Just got stick shock for Full Time insurance on a new 5th wheel
got a quote for almost 2,000.00 with a 500.00 deductible from American Adventure. Was not expecting that, OMG
what do you guy do for a deductible? This is a lot more than i was pay for hose insurance!
Is this rate out of line? I do get full replacement cost for the first 5 years, years 6-10 i would get what i paid for it. full time-timer liability is 100,000/300,000
Maybe I am just clueless.
the new adventure starts. May 1,2016
New trailer and new Truck on the way.
DeeJee said
03:39 PM Aug 25, 2015
That sounds high. We pay about $1000 a year with full replacement coverage for the home and personal contents through progressive. I'm not sure what the deductible is. Hope that helps:)
Bobc said
04:58 PM Aug 25, 2015
I will make sure I also check out Progressive.
HighwayRanger said
05:22 PM Aug 25, 2015
We JUST (as in today) signed up for fulltime insurance for our new DRV. It is $1450 per year with those same coverages, but we chose a $1000 deductible to keep the payment low. We went with Millers Insurance, as they are very popular with fulltimers. They are a brokerage who shops for policies for you. Give them a try.
Roy
soos said
02:43 AM Aug 26, 2015
We pay $2000 a year for fulltimers insurance on The 2011 truck, 2012 DRV (replacement cost) and a 2005 truck camper.
500 deductible on all. Oh, that includes $15,000 coverage for our stuff in storage and $8000 for personal effects. We use Miller as well.
We also used Miller Insurance to get our full-time coverage, although we did go with the $1000 deductible. Through Miller, we were insured with National Interstate. So far, the only thing we've had done was rock chips to the Ford F150's windshield on two different occasions. In both cases, National Interstate paid without us having to start into the deductible. We have traded the Ford F150 and now have a Ford Expedition with 4WD for living in Colorado. Our insurance has the Ford F450 and the Mobile Suites fifth wheel on one policy and the Expedition on another one. All three combined are less than $2000.
We even got a call from Marlene at Miller Insurance once because someone had purchased insurance though them and mentioned that I had recommended them on the forums. She called to thank me for doing that. I've NEVER had any other insurance broker or agent call and thank me for recommendations.
Terry
soos said
10:08 PM Aug 27, 2015
On the flip side, Terry, when we bought our Jeep a couple of months ago, I priced insurance thru Progressive, THEN called Marlene. The quote she gave me thru Nationwide was much higher. She clearly hadn't shopped it. When I told her what Progressive quoted me, she was happy to write it for me through Progressive. But *I * was the one who did the research and got the price :(
Didn't make me very happy. The quotes were hundreds of dollars apart.
Sue
chiseye said
03:49 PM Aug 28, 2015
We went with state farm 330 per year..at 50.000 replacement cost
BiggarView said
06:47 PM Aug 28, 2015
Get a higher deductible, and bank the difference as if you were paying for a lower deductible. Once you have that saved (say 2000 vs 500) you can use the amount you're banking each month for other things. If you incur a casualty your saved deductible has you covered and you start over again building it up again. Sort of... self-insuring your deductible.
FWIW, Brian
Bobc said
08:21 PM Aug 28, 2015
If we up the deductible to 1,000 we save 100.00 per month. If we go to 2500. We save 200.00
I guess if I was to do it right now i would go with the 1,000.00 deductible.
We have until January to deside as that will be when our trailer will be completed, also note that this is a New Horizon trailer which tend to be more costly, so the insurance will be a little more expensive.
So the price may not be as bad as I first thought with full replacement cost covered.
soos said
08:50 PM Aug 28, 2015
Bobc wrote:
If we up the deductible to 1,000 we save 100.00 per month. If we go to 2500. We save 200.00 I guess if I was to do it right now i would go with the 1,000.00 deductible. We have until January to deside as that will be when our trailer will be completed, also note that this is a New Horizon trailer which tend to be more costly, so the insurance will be a little more expensive. So the price may not be as bad as I first thought with full replacement cost covered.
Just remember, especially with a custom rig like a New Horizons, to get REPLACEMENT value, not Actual Cash Value or Agreed Upon Value.
Usually for the first 5 years you can get (and of course, pay for) replacement value. We did that. so, if we lose our rig in a fire, our insurance policy pays to replace what we had. Since our rig was custom, they have to get us a rig with all the features and customizations we had. With Cash value or Agreed upon value, they basically refund you ( if the rig is totaled) the purchase price. Of course, Once the rig is a few years old, you can't replace it for the same money, so you lose.
I am guessing, since our rig is almost (egads!) 5 years old, we won't be able to get replacement cost again. If that's true, we'll shop for a new insurance company.
Sue
Bobc said
08:55 PM Aug 28, 2015
After the first 5 years we would get what we paid for it or the price we choice to insure it for
BiggarView said
07:56 AM Aug 29, 2015
Bobc wrote:
If we up the deductible to 1,000 we save 100.00 per month. If we go to 2500. We save 200.00 I guess if I was to do it right now i would go with the 1,000.00 deductible. We have until January to deside as that will be when our trailer will be completed, also note that this is a New Horizon trailer which tend to be more costly, so the insurance will be a little more expensive. So the price may not be as bad as I first thought with full replacement cost covered.
If you save $200/mth with the $2,500 deductible over $500 deductible.... that is a no-brainer... get the $2,500 deductible, you can save up the $2,000 difference in deductibles (your OOP in a casualty) in as little as 10 months. Now 100 or 200 per year (seems more likely) would result in a different calculation. Put it into your emergency fund and don't touch it until such time as you have a claim, if ever. Most people never make a claim, otherwise everybody's premiums would be much higher. After that 10 month period, $200/mth will buy a lot of fuel, or groceries or attractions... you name it.
If you have a sizable emergency fund already and contribute to it regularly, all the more reason to get a higher deductible. Self insuring your deductible means that if you never make a claim that money is yours to keep, otherwise the insurance company gets it for free. The only reason to have a low deductible is because you cannot manage a larger hit to your finances (meaning little or no savings) should it occur (in this example, a $500 hit vs a $2,500 hit). An adequately funded emergency fund does that and allows the insured to carry a much higher deductible and thus lower premiums.
This methodology applies to ACA health insurance plans also. Improper insurance coverage can be real budget busters. Do your own cost-benefit analysis to determine the payback period of reduced premiums for a higher deductible for any insurance, health, life, auto, RV, umbrella... whatever.
JMHO, Brian
PS: Just curious, how much would you have saved with a $5,000 deductible? You should weigh this option also. A $5,000 hit seems scary but if your Now you have to determine your risk tolerance. Longer timeframes may open the door to a major claim, to which you may or may not be prepared for. Many might reasonably think that risk is too high based on their unique financial situations. Again, adequately funding an emergency fund seriously mitigates this risk. Don't blindly give your insurance company your hard earned insurance dollars because of a perceived negative that could easily be turned into a positive.
-- Edited by biggaRView on Saturday 29th of August 2015 10:44:08 AM
Bobc said
08:55 AM Aug 29, 2015
Sorry I meant the savings was 100.00 per year for the 1,000. 00 deduct and 200.00 per year for 2,500.00 deductible.
I would choice the 1,000. Deduct
BiggarView said
09:16 AM Aug 29, 2015
Well, that's a different kettle of fish. Now it comes down to how large your emergency fund is.
$1,000 deductible will take 5 years to recoup your OOP, vs 10 years for a $2,500 deductible. It boils down to risk tolerance. I wonder what the insurance industry data says about claim frequency and average size of claim.
Brian
-- Edited by biggaRView on Saturday 29th of August 2015 09:33:50 AM
Just got stick shock for Full Time insurance on a new 5th wheel
got a quote for almost 2,000.00 with a 500.00 deductible from American Adventure. Was not expecting that, OMG
what do you guy do for a deductible? This is a lot more than i was pay for hose insurance!
Is this rate out of line? I do get full replacement cost for the first 5 years, years 6-10 i would get what i paid for it. full time-timer liability is 100,000/300,000
Maybe I am just clueless.
the new adventure starts. May 1,2016
New trailer and new Truck on the way.
That sounds high. We pay about $1000 a year with full replacement coverage for the home and personal contents through progressive. I'm not sure what the deductible is. Hope that helps:)
Roy
500 deductible on all. Oh, that includes $15,000 coverage for our stuff in storage and $8000 for personal effects. We use Miller as well.
Sue
We also used Miller Insurance to get our full-time coverage, although we did go with the $1000 deductible. Through Miller, we were insured with National Interstate. So far, the only thing we've had done was rock chips to the Ford F150's windshield on two different occasions. In both cases, National Interstate paid without us having to start into the deductible. We have traded the Ford F150 and now have a Ford Expedition with 4WD for living in Colorado. Our insurance has the Ford F450 and the Mobile Suites fifth wheel on one policy and the Expedition on another one. All three combined are less than $2000.
We even got a call from Marlene at Miller Insurance once because someone had purchased insurance though them and mentioned that I had recommended them on the forums. She called to thank me for doing that. I've NEVER had any other insurance broker or agent call and thank me for recommendations.
Terry
Didn't make me very happy. The quotes were hundreds of dollars apart.
Sue
Get a higher deductible, and bank the difference as if you were paying for a lower deductible. Once you have that saved (say 2000 vs 500) you can use the amount you're banking each month for other things. If you incur a casualty your saved deductible has you covered and you start over again building it up again. Sort of... self-insuring your deductible.
FWIW, Brian
I guess if I was to do it right now i would go with the 1,000.00 deductible.
We have until January to deside as that will be when our trailer will be completed, also note that this is a New Horizon trailer which tend to be more costly, so the insurance will be a little more expensive.
So the price may not be as bad as I first thought with full replacement cost covered.
Just remember, especially with a custom rig like a New Horizons, to get REPLACEMENT value, not Actual Cash Value or Agreed Upon Value.
Usually for the first 5 years you can get (and of course, pay for) replacement value. We did that. so, if we lose our rig in a fire, our insurance policy pays to replace what we had. Since our rig was custom, they have to get us a rig with all the features and customizations we had. With Cash value or Agreed upon value, they basically refund you ( if the rig is totaled) the purchase price. Of course, Once the rig is a few years old, you can't replace it for the same money, so you lose.
I am guessing, since our rig is almost (egads!) 5 years old, we won't be able to get replacement cost again. If that's true, we'll shop for a new insurance company.
Sue
If you save $200/mth with the $2,500 deductible over $500 deductible.... that is a no-brainer... get the $2,500 deductible, you can save up the $2,000 difference in deductibles (your OOP in a casualty) in as little as 10 months. Now 100 or 200 per year (seems more likely) would result in a different calculation. Put it into your emergency fund and don't touch it until such time as you have a claim, if ever. Most people never make a claim, otherwise everybody's premiums would be much higher. After that 10 month period, $200/mth will buy a lot of fuel, or groceries or attractions... you name it.
If you have a sizable emergency fund already and contribute to it regularly, all the more reason to get a higher deductible. Self insuring your deductible means that if you never make a claim that money is yours to keep, otherwise the insurance company gets it for free. The only reason to have a low deductible is because you cannot manage a larger hit to your finances (meaning little or no savings) should it occur (in this example, a $500 hit vs a $2,500 hit). An adequately funded emergency fund does that and allows the insured to carry a much higher deductible and thus lower premiums.
This methodology applies to ACA health insurance plans also. Improper insurance coverage can be real budget busters. Do your own cost-benefit analysis to determine the payback period of reduced premiums for a higher deductible for any insurance, health, life, auto, RV, umbrella... whatever.
JMHO, Brian
PS: Just curious, how much would you have saved with a $5,000 deductible? You should weigh this option also. A $5,000 hit seems scary but if your Now you have to determine your risk tolerance. Longer timeframes may open the door to a major claim, to which you may or may not be prepared for. Many might reasonably think that risk is too high based on their unique financial situations. Again, adequately funding an emergency fund seriously mitigates this risk. Don't blindly give your insurance company your hard earned insurance dollars because of a perceived negative that could easily be turned into a positive.
-- Edited by biggaRView on Saturday 29th of August 2015 10:44:08 AM
I would choice the 1,000. Deduct
Well, that's a different kettle of fish. Now it comes down to how large your emergency fund is.
$1,000 deductible will take 5 years to recoup your OOP
, vs 10 years for a $2,500 deductible
. It boils down to risk tolerance. I wonder what the insurance industry data says about claim frequency and average size of claim.
Brian
-- Edited by biggaRView on Saturday 29th of August 2015 09:33:50 AM