Do I need insurance?

[OldCoot]

Might be prudent to just call the insurance company and bypass the agent or email the company and have written proof. What an agent told you won't hold water when it comes down to filing a claim.

[sewingcybermom]

talking to our AAA agent..300,000 liability, 2000.00 content coverage, fire, theft, etc. I know, the etc. is important, but it it getting very confusing. 295.00 per year. without the content coverage, it's 250.00 per year. I am more worried about having enough liability. I can replace "stuff", but I certainly don't want to lose my house if someone sues me for liability damage. Opinions?

[sewingcybermom]

Old Coot...how do you know what insurance company to call for comparison? Any suggestions?

[OldCoot]

Originally Posted by sewingcybermom

Old Coot...how do you know what insurance company to call for comparison? Any suggestions?

Was referring to asking exactly what your own policy actually covered, not shopping.

[sewingcybermom]

ahhh....this is so overwhelming. I know NOTHING about insurance. All I want is to be covered if an accident causes damage or injury to OTHER people. I can replace my camper, but not my house or a life. Our AAA rep is emailing our quote with coverage so we can make a decision with everything in writing.

One quick question that we are going back and forth on. The Nada value of my camper seems to be between 18-21K. However, we got the deal of the century on it and only paid 14K. Insurance wants to insure it for what we Paid. Is that correct? I understand that to use the book value, we would suffer depreciation. Insuring for purchased value avoids that?

[tstergio]

Good thought...never had a problem with the agent yet, per se, but one time I had to convince an adjuster regarding roof damage.

[dj3spots]

Originally Posted by TURBS

I insure mine.

X2.


Sent from my iPad using Forest River Forums

[syogerst]

Sewingcybermom, I'm with you, it is so confusing! If someone would just tell me how much coverage of what I need to buy. I think I have it covered with a new policy from Progressive ($224 a year), just need to be sure before I sign.

[Herk7769]

How much coverage?

This is a real tough question and is individual dependent. A lot hangs on what you are worth and what your morals are.

For example, do you have the state mandated minimum auto insurance?

If so, you can be sure you have no assets. Minimum state liability insurance is all you need. If you get sued; just file for bankruptcy and pay no one anything. If they were hurt or killed and its your fault; its their problem.

If you have assets or you prefer to pay for your mistakes, you will need more insurance. Just remember that the average settlement on a "closed head" injury (normally a week of induced comma to reduce swelling) is $500,000 per person. NOTE: AVERAGE - your settlement could be higher.

If you have assets and no or insufficient insurance you can loose everything except your retirement savings. In some states there is a "Homestead Exclusion", BUT the home value in the law has NEVER been updated and even if your state has it (PA DOES NOT and your house equity is at risk); it may only be for chump change. In PA you would be REQUIRED to file for bankruptcy under one of the bankruptcy chapters to "jointly" shelter $43,250 of equity.

If you are broke, renting, and have loans on your car(s), minimum insurance is at least something.

[geotex1]

syogerst & sewingcybermom, the reason none of us can tell you is because it depends on what other insurances you hold because they there could be coverage overlap. No two people's situation is necessarily the same. Let me give you some for instances assuming you 1) own a home and have a good homeowner's policy and 2) have a tow vehicle will full coverage.

1. You get into an accident while towing and you have a total loss, including contents. That will be covered by your automobile policy first. Any related damage/injury will also be covered by the automobile policy.

2. Your camper has a limb fall on it in your driveway. Your homeowner's policy will cover it first (and likely completely since HO limits are generally pretty high compared to an RV).

3. Your camper catches fire in a campground and causes damage to campground facilities. You RV insurance (which will be only a physical damage coverag if you already have HO and full coverahe on the TV) will cover the physical damage to your camper and then homeowner's covers the rest.

Now, if you are a renter vs. homeowner, your RV coverage will need to be broader than physical damage only. Same goes if your tow vehicle only has liability. So what you must do is talk to your insurance Agent and review these scenarios with them and they'll help you determine what suits your situation best. It's always easier if your homeowner's and vehicle coverage is with the same company your will get your RV insurance through, but doesn't have to be. What you will need is copies of your policies for review by the company you are insuring the camper with, and your homeowner's and automobile insurers need to be apprised that you have a camper (at least that will make your life easier to do so). Having redundant insurance does you no good either - i.e., it is pointless to everything and the kitchen sink on the camper, on the tow vehicle, etc. All it does is make money for the insurance company. You just need protection that will kick in as appropriate. If you feel you need more insurance, that's when you talk to your agent about umbrella policies.

A couple of VERY key points you should ask when it comes to TV and TT policies - what coverage do I have for force majeure (flood, tornado, etc. - this unfortunately does happen at campgrounds); what coverage is available for add-ons/modifications; do I have enough insurance to actually cover my income should and accident cause me to be out of work (many, many do not!); what is the basis of my policy - replacement value, market value, or agreed value; and, what are specific exclusions (like what policy would cover you backing into a CG power pedestal and causing damage to your trailer and the CG property - basically, where is your negligence not covered in any way).

Make an appointment with your insurance agent and have a good conversation and learn/explore what coverages you have and will need. Remember, your agent is supposed to be your representative and advocate so make him or her work for your business.

[Terier]

In the beginning I also had a hard time deciding what to do. In the end I went with my auto company for immediate coverage. I can always change coverage and/or companies later if I opt to.

Please keep in mind that feedback on forums or from friends can range widely based on personal viewpoints. And the range is be extreme too.

[sewingcybermom]

thanks everyone, although it is very confusing, I think we got it. The most important thing to us is injury and damage to others and to protect our home, savings, and livelihood. A week ago, I didn't even know we needed separate insurance. This forum is a wealth of information of all kinds. I am so thankful to have met all of you! I feel more confident in "hooking up" our new HTT now.

[syogerst]

Thanks everyone for all the great info. Now I know the questions I need to ask the agent. For me this was a big investment and I want to protect the Roo and the people I camp with. Thanks again!!!!

[vinmaker]

Originally Posted by sewingcybermom

ahhh....this is so overwhelming. I know NOTHING about insurance. All I want is to be covered if an accident causes damage or injury to OTHER people. I can replace my camper, but not my house or a life. Our AAA rep is emailing our quote with coverage so we can make a decision with everything in writing.

One quick question that we are going back and forth on. The Nada value of my camper seems to be between 18-21K. However, we got the deal of the century on it and only paid 14K. Insurance wants to insure it for what we Paid. Is that correct? I understand that to use the book value, we would suffer depreciation. Insuring for purchased value avoids that?

Hi Cybermom,

Generally your insurance policy will pay you Actual cash value (ACV) for your unit. So if the unit is indeed worth 20K, then the premiums will reflect coverage for a 20K item. The deal you got may not be available when it comes time to replace your unit if it is a total loss.

Some policies may pay you full replacement which is also insurance code speak for ACV as it does not mean replacing a 2000 model year with a 2016 model year if your 2000 model is destroyed.

Insurance can be confusing and you need to sit down with a good insurance agent to evaluate your overall risk profile. Everyone is different. this is not unlike financial planning. It is customized for your particular situation.

Good luck,

Vin.