03-31-2022, 11:02 AM
Quote: "I am paying sub $2k/annual for my 18 years old coach. / What's your insurance premium look like for a $2m up policy, and how to earn comfortably and consistently over 4% without losing a shirt or skin, if you don't mind sharing that?"
In answer to your question about policy premiums – as we all know, premiums vary, depending on my factors, including the value of the coach and the specific coverage limits in the policy.
I just sold my 2018 Newmar London Aire, but had I renewed my policy for another year thru April 2023, the annual premium was to be $5,800. That was a Progressive policy that I purchased thru the FMCA agent. (Progressive, as with most carriers, will not insure an RV (for property damage to the RV) for more than $1M.)
The State Farm policy has full property damage coverage on the 2023 Newell, including liability and UM/UIM limits of $1M. The annual premium is $11,383. Yes that’s a lot, but the option is max property damage coverage of $1M, which means that if I total the coach, or it burns to the ground, I pay the other million myself, and it also means I can’t finance more than half the cost of the RV.
As to your, (likely tongue-in-cheek), question where to get consistent investment returns over 4%, my not tongue-in-cheek response is to find a broker you trust, and follow his or her advice. I never even watch the market; I leave that to my broker. He knows what he’s doing; I don’t! People lose money in the market because they “play” the market, they buy high and sell low, and/or they tell their broker when to buy and sell. To me, it’s an investment, not a game. If I was getting surgery, I wouldn’t say to the doc “here, let me take over for a little while and make a few cuts on my own”! Nor do I tell my broker what to do. But that's just me. It's worked out really well for me, but I'm certainly not telling anyone else what to do!!
25 days, 21 hours, 2 minutes, and 32 seconds until I officially become a member of your Newell Owners clan . . . but who's counting?!?!
Ed
In answer to your question about policy premiums – as we all know, premiums vary, depending on my factors, including the value of the coach and the specific coverage limits in the policy.
I just sold my 2018 Newmar London Aire, but had I renewed my policy for another year thru April 2023, the annual premium was to be $5,800. That was a Progressive policy that I purchased thru the FMCA agent. (Progressive, as with most carriers, will not insure an RV (for property damage to the RV) for more than $1M.)
The State Farm policy has full property damage coverage on the 2023 Newell, including liability and UM/UIM limits of $1M. The annual premium is $11,383. Yes that’s a lot, but the option is max property damage coverage of $1M, which means that if I total the coach, or it burns to the ground, I pay the other million myself, and it also means I can’t finance more than half the cost of the RV.
As to your, (likely tongue-in-cheek), question where to get consistent investment returns over 4%, my not tongue-in-cheek response is to find a broker you trust, and follow his or her advice. I never even watch the market; I leave that to my broker. He knows what he’s doing; I don’t! People lose money in the market because they “play” the market, they buy high and sell low, and/or they tell their broker when to buy and sell. To me, it’s an investment, not a game. If I was getting surgery, I wouldn’t say to the doc “here, let me take over for a little while and make a few cuts on my own”! Nor do I tell my broker what to do. But that's just me. It's worked out really well for me, but I'm certainly not telling anyone else what to do!!
25 days, 21 hours, 2 minutes, and 32 seconds until I officially become a member of your Newell Owners clan . . . but who's counting?!?!
Ed