly state to state.

One thing about stated value. If you do grossly over state the value. There is something in the insurance law, to protect for fraud of over insuring. The company does not have to pay you for the over stated value, over a certain percentage.

So if you insure a one dollar bill for $10,000. You will pay the insurance for $10,000, but when you lose the dollar they will only pay you one dollar. But if you insured it for like 1.10 they would pay you the 1.10. There some percentage of accuracy that is used by the insurance law. Most of the time there is no questions unless it way out of line.

My 2003 TM, I have insured for 7K stated value (high end of retail) and I pay about $55 a year. It's added to my auto policy for collision and comp with a 250 deduction. The auto policy before adding the trailer already has $1k coverage for anything I tow. During the winter I drop the collision and only carry the comp and its at a rate of $10 per year. So at the end of the year, I end up paying about $40 for the entire year. I normal call to re-add collision the week before we head out on our first trip of the year and drop it the week after I winterize it. I don't do it, but you could every year lower the stated value to compensate for deprecation.

Padgett · 01-23-2015, 01:46 PM

Well sorta. If I tried to insure my 2720SL for $20k that would clearly be wrong. But with a full mod and graphics paint job from Chip Foose then...

So you can state the value as anything you want but if beyond certain limits then had best have documentation to prove it.

As for the $10.6k that is more than I paid for it but in the last year I have made several k$ in "improvements" which can be documented so is reasonable for an '06 particularly if needed a replacement.

**Bill** · 01-23-2015, 05:49 PM

My insurance company (AMICA) will suggest a value if I ask them to. I have to ask, and they still insist that I choose a value, but this is pretty close to the value they would pay in the event of loss. I don't know what valuation source they work from, but it is as good as anything I have access to. So maybe take their value, add 10%, and go with it.

Have you asked?

Bill

Padgett · 01-23-2015, 07:48 PM

They came up with $10.6k for my '06 2720SL and I thought that was a fair value so didn't try to change.

Only odd thing was they rated it at 22 feet (I gave the agent 2720SL and that is what the computer spit out) which made no sense. Average of 19'11" and 24'1" maybe ?

FujiPedaler · 01-24-2015, 10:41 AM

So Tentcamper, Who is your Insurance company so we can all go out and get coverage thru them.

We just sat down with our State Farm agent and did all the numbers with Home, 2 autos and trailer and were we live and with a $2000 deductible and we are at $200 for the year for the TM (3326 2007). We live in Minneapolis, MN and have been cashed out on the Trailer for hail damage so the $2000.00 deductible is reasonable for us.

As in so many things, it is "Location, Location, Location" that determines all or our insurance premiums.