insurance

[French]

Shopping for insurance for my fifth wheel trailer that should arrive any day. Is there any advantage or disadvantage to having RV insurance with a different company than the TV? I inquired at several RV dealerships about which insurance carriers are good to deal with and they point to one or two companies. My own TV insurance company will cover and costs are similar for both. So what are suggestions please? Same company as TV or recommended by dealers as good to work with??

[rburns4147]

There may be better or cheaper ways to do it, but we have State Farm. We have the house, car, truck, and 5th wheel all insured through them. It was convenient for us and the 5th wheel only costs about $27.00 a month. We only have to worry about dealing with one company and one bill.

[fx2]

The advantage if having both policies with the same company is that they can't point the finger at each other. In reality it should be fine.

[whj77372]

There can be a problem with just adding an RV to an auto policy. Many auto/RV insurance companies will only pay ACV as opposed to replacement cost. Most RV insurance policies will pay replacement cost for the first five years for RVs. This is important because if an RV is financed, unless a very large down payment was made, you will owe more than ACV and should the RV be totaled, you can end up oweing a lot more than they will pay you. Good Luck PS: we insure with Good Sam and it was the cheapest we could find for our fiver in February 2012.

[Kaadk]

Replacement cost vs. current value varies from plan to plan. Basically though, expect to pay more for replacement cost on any insurance policy vs that same company's current value.

Usually the biggest benefit to combining your policies is for the multi-policy discount. Almost every insurance company offers some form of one ranging anywhere from 2-25%.

Your best option is to price out several companies, and to make sure you're comparing apples to apples (ie. replacement cost vs replacement cost, loss of use vs loss of use, 1M libability vs 1M liability, etc...) Sometimes the guy who seems cheaper really isn't, he just quoted you the lesser coverage.

[Still Kickin]

State Farm was way to much on adding a motorhome. Compared to others, they were 75% more. Thats with excellent standing, accident free, etc. Then when you dropped them after a year with them, they were down right nasty (albeit their agent) on talking down their competitors.

Bottom line its isurance, compare and go with the cheapest I say, with the coverages you want to have.

[dlzeller]

My thought is this, unless the TT is hooked up to the auto, there is no liability that extends from the auto for the TT while parked in the campsite and you may drop the awning on someone or the step breaks while they are entering. So I would be very careful adding to your auto policy unless they provide that coverage. Also a claim on the TT goes against that policies overall premium so using a separate company to insured your vehicle may be a good idea. I would recommend checking with your auto carrier to see if it extends liability while parked and disconnected from the TV. Also the purchase of an umbrella policy would alleviate those gaps in coverage. So it's not only the physical damage of the trailer, it's the Liability also that you should look into.

[Still Kickin]

Be aware that when you start splitting your vehicles between insurance companies "some" punish you with higher premiums on your PLUP (personal liability umbrella policy). I've seen it upclose.

[dlzeller]

While yes some companies may raise your umbrella rate if you insure your motorhome with a carrier other than your auto carrier, this is not true when it comes to TT or 5th Wheel. And if you go with an A+ rated carrier for your Motorhome you may not pay more. This will vary from state to state depending on the rules that apply.

[Still Kickin]

Who assigns A+ ratings to insurance companies for motorhome coverage.

[dlzeller]

AM Best does one of the ratings, and they are nationwide ratings on all insurance companies. I would never insure with anyone lower than a B rating and be careful even then.

[Still Kickin]

Dlzeller, AM Best is an independant rating service that assess the financial health, if you will, of insurance companies. That has NOTHING to do with risk analysis and premiums charged. The premium is set by the underwriters within the individual company, and what coverages are mandated by the individual state they are authorized to sell in.

My point was that "some" name not important, punish you for not having all your vehicles in their stable.

[dlzeller]

Yes, that is correct, but the question was who? You are correct in risk analysis and premium charged. My point was some companies will not allow an umbrella when the company is rated below a B by AM Best and that everyone should have an umbrella to cover the gaps in coverage they may have. And yes, some companies do rate your policy higher when not everything insured with them. Have a great camping season. We still have snow on the ground and 2 1/2 feet of ice on the inland lakes.

[Kaadk]

I work for a company that provides business process and business rule systems to companies and insurance happens to be one of the verticals I've worked in a lot. Prior to that I worked for a company that built insurance quoting systems.

I have never once seen any rule, policy or whatnot that specifically 'punished' for not insuring all vehicles with them. What I have seen is people get lower rates when they do insure all their vehicles from multi-policy, multi-vehicle or similar discounts.

[Terier]

I'm watching this tread because insurance is confusing to me. Every time I think I have a clear understanding I find out otherwise. Now I stick to speaking to just one person in my insurance company office. Between Kaadk and my insurance contact I learned I had an incorrect understanding until recently. It's still a little fuzzy but I am learning to inquire better after reading some of the feedback provided by members here.

Another point is that your choice does not to be a forever commitment. You can select another option later on down the road.

[MillerTime]

I have had my trailers, and everything else thru my 1 insurance company,- Oklahoma Farm Bureau.
My campers have an auto policy which is comp, collision and liability. Think about it if your tail swing takes out a car, then you need liability and collision. If your hit by hail, fire, deer, wind- then comp kicks in. Also an uninsured or under-insured hitting you, your collision will cover repairs.
Anything inside the trailer or tv is covered by homeowners ins., at least for me. Anybody hurt at my campsite, in my trailer, from my trailer when set up, is covered by homeowners ins. I could probably have the awning falling on soneone as liability on vehicle coverage if wanted/needed though.
Oh and on last 5er, $500 deductible was $137 every 6mo, new 5er is gonna be $143 every 6mo for $1,000 deductible. (And yes our last 5er was totaled by hail last year at being 10months old, and we came out a couple bucks ahead after negotiations)
- side note, uninsured/underinsured motorist ONLY cover medical expenses cause from a wreck of one of these, it doesn't cover any other damages. At least this is how the state of Oklahoma is; check with your agent in your state.




MillerTime- Future Sabre Handler!!

[MillerTime]

Oh and this is fair market value policy. Acv- actual cash value policies will add up quick. Buy right and make a good down payment and save some cash on ins. !
I just look at anything I owe money on as something I owe. Regardless of ins. I owe the money. So if something happens and im somehow upside down and it totals, I'll cough up the cash to fulfill my agreement.

MillerTime- Future Sabre Handler!!

[Dovetail]

Originally Posted by dlzeller

My thought is this, unless the TT is hooked up to the auto, there is no liability that extends from the auto for the TT while parked in the campsite and you may drop the awning on someone or the step breaks while they are entering. So I would be very careful adding to your auto policy unless they provide that coverage. Also a claim on the TT goes against that policies overall premium so using a separate company to insured your vehicle may be a good idea. I would recommend checking with your auto carrier to see if it extends liability while parked and disconnected from the TV. Also the purchase of an umbrella policy would alleviate those gaps in coverage. So it's not only the physical damage of the trailer, it's the Liability also that you should look into.

As I understand an umbrella poicy, it picks up after the auto or home policy liability, ie, those policies serve as a deductible for the umbrella. If there is no liability on the trailer, there will be alarge gap beforecthe umbrella policy would cover.

[Still Kickin]

Originally Posted by Kaadk

I work for a company that provides business process and business rule systems to companies and insurance happens to be one of the verticals I've worked in a lot. Prior to that I worked for a company that built insurance quoting systems.

I have never once seen any rule, policy or whatnot that specifically 'punished' for not insuring all vehicles with them. What I have seen is people get lower rates when they do insure all their vehicles from multi-policy, multi-vehicle or similar discounts.

Kaadk,
a wiseman once said to me along time ago, you learn something everyday, it's how you use it, and that helps you navigate the mine field of life.

Insurance Co. A, charges premium to insure MH. Insured has ALL coverages with Ins. Co A.
Insured finds MH policy 55% cheaper with insurance co B in second year, after talking to other MH owners and decides to switch. Insurance CO A, now has reduced risk under currently in force PLUP, because upon accident in MH, insurance co B pays off on their coverage first. So assume loss beyond ALL coverage limits.
Total payout by Ins Co A is the limit of the PLUP, since no vehicle policy is in force by A on MH. TOTAL liability for A is the PLUP, Ins. Co B pays their vehicle insurance limits first, thus saving Ins. Co A big bucks in this example.
Insurance Co A's response in this example, raising PULP policy, 45%. Insursed (hypothetically) stands by claim of being "punished".

[MillerTime]

Alrighty then, clear as mudd yet?
Op.
I think you need to discuss this with your current agent and and shop coverage from other companys if not satisfied with the coverage offered by your current insurance company.
Anything we say is our experiance and speculation and pretty much meaningless, as we aren't you, in your state most likely have probably different stuff in our "stables".
Best to you on your quest!

MillerTime- Future Sabre Handler!!