Not buying insurance

[joevdb]

Hi:

After some searching, I'm leaning toward not buying insurance for a 1986 Sovereign 25, worth about $15 -18k. Owned for 4 years

Appraisal to get to agreed value: $200-250?
Insurance = $250-350 per year.
Deductible $1,000, Some quotes don't cover any interior items.

After 5 years, I'll have spent $1,250, trailer would have depreciated a bit more.

Am I the only one saying it's not really worth it? Cash value would pay about $2000, definitely not worth it.

Anyone else look at numbers like these and think "I'll take my chances?"
Joe

[Bruce B]

How about liability insurance? You can cause a lot of damage to someone else’s property if something goes wrong...

[Shacksman]

My truck carries liability for the trailer. In 20 years I have never insured any trailer and I have had lots. . Always had 2 or more If I wreck one I"ll go home for another one.

[joevdb]

Thanks for prompting me to dig into truck ins. policy for details. I found this in the liability section of my policy:
"An auto and attached trailer are considered one auto."–for coverage purposes.

So I believe I'm covered for liability when towing. I can't imagine incurring much liability when not towing-although I know there are rare scenarios that might occur. Accidents inside that occur to someone else while parked. Possible, but not likely.

Thanks all, J

[Silvr_Bullet]

Liability Insurance and Collision Insurance are not the same.

[overlander63]

Originally Posted by Shacksman

My truck carries liability for the trailer. In 20 years I have never insured any trailer and I have had lots. . Always had 2 or more If I wreck one I"ll go home for another one.

Our state does not allow the truck liability to cover the trailer. Trailer insurance is required and separate.