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:)

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

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

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.