Attached to my current "Highways" magazine is information regarding getting Good Sam VIP insurance and also how to decrease your insurance payment when it is in storage for at least 30 days. Regarding the insurance - does anyone have it and can you recommend it? I currently have Progressive and I'm satisfied with it, but many of the statements on the flyer are pretty enticing. I imagine the reduced premium program is pretty new. Any comments?
You get the reduced premium because they drop coverages while it is in storage except for the comprehensive coverage.
Some things to consider.
If you have a loan on the RV the lender may not agree to the suspension of coverage. In some states the state may not allow the suspension of the liability coverage and have you keep the plates.
Two words that are used with insurance are probability and possibility. An example is suspending the collision coverage. If the RV is in storage what is the probability you will have a collision claim. The probability may seem low. But the possibility is still there.
Are you storing the RV in a private yard like your house? Or are you storing it in a public storage yard. Collision coverage covers more than just your vehicle in a collision that you cause. Two are damage from an uninsured motorist and damage from a hit and run situation.
So in the storage yard another RV hits your RV and drives off. If you suspend the coverage you have no coverage for your damages. Or what if they have no coverage?
But storage at your house is safe? What if a out of control driver goes through your fence and hits your RV. And they do not have any insurance? You cannot rely on your coverage because it was suspended.
The question that you have to answer is the savings in premium worth the risk? Uninsured losses are possible. You have to evaluate the probability.
We've had it for several years now. Saved us over $700 a year on two vehicles with full coverage. One claim on the MH which was on Memorial Day and one on my pick up truck. Never changed our rates, they were fast to get an adjuster out and we got to pick the repair shop. We use the storage option and it does save a bunch.
I like CM's answer....as a recently retired insurance broker I recall the discussion that I had with a large client who was going to Europe and who intended to store his BMW sports car INSIDE a storage building. He insisted that he wanted to suspend coverage for the three months he was in Europe. I reluctantly suspended coverage and a couple of months into his visit a stolen truck crashed into the storage building and did $15,000 damage to his BMW.
When he returned from Europe he mounted an arguement (a regular tirade!) that I should have ignored his request. Ahem, just who's running the show? I showed him the two letters that he received that cautioned against suspending coverage. He remained grumpy for a couple of years.
In the insurance business, his decision is known as "penney wise, pound foolish" and that phrase was coined many years ago in English law.
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