Insurance "layup credit" - Are you changing the number due to COVID-19 restrictions?

[NXR]

Westfield Insurance Group gives a premium reduction if you specify the maximum number of days of use. Given how much this summer is likely cancelled I'm contacting my insurance agent to find the particulars.

Ray

[BehindBars]

It’s good that you brought this up. We don’t have a “layup credit” provision in our policy. But it got me thinking that I could temporarily remove collision coverage and reduce liability limits if non use is to expected for a long period. Full coverage on our motorhome is only $215/year, so maybe it’s not worth messing with to save a few bucks.

[NXR]

Originally Posted by BehindBars

It’s good that you brought this up. We don’t have a “layup credit” provision in our policy. But it got me thinking that I could temporarily remove collision coverage and reduce liability limits if non use is to expected for a long period. Full coverage on our motorhome is only $215/year, so maybe it’s not worth messing with to save a few bucks.

$215 a year for a 2020 Class C? Who is your insurance carrier? That is far, far less than anything I've ever read of for full coverage.

Ray

[BehindBars]

Originally Posted by NXR

$215 a year for a 2020 Class C? Who is your insurance carrier? That is far, far less than anything I've ever read of for full coverage.

Ray

Currently it’s The Hartford. But I switch around to other companies if/when rates creep up.

Oddly, the RV costs less to insure than our older subcompact car, and the RV has more coverages, too. I guess RV claims are low.

So many factors go into insurance rates that there are extreme differences between one person’s and another’s. I read what some other people pay for motorcycle or car insurance and I’m shocked by the differences.

[rk06382]

I have Allstate. I just call our agent in the fall to put the RV into 'Park' mode. In the spring when we are ready to go camping, we 'unpark' it.

[tooclose]

I really found out you need to maintain your insurance. I Use my Montana 3920 full time. I also have a Lance 1130 2005 that I use for backcountry camping. I left it plugged in to charge the batteries. I guess I should have learned, DO NOT LEAVE YOUR RIG PLUGGED IN. I walked by the back the slide-on the other day and could smell electrical All the electrical had shorted out and it was on fire.
Short story The insurance company AMERIPRISE is really good. They sent me a check for the full value.

[NXR]

The Westfield "layup credit" does not change any coverages because you do not specify dates. It just assert that Westfield's overall exposure will be reduced.

Ray

[IDguy]

Originally Posted by BehindBars

Currently it’s The Hartford. But I switch around to other companies if/when rates creep up.

Oddly, the RV costs less to insure than our older subcompact car, and the RV has more coverages, too. I guess RV claims are low.

So many factors go into insurance rates that there are extreme differences between one person’s and another’s. I read what some other people pay for motorcycle or car insurance and I’m shocked by the differences.

I’ve been using The Hartford for auto insurance and Safeco for RV. Safeco $925 per year ( less layup credit of $100-200 ). I tried The Hartford last year and they wouldn’t quote RV due to aging speeding ticket. Just got their quote for my new ( 2019 ) Georgetown 30x3...at $91k. $325 per year!

They don’t do layup credit stating it is inherent in their rate.

[Adrian Gordon]

Originally Posted by BehindBars

It’s good that you brought this up. We don’t have a “layup credit” provision in our policy. But it got me thinking that I could temporarily remove collision coverage and reduce liability limits if non use is to expected for a long period. Full coverage on our motorhome is only $215/year, so maybe it’s not worth messing with to save a few bucks.

If your motorhome is financed you may want to talk to your finance company first. Your finance agreement likely requires that you keep at least collision in effect and probably doesnt have language permitting you to cancel that coverage when you're stuck at home.

[IDguy]

Originally Posted by Adrian Gordon

If your motorhome is financed you may want to talk to your finance company first. Your finance agreement likely requires that you keep at least collision in effect and probably doesnt have language permitting you to cancel that coverage when you're stuck at home.

If you aren’t driving it most finance companies would want you to have comprehensive. But insurance companies may not inform finance company of changes to your coverage.

[Adrian Gordon]

Originally Posted by IDguy

If you aren’t driving it most finance companies would want you to have comprehensive. But insurance companies may not inform finance company of changes to your coverage.

I agree it's what they would probably want. The issue is that may not be what your agreement requires.

[BehindBars]

Originally Posted by Adrian Gordon

If your motorhome is financed you may want to talk to your finance company first. Your finance agreement likely requires that you keep at least collision in effect and probably doesnt have language permitting you to cancel that coverage when you're stuck at home.

That’s a very good point, and something I would never have thought of since I never finance vehicles or toys. Since I don’t finance toys, I can buy or not buy insurance for a parked camper. Comprehensive is so cheap it might as well be left in place.