Jun-05-2020 10:05 AM
Jun-06-2020 03:44 PM
Gdetrailer wrote:Guy Roan wrote:
I guess you didn't read my post above!
Progressive Insurance paid us the exact same amount that we paid for our new trailer after Hurricane Irma totaled it.
Guy
Consider yourself lucky that they did, however paying things off in full when they are less value is why insurance is not cheap. Someone MUST "pay" enough to keep the insurance company not only afloat but turn a PROFIT after all expenses.
Insurance companies are not charities, they must turn a profit, they do that by paying out as little as possible and charging much more over all policy holders than they paid out for the last year. That is why you typically see very large rate increases happen the next yr after a major catastrophe.
Insurance companies are BETTING/GAMBLING that THEY WILL COME OUT ON TOP, in other words they will pay out much less than they bill.
You do not see any insurance agents or executives driving a old beatup 1980s Yugo..
Jun-06-2020 01:56 PM
Guy Roan wrote:
I guess you didn't read my post above!
Progressive Insurance paid us the exact same amount that we paid for our new trailer after Hurricane Irma totaled it.
Guy
Jun-06-2020 10:03 AM
Gdetrailer wrote:KD4UPL wrote:
I would absolutely have insurance on anything that valuable. When I had insurance on my truck camper it was less than $200 a year. I don't remember what it was on my travel trailer many years ago but it came in handy when a storm ripped the awning off the trailer. The insurance paid to have it put back on minus a couple hundred deductible.
"Valuable" AND "RV" do not belong in the same sentence.
That $30K "RV" lost nearly 1/3 of its "value" the second the OP put signature to paper..
Absolutely no insurance co will give you 100% for a RV if totaled or stolen, it will be devalued.
Insurance co is betting that they will win the upper hand and end up making tons of money on your item. That is how insurance works.
Big difference here is OP paid cash, not a loan on it, extra insurance in this case is optional. If it was done on a loan the OP would have been forced to buy insurance to cover losses that would have needed paid for to cover said loan.
In this case, it is a "feel good" thing, if OP is nervous about potential loss then by all means get some insurance coverage.
IF OP is fine with no coverage (IE SELF INSURANCE) then don't bother with extra insurance.
There are somethings in life where some insurance may make sense and some do not. As the unit ages out, in 5 yrs it will be worth less than $10K, another 5 yrs and might be lucky to get $5K and another 5 yrs $1K.. The insurance policy however won't go down in cost, it will go up and they will pay less..
Jun-06-2020 09:31 AM
Gdetrailer wrote:When I purchased mine NEW the insurance specifically said full replacement cost would be covered for the first three years up to the full retail price paid. National General.
"Valuable" AND "RV" do not belong in the same sentence.
That $30K "RV" lost nearly 1/3 of its "value" the second the OP put signature to paper..
Absolutely no insurance co will give you 100% for a RV if totaled or stolen, it will be devalued.
Jun-06-2020 08:26 AM
Gdetrailer wrote:KD4UPL wrote:
I would absolutely have insurance on anything that valuable. When I had insurance on my truck camper it was less than $200 a year. I don't remember what it was on my travel trailer many years ago but it came in handy when a storm ripped the awning off the trailer. The insurance paid to have it put back on minus a couple hundred deductible.
"Valuable" AND "RV" do not belong in the same sentence.
That $30K "RV" lost nearly 1/3 of its "value" the second the OP put signature to paper..
Absolutely no insurance co will give you 100% for a RV if totaled or stolen, it will be devalued.
Insurance co is betting that they will win the upper hand and end up making tons of money on your item. That is how insurance works.
Big difference here is OP paid cash, not a loan on it, extra insurance in this case is optional. If it was done on a loan the OP would have been forced to buy insurance to cover losses that would have needed paid for to cover said loan.
In this case, it is a "feel good" thing, if OP is nervous about potential loss then by all means get some insurance coverage.
IF OP is fine with no coverage (IE SELF INSURANCE) then don't bother with extra insurance.
There are somethings in life where some insurance may make sense and some do not. As the unit ages out, in 5 yrs it will be worth less than $10K, another 5 yrs and might be lucky to get $5K and another 5 yrs $1K.. The insurance policy however won't go down in cost, it will go up and they will pay less..
Jun-06-2020 08:14 AM
KD4UPL wrote:
I would absolutely have insurance on anything that valuable. When I had insurance on my truck camper it was less than $200 a year. I don't remember what it was on my travel trailer many years ago but it came in handy when a storm ripped the awning off the trailer. The insurance paid to have it put back on minus a couple hundred deductible.
Jun-05-2020 06:39 PM
Lantley wrote:
Very simple if you can absorb the $30K loss without any negative consequences no insurance required.
If you cannot absorb the loss you need to buy insurance.
Jun-05-2020 05:58 PM
Jun-05-2020 05:58 PM
Jun-05-2020 05:47 PM
Jun-05-2020 01:41 PM
Jun-05-2020 01:04 PM
Jun-05-2020 12:26 PM
Jun-05-2020 12:24 PM