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Post Info TOPIC: Full time trailer Insurance


RV-Dreams Family Member

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Posts: 278
Date:
Full time trailer Insurance


Just got stick shock for Full Time insurance on a new 5th wheel

 got a quote for almost 2,000.00 with a 500.00 deductible from American Adventure. Was not expecting that, OMG

 what do you guy do for a deductible?  This is a lot more than i was pay for hose insurance!

 

Is this rate out of line? I do get full replacement cost for the first 5 years, years 6-10 i would get what i paid for it. full time-timer liability is 100,000/300,000

 

Maybe I am just clueless.

 

 the new adventure starts. May 1,2016

New trailer and new Truck on the way.

 

 

 



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Bob C

The fulltime Dream begins, class of 2016

2016 Dodge Ram 5500 HD Classy Chassis hauler bed/air ride

2016 New Horizon Majestic M43RL3S

home base Sandwich,Ma.

 



RV-Dreams Family Member

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That sounds high. We pay about $1000 a year with full replacement coverage for the home and personal contents through progressive. I'm not sure what the deductible is. Hope that helps:)



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John & Dana Ellison

Knoxville, TN, (Fort Mill, SC 10/13-1/15)

Full Timing Since October 2013

2014 Cedar Creek 38FL (Biscotti) 

'08 Super Duty F-350 2WD DRW Lariat Crew Cab Long Bed, 

18K Draw-Tite Hitch

 



RV-Dreams Family Member

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I will make sure I also check out Progressive.

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Bob C

The fulltime Dream begins, class of 2016

2016 Dodge Ram 5500 HD Classy Chassis hauler bed/air ride

2016 New Horizon Majestic M43RL3S

home base Sandwich,Ma.

 



RV-Dreams Family Member

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We JUST (as in today) signed up for fulltime insurance for our new DRV. It is $1450 per year with those same coverages, but we chose a $1000 deductible to keep the payment low. We went with Millers Insurance, as they are very popular with fulltimers. They are a brokerage who shops for policies for you. Give them a try.

Roy

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Let's Roll, America!

Fulltimer Class of Late 2015, with my beautiful bride, Lori.

2015 GMC 3500HD Denali DRW CC LB TrailerSaver TS3 Hitch

2016 DRV Mobile Suites 38RSB3, MorRyde IS, MorRyde Pin Box

 



RV-Dreams Family Member

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We pay $2000 a year for fulltimers insurance on The 2011 truck, 2012 DRV (replacement cost) and a 2005 truck camper.

500 deductible on all. Oh, that includes $15,000 coverage for our stuff in storage and $8000 for personal effects. We use Miller as well.

Sue

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Sue

2012 Mobile Suites 36TKSB4 pulled by a

2011 Ford F450

2005 Lance 1181 Truck Camper- our vacation home

http://soos-ontheroad.blogspot.com/



RV-Dreams Family Member

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Try Farm and City out www.fcisinsurance.com/ they specialize in RV's too.

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Full timing since 2/27/14.

Silverado HD 3500 4X4 Dually.

Momentum 380 by Grand Design.



RV-Dreams Family Member

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We also used Miller Insurance to get our full-time coverage, although we did go with the $1000 deductible.  Through Miller, we were insured with National Interstate.  So far, the only thing we've had done was rock chips to the Ford F150's windshield on two different occasions. In both cases, National Interstate paid without us having to start into the deductible.  We have traded the Ford F150 and now have a Ford Expedition with 4WD for living in Colorado.  Our insurance has the Ford F450 and the Mobile Suites fifth wheel on one policy and the Expedition on another one.  All three combined are less than $2000.

We even got a call from Marlene at Miller Insurance once because someone had purchased insurance though them and mentioned that I had recommended them on the forums.  She called to thank me for doing that.  I've NEVER had any other insurance broker or agent call and thank me for recommendations.

Terry



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Terry and Jo

2010 Mobile Suites 38TKSB3
2008 Ford F450
2014 Ford Expedition 4X4 as Tag-along or Scout

Two minor works in progess....pictures taken over the years and a webblog:

Our photos on Smugmug

Ignoring the Barking Dogs  -  Terry's Blog



RV-Dreams Family Member

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On the flip side, Terry, when we bought our Jeep a couple of months ago, I priced insurance thru Progressive, THEN called Marlene. The quote she gave me thru Nationwide was much higher. She clearly hadn't shopped it. When I told her what Progressive quoted me, she was happy to write it for me through Progressive. But *I * was the one who did the research and got the price :(

Didn't make me very happy. The quotes were hundreds of dollars apart.

Sue

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Sue

2012 Mobile Suites 36TKSB4 pulled by a

2011 Ford F450

2005 Lance 1181 Truck Camper- our vacation home

http://soos-ontheroad.blogspot.com/



RV-Dreams Community Member

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We went with state farm 330 per year..at 50.000 replacement cost

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RV-Dreams Family Member

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Get a higher deductible, and bank the difference as if you were paying for a lower deductible. Once you have that saved (say 2000 vs 500) you can use the amount you're banking each month for other things. If you incur a casualty your saved deductible has you covered and you start over again building it up again. Sort of... self-insuring your deductible.

FWIW, Brian



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Brian, Cindi & Josie (our fur baby)



RV-Dreams Family Member

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If we up the deductible to 1,000 we save 100.00 per month. If we go to 2500. We save 200.00
I guess if I was to do it right now i would go with the 1,000.00 deductible.
We have until January to deside as that will be when our trailer will be completed, also note that this is a New Horizon trailer which tend to be more costly, so the insurance will be a little more expensive.
So the price may not be as bad as I first thought with full replacement cost covered.

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Bob C

The fulltime Dream begins, class of 2016

2016 Dodge Ram 5500 HD Classy Chassis hauler bed/air ride

2016 New Horizon Majestic M43RL3S

home base Sandwich,Ma.

 



RV-Dreams Family Member

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Bobc wrote:

If we up the deductible to 1,000 we save 100.00 per month. If we go to 2500. We save 200.00
I guess if I was to do it right now i would go with the 1,000.00 deductible.
We have until January to deside as that will be when our trailer will be completed, also note that this is a New Horizon trailer which tend to be more costly, so the insurance will be a little more expensive.
So the price may not be as bad as I first thought with full replacement cost covered.


 Just remember, especially with a custom rig like a New Horizons, to get REPLACEMENT value, not Actual Cash Value or Agreed Upon Value.

Usually for the first 5 years you can get (and of course, pay for) replacement value.  We did that.  so, if we lose our rig in a fire, our insurance policy pays to replace what we had.  Since our rig was custom, they have to get us a rig with all the features and customizations we had.  With Cash value or Agreed upon value, they basically refund you ( if the rig is totaled) the purchase price.  Of course, Once the rig is a few years old, you can't replace it for the same money, so you lose.

 I am guessing, since our rig is almost (egads!) 5 years old, we won't be able to get replacement cost again.  If that's true, we'll shop for a new insurance company.

 

Sue



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Sue

2012 Mobile Suites 36TKSB4 pulled by a

2011 Ford F450

2005 Lance 1181 Truck Camper- our vacation home

http://soos-ontheroad.blogspot.com/



RV-Dreams Family Member

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After the first 5 years we would get what we paid for it or the price we choice to insure it for

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Bob C

The fulltime Dream begins, class of 2016

2016 Dodge Ram 5500 HD Classy Chassis hauler bed/air ride

2016 New Horizon Majestic M43RL3S

home base Sandwich,Ma.

 



RV-Dreams Family Member

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Posts: 1531
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Bobc wrote:

If we up the deductible to 1,000 we save 100.00 per month. If we go to 2500. We save 200.00
I guess if I was to do it right now i would go with the 1,000.00 deductible.
We have until January to deside as that will be when our trailer will be completed, also note that this is a New Horizon trailer which tend to be more costly, so the insurance will be a little more expensive.
So the price may not be as bad as I first thought with full replacement cost covered.


 If you save $200/mth with the $2,500 deductible over $500 deductible.... that is a no-brainer... get the $2,500 deductible, you can save up the $2,000 difference in deductibles (your OOP in a casualty) in as little as 10 months. Now 100 or 200 per year (seems more likely) would result in a different calculation. Put it into your emergency fund and don't touch it until such time as you have a claim, if ever. Most people never make a claim, otherwise everybody's premiums would be much higher. After that 10 month period, $200/mth will buy a lot of fuel, or groceries or attractions... you name it.

If you have a sizable emergency fund already and contribute to it regularly, all the more reason to get a higher deductible. Self insuring your deductible means that if you never make a claim that money is yours to keep, otherwise the insurance company gets it for free. The only reason to have a low deductible is because you cannot manage a larger hit to your finances (meaning little or no savings) should it occur (in this example, a $500 hit vs a $2,500 hit). An adequately funded emergency fund does that and allows the insured to carry a much higher deductible and thus lower premiums.

This methodology applies to ACA health insurance plans also. Improper insurance coverage can be real budget busters. Do your own cost-benefit analysis to determine the payback period of reduced premiums for a higher deductible for any insurance, health, life, auto, RV, umbrella... whatever.

JMHO, Brian

PS: Just curious, how much would you have saved with a $5,000 deductible? You should weigh this option also. A $5,000 hit seems scary but if your Now you have to determine your risk tolerance. Longer timeframes may open the door to a major claim, to which you may or may not be prepared for. Many might reasonably think that risk is too high based on their unique financial situations. Again, adequately funding an emergency fund seriously mitigates this risk. Don't blindly give your insurance company your hard earned insurance dollars because of a perceived negative that could easily be turned into a positive.



-- Edited by biggaRView on Saturday 29th of August 2015 10:44:08 AM

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Brian, Cindi & Josie (our fur baby)



RV-Dreams Family Member

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Sorry I meant the savings was 100.00 per year for the 1,000. 00 deduct and 200.00 per year for 2,500.00 deductible.
I would choice the 1,000. Deduct

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Bob C

The fulltime Dream begins, class of 2016

2016 Dodge Ram 5500 HD Classy Chassis hauler bed/air ride

2016 New Horizon Majestic M43RL3S

home base Sandwich,Ma.

 



RV-Dreams Family Member

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Posts: 1531
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Well, that's a different kettle of fish. Now it comes down to how large your emergency fund is. 

$1,000 deductible will take 5 years to recoup your OOPsmile, vs 10 years for a $2,500 deductiblecry.  It boils down to risk tolerance. I wonder what the insurance industry data says about claim frequency and average size of claim. 

Brian



-- Edited by biggaRView on Saturday 29th of August 2015 09:33:50 AM

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Brian, Cindi & Josie (our fur baby)

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