Insurance Suspension for non-travel months?

abqnm · 12-30-2022, 11:34 AM

Our annual renewal is coming up with Foremost (which is a Farmers company) and I'm curious if anyone approaches their coverage by going thru the hassle of discontinuing coverage while the RV is sitting unused? We generally travel 4 to 6 mo's, this past year less. I'm not terribly concerned about damage as it sits, we are in an area where tornadoes, floods and other catastrophes do not occur (new mexico, I know never say never). I'm thinking going thru the process maybe twice a year would be worth saving hopefully half of a $900 annual premium.

Does this make sense??

**Eagle5** · 12-30-2022, 01:23 PM

Hi Albuquerque, New Mexico,
If you can make it all the way through the song below, then yes you could save hundreds! Not really - most of these policies are annual policies.
Eagle5

Albuquerque

dkoldman · 12-30-2022, 02:32 PM

Your question could be....

I have a XXXX blank type motorhome and it is book valued at $xx,xxx per NADA. Is it worth to not insure it for 6 months to save $450; if I know I don't plan to drive or use it in New Mexico?

In the case of my 2019 Sunstar 29ve the answer is "Hell No". Not worth the risk, it could be stolen or anything.

Ray,IN · 12-30-2022, 07:09 PM

Every financial lending institution requires at the least comprehensive insurance on a financed vehicle until the contract is fulfilled; many require full-coverage.
Read your insurance policy for your details and the cost of comprehensive ins. That's assuming your ins. company will allow storage terms.

Homeowners insurance does not cover motor vehicles, regardless of its location. So if you had a fire of any type that destroyed the RV, it would not be covered..

splitley · 01-05-2023, 05:51 AM

I have a 2018 2106DS, it's paid off, theoretically I could forgo insurance but the storage place requires that I have a policy and I have to present a copy of insurance every year.

monytaker · 01-05-2023, 06:27 AM

Check out National General. Think I got this originally through Good Sam, not sure. Anyways, I can contact them when my motorhome is in storage and I don't pay the collision (and liability) while in storage. When I'm ready to go on a trip, I call in and " take it out of storage ". It goes back to full coverage. Saves alot of money during the course of the year.

splitley · 01-05-2023, 09:34 AM

We live in Tucson, AZ. So we use the trailer year round, Thanks for the tip.

NormD · 01-06-2023, 08:53 AM

I have used National General (Good Sam) for years. A quick call or website chat instantly changes between Comprehensive and Full Coverage. Saves some bucks during winter storage, but continues coverage for fire, falling trees, etc.

CrispyBones · 01-06-2023, 09:01 AM

I concur with Monytaker and NormD. I use National General as well and you can change your coverage so that you're not paying collision and liability (storage mode). You're still insured, you're just not paying the extra cost for being on the road.

dbest1 · 01-07-2023, 06:20 AM

Check to see if you have any issues with your state motor vehicle laws by suspending your insurance. I tried to do it a couple of years ago and the insurance company notified my state DMV of the lack of insurance on a registered vehicle, and I got a warning notice that my registration would be revoked if I didnt keep the right amount of insurance. I heeded their warning and restored my insurance.

dkoldman · 01-07-2023, 07:08 AM

Quote:

Originally Posted by dbest1

Check to see if you have any issues with your state motor vehicle laws by suspending your insurance. I tried to do it a couple of years ago and the insurance company notified my state DMV of the lack of insurance on a registered vehicle, and I got a warning notice that my registration would be revoked if I didn't keep the right amount of insurance. I heeded their warning and restored my insurance.

I agree. I know in Texas there is minimum liability insurance required. But they only check once a year during the Inspection/Registration process. If you proved it on that date they have your money and I don't believe they care anymore because they know the vehicle is not a jalopy on the highway. But if you otherwise found driving that vehicle without the minimum liability, you are in big trouble. They take that serious and in Texas

When I have looked at the savings for doing similar with my boat or motorcycles, the savings did not justify the effort. But for sure if you not driving it for a long tern, removing comprehensive can make sense, but you still have vehicle insured with liability.