Travel trailer insurance

[MotherOwl]

I have a 12 year old K-Z Frontier travel trailer (No lien) and am paying aproximately $450/year for insurance with Progressive - Collision and Comprehensive($500 deductible for each.) It would seem that the premium would have decreased as the trailer has depreciated, but that hasn't been the case. Any thoughts?

[Community Alumni]

I know everyone's situation is different and we all live in different parts of the country, but that's a lot of money for an 11 year old trailer. That's close to how much I pay for full coverage on an practically new trailer that's worth considerably more.

I don't know if I would drop insurance all together. Maybe getting some better quotes would be a better idea. Sure your trailer may not be worth much, but your level of insurance probably includes some form of liability coverage when trailer is parked. If your trailer has some type of malfunction that damages a nearby trailer or the campground then you would be on the hook for all of the damages without coverage. Let's say you don't have coverage and you have a fire that leaps over to your neighbor. You can write your trailer off as a loss, but you are still responsible for all of the repairs to your neighbors trailer. This coverage also covers you if someone get hurt on your campsite.

Another thing, it's becoming more and more popular around the country that fire departments are charging non residents fees to put out fires. Your insurance may also cover this fee.

[fitznj]

$450/year sounds a bit excessive; My policy costs < $150/year for similar coverage. Before you cancel though check with your Ins Co. - I did not have TT coverage and was todl many times by my ins co that the TT was covered by my TV ins once it is hitched up (I asked this question many times).

Well....... I clipped a tree and did about $2500 damage to the awning and the siding. Talked to the Ins Co. and guess what? Even though the TT was hooked up to the TV at the time of the accident. My jaw dropped and I let the Ins Agent have - as I had asked this question many times. The good news is that the Ins Co. DID come through. I then took out separate ins for the TT.

So - check first; Not sure what you situation would be if you clipped (say) a parked car with the TT.

Good luck

[MotherOwl]

Thank you all so much for taking the time to respond. I will get additional quotes,, but in all probability I will drop the insurance based on the age of the trailer. I've taken good care of it and will continue to use it until it times out or I time out:) At age 70 I would not replace it if something did happen. Again, thanks for your responses.

[Gdetrailer]

tunce wrote:

Tyler0215 wrote:
Drop the insurance. A 12 year old TT is probably only worth $2000 max if they total it. Save your insurance money and take the loss.

I have no idea who you have insurance through, but my insurance company treats it like a house. They will pay today's value to replace it, if it were to be totaled. If I want 26k coverage they will pay 26k no questions asked, if totaled, to replace it. I had an 11 year old trailer and it was still worth retail 11K, got close to 9K on trade. I pay $231 per year with a $500 deductible. When I just trading in this past week the RV dealer told me to stay clear of Progressive as they are awful with RV's and have no idea what goes into fixing one.

Tyler has it correct.

In your case you "traded" a UNDAMAGED 11 yr old trailer into a dealer, dealers play "games" with numbers on paper. They can make ANYTHING "look" like you got $11K but in reality you got at the best $4K as a trade.. That dealer most likely put in on the lot asking $11K and sold it for $6K-$8K..

If you would have tried trading in a physically damaged trailer you wouldn't have gotten $11K..

Insurance company most likely will SCRAP a 12yr old trailer like the OP has, they will "give" you SCRAP PRICING, not "replacement".. Big difference between scrap and replacement.. and even IF they gave "replacement" pricing at 12yrs old they might get $4K-$5K (market value of a 12 yr old trailer) and that would include the deductible.

For the money spent on the insurance over the life of the trailer you will have paid in nearly what you bought it for and see nothing in return.

Dropping unneeded insurance on a 12 yr old trailer can save you some money and if you are scared about possible "loss" due to theft, fire or accident you can simply take the money you WOULD have been paying to an insurance company and put it into a SAVINGS ACCOUNT.

After several years you WILL have a "down payment" in CASH for a replacement trailer.

Over the years we HAVE been "programmed" to believe everything we own MUST be insured, in some cases rightly so (like a APPRECIATING ASSET as in a home).. We over insure now days and don't blink twice at it..

You SHOULD always be evaluating your REAL insurance needs, reducing it in places and increasing only where needed.

[2lazy4U]

I've used Geico for years to insure my various trailers and have always felt they were reasonable. My current trailer retails for about 12k used (a 2010) and about 20k new and I'm paying right at $100/year for total comprehensive, roadside service, various medical payouts, and a $500 deductible.

[tunce]

Tyler0215 wrote:
Drop the insurance. A 12 year old TT is probably only worth $2000 max if they total it. Save your insurance money and take the loss.

I have no idea who you have insurance through, but my insurance company treats it like a house. They will pay today's value to replace it, if it were to be totaled. If I want 26k coverage they will pay 26k no questions asked, if totaled, to replace it. I had an 11 year old trailer and it was still worth retail 11K, got close to 9K on trade. I pay $231 per year with a $500 deductible. When I just trading in this past week the RV dealer told me to stay clear of Progressive as they are awful with RV's and have no idea what goes into fixing one.

[beemerphile1]

MotherOwl wrote:
I have a 12 year old K-Z Frontier travel trailer (No lien) and am paying aproximately $450/year for insurance with Progressive - Collision and Comprehensive($500 deductible for each.) It would seem that the premium would have decreased as the trailer has depreciated, but that hasn't been the case. Any thoughts?

That is substantially more than I pay for both of our trailers together. I have Progressive.

Problem is that insurance is based on past claims, your credit report, your location and many other things so it isn't easily comparable. There is also the issue of coverage limits.

With Progressive it is easy to go online, enter your info and receive a quote instantly. I know there are also other companies that do the same. It is easy and costs nothing, what are you waiting for?

[Tyler0215]

Drop the insurance. A 12 year old TT is probably only worth $2000 max if they total it. Save your insurance money and take the loss.

[WNYBob]

Try another insurance company.