Should I Insure my 5th Wheel

[Andy & Sandy Go Wild]

I bought a 5th wheel last year to RV full time and insurance is costing me $139 a month. I have gotten other quotes, but I can't seem to do much better. My 5th wheel is used and cost me about $24,000, and I paid cash for it. I am thinking that if I have it for 10 years I will pay $16, 680 to insure it over that time. I am starting to think, rather than for sure paying $16, 680 dollars for insurance I might just go without insurance and take my chances. If something happens and it gets totaled most of the cost of replacing it will be covered by the money I would have paid for insurance. If nothing happens to it I save myself $16, 680. What would you do?  Thanks, Andy

[whj469]

I would think that as it ages it would cost more to insure?

[rickeieio]

Insurance companies are in the business to make money.  Most folks never file a claim, company wins.  Some folks do have claims, company loses. And then there are those in between, where the company only makes a little.

So, do you feel lucky?  I'd shop around and then decide whether you want to accept the risk.  Our premium for a 41' toyhauler runs about $850/yr.  It's worth around $40k-ish.  Your premium seems high.

[Ray,IN]

Some auto/pickup insurance companies have a clause in the policy/contract to cover whatever you are towing as long as they are attached together. To me that means while driving too. Only your insurance company policy has the correct information. Get out your policy and read the fine print.

To me that satisfies my state's legal requirement to have liability insurance, however I only have a 24' cargo trailer licensed for on-road use.

Side note;  We decided to drop full-coverage on DW's 1997 Jeep GC to liability only since neither of us had a wreck on our record. Two weeks later she hit a patch of black ice in a curve, spun around and was rear-ended by a HDT that sandwiched the Jeep between it and another car. Jeep was only worth about $3,500. Your loss would be 7X that if you were to hit black ice_ or anything else that totaled your trailer. Then you get to buy a replacement.

As ricko said, shop around for a better insurance rate.

Edited February 19, 2020 by Ray,IN

[Kirk W]

If you have fulltimer coverage that also has liability coverage similar to your homeowner's policy to cover visitors injured in your home and similar things normally covered by homeowners policies. 

Do you keep collision insurance on your vehicles? It is much the same way with them as with the RV.

[sandsys]

We've always had either homeowner's or renter's insurance to cover whatever other people do that affects us. That's why we went with a full timers policy during our traveling years.

Linda

[jenandjon]

Ask yourself this question.  Can I afford to go buy another trailer is something happens to this one? If that answer is no then you should probably have insurance on it.  My agent said that my household insurance will cover items inside the unit in cases of theft but not damage to the unit thieves may cause. My vehicle insurance covers anything I may hit with the trailer but not the trailer its self. I would assume yours is abut the same.

[jenandjon]

$139 a month seems pretty high. I have state farm. We just purchased a trailer in your price range and I want to say its only like $50 a month. Maybe its higher because you full time?

[DJohns]

I pay $1500 per year for my truck and trailer. Truck valued at

$95000 and trailer valued at $140000. I think  they are charging WAY to much for they OP.

Edited February 19, 2020 by DJohns
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[whj469]

It depends on the type of insurance. Does they policy have replacement cost? Full timing will cost more. If you financed the RV and it was totaled they may only pay ACV and you could owe the difference. People have told me that their RV insurance is some low price and I shop around and I can't get good RV insurance for the price. The numbers stated above by the OP seem about right for a real RV policy and not an auto policy add on. Good Luck

 

[filthy-beast]

Location, and credit history are the biggest factors that influence insurance prices. Shop around, use a broker. Changing counties even though it was only 3 miles away had a huge effect on our rates when we moved.

[Poohbear]

16 hours ago, jenandjon said:

$139 a month seems pretty high. I have state farm. We just purchased a trailer in your price range and I want to say its only like $50 a month. Maybe its higher because you full time?

I don't have a fulltimers policy but also have SF and my homeowners, farm, car & truck, rv, & umbrella liability all bundled . The rv is $550 and last March had my only rv claim. I hit a tree at the farm getting the 5er parlked & did roof damage. Repair quotes to replace roof averaged 8900. That claim was worth having insurance. RV is a 2011 Jayco. 

If you set yourself up a hefty maintenance fund for repairs & those " oh no ! " events maybe no insurance on the rv but you do need something for liability. 

[Twotoes]

Liability is your greatest risk, not the value of the RV. What you are insuring against, especially if you are fulltime and do not have a physical residence with homeowners insurance, is the cost of someone getting injured because of your negligence. Not just a slip and fall but any injury, moving or parked, and a law suit for a million dollars. 

[masterdrago]

I found it helped on our insurance cost was to lower the agreed value as the 5r aged. Ours went from $1,200/yr to $1,400/yr and now to $1,100/yr by managing the value.