Insurance company

[Tin Hut]

I'm thinking about using Foremost for insurance. Anyone have experience with them? They're not cheap, but I like their replacement guarantee for first 5 years.

[Rhodie]

Originally Posted by Tin Hut

I'm thinking about using Foremost for insurance. Anyone have experience with them? They're not cheap, but I like their replacement guarantee for first 5 years.

That's who we'll be using when our unit arrives (19'BambiCCD) as they offer many coverage advantages as you noted above. "Only in California" tho you must belong to a "Camping Association" to receive this benefit and many more from them which is strange, so Wally Byam here we come!

Just out of curiosity, what is coverage in your neck of the woods? For full coverage on appx $40,000. unit here in Ca it's $732. Considering cost of repair or replacement, I didn't think it was to bad.

Barbara

[GStephens]

That is the company we use. We haven't had a claim and hopefully we will not ever have one, but I feel very secure with Foremost. That feeling alone was worth the slight difference.

In our case, I really didn't think we had much of a choice. Any other company was going to look at the value of our trailer according to its year model, not its condition. Our unit was pretty much in "as new" condition to start with having been wonderfully maintained and stored inside all of its life, but we went on and refurbished what few things that needed doing such that it really is now in "as new" condition. Those "few things" probably cost us as much as most other insurance companies would have wanted to say it is worth. Foremost is about the only insurance company that will allow you to insure it for a set value and then pay that value should a catastrophe occur. I'm sold on Foremost.
GStephens
P.S. Say Tin Hut, my offer is still good, only now you may have to wait until after the middle of September as we are getting close to getting out of here ourselves for a while.

[JohnG]

Insure yourself and become totally satisfied with your coverage.
1) Open a bank account or invest in a mutual fund the amount that you yourself value your AS at. If it is 40,000 then start out with a 40K investment.
2) Make the payment to yourself instead of sending it off to an insurance company.

Benifits: As time goes by and nothing happens you will be rewarded with a larger bank roll and when it is time to do repairs, or improvements you will have the money to do it with.
If total destruction does happen you will have the money to replace it with without argueement from an insurance company.

Insurance is basically a gamble, you are making a bet with the insurance company that you will have a loss and they are betting against you. Bad thing about this bet is that you have to pay even when you don't have a loss, not only do you have to pay but you will pay increases for not having a loss.

Gamble with yourself and you will come out ahead.

[Porky Pig]

Originally Posted by Tin Hut

They're not cheap, but I like their replacement guarantee for first 5 years.

We went with RV Alliance ... they also had the 5 year replacement feature ... and were lower priced than Foremost.

You owe it to yourself to compare quotes.

[luckydc]

I went with Progressive, replacement feature and than agreed value. Paying about $550. Foremost was about $700.

So John G, does that mean you don't carry health insurance? Self-insurance is for low risk, very wealthy people and even they need catastrophic coverage and excess liability umbrellas. Somethings you don't gamble with.

[grizzy]

We have State Farm Ins (Arizona) and were told by our agent that our A/S is covered for liability by the tow vehicles coverage. We added full comprehensive ($1000 deductable) to the A/S with a replacement value of $25000, which also covers it while its parked. The cost was a little over $10.00 per month. We thought this was pretty cheap.

[Tin Hut]

Thanks all. So far my quote from Progressive is $500 less annually than from Foremost for approximately the same replacement, deduct...etc. Will check with Allstate as well. I've heard that one advantage of not using the same insurer for the trailer and tow vehicle is that filing a claim on one unit should not result in a premium increase on both, which may occur if under the same umbrella.

[JohnG]

Originally Posted by luckydc

I went with Progressive, replacement feature and than agreed value. Paying about $550. Foremost was about $700.

So John G, does that mean you don't carry health insurance? Self-insurance is for low risk, very wealthy people and even they need catastrophic coverage and excess liability umbrellas. Somethings you don't gamble with.

Unfortunately I am not able to have health insurance since I am self-employed and have a pre-existing condition (Diabetes) otherwise I would have health insurance. That is a completely different issue from insurance on a vehicle such as a camper or on a boat and this type of insurance or Toy Insurance as I call it, and the cost can be covered in the manner I mentioned.

If the AS is brand new, or almost new you may want to cover it since not everyone has 30 to 50 K to throw back in a minor investment or recovery account, but when you have older campers such as many do have on the Forum and as I have, then investing in insurance can be a Bad Investment whereas you could reap the rewards yourself.

I would say factually that if 10 years of premium cost is equal to or greater than the value of your AS then insuring it is going to be a negative investment.

For instance, lets say the value today of your AS is around $8500 give or take, and lets say that your insurance cost you 850 a year. In 10 years time provided that the cost of insurance didn't go up, (It is going to go up) your payments would equal the cost of your AS. However, had you set the 8500 in a long term mutual growth fund you would average at least 10% annually over 10 years, that with your payment to yourself each year as you would pay the insurance. Now using an annual rate of compounding interest based on a 10% growth, and in 10 years you have invested $17000.00 You have earned $19948.30 in interest, and you have a total of $36948.30 in your pocket instead of having a new premium to pay to your insurance company and having zip to show for what can be summed up as a Bad Investment................

I stress that when you start such an account as I have described that you must start your investment with the value of your AS plus the cost of your annual premium. From there on out is only an annual investment of the cost of your premium.

I do recommend health insurance if you can get it as well as auto, life, and home owners insurance. I just recommend other plans to cover the cost of playing so that you come out ahead instead of coming out with just another bill that is due.

In the example above even if no interest was earned, a zero growth would still give you $17000.00 that is yours to do with what you like.

This type of plan is in everyone’s reach and you don’t have to be rich to accomplish this either.

[jameskk]

I purchased my 2004 22' CCD last week and went with Progressive ($36K full-replacement) for $573/yr. vs. Foremost $900... Progressive also did a disappearing deductible and free roadside assistance while Foremost said they didn't offer the dis. ded. in my state (South Carolina).

Originally Posted by JohnG

If the AS is brand new, or almost new you may want to cover it since not everyone has 30 to 50 K to throw back in a minor investment or recovery account, but when you have older campers such as many do have on the Forum and as I have, then investing in insurance can be a Bad Investment whereas you could reap the rewards yourself.

I would say factually that if 10 years of premium cost is equal to or greater than the value of your AS then insuring it is going to be a negative investment.

[JohnG]

Originally Posted by jameskk

I purchased my 2004 22' CCD last week and went with Progressive ($36K full-replacement) for $573/yr. vs. Foremost $900... Progressive also did a disappearing deductible and free roadside assistance while Foremost said they didn't offer the dis. ded. in my state (South Carolina).

Wow, now that is what I call a large difference in insurance cost. Therein is something I never have understood, where do these insurance companies get their quotes from? I mean how can they cost be so far apart.
Anyway it sounds like you have a really good insurance at a great price. The only way it could be better is if you had $36573.00 to invest today. Then in 10 year time you would have invested $41730.00 and earned $61690.08 in interest and have a total of $103420.08 in your pocket if worked the same as my above posted example.

573 a year is really a great rate. Can you say what are some of the factors that makeup a great rate like that?

[neil.ervin]

I just insured my 2005 25' safari (about $40K) with Progressive. About $450 (Arizona). replacement

[Inland RV Center, In]

Foremost has insured Mobile Homes for many years.

They also from time to time get into the RV business.

I do not know about today, but back then they depreciated the sheetmetal on RV's, including Airstreams.

They didn't seem to care, that aluminum does not have a life expectancy, and therefore retains it's value over time.

I am not aware of any insurance company that depreciates sheetmetal on any RV, except Foremost.

Back 30 years ago, the insurance division of Airstream, Caravanner Insurance Company, charged $2.10 per $100.00 valuation, with a $50.00 deductible.
Their policy was also a "stated value" policy, not an ACV (actual cash value).

A stated value policy is always superior to a ACV policy. When dealing with an ACV, it's up to the insurance company to determine the value, not the insured.

Bottom line of an ACV policy, is you can be taken advantage of, by an insurance compny, should you have a severe or total loss, let alone requesting a "loss of value" settlement as in the case of a hail loss.

Andy

[yukionna]

I have a problem with insurance on my 1964 Bambi II. When I spoke with the insurance company about liability, etc. they indicated that a 1964 trailer wasn't worth anything so I shouldn't waste my money putting insurance on it! I've heard I can get the trailer appraised and insure it that way which will end up being about $600 - $1,000/year depending on how much the "vintage appraisal" comes in at. I have chosen an alternate plan -- I'm insuring through "Yukionna"! What this means is I now put away money every month into a savings account to be used exclusively for Bambi II insurance. In the event I don't ever need to put in a "claim", I will be that much richer come retirement!

[Over59]

So I have two questions.
1) When I back the trailer into a new porche is that my auto coverage or the trailer coverage that pays for the porche?
2) When the trailer brakes away at 70 and takes out a porche, mercedes, and lexus which insurances pays for what?

[JohnG]

Originally Posted by Over59

So I have two questions.
1) When I back the trailer into a new porche is that my auto coverage or the trailer coverage that pays for the porche?
2) When the trailer brakes away at 70 and takes out a porche, mercedes, and lexus which insurances pays for what?

If you have been canny enough to place vehicle in tow or RV Towing insurance on your auto policy for just such occasions, then your auto policy will cover the liability, and if the policy has comprehensive coverage it will also cover your trailer. Unfortunately it will only cover your trailer to the book value. It would be wise to check with your insurance to make certain that your policy has this coverage. In some states the coverage is automatic and a vehicle towing any trailer is consider as a single vehicle so the insurance is extended to the vehicle in tow. In other states the towing insurance has to be an addition to the policy.

Yukionna, In your case insuring yourself is a very wise decision and you will be glad that you did that when minor repairs come up and you don't have to wait on the next 3 paychecks to have enough money for the repair. And if that repair dosen't come up you can reward yourself with an annual dividend (Something never provided from an insurance company)(unless your a stockholder) from your self-insured investment. Take your signifient other out for a really nice dinner.