Taking a poll about insuring your trailer

[gergstuff]

Okay bear with me a minute here. I am an insurance underwriter who also owns a '78 Argosy 6 metre Minuet.

I do not currently have my trailer insured for physical damage but probably should.

I was thinking of developing a program for my company to insure trailers for physical damage but more specifically vintage trailers.

A few questions for anyone who might read this. The more responses the better.

1) Do you currently have your trailer insured against loss from collision and/or or other than collision (known as comprehensive: loss by fire, tree limbs crushing it, etc.)?
2) If so, how much do you pay for this coverage on an annual basis?
3) If you do not have your trailer insured, would you want to, and what do you think you would pay for this type of coverage?
4) Have you ever had to make a claim for damage to your trailer? If so, was it due to a collision or something other than collision? What was the payout by your insured for the claim or claims?
5) If you have your trailer covered for physical damage, what insurance company are you with currently?

I am trying to determine if this might be a worthwhile program from our perspective, keep in mind that insurance companies make money by collecting premium and their insured's not making claims.

Since I am not trying to sell anyone anything but just tapping the resource of this forum for information I am hoping I am not violating any policies of the forum. If I am please feel free to tell me and I will remove this post.

I just had this idea and could use the help in determining if it is worthwhile pursuing or not.

Thanks,

Craig

[overlander64]

Greetings Craig!

Originally Posted by gergstuff

Okay bear with me a minute here. I am an insurance underwriter who also owns a '78 Argosy 6 metre Minuet.

I do not currently have my trailer insured for physical damage but probably should.

I was thinking of developing a program for my company to insure trailers for physical damage but more specifically vintage trailers.

A few questions for anyone who might read this. The more responses the better.

1) Do you currently have your trailer insured against loss from collision and/or or other than collision (known as comprehensive: loss by fire, tree limbs crushing it, etc.)?

Both of my coaches are covered with a policy that extends the coverage of my tow vehicle's liability as well as comprehensive and collission. The Overlander has been covered by a stated value policies since its purchase in 1995 and the Minuet has been covered by a stated value policy since its purchase five years ago.

Originally Posted by gergstuff

2) If so, how much do you pay for this coverage on an annual basis?

My annual premiums for both policies total just short of $500.00. Both coaches are stored on my property within eyesight of my home, and my residence is located in a small, rural community many miles from the nearest city (2.5 hours South of St. Louis, MO).

Originally Posted by gergstuff

3) If you do not have your trailer insured, would you want to, and what do you think you would pay for this type of coverage?

My trailers as well as my collector cars have always been covered by full-coverage policies, and I wouldn't consider owning them if they weren't covered by insurance.

Originally Posted by gergstuff

4) Have you ever had to make a claim for damage to your trailer? If so, was it due to a collision or something other than collision? What was the payout by your insured for the claim or claims?

I have only had one claim on my travel trailers, and that involved the Overlander about seven years ago. The claim was for collision damage that was the result of a parking accident when entering my storage area. The streetside main panel was deeply creased and had to be replaced. My policy paid without significant issue -- $2,700 in addition to my $250 deductible.

Originally Posted by gergstuff

5) If you have your trailer covered for physical damage, what insurance company are you with currently?

My policies were with American Family during the time that I lived in Wisconsin and the Quad Cities in Illinois. When I moved to Central Illinois, I changed my carrier to Foremose. After moving to Southern Illinois, I changed carriers to State Farm -- I am not a fan of the Corporate entity, but my local agent has served my family for more than 30 years and he has gone to bat for us and achieved acceptable settlements on each of our losses.

Originally Posted by gergstuff

I am trying to determine if this might be a worthwhile program from our perspective, keep in mind that insurance companies make money by collecting premium and their insured's not making claims.

Since I am not trying to sell anyone anything but just tapping the resource of this forum for information I am hoping I am not violating any policies of the forum. If I am please feel free to tell me and I will remove this post.

I just had this idea and could use the help in determining if it is worthwhile pursuing or not.

Thanks,

Craig

Good luck with your research!

Kevin

[mustang]

I also would not own my vehicle if it wastn insured. Kind of like money in a bank with no FDIC. I have mine threw State Farm. Ten grand is value. When its connected to my superduty it changes but value covered stays the same. I totaled one during a tornado. While parked a 70 ft pin oak fell on it, like a hot dog in a bun. Paid just like stated. Street rod same way. never used that coverage yet. Thank God. I am not sure of the lingo, but my agent so far has taken good care of me.

[overlander63]

We have our Sovereign insured for $10,000 through our auto insurance carrier (the one with the lizard). If it gets totaled, the idea is that it will not be worth the amount it is insured for, but the contents, loss of use, and a couple of other items that go along with that bring what we would get if it is damaged/destroyed or stolen up to close to that figure. I also have photos, as well as the (500 or so post) thread here documenting what we have done to it.
Our coverage runs about $120/year, with $250 deductible.

[gergstuff]

Thank you for the replys thus far, not enough responders yet to give me the data I need but it seems as if the coverage is rather cheap and easily obtainable through ones auto insurer, so likely as not it would be difficult for us to be competitive on pricing with the big boys.

Craig

[SteSpot]

[quote=gergstuff;608502]
1) Do you currently have your trailer insured against loss from collision and/or or other than collision (known as comprehensive: loss by fire, tree limbs crushing it, etc.)?

Yes, we are insured with our Auto coverage with Safeco with a stated Value as we have a Vintage trailer being renovated.

2) If so, how much do you pay for this coverage on an annual basis?

About $500 if I remember correctly. We store our trailer at an indoor RV storage facility that helps with the premium.

3) If you do not have your trailer insured, would you want to, and what do you think you would pay for this type of coverage? N/A

4) Have you ever had to make a claim for damage to your trailer? If so, was it due to a collision or something other than collision? What was the payout by your insured for the claim or claims?

Yes, our first trailer was broadsided and the claim was paid by the other party who had Foremost (a division of Farmers, I think). We were able to document our expenditures with receipts and photographs and received a very fair settlement that totaled the trailer.

5) If you have your trailer covered for physical damage, what insurance company are you with currently? Safeco (not sure how good they would be with a claim....)

paula

[funkill]

1) Do you currently have your trailer insured against loss from collision and/or or other than collision (known as comprehensive: loss by fire, tree limbs crushing it, etc.)?

Yes, insured my '73 Overlaner with my auto coverage at Allstate. Have both comp and collision. Valued at original price @ 11,000. Includes towing...

2) If so, how much do you pay for this coverage on an annual basis?

price is about $80/yr.

[Ahab]

We have Allstate and have a full coverage rider when towing and another on our house insurance when parked in our back yard. Cost is $160/yr.

[mutcth]

I recently called my insurer, Amica, about full coverage (including glass) on a 79 Minuet that I was about to purchase. (I missed the trailer by 20 hours, but that's another story.)

Full coverage with whatever multiline discounts I qualified for (house, car) came to a whopping $49 a year.

I fully admit - I didn't establish how much that coverage got me; I didn't get as far as to work out a stated value policy. It was with a $250 deductible.

Tom

[gergstuff]

Thank you to all who have replied. While still not a mountain of data to draw from it is enough to know that after a discussion with my boss, this would not be a profitable line of business for us to pursue.

Thanks again for the help in participating.

Craig

[mustang]

I thought you werent trying to sell insurance, and this was for your own inquiry???????? per original thread

[biggoofball]

from his original post he stated he was doing research to develop a product to sell. or something like that. When I read that, I was wondering why he thought there was a need. My trailer is completely covered and it appears others are as well. I'm glad we could all help him not spend too much time on it.

[peegreen]

I truly thought I had a value stated policy when I had the tragic fire. It took the lizard a few days to determine exactly what kind of policy I had. You think you could tell from reading the multipage document. I can only say from my experience, if you think you have that type of policy, look over your docs/call your agent to make sure you have what you think you're paying for. It kind of makes sense for a newer unit (not vintage) that will continue to depreciate like an auto. The insurer is not going to give you the purchase price when the value has significantly decreased as if your car was totaled. Also, if you're paying a rediculously low premium, take a hard look at what you think your coverage is.

[gergstuff]

Yes, I am not trying to sell anything.

I was merely trying to expand an idea to see if it would be worthwhile for my employer to pursue. My employer is an MGA (Managing General Agent) and as such does not deal directly with the public.

I was trying to tap into the members of this forum for information which they have provided.

The bottom line here is that the insurance coverage for trailers appears to be readily available from the major players and is cheap enough where there would be no point in my employer pursuing the idea. It just would not pay for us to do.

It was not my intent to mislead anyone. I was trying to get the point across that I was not doing this in order to solicit the sale of insurance to forum members but strictly for gathering information to help me determine if there was a point in moving forward with my idea.

Again, I thank all of you who participated and sorry if anyone got the idea I was trying to sell them something.

Craig

[buffaloman]

I too have insurance on my 72 Overlander. It is with USAA, I have been insured by them for 40 years. It is covered for collision & comp at the same level as my vehicles. I took out the insurance because I wanted to be covered while pulling it down the road in case I was in an accident. Unfortunately It was totaled when I parked in in my barn for renovations this winter. There was an extreme weather event and the barn collapsed on the unit. USAA totaled the trailer and made a fair payment for its value. While I am pleased with the professionalisum and service with USAA, I'd rather have my barn intact and my trailer whole. It will take effort to replace it.

[kennyp315]

I tried to get my '65 Globetrotter insured to cover all the work (two years and more money than i want to think about) that was performed on it. My insurance agent, with Mercury (same guy over 25 yrs), had me take my trailer to a trailer builder. I had tons of receipts and photo's of all the work as well as the trailer with me. I had thought that I could get it appraised for thirty five or forty thousand. They insured it at twenty five thousand and would not go any higher. I have since found a guy in Ojai, California who specializes in vintage AS appraisals. He is expensive, but does an extensive work-up (with photo's) that is supposed to help to get your trailer valued for the true replacement value. This, mind you, was before our economy collapsed. The name of the guy in Ojai is James Polk and his email address is japolk@jps.net He does not know me and even, with a higher appraisal, you would still have to convince your insurance company. Maybe my twenty five thousand is good considering everything. All the best, Kenny

[SilverPal2]

Kenny
Thanks for your kind words about our services, we are fellow Airstreamers with 2 1954 FC's. We would be happy to provide discounted appraisal services to our airstream friends. Also we are always available to help with suggestions and guidance dealing with insurance settlements. Check out our web site www.polkassociate-llc.com for more infomation
Jim Polk
silverpal2

[Mikethefixit]

Our Overland is included in our TV's/Home-Owners policy .We have a agreed on replacement cost. I think the policy was new in November 08 so I would have to go back and review. We changed Co's and everything is with 1 carrier now. We go very large discounts for insuring everything under 1 policy and 1 CO.
We not pay just a little more for everything than the Home-Owners was by its self .We were gettin ripped by our home owners co. I will not mention the co.but they have a bad reputation of not wanting to pay for a loss or they pay and cancel ya regardless of the yrs U have been with them.
Everyone should review their policy periodically and keep them updated,Shop around its worth it.

[3 Dog Nite]

Here New York, Your TT is covered by the TV's insurance. Your coverage is dictated by the limitation of the policy. It covers nothing once you disconnect any where. I have fulltimer insurance on my MH. This differs from regular insurance when parked. As long as I'm parked not on a public road, engine not running, & key out of ignition the "home owners" portion kicks in. It covers me falling off a ladder , tree falling damage, & any other disaster covered by a home owners policy. Damage to the MH cost is limited to actual cash value. I have the MH appraised every 2 yrs unless I do a large modification. The next time will be after removing couch, new wood floors & dinnette, & adding 2 recliners.

[jamesardis]

no sweat Craig- I didnt think that you were--its cool----------jim