Insurance Rate Increase

[fam5mel]

Just received our RV insurance policy renewal with Geico. It increased 25% this year. We have had no claims. Called Geico and was informed it went up because we live in Tennessee and the large number of claims. Wondering if others out there are seeing large increases? Called Progressive and they are a little cheaper but offer a better policy so will probably switch.

[geotex1]

Just received our RV insurance policy renewal with Geico. It increased 25% this year. We have had no claims. Called Geico and was informed it went up because we live in Tennessee and the large number of claims. Wondering if others out there are seeing large increases? Called Progressive and they are a little cheaper but offer a better policy so will probably switch.

Not where I am, but I can confirm we have heard this from friends with homebase/registration in Florida. They never had a single claim in 33 years with one camper or the other, same insurer, renewal went up 22.7% and the reason was because of all of the claims and being registered in Florida.

[Ynot4me2]

All of our insurance went up by 20 some %. House, auto, TT, ATV, boat..... For the house, they are saying that the cost of rebuilding has greatly increase. We have never made any claim other then a small fender bender which was covered by the other driver as it was their fault.

[Second Chance]

Yep - same for folks domiciled in Texas.

Rob

[dryfly]

Coupled with increased rates, what is really disconcerting is the replacement cost of trailers. I bought my current 5th wheel 3 1/2 years ago. I insured it for the purchase price at the time. By rough calculations it would cost me about 40% more to buy the same trailer should mine be totaled today. My trailer is in excellent condition but I doubt I would be reimbursed very much, especially if the used market continues to drop.

Some insurance companies may offer "replacement cost". Mine does not.

[geotex1]

Coupled with increased rates, what is really disconcerting is the replacement cost of trailers. I bought my current 5th wheel 3 1/2 years ago. I insured it for the purchase price at the time. By rough calculations it would cost me about 40% more to buy the same trailer should mine be totaled today. My trailer is in excellent condition but I doubt I would be reimbursed very much, especially if the used market continues to drop.

Some insurance companies may offer "replacement cost". Mine does not.

Yeah, very hard to find an insurer who will do so for Recreational Vehicles that are campers and even rarer for an agreed upon value. I looked into it for similar reasons as you where the pandemic drove up costs, and to get either type of policy was outrageous! I'm talking more than triple what I pay for agreed value, collectively, on my 3 restomods and 1 classic! Just shows the risk profile that the insurers view campers as...

[dryfly]

Yeah, very hard to find an insurer who will do so for Recreational Vehicles that are campers and even rarer for an agreed upon value. I looked into it for similar reasons as you where the pandemic drove up costs, and to get either type of policy was outrageous! I'm talking more than triple what I pay for agreed value, collectively, on my 3 restomods and 1 classic! Just shows the risk profile that the insurers view campers as...

Years ago, when trailers were much less expensive, I would drop coverage after the trailer was 6-7 years old. Fortunately I never had an issue. Difficult to do that at today's replacement costs.

[Captcolour]

One thing you can do if you have Progressive and the vanishing deductible, is to raise your deductible if it has vanished. Will lower your premium but still keep the deductible at zero unless you select too high of a number and the calculation doesn't go to zero. But that might be OK too if the deductible is at or lower than what you want. I just did this and saved I think around $75/year. I did take some of that savings and bought the roof protection plan for $25.

[phonemannn]

Good Sam insurance has been very good to us. FYI

[kb0zke]

I just received a quote for insurance on our new 315RLTS. It is quite a bit more than the premium on the Foretravel, but then we don't have some of the coverages on the Foretravel as we will on the Reflection. Part of that is due to the fact that it is 3X the price and part is due to having to have some coverage due to financing the trailer.

The quote is from Progressive, which is the same company the Foretravel is insured with, so to a certain extent I'm comparing apples and apples. We'll see what happens next year when we renew.