Good Sam Club Open Roads Forum: General RVing Issues: Portable Generator Insurance?
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 > Portable Generator Insurance?

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theoldwizard1

SE MI

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Posted: 12/09/19 02:56pm Link  |  Quote  |  Print  |  Notify Moderator

What ever you choose, get it in writing ! Make sure the person is in a position of "authority" to make that statement (not likely a local agent).

Eric&Lisa

Scappoose, OR

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Posted: 12/09/19 03:05pm Link  |  Quote  |  Print  |  Notify Moderator

(Cost to replace) X (probability of replacement) = value of offsetting the risk.

So if a generator costs $1000, and there is a 10% chance of it getting stolen during the insurance period (probably one year), then $100 is maximum value of offsetting that risk. This gets more complex when deductibles are added in.

My thoughts.... Talk to your insurance people. Find out what it will cost. Then take that money and invest in a good lock & chain to secure the generator to a fixed object while camping. Continue to set aside that same amount of money every year. By the time you reach the break-even point (10 years in my example), it will probably be time to buy a new generator anyway - and now you have a good chunk of the funds set aside and available. If the generator is stolen before then, you also have a good chunk of the replacement funds available - and for what extra you need to spend, well you were going to pay a deductible anyway had you been insured.

Essentially self-insure the generator by setting aside the funds which would have been otherwise given away to the insurance agent.

-Eric


Eric & Lisa - Oregon
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midnightsadie

ohio

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Posted: 12/09/19 04:00pm Link  |  Quote  |  Print  |  Notify Moderator

I disagree with the post from good sam director, I,ve had the same company for over twenty years I have over 20 different properties and rv,s cars etc with the same agent now his son. had claims over 5figures. and I,ve never got a letter saying my rates going up. or your cancelled. and he comes to my house every two years and reviews the darn things. sure glad I,m not with good sam.

ScottG

Bothell Wa.

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Posted: 12/09/19 04:18pm Link  |  Quote  |  Print  |  Notify Moderator

midnightsadie wrote:

I disagree with the post from good sam director, I,ve had the same company for over twenty years I have over 20 different properties and rv,s cars etc with the same agent now his son. had claims over 5figures. and I,ve never got a letter saying my rates going up. or your cancelled. and he comes to my house every two years and reviews the darn things. sure glad I,m not with good sam.


Yeah, that's the same kind of garbage they try to sell people in their ad's and it just isn't true.


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KPetrick

Englewood

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Posted: 12/09/19 04:34pm Link  |  Quote  |  Print  |  Notify Moderator

I was speaking in general. Your situation may differ. Companies that have been hit hard with CAT claims are not going to be lenient with too many claims. If you have a hail claim, a water leak in your house and then turn in a claim for a portable generator from your RV you will more than likely get a cancel notice. Not always, not with every company but the odds are they will cut you loose. I have worked on the company side for almost 30 years and now the agent side.

SidecarFlip

SE Michigan

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Posted: 12/09/19 04:34pm Link  |  Quote  |  Print  |  Notify Moderator

Mine isn't insured (have the deductible issue) but don't try to heist it. You most likely will be sorry.


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rexmitchell

Texas

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Posted: 12/09/19 04:48pm Link  |  Quote  |  Print  |  Notify Moderator

Well talked to insurance again. They won’t do a personal item policy and the contents coverage won’t cover it. So homeowners would be the only coverage that would apply but the high deductible still doesn’t help me.

Lwiddis

Mono Basin National Forest Scenic Area

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Posted: 12/09/19 05:03pm Link  |  Quote  |  Print  |  Notify Moderator

Deprecated value will be all you get..won’t be much.


Winnebago 2101DS TT & 2020 Chevy Silverado 1500 LTZ Z71, 300 watts solar-parallel & MPPT, Trojan T-125s. TALL pole for flags. Prefer USFS, COE, BLM, NPS, TVA, USF&WS, state & county camps. Bicyclist! 14 year Army vet - 11B40 then 11A - (MOS 1542 & 1560)


HTElectrical

Las Vegas

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Posted: 12/09/19 05:09pm Link  |  Quote  |  Print  |  Notify Moderator

Get an Inland Marine Policy, and say it is for work use.


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jkwilson

Indiana

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Posted: 12/09/19 05:30pm Link  |  Quote  |  Print  |  Notify Moderator

Insuring something you can afford to replace is a poor financial decision. If you can’t afford to replace a portable generator, you shouldn’t have one because they are difficult to insure. Insure companies sell the idea that insurance is a good idea. It’s a bad gamble in almost all cases until it begins covering more than you can afford to pay.


John & Kathy
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