Originally Posted by jnuechte
OK so we are looking to change all of our auto/homeowners/motorcycle/trailer insurance.
Long story short (and I am not an insurance person so I am sure I don't have the lingo correct) but if if we add the trailer to our auto policy its ~ $90/6 months for our 2012 27FB international Serenity ($60k coverage) with Farmers insurance. The agent said this covers if the trailer is damaged from a wreck, storm, while its in storage, stolen, keyed etc.
The only thing this does NOT cover is if someone is messing around with/on it and gets hurt and then tries to sue us. To get this additional coverage its an additional $250/6 months.
This to me seems VERY unlikely and not worth the $250.
Thoughts? First hand experiences?
Here's one person's thoughts - and full disclosure, I work in the industry.
Insurance isn't worth it - until it is.
You're protecting the material value of the trailer ($60K) for about $200/yr. seems reasonable right? It would take 300 years to save $60K at that rate.
For help with liability which could be a suit for whatever limit you're looking at ($250K? $500K? $1M?), you're looking at $500/yr. With the right carrier, you're also getting attorneys working on your behalf to protect you (and themselves) from a suit-happy plaintiff who wants $10M from you because he cut through your site, slipped and bumped his head on your shiny aluminum wealth indicator.