Quote:
Originally Posted by moaboy
Games and more games... I have found that there is a wide latitude in "stated value." When I asked if I could value and insure my TM at $20k several companies said no problem. Of course I pay more if I buy more insurance which I may never use. Rates do vary significantly state to state.
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One thing about stated value. If you do grossly over state the value. There is something in the insurance law, to protect for fraud of over insuring. The company does not have to pay you for the over stated value, over a certain percentage.
So if you insure a one dollar bill for $10,000. You will pay the insurance for $10,000, but when you lose the dollar they will only pay you one dollar. But if you insured it for like 1.10 they would pay you the 1.10. There some percentage of accuracy that is used by the insurance law. Most of the time there is no questions unless it way out of line.
My 2003 TM, I have insured for 7K stated value (high end of retail) and I pay about $55 a year. It's added to my auto policy for collision and comp with a 250 deduction. The auto policy before adding the trailer already has $1k coverage for anything I tow. During the winter I drop the collision and only carry the comp and its at a rate of $10 per year. So at the end of the year, I end up paying about $40 for the entire year. I normal call to re-add collision the week before we head out on our first trip of the year and drop it the week after I winterize it. I don't do it, but you could every year lower the stated value to compensate for deprecation.