Insurance Rate Increase

[lorend]

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.

Being with Hartford they would only insure our rig for replacement cost which was 30% higher than our purchase price. Not sure if it made for higher premiums but I lean toward it being more expensive.

[Gregors]

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.

I think this comment hits the nail on the head of why Insurance rates went up...

[John_Seckman]

My RV insurance went from $500.00 to $800.00 with Good Sam Insurance with no claims. Went to State Farm and got better coverage for $400.00.

[more tired since retired]

I'm insured for full replacement cost with Nationwide through FMCA. My insurance actually went down about 3% last renewal. Renewal also includes the solar system and batteries I had installed at a certified solar shop. I figure it will probably go up a bit next renewal, but that's the way it is.

[GeoTech]

So, they raised your rate because of an increase in claims?
Does that mean your rate will go down when they have less claims. 🤔

[tjndsa]

So, they raised your rate because of an increase in claims?
Does that mean your rate will go down when they have less claims. ��

Or will they go down now that the MSRP's (building costs) are coming down, albeit slowly?

[bshgto]

So, they raised your rate because of an increase in claims?
Does that mean your rate will go down when they have less claims. 🤔

Wife`s an insurance agent, says history has proven that isn't going to happen, says it`s still a money grab for the lawyers. And you pay for that even if you have no claims.

[gfl123]

the baffling part for me is my home insurance was a fixed amount regardless of what the cost of lumber is.

back to insurance shopping. my take is , the first year is a low rate to encourage you to switch, then the yearly increases kick in, kinda like cable tv.

[BadDogPSD]

I treat insurance like a commodity anymore... loyalty is not rewarded, so if rates go up, I go shopping.

[orbiker]

Insurance is going to go up. Prices go up on everything else, except the stock market for now. The insurance companies have to pay their bills and with all the disasters happening, there are BIG BILLS.

When we went fulltime, we lost the "house" discount and the Solitude insurance went up. It is insured for a set value ( way above cost ) and high coverage ($500,000).

It's better to have quality insurance and not need it. KEN