Loan rates and insurance costs

[funpilot]

I have seen on other forums that members like to also hear about insurance coverage experience and loan rates. In my case,I have decided to go with Geico as they quoted me $244.00 every 6 months and my coverage has full replacement cost for the first 5 years. Best financing rates I could find in my area was actually through my dealer (4.24%) for 10 years. I have seen others do better but I can not find it. My wife said no to a home equity loan as we currently have no mortgage and we worked too hard to get there. Secured loans (such as those secured by a CD) do not qualify for the interest deduction as the collateral has to be the RV. Plus, I believe interest rates are going to go up and by year 3 I should be getting interest payments close to this loan amount, so tying up money in a CD at 1% may not be a good idea. So we are gambling with eyes open that this rate and approach will pay off.

[leslie]

So the insurance will run $40 + a few cents per month. That is what State Farm quoted to me. I did not ask about replacement. I will do that later this week.

[drdave]

Allstate is at $107 every six months for our 2013 leftover 16DB.   I do not know if that includes replacement or not.   We have new car replacement on our car, but my wife was the one who called the trailer in to  Allstate so I am not sure if it is included.    

Our inlaws have a high end 5th wheel and pay less than us for insurance.    $244 for 6 mos.  seems high to me?    Sure that isn't a per year rate?

We were fortunate enough to be able to pay cash for our trailer, but did set up a HELOC through our credit union for an added buffer for emergencies.   I did toss the idea of an RV loan around, but the lowest I saw with a company who's name I heard of was in the 6% territory.    

[funpilot]

[quote source="/post/3409/thread" timestamp="1410222081" author="@tlbones"]Allstate is at $107 every six months for our 2013 leftover 16DB.   I do not know if that includes replacement or not.   We have new car replacement on our car, but my wife was the one who called the trailer in to  Allstate so I am not sure if it is included.    

We were fortunate enough to be able to pay cash for our trailer, but did set up a HELOC through our credit union for an added buffer for emergencies.   I did toss the idea of an RV loan around, but the lowest I saw with a company who's name I heard of was in the 6% territory.    


[/quote]I have Allstate for my homeowners.  If I remember correctly, they were about the same for RV as Geico where I live but I do not think they offered replacement, just cash value.  The premium difference from cash value to replacement is only $40.00 with Geico so that is why I went with them.  Please let me know if I remember correctly about Allstate.

[drdave]

[quote source="/post/3410/thread" timestamp="1410222653" author="@funpilot"][quote source="/post/3409/thread" timestamp="1410222081" author="@tlbones"]Allstate is at $107 every six months for our 2013 leftover 16DB.   I do not know if that includes replacement or not.   We have new car replacement on our car, but my wife was the one who called the trailer in to  Allstate so I am not sure if it is included.    

We were fortunate enough to be able to pay cash for our trailer, but did set up a HELOC through our credit union for an added buffer for emergencies.   I did toss the idea of an RV loan around, but the lowest I saw with a company who's name I heard of was in the 6% territory.    


[/quote]I have Allstate for my homeowners.  If I remember correctly, they were about the same for RV as Geico where I live but I do not think they offered replacement, just cash value.  The premium difference from cash value to replacement is only $40.00 with Geico so that is why I went with them.  Please let me know if I remember correctly about Allstate.
[/quote]Sure that very well could be the difference!   Comparing insurance rates just on the cost is a slippery slope...too many variables sometimes to match apples to apples.   

[djsamuel]

We got ours through Good Sam.  Annual fee is $343.41 for full replacement ($500 deductible).  Insurance is with National General Insurance.

[funpilot]

[quote source="/post/3414/thread" timestamp="1410223533" author="@djsamuel"]We got ours through Good Sam.  Annual fee is $343.41 for full replacement ($500 deductible).  Insurance is with National General Insurance.[/quote]If I remember correctly, Good Sam also allows you to tell them that your trailer is not being used for a period of time and you can get a break in the premium. So, your annual cost might be even cheaper.  In my case, the price I was quoted with Good Sam was about $100.00 per year more (then play with the possible reduction) than Geico.  I stayed with Geico as they have my auto insurance.  In looking at other forums, where we are located can have a big impact on which insurer is the most competitive in a given area.  I also wonder how much our premiums are being impacted by the MSRP of our various models as well?  

[shovelhead]

I went with USAA both loan and insurance.  

[funpilot]

We are essentially duplicating what I have seen in other forums.  I am certain we all tried to get the best coverage for the best rate. What differentiates us is our driving records, the cost of the RV, and where we live.  Having said that, any postings here will give prospective owners some data points on what to expect, so let's keep posting!!

[leslie]

I checked with State Farm for replacement value for an RV that is a total loss, whether from accident or theft. They go with NADA values. So I will shop around.

State Farm told me the rates are based, in part, on MSRP.

[funpilot]

Geico told me to keep my purchase agreement as that is what they would go off of.

[leslie]

State Farm told me to keep my purchase agreement, also. Since I have a custom - made version, the adjuster will keep it in mind. But I am shopping around for insurance, as full replacement in the event of a total loss, at least in the first few years, is important.

I plan to keep a copy in the camper, with the original at home, no matter which company I go with.

[leslie]

Forgot to add: also keep copies of any add-ons that the dealer puts on, as that is also taken into consideration when the insurance adjuster handles a claim. For DIYs, I imagine you would also want copies of your receipts for work you install yourselves.