Insurance Recommendations

[thomasgibbens]

After being with State Farm for nearly 50 years, I am going to change company. I recently totaled my toad due to a malfunction on my Jeep GC. Coming out of a car wash the engine rapidly accelerated after putting into gear and I ran into a concrete culvert. No injuries but I wiped out the car. Now State Farm is adding $600 extra on the new car’s 6 month premium which makes it $3100/year on a 2023 Grand Cherokee!  I am registered in SD so has anyone had good results with insurance there?

 

Tom Gibbens

’15 Dynasty 

[Idoc57]

I switched my motorhome insurance over to Good Sam's program earlier this year. I also canceled my State Farm coverage on my 2 vehicles and added them to the GS policy.   It saved me a lot of money, and when the coach is in storage for a month or more, they only charge a minimal fee for comprehensive coverage.  Liability  and collision are put on hold, so you can't drive  your  MH during the storage period.  If you need to drive it, you just call them and they take you off storage mode.  I'm not sure if the storage option is available in all states, but it is in Texas. 

Carey 

[Texomaman73]

SafeCo was good to me!

[cbr046]

Not defending State Farm but an older vehicle will insure much lower than a new one.  I also the believe that some companies will slowly raise your rate until you switch.  Talking to your agent might reduce your rate. 

That said, we have our auto policies with Progressive, our moho policy as a separate Progressive policy, my motorbike as a 3rd Progressive policy and our home and umbrella with Allstate (2 policies).  We've had it this way for over 10 yrs (maybe 20!) but I have no problem shopping around if the rates seem to climb too high for no apparent reason. 

What I WOULDN'T DO is switch to a small company to save on rate. 

- bob

[Tdkkart]

38 minutes ago, Idoc57 said:

I switched my motorhome insurance over to Good Sam's program earlier this year.

  Isn't Good Sam now owned by Camping World?  That would bother me.

[Jim McFarland]

Good Sam insurance is to my knowledge National General Insurance and not owned by Camping World.  I've been wrong before however.

 

[Marine Boy]

6 hours ago, Jim McFarland said:

Good Sam insurance is to my knowledge National General Insurance and not owned by Camping World.  I've been wrong before however.

 

Yes, Good Sam is owned by National General!

[David White]

I think National General Insurance is the carrier/company and Good Sam has an insurance agency representing National General, and possibly other companies.They are not the Insurance company owner.

Edited October 5, 2023 by David White

[Tom Cherry]

My comment is two fold.

One, we need an Umbrella policy to protect us and the lawsuits that come from seemingly trivia issues are horrendous…. Personal Injury attorneys abound.  They do well.  I raised an attorney so, I have some insight.  Based on our situation, a large Umbrella is necessary.  That get’s complicated.  It is relatively easy to get your homeowners and auto insurance in “sync”.  

I would advise folks to sit down and do a “net worth” statement or get a CFP to assist.  If you have retirement accounts, perhaps will be eligible for a company pension….then if your residence is “almost mortgage free”….add it all up.  Also get a current or “market” appraisal on your home.  With inflation, you might be surprised as to the magnitude of your arithmetic.

What you will find is that you will need to bump up the Liability limits on your auto policy.  Not major, but usually above the minimum limits required in your state.

I had Hartford insurance for years and they dovetailed with National General in that National General’s liability was OK, so I did not have a gap between the MH and the Umbrella.  Then, our independent agent, whom we have been with since 1978, sropped representing Hartford and their new “choice” wanted National Gdneral to raise the coverage.  NOPE…so we had to drop National General.

We felt National General was a good value, but we can’t make the equation work as our new Umbrella policy does not blend or fit with National Grneral.  We do plan to get new quotes next year.

SOOOOO. word of caution.  IF you have an umbrella policy and then go outside your auto/home for MH, make sure the limits and policy  numbers are acceptable to your Umbrella carrier.

[dl_racing427]

6 hours ago, Tom Cherry said:

My comment is two fold.

One, we need an Umbrella policy to protect us and the lawsuits that come from seemingly trivia issues are horrendous…. Personal Injury attorneys abound.  They do well.  I raised an attorney so, I have some insight.  Based on our situation, a large Umbrella is necessary.  That get’s complicated.  It is relatively easy to get your homeowners and auto insurance in “sync”.  

I would advise folks to sit down and do a “net worth” statement or get a CFP to assist.  If you have retirement accounts, perhaps will be eligible for a company pension….then if your residence is “almost mortgage free”….add it all up.  Also get a current or “market” appraisal on your home.  With inflation, you might be surprised as to the magnitude of your arithmetic.

What you will find is that you will need to bump up the Liability limits on your auto policy.  Not major, but usually above the minimum limits required in your state.

I had Hartford insurance for years and they dovetailed with National General in that National General’s liability was OK, so I did not have a gap between the MH and the Umbrella.  Then, our independent agent, whom we have been with since 1978, sropped representing Hartford and their new “choice” wanted National Gdneral to raise the coverage.  NOPE…so we had to drop National General.

We felt National General was a good value, but we can’t make the equation work as our new Umbrella policy does not blend or fit with National Grneral.  We do plan to get new quotes next year.

SOOOOO. word of caution.  IF you have an umbrella policy and then go outside your auto/home for MH, make sure the limits and policy  numbers are acceptable to your Umbrella carrier.

The big problem with umbrella policies is that they force redundancy.
If I could get a 3 million umbrella policy to cover ALL my liability on all my vehicles and assets, then only pay for collision and comprehensive on each vehicle, it would make sense.
On the policies I've investigated, they require massive limits on every vehicle, which pretty much guarantee the umbrella policy will never pay out.  I just don't see the point.

[Tom Cherry]

6 hours ago, dl_racing427 said:

The big problem with umbrella policies is that they force redundancy.
If I could get a 3 million umbrella policy to cover ALL my liability on all my vehicles and assets, then only pay for collision and comprehensive on each vehicle, it would make sense.
On the policies I've investigated, they require massive limits on every vehicle, which pretty much guarantee the umbrella policy will never pay out.  I just don't see the point.

True….that is because if you had the bare minimum on each individual policy….then the Umbrella would be s bloody fortune….and there is, I think a “US Insurance Carrier Rule of Thumb” that if you need coverage of over $5 Million, one does call Lloyds of London.

However, since I have had an Umbrella policy in place for some 35 or so years, the small cost of upping the coverage to meet the minimums of the Umbrella are not that big a deal.  You CAN, if you are so inclined, not UP the limits.  So, for example…. You auto max liability is $100K and the Umbrella requires $150K.  Don’t pay the cost…say $100 annually, and then absorb the $50K “Donut Hole” liability yourself….  

I choose to have a comprehensive Umbrella in place with no gaps in my coverage,  I guess that I spent too much time as the “Resource Conservation” Director (built into my job description) and realized what can happen.  There have been motorhome accidents, such as a Towed SUV breaking loose and crossing the median on a highway and killing several folks.  That lawsuit today, if one has other assets….or even a 401K or IRA and a house could go exponentially into orbit,

Also….if one did NOT have a safety disconnect tether to lock the brakes of a towed vehicle, that would be a field day for getting back at “we rich folks with motor homes”.

Everyone has to do their own risk analysis and also test the winds of “litigation” and weigh the cost/benefit factors of being poorly/adequately/overly insured…..  what I or you do is not the issue…understanding the situation is the goal…. Then making a well informed and intelligent decision….

[cbr046]

Thinking about worst case scenarios makes me want to sell everything and live off Amazon and Uber Eats. 

- b

[bandmmorris]

I recently switched to Farmers and got a lower rate and more coverage. Haven't had a claim yet so can't comment on how they will be to work with.

[Tdkkart]

14 hours ago, Tom Cherry said:

My comment is two fold.

One, we need an Umbrella policy to protect us and the lawsuits that come from seemingly trivia issues are horrendous…. Personal Injury attorneys abound.  They do well.  I raised an attorney so, I have some insight.  Based on our situation, a large Umbrella is necessary.  That get’s complicated.  It is relatively easy to get your homeowners and auto insurance in “sync”.  

I would advise folks to sit down and do a “net worth” statement or get a CFP to assist.  If you have retirement accounts, perhaps will be eligible for a company pension….then if your residence is “almost mortgage free”….add it all up.  Also get a current or “market” appraisal on your home.  With inflation, you might be surprised as to the magnitude of your arithmetic.

What you will find is that you will need to bump up the Liability limits on your auto policy.  Not major, but usually above the minimum limits required in your state.

I had Hartford insurance for years and they dovetailed with National General in that National General’s liability was OK, so I did not have a gap between the MH and the Umbrella.  Then, our independent agent, whom we have been with since 1978, sropped representing Hartford and their new “choice” wanted National Gdneral to raise the coverage.  NOPE…so we had to drop National General.

We felt National General was a good value, but we can’t make the equation work as our new Umbrella policy does not blend or fit with National Grneral.  We do plan to get new quotes next year.

SOOOOO. word of caution.  IF you have an umbrella policy and then go outside your auto/home for MH, make sure the limits and policy  numbers are acceptable to your Umbrella carrier.

 Good advice, we've had a personal liability policy in place for many years, long before we had an RV, on this same advice. When you start adding up your personal worth it gets crazy in a hurry.  In our case, we have a $2M policy that is right at $200/year. Yes, they did make me add to my liability limits on my vehicles, but it came out in the wash because, at the time, the additional on the auto policies was cheaper due to the personal policy being in place.

[dl_racing427]

1 hour ago, Tdkkart said:

 Good advice, we've had a personal liability policy in place for many years, long before we had an RV, on this same advice. When you start adding up your personal worth it gets crazy in a hurry.  In our case, we have a $2M policy that is right at $200/year. Yes, they did make me add to my liability limits on my vehicles, but it came out in the wash because, at the time, the additional on the auto policies was cheaper due to the personal policy being in place.

That's a great deal.
What company is your policy with?  Does the umbrella policy need to be with the same carrier as your other insurance?

[Tom Cherry]

1 hour ago, dl_racing427 said:

That's a great deal.
What company is your policy with?  Does the umbrella policy need to be with the same carrier as your other insurance?

Typically your home/auto which is usualky bundled is who provides the Umbrella….but verify that your MH limits are in accordance with the ones required for an Umbrella….not rocket science…but verity…

[dl_racing427]

Thanks Tom.

[nvrtoofast]

A quick note on Automotive insurance. The industry is going through some growing pains. I was talking with a friend who has been working in the industry on a high level for a long time. The recent changes in mobility from the pandemic, economy woes, and the last few hurricanes, floods, and fires have them a bit upside down on revenues. They are scrambling to regain revenues by increasing policies. The prior statistics and models don't seem to be working in this storm going on. They have even pulled out of a few states all together. Progressive, who used to be the go to to insure anything, is hurting and changes are coming.

Find a good policy and get it signed for as long as possible. The industry is shifting and it will likely be a few years till it settles back into place.

[Paul J A]

Erie for over 20 Years.