Insurance

I'm sorry if this topic has been discussed before, but I am interested in your suggestions for insurance companies that you have been happy with. Thank you. Steve

 

Have you checked with who has your home & auto? In MI having multi-policy coverage usually gets you your best deal and coverage.

Bob

 

We're with National Interstate thru Bancorp south. Fortunately, we have not needed them so we can't comment on how their service is in a crisis. But they were the best policy for our auto and trailer.

 

Since we are newbies, we don't have a ton of data related to teardrop insurance. But, I can tell you that we have talked to GEICO and our local Costco and both offer teardrop insurance. They must tie it to our auto policy, but that makes sense I guess. Good news is that both recognized CAMP-INN and knew of the 560 model we discussed. When it comes time for us to insure our teardrop, we will most likely go with GEICO. That's our 2 cents, hope it helps you.

 

Yes we also have GEICO and they do offer multi vehicle with trailer Insurance for our 560. It $150 a year for full coverage 12 mo. Over the winter months (dec-feb)remove collision so get a small refund. If we decide to take a winter trip during those months it takes just a phone call to reactivate. Have had GEICO for years and they are great to work with and have competitve pricing...hope this helps...R

 

One suggestion that is related but not necessarily answering the question. When getting a policy for these we have found from helping customers with insurance claims on their trailers that it is best to have a full replacement policy.

A normal full coverage policy can be problematic with our trailers because in the event of an accident the insurance company will search the internet for comparables. The problem is they don't find any and try using completely non relevant teardrops, other non-comparably featured brands and even home-builts I have seen used. You end up getting only a fraction of the trailer's value for it, not near enough to replace it, whether it be used or new. You end up having to buy the wreckage back from the insurance company and shipping it to us for rebuild and hopefully it can be done for that. If the damage is bad enough that might not be cost effective. Where-as with a full replacement policy the insurance company has to replace the trailer in a manner you are satisfied with. Very good chance they would have us build a new one for you.

These full replacement policies are more expensive but something you should ask your insurance company about. Customers tell me they tend to be upwards of $300 a year.

Cary

 

We definitely went with full value replacement, especially because it's our full-time home. Excellent advice though for all! We do pay a good deal more than noted above with Geico. I'm going to look into that.

 

We purchased our full replacement insurance through Progressive. They also have a vanishing deductible.

 

Yes we have full replacement for first 5 years then will adjust accordingly after that time period at which time I am sure the premiums will rise...

 

Unfortunately, you never know how good your insurance coverage really is until you actually file a claim!

I'm always a little suspect of companies that do a ton of advertising so I'm a bit leery of Geico and Progressive - but if other people have had good luck with them, that's the real test.

I think we have the same policy as Chuckwagon - Progressive Total Loss Replacement/Purchase Price - $410/year ($388 with paid-in-full discount), $500 deductible. We live in the Chicago suburbs so our premium might be a bit higher.

Our home/auto policies are with Traveler's, who were excellent to work with when we had storm damage to our roof and Tim's son mashed my car - but they don't offer RV insurance.

I've heard good things on the forum about USAA and I think AAA might offer home/auto/RV insurance. We have a AAA RV Plus membership but haven't used it yet.

 

I purchased $20K worth of insurance coverage.

I checked my State Farm trailer policy I had and for $55 a year (about 15 cents a day) they will give me the depreciated value of my trailer. This is called “Stated Value” insurance, meaning if I paid $100 for the trailer and at the time of the accident the adjuster said the trailer is worth $50 then I get $50. This never made sense to me because I will never be able to collect the $100 insurance I paid for due to deprecation.

Progressive insurance really understands the RV/Trailer owner’s needs.
They offered me 2 types of insurance.

1) **Note you have to have owned your trailer for less than a year for this option.
For about $170 a year (under 47 cents a day) Progressive will give me replacement value for 5 years. That means if I paid $100 for the trailer but after 4 years it would cost me $150 to replace it – they will pay me $150. After 5 years they will pay me my original purchase price $100. With this policy the funds must go to replacing the trailer. You cannot use the money in some other way.

2) With an “Agreed value” insurance policy both Progressive and I agree on the value of the trial now and if it is stolen or destroyed I will be paid the agreed value for as long as I keep renewing the policy. No depreciation. This policy costs about $10 more than the one above (49 cents a day). In this policy the insurance company pays you with a check and you can do what you want with the money. **If your trailer is older than 1 year you may need to have the value appraised to get this insurance. But at least you know what you will collect.

The above covers theft non motor vehicle accidents and motor vehicle accidents. Progressive was the only insurance company I spoke to that understood what I need and was willing to deliver a quote in minutes. I cancelled my State Farm insurance and went with Progressive.

Happy Holidays
Cosmo