insurance?

[belay70]

Ive got my trailer built and I need to insure it. AAA has my home and car policies and they say because its homebuilt, they wont insure it. Anyone else have trouble insuring their td? Ive made the point I used a DOT approved frame (harbor freight 4x8) but doesnt seem to matter. They wont insure any homemade vehicle on the road.

[absolutsnwbrdr]

I'd ask to talk with another agent.

I haven't insured mine yet, although I did mention it to my Nationwide agent when I was building it. As long as I brought pictures and gave them a value for it, they'd write up a policy based on the declared value.

By the way... thanks for reminding me that I need to go back and talk to my agent.

[Oldragbaggers]

I got my policy through Good Sam. It is insured for full replacement for 6 years with no depreciation. It was a little pricey, but if it sits during the off season you can call them and tell them it is not in use for whatever time period and they credit back $8 per month. They had no problem with it being a home build.

[dreadcptflint]

I am an insurance agent for Washington state. Congratulations on becoming a Teardrop owner. One of the problems with insurance is that they don't like to insure unique things because it is difficult to place a value on it.

I always suggest finding an agent that will work for you. They are responsible for creating the relationship between you and an insurance company. They will find a company that will match up the underwriting requirements. If they shrug their shoulders and say, 'We don't do that' then move on as they will only cash your check. You want an agent that will fight for you because sometimes that is what we have to do.

Let's start with some limited coverage. Quite a few home owner's policy have limited liability for trailers. Usually, it is between $1000 and $2000 in coverages. Not a whole lot but better than nothing.

Some companies offer for a little bit extra an endorsement on your auto policy. You can have a comprehensive and collision. The advantage to this kind of policy is the price. I did mine with Farmers Insurance and as long as you have a vin number then you are good.

There are some companies out there that do a stand alone policy. These cost extra however some have some great features. These are particularly nice when you living for an extended period of time. One of the nicest features, that I built into a few policies is 'Loss of Use'. If you are camping somewhere and you have a fire so you can't live in your trailer then the loss of use kicks in and they will put you up in a hotel. Features like that will save your bacon when you do the cross country trips.

Here is the kicker, find out what the company will pay you, will it be Actual Cash Value or Stated Value.

Actual Cash Value translated means "What its worth in cash, today (just before you crashed it)." After your accident, an insurance company adjustor will go out to the tow yard and look over your vehicle. After that, using sources of their choosing, they will look up what the typical value should be for your trailer, and this will be their settlement offer. You could be in for a fight if your trailer is unique.

State Value usually costs a little more however it reduces fights. You set the value on the policy. Don't try to set a $1,000,000 policy on a clunker because most companies have a clause, "In the event of theft or a total loss we will pay the Stated Value or the Actual Cash Value, whichever is less." You have over paid on something that you could never collect from.

My best advice is find an agent in your state that will do the leg work and that you can trust. Find one that you can trust and be honest with them and you will have good insurance for your trailer.

[belay70]

FINALLY got AAA to insure it for $3000 at $7 per month!! I submitted receipts, photos and a copy of the HF trailer title to their underwriting dept. Im amazed. Thanks for the input folks.

[Sarge]

Just so I'm clear on the concept - we're talking collision insurance here, right? What an insurance company would pay us to replace our damaged trailer.

What about liability insurance? What happens if our trailer, or as I read in another thread, the rear hatch flies off and causes a huge accident? Is that covered under our car insurance or do we need to carry some other form of liability insurance for that?

To be perfectly honest, if I lose my trailer I'll be sad, but if I lose my house because of my trailer I'll be a lot more sad.

thanks,

-Sarge

[belay70]

I was told my car insurance policy automatically gets extended for liability to anything that is towed behind it. So in my case, I didnt need any additional coverage for liability. I think thats common among carriers.

What I wanted was damage/collision coverage for the trailer itself. theft, accident, any damage. Its like a little policy for just the trailer, with with limits and a $250 deductible like a car.

[Sarge]

Michael,

Thank you. I'll confirm with my carrier that my trailer is covered for liability.

Much appreciated,

-Sarge