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"How to ----- " think about RV insurance


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I am thinking about dropping the insurance on my 2010 Excel trailer. It is expensive, and I believe that most people drop all but liability on there cars and or trucks after a certain number of years. Being a trailer, I think the liability aspect of insurance is related to the truck, not the trailer. My question is, ---- how and when do you consider the cost of the insurance on your TRAILER to be no longer a good idea, because of the age of the trailer? Your thoughts, please? C. S.

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"" My question is, ---- how and when do you consider the cost of the insurance on your TRAILER to be no longer a good idea, because of the age of the trailer? Your thoughts, please? ""

 

When the cost of replacing the trailer or vehicle would only be an inconvenience to my budget, not a catastrophe to my financial assets.

Jim

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I am thinking about dropping the insurance on my 2010 Excel trailer. It is expensive, and I believe that most people drop all but liability on there cars and or trucks after a certain number of years. Being a trailer, I think the liability aspect of insurance is related to the truck, not the trailer. My question is, ---- how and when do you consider the cost of the insurance on your TRAILER to be no longer a good idea, because of the age of the trailer? Your thoughts, please? C. S.

 

I'm starting to think about the same thing. I figure that if my trailer were totaled out, insurance would probably only give me $25,000. Premiums are almost $1,000 per year. So, I'm paying about 4% of value toward premiums.

 

I would continue my umbrella policy to protect myself from a liability standpoint when parked.

Everybody wanna hear the truth, but everybody tell a lie.  Everybody wanna go to Heaven, but nobody want to die.  Albert King

 

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When the cost of replacing the trailer or vehicle would only be an inconvenience to my budget, not a catastrophe to my financial assets.

 

Good way of thinking. However, I've been at that point since new so I guess I've never used this benchmark.

Everybody wanna hear the truth, but everybody tell a lie.  Everybody wanna go to Heaven, but nobody want to die.  Albert King

 

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Liability may still be required if registration/plays are required in your state. Likely a good idea to keep minimum liability anyway as that should cover you if a visitor falls down your steps, etc.

Paul (KE5LXU), former fulltimer, now sometimer...

'03 Winnebago Ultimate Advantage 40E

'05 Honda Odyssey

Escapees, FMCA, WIT, SMART

http://www.pjrider.com

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I would continue my umbrella policy to protect myself from a liability standpoint when parked.

I suggest that you discuss this idea with your insurance agent as most umbrella policies are of the "excess of coverage" type, meaning that they only apply after standard insurance has paid the maximum. I had that in mind for our home insurance in place of the liability part of home owner's but found that not having any liability on the house would exempt the umbrella policy from any payment at all.

Good travelin !...............Kirk

Full-time 11+ years...... Now seasonal travelers.
Kirk & Pam's Great RV Adventure

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I suggest that you discuss this idea with your insurance agent as most umbrella policies are of the "excess of coverage" type, meaning that they only apply after standard insurance has paid the maximum. I had that in mind for our home insurance in place of the liability part of home owner's but found that not having any liability on the house would exempt the umbrella policy from any payment at all.

 

Yes, you're correct. Thanks for reminding me of that. In order to have an umbrella policy, you must meet minimum liability standards for Home, Auto, etc. policies. However, my travel trailer policy includes only $3,000 worth of liability, so I had forgotten about it. I would need to maintain that in order to keep the Umbrella policy intact.

Everybody wanna hear the truth, but everybody tell a lie.  Everybody wanna go to Heaven, but nobody want to die.  Albert King

 

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