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Old 09-01-2016, 12:57 PM   #11
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The bank that has the loan on my travel trailer requires that I insure it. Mine costs me about $260 a year for comprehensive coverage with a $500 deductible. All in all, it's short money to bring peace of mind.
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Old 09-01-2016, 01:21 PM   #12
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Originally Posted by lugoismad View Post
I called Geico, whom I have my homeowners and auto through.

They said it would be $12 a month. I told the lady I'd have to think about it, because the trailer only cost $5k, I wasn't sure if I wanted to spend $150 a year on it when I'd still have a $500 deductible.

She was very honest and said "well, when its hooked up to your truck, you have liability on it through your car insurance, and since you don't owe anything on it, the only thing extra insurance would cover is if it somehow damaged someone else's property while not connected to your vehicle."
Just doing the math, if the trailer was ever destroyed (tree, fire, flood, etc...) or stolen you would have to spend $5K to replace it plus the cost of everything inside.

Or you could spend $144/year and it would take you 35 years to get to that $5K number.

The choice is certainly yours to make but for the price of a meal for 2 at Mickey D's once a month, it's nice to have the piece of mind.
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Old 09-01-2016, 01:40 PM   #13
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Say you are driving up a hill, and your trailer breaks loose, rolls down the hill crashes into an oncoming car and you have no insurance on the trailer, guess who pays the cost? Also, you could be in for a civil lawsuit that could affect your home ownership, personal property, etc.. Best to pay the insurance premium and have peace of mind.
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Old 09-01-2016, 02:30 PM   #14
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Quote:
Originally Posted by lugoismad View Post
I called Geico, whom I have my homeowners and auto through.

They said it would be $12 a month. I told the lady I'd have to think about it, because the trailer only cost $5k, I wasn't sure if I wanted to spend $150 a year on it when I'd still have a $500 deductible.

She was very honest and said "well, when its hooked up to your truck, you have liability on it through your car insurance, and since you don't owe anything on it, the only thing extra insurance would cover is if it somehow damaged someone else's property while not connected to your vehicle."
Based on the statement made by your agent, you were not being quoted for a policy that included Comp/Collision and therefore if the trailer were destroyed you would still have to replace the trailer "out of pocket"...even with the $144 a year coverage.
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Old 09-01-2016, 02:35 PM   #15
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I agree with GreenImp. You probably don't need liability insurance because the trailer sitting on its own is unlikely to cause damage to another party unless its in disrepair and someone might get injury while using it. You should consider comprehensive and collision though. Talk to your Geico agent about those coverages.
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Old 09-01-2016, 02:45 PM   #16
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I too had a used trailer that I did not insure but a friend who rolled and destroyed his trailer told me the the towing company can pretty much charge what they want and his bill was over 2K to get his mess out of the right of way so now I have insuance
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Old 09-01-2016, 02:59 PM   #17
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According to the OP's agent, this would be covered by his tow vehicles liability policy. Each and every one of us (including those who are also with Geico) should not assume the case is the same for us however.
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Old 09-01-2016, 03:02 PM   #18
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Take it from me...see avatar(my pic)
Get insurance. Mine was about $20 mo. Storm took it out paid fairly.


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Old 09-01-2016, 03:17 PM   #19
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Don't do it

I know someone here in Canada who thought that and took the roof off his brand new 5th wheel going under a bridge. It was NOT covered. Our insurance is under 200 yr well worth it.
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Old 09-01-2016, 03:42 PM   #20
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to buy or not to buy insurance

Many of the comments refer to loss by flood. With insurance the physical vehicle is covered but not the contents. You can get a rider to cover the contents in case of flood. You cannot buy flood insurance unless it is your primary residence. For me the contents were worth significantly more than the 2 year-old TT.
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