Insurance cost

[Padgett]

What I do not understand is why insurance (particularly comprehensive) for a TM is so high, about the same as the whole package for my tow vehicle which is a lot more valuable and has lower deductables.

Did ask Geico and they said being garaged made no difference and was not a "pop-up".

 

[Redtail cruiser]

Maybe it's a regional thing. I bought full coverage with a $15,000 replacement value and the cost was very reasonable.

I just looked up my policy and my cost only added about 10% to my auto policy

 

[moaboy]

Geico's insurance has changed. I used to have them and they were very reasonable. Now they are not for a variety of reasons. Insurance in Florida for my TM will run me at least 3x what it does (with the no tort option) in PA.
Progressive is overall better, Allstate is the cheapest on just the TM when added to your auto policy and State Farm is a bit more expensive. Good Sam, (underwritten by National General) is expensive, guess they don't really want to write insurance in an expensive, higher risk market like FL.

 

[funpilot]

What I do not understand is why insurance (particularly comprehensive) for a TM is so high, about the same as the whole package for my tow vehicle which is a lot more valuable and has lower deductables.

Did ask Geico and they said being garaged made no difference and was not a "pop-up".

I had gotten quotes on a 2015 Livinlite 28bhs trailer from Geico (all aluminum but otherwise standard trailer) and just now got a quote from Geico on the 2015 3124KD. They are almost identical so at least Geico does not premium price TMs it appears for those of us in Virginia. However, for comparison purposes, I was quoted around $240.00 for either trailer for 6 months complete coverage including full replacement value and using camper for around 60 days a year. Since I have not priced RV insurance in 20 years, I may be way off on this being reasonable so please let me know.

 

[rvcycleguy]

Insurance is priced using any number of criteria based on region, customer, value, replacement, parts, rarity, and driving records. No way to compare premium to premium. What I pay in Texas on the gulf coast cannot be compared to anywhere else in the country.

What we pay is what it costs for our specific plan.

 

[tentcamper]

My rider, I put on my auto policy for the camper is a very low price. It is full coverage and has the same deductible as the auto, which is 500. It cost $56 per year, which I change it to parking insurance during the winter when its in the garage. The winter rate is about 28. So the real cost for 12 months is about $45

I used a "Stated Value" for the camper of $7000. I have found throughout the years that insurance prices are better with used campers with a stated value. I bet if I had not gone with stated value, it would have been 250 per year because they would have used the value when new when rating it, and let an adjuster figure out the deprecation if I had an accident.

Insurance does use not only use your driving record, but also uses reported accidents in your area to figure out rates. So maybe with all the snowbirds there are a lot of accidents in your part of FL with trailers.

 

[Padgett]

Must be something, mine is about $500/year with three other cars on the policy. Almost all just for comprehensive. Double what my class A RV cost for everything.

 

[tentcamper]

I would have them re-rate it with "STATED VALUE", you state the value. Give them a far used value for that year TM.

We're at about 600/12 months for our two cars, but with full coverage and higher coverage than state mins.

 

[moaboy]

Rates for my TM are quadruple in Florida compared with Pennsylvania. This is even using a cheaper formula -new price with replacement value vs a cheaper stated value. Maybe it is all those Cheeseheads?
For my auto close to double.

 

[tentcamper]

Rates for my TM are quadruple in Florida compared with Pennsylvania. This is even using a cheaper formula -new price with replacement value vs a cheaper stated value. Maybe it is all those Cheeseheads?
For my auto close to double.

I think new price with replacement value you would get the value of a 2015 if you totaled your 2009 TM. Yes, that would be a lot more cost to insure.

I'm just looking to cover my value of the camper with stated value and taking the guess work out of the value. With my 5 campers and over 25+ years of buying insurance for campers. I'm just looking to cover my lose and at the same time not give the insurance company to much money.

 

[funpilot]

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]

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]

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.

 

[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.

 

[Padgett]

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]

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]

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]

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]

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]

Insurance Company?

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.