Just wondering... 3 simple questions...1)What factors did you use on determining how much insuranceis enough ? 2)At what point in the life cycle did you reduce (or maybe increase)coverage ?3)Did your insurance needs vary when the unit was "paid off" orshould that have any bearing ?I'm guessing there may be a difference if "full-timing" as that is your "home" ...so for simplifying... just a week-ender user. Thanks Charles

My insurance needs were/are simple. I wanted full replacement coverage within the first 5 years so I went with Progressive. I keep high loss/theft and also "out of the unit while it's being fixed" coverage as well. I'd just rather be safe than sorry when it comes to insurance.At this point, I'm strictly a "weekend warrior" type of user, but may at some point start full-timing, at which point, I'll up my insurance coverage even farther.WoodGlue

Check for RV coverage through your auto insurance. On our new trailer, I was able to get 5 year replacement (same model/options if possible) and then 5 years where I would get the cost that I paid for the trailer if the trailer is "totaled". Coverage is through Erie Ins. Co. and was a little less expensive than same coverage from Good Sams or Progressive.

If you're talking about just coverage for the value of the rig you need to have coverage that covers the full value or the amount of the loan, whichever is greater. So if you owe more than it's worth you need to make sure the insurance will pay off the loan if your rig is a total loss. I have progressive and their policy covers you for the actual value or the loan payoff up to the original purchase price. So for example lets say you are able to buy a motorhome for $100k and somehow you convince a bank to give you a $150k loan to buy it and you pocket the extra $50k, the insurance only covers the loan balance up to the $100k. I don't know if a loan like that even exists so you should always be covered. Right now I owe more on my RV than I could see it for thanks to the economy crash. So if my RV was a total loss the insurance would pay off the loan and I'd basically having nothing. If I wanted to replace it I'd have to come up with the down payment to buy another one.

A good thing to look at in coverage specially if full timing is the amount of contents insurance.Some insurance companies will only cover $1200.00. Also look at liability coverage for your torts. You are living in it full time so you need your coverage to be similar to homeowners.

Thanks for the bullet points guys...I'm just in the re-evaluation phase on insurance requirements. I'mthe worst combination... tightwad that frequentlygets visited by Murphy. I need to get it right.Charles

Insurance re-visited.... | Good Sam Community

12 Replies

scbwr
Explorer II
Sep 19, 2013
Check for RV coverage through your auto insurance. On our new trailer, I was able to get 5 year replacement (same model/options if possible) and then 5 years where I would get the cost that I paid for the trailer if the trailer is "totaled". Coverage is through Erie Ins. Co. and was a little less expensive than same coverage from Good Sams or Progressive.
WoodGlue
Explorer
Sep 19, 2013
My insurance needs were/are simple. I wanted full replacement coverage within the first 5 years so I went with Progressive. I keep high loss/theft and also "out of the unit while it's being fixed" coverage as well. I'd just rather be safe than sorry when it comes to insurance.

At this point, I'm strictly a "weekend warrior" type of user, but may at some point start full-timing, at which point, I'll up my insurance coverage even farther.

WoodGlue

Forum Discussion

Insurance re-visited....

12 Replies

About RV Tips & Tricks

Related Content

Montana LLC Re-Visited

Insurance!

Travel Assist / Re-Visited

Motorhome Insurance

RV Travel Insurance?