To buy or not to buy insurance?

[Spade_Cooley]

I sold my old travel trailer after ten years of use and I just ordered a new rig that tops out at $30,000. I never bought insurance on my old trailer because I paid cash and did not finance. I'm paying cash for this rig too. Since I have more money in this trailer I think I might buy it just in case, at least for the first two years I own it. It would cost me around $600 per year with a thousand dollar deductible. What is the opinion of everyone else.

[BarryG20]

If understand my insurance correctly If I am towing my trailer and I get in an accident I am covered for their damages. If I am towing and somebody hits me their insurance assuming they have it it is covered. What is not covered is comprehensive or collision on the trailer. So I have a comprehensive and a collision policy on the trailer. I just paid/renewed it the other day it was 197 for the year

[ajriding]

it might be covered under your tow vehicle when it is attached.

When parked in your driveway might be covered under your homeowners.

If stolen from a campground then it would not be covered.

$30 k is a lot to lose, but if you can get rates down to $200 then for sure get it. Have a higher deductible maybe and get the rates lower. You will not be getting the retail price you paid if you make a claim. If you could lose that $5,000 trailer you used to have and not be put out on the street, then you can lose $5,000 from a deductible maybe....

[rdhetrick]

Back when I had a trailer, my standard auto policy on the truck covered damage that the trailer CAUSED if I was in an accident while towing. It provided NO coverage for damage to the trailer while it was parked.

I picked up an additional policy on the trailer to cover it while it wasn't being towed - hail, fire, flood, etc.

If you're in a position where a 30k loss wouldn't hurt, then don't get insurance. If it will make you lose sleep, then get the insurance.

Either way, find out exactly what your policy covers, and when it is in effect. Your auto policy agent may tell you "sure, it's covered!", but might be only when being towed, and only for damage to others, leaving you with a pile of pieces.

[Lwiddis]

I'd get insurance...I have insurance and my TT was not financed...but $600 a year is high IMO.

[midnightsadie]

witch are you asking about insurance if it breaks they fix it insurance? auto insurance yes,, insurance to fix things that break NO. you or a mobil tech can handle it cheaper than a dealer and much faster. dealer has to get approval to do repairs takes weeks then they have to fix it more weeks ,order the $5.part more weeks. so your rv sat on there lot four 5wks to repair a $5. part.

[Grit_dog]

Only YOU can answer this question.
What kind of responses do you think you’ll get that will sway your decision?

Surprised some folks don’t post on here asking opinions on what to have for breakfast or what to wear that day.

[APT]

Insurance (collision/comprehensive) on my TT is about $200/yr as a rider on my auto policy with $1000 deductible. I highly recommend it, but your rate seems a bit high.

[Beverley_Ken]

Can you afford a $30000 (-1000 deductable, 600yr premiums) if something should happen, fire, water, accident, that totalled your investment?
Maybe re think after 5 or 10 years.

Ken
Edit added, from another recent post, stolen.

Ken