Insurance - Manufactured vs Home Built - Does it matter?

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Do we view insurance on our trailers differently based upon who built it? Manufacturer vs Home Builder

My trailer is home built and I do not have insurance on it.
11
35%
My trailer is home built and I insure it.
12
39%
My trailer is manufactured and I do not have insurance on it.
2
6%
My trailer is manufactured and I insure it.
6
19%
 
Total votes : 31

Insurance - Manufactured vs Home Built - Does it matter?

Postby Gary and Cheri » Fri Oct 31, 2008 10:09 am

Insuring our trailers has been and continues to be a topic for discussion on this forum.

I have been wondering if the forum's membership views insurance on our trailers differently based upon how/who built the trailer.

Is the person who buys a manufactured trailer vs the home builder more or less likely to buy insurance for their trailer?

If there is a difference then why?

I hope this poll will also give those individuals who are wondering about the advisability of purchasing insurance an idea of the percentage of us that do vs don't.

Gary
Last edited by Gary and Cheri on Sat Nov 01, 2008 7:55 am, edited 1 time in total.
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Postby Micro469 » Fri Oct 31, 2008 7:27 pm

I figured it cost me about Umpteen dollars to build my tear, but only have it insured for $3000.00. Costs me $85.00 a year, small price to pay if someone destroys it.....

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Postby Gary and Cheri » Fri Oct 31, 2008 8:15 pm

At this point with only 10 votes cast it is running 60% insured and 40% not, with no appreciable difference between home buildt and manufacturer built.

I'm some what surprised as I was guessing that because manufacturer built trailers are probably a bigger investment that it would have a bigger amount paying for premiums.

I also thought the uninsured percent would be a third or less.

Obviously this poll is still small and things may change.

Gary
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Postby Micro469 » Fri Oct 31, 2008 8:18 pm

Wether a homebuilt or a manufactured trailer, it makes sense to insure it. If you are travelling and get into a car accident, the trailer is sure to suffer as well. Why lose your investment and hard work because you didn't want to spend the money to insure?
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Postby doug hodder » Fri Oct 31, 2008 9:21 pm

I've mentioned this before, but think it bears being mentioned again. Some people may think that "I am covered with my car insurance". Thing is...you have liability only. If you sideswipe or hit someone/ something with your tear, you are covered for the repairs on their car or property...you are on your own with your trailer repairs. If it is stolen or you take off a fender on a tree, back into something or a limb comes crashing down on it...it's all out of your pocket. It takes a separate rider specifically for your trailer to cover any of that sort of damage or loss. I'm sure it varies from state to state and from carrier to carrier, however, this is typically how it works. If in doubt, check with your insurance carrier. It's better to know going in rather than finding out in the long run that it's not covered. If it's financed, the lender is going to require you to have insurance on it.

I insure mine for at least 2 years with enough coverage to take care of the materials and some hourly wages. After that, I am only using them occasionally so roll the dice. I'm security conscious, lock it to the vehicle, and the receiver is locked also, not much but it does give me some peace of mind. I figure that if I back it into something...well, I just learned a lesson the hard way, it's my fault cuz I wasn't paying attention. Doug
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Postby bobhenry » Mon Nov 10, 2008 8:32 am

If my bank lends me $9,000 to buy a manafactured unit I am absolutely positive they will have a vested intrest that the unit is fully covered.
Since mine was home built a nickle and dime at a time they don't care , but I do. I would be the poor slob that finds an uninsured drunk 1/2 way into my galley because " I DIDN'T SEE YOU " ! Rolling the dice with my baby isn't my style. I went without coverage for years in my earlier life and was very lucky but this day and age you better cover your own butt because you are the only one that cares.
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Postby Gary and Cheri » Mon Nov 10, 2008 9:01 am

Rolling the dice with my baby isn't my style.


I agree totally with that thought wether home building or manufacturer bought. I can certainly understand why some people don't though.

In this day and age if we walk into a Best Buy, and buy anything, at checkout we will be asked if we would like to purchase a 3 year protection plan for a 1/4 of the cost of the original item. In essence insurance. I almost never do. So called experts say they are not worth the money.

Makes you wonder if we are becoming complacent with risk because of the proliferation of such plans and the percieved waste of money we view as all these plans are providing.

Gary
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