RV Insurance

[pigdoc]

We have a 2012 Cameo F37RSQ (valued at $75k) and have it insured with State Farm (who also has our home and auto insurance business). The policy was $833 this year. We store the RV in the winter in a friends farm equipment building (with his tractor, etc).
1. Is the insurance a decent rate?
2. What is the danger if I drop the insurance for the 5-6 months where it is stored?
3. Are there any reputable RV insurance companies that offer a break for the time our RV is stored in winter?
Thanks in advance for your constructive comments.
Pigdoc

[tatest]

That sounds like a ridiculous premium for a $75K comprehensive/collision policy on a towable, but I am in Oklahoma, you are in Iowa, two different state insurance commissions regulating rates. Also, I don't know your deductible, I set mine quite high to keep premiums down.

In storage, many companies allow you to drop collision, but I don't know who does business in Iowa. On a towable, the comprhensive will be the bulk of the premium, it is the greater risk. If you shut off comprehensive during storage, you take all the risk yourself.

Best way to lower premiums, assuming you find the right company, is to raise the deductible, shifting risk from the insurer to yourself. Even small changes can make a big difference because most of an insurers claims payments are for the smaller claims, not total loss. On $75,000, if you raise deductible from $500 to $15,000 you might see better than 50% reduction in premium. How much risk will you take on yourself?

[2gypsies1]

No two people can compare rates. It depends on so many factors..age, driving tickets, where you live, how much coverage you have, etc. Best to start calling around...

[Nutinelse2do]

You only have comp and collision since the liability lies on your tow vehicle. I have only heard of a very expensive rv being that much. Never a fifth wheel.

I would definitely check rates. it would be worth it to keep comprehensive on it for the six months in storage in case of fire, theft, etc, but not at those rates!

Check with Liberty Mutual. They have good rates, at least in Arizona

Good luck

[doxiemom11]

State Farm does not have a storage provision for a travel trailer or 5th wheel. The comprehensive/collision coverage is a combined coverage. You either have coverage or you don't. Your liability coverage comes from the vehicle you pull with, so is not on the rv policy to cancel when stored. There is a provision for a motorized rv. The only way to reduce the premium is to increase the deductible. The value of the rv does have an impact on the premium, so someone who owns an rv valued at $75,000 will pay more than someone who's rv is valued at $15,000.

[ktmrfs]

what is your deductible?? We have state farm with our trailer, and pay $103/year but with a high deductible. something like 3K or 5K. lower deductibles increase the rates and if you go real low rates get pretty outlandish.

However, dropping insurance when not in use, may not be the best thing to do. If it then suffers damage in storage, it likely isn't covered.

[Dr_Jay]

I agree with darsben.

[Gruffy]

$833 is way high. Try to find someone who sells Formost and get an estimate. Now saying that, the tow vehicle here covers the liability of the tow, your state may be different.

[darsben]

State Farm allows you to take the unit out of service for up to six months. The comprehensive stays on the unit (fire, theft etc). The lien holder still has his rights protected (if you have a lien holder). A simple call to State Farm reinstates all coverages in less than 5 minutes. Talk to your agent for the details.
By the way I am not impressed with your agent because he did not tell you about this feature it is his job. I use State Farm myself and that is one of the first things my agent told me to save me money.

[Ron3rd]

The only way to know if the rate is high or low is to shop around. We're with Progressive.