Insurance for a <$10k CT. necessary?

[manchu]

Am I crazy for thinking I don't need insurance for my CT?        1999 Jayco Hawk OB which I bought for $7500 early last year.          Stored at home and will be used 4-5 times a year.

My car insurance (AAMI) seems to cover 3rd party reasonably well while on the road,    which is my main concern insurance wise.       

Considering value of the CT and relatively low risk of significant CT damage I don't see insurance as  necessary,   but I'm happy to be convinced otherwise.   

CIL have quoted $320 for $10K cover.        To give some perspective,  when my daily driver value hit ~$10K value I ditched the $1K/yr comprehensive insurance for 3rd party only.      CT insurance is cheaper of course but it's also used much less frequently so less risk. 

Would you insure it?     Why?     
   

[Bird]

Am I crazy for thinking I don't need insurance for my CT?        1999 Jayco Hawk OB which I bought for $7500 early last year.          Stored at home and will be used 4-5 times a year.

My car insurance (AAMI) seems to cover 3rd party reasonably well while on the road,    which is my main concern insurance wise.       

Considering value of the CT and relatively low risk of significant CT damage I don't see insurance as  necessary,   but I'm happy to be convinced otherwise.   

CIL have quoted $320 for $10K cover.        To give some perspective,  when my daily driver value hit ~$10K value I ditched the $1K/yr comprehensive insurance for 3rd party only.      CT insurance is cheaper of course but it's also used much less frequently so less risk. 

Would you insure it?     Why?

Can you afford to lose 8000 ?

[GeoffA]

....Stored at home....

OK if it's out of sight, but if it can be seen, it can be taken....

 

[Marcus73]

Mine hasn’t been insured for years firstly because I was slack but then because I had the why bother approach. Mine is kept in a locked garage when not in use and as you mentioned, is covered in the event of a car accident. As Bird mentioned though, it’s only really applicable if you can afford to lose it.


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[manchu]

Can you afford to lose 8000 ?

I've still got a decent tent so I guess i could live without the CT        

Total loss is pretty  unlikely though I figure.         I'd never spend $300 on a lottery ticket with similar odds of winning $8K

OK if it's out of sight, but if it can be seen, it can be taken....

Theft from home isn't a concern at our place thankfully. 
 

[Bird]

I've still got a decent tent so I guess i could live without the CT        

Total loss is pretty  unlikely though I figure.

Nobody plans on campers catching fire while camping either but it happens..

[Fizzie]

My car insurance (AAMI) seems to cover 3rd party reasonably well while on the road,    which is my main concern insurance wise.

I'd suggest confirming that in writing with them!

[manchu]

I'd suggest confirming that in writing with them!

FYI - Relevant section from the AAMI PDS below.      Seems pretty clear after another read though so I'm satisfied is alleviates my main concern which is damage to other persons property etc.     


Third party property damage for caravans and trailers
We cover
When your car is towing a caravan or trailer in the period of insurance and loss or damage is caused to another person’s vehicle or property as a result of:
• the actions of your caravan or trailer;
• your caravan or trailer running out of control after separating from your car while your car is
moving;
• another vehicle colliding with or trying to avoid colliding with:
– property falling from your caravan or trailer while it is being towed by your car;
– property being loaded or unloaded from your caravan or trailer attached to your car;
then we cover the amount you are legally liable to pay another person to compensate them for loss or damage to their vehicle or property.
Limit

The most we will pay for all claims arising from any one incident is $20 million including associated legal costs we have agreed to pay.
Note: If you claim under this cover, you cannot claim under Third party property damage for the same incident.


We do not cover
• damage to the caravan or trailer being towed;
• damage to the actual property that falls or is being loaded or unloaded from your caravan or
trailer.

[Marcus73]

Nobody plans on campers catching fire while camping either but it happens..

I’ve got a soft floor so how much damage can it do? New tent and repaint, maybe some wiring. Yes it still comes down to can you afford to lose it though.


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[Bird]

Yes it still comes down to can you afford to lose it though.

agree.

[#jonesy]

And the cost of returning it to home if disaster strikes.

Depends. how far you travel

[vern]

Nobody plans on campers catching fire while camping either but it happens..

Our camper caught fire when we were building our new house, bush fire came through and cleaned it up, wasn't covered.

Only thing salvageable was the axle and hubs.

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[weeds]

We took the risk with our home built camper trailer.

I invested about $6k


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[geopaj]

I think it’s very much a personal choice based primarily on if you can afford to have a total loss, and, to a smaller extent, how much the premium is compared to the asset’s value.

[Rowlie]

I respect your position but personally I would keep it insured for a while yet. My reasons are as follows.
1. Whilst the risk is minimal you have a legal liability for the van when it isn't being towed. If someone is injured by an awning that collapses, trips on a guy rope, the van moves from its rest place, you have a fire / gas explosion, etc. Comprehensive insurance covers this liability.
2. In the event of an accident / theft you are responsible for the recovery of the van. If it has gone off the road for example that can be expensive and often it is a cost you have no control over. You are also responsible for disposing of the wreck in the event of a total loss.
3. I have visions of some galah running into me and damaging both the car and van. The inconvenience of it all would be bad enough without having to contend with finding repairer/s for the van, getting it towed to them, overseeing the repairs etc etc.

Given the above - $320 - to me at least - isn't too bad. The insurer controls the whole process then guarantees the repairs. It moves the van around as necessary if it can't be towed by you.

[tryagain]

I have got mine insured for less than that, so it might pay to shop around, also, where you are storing it comes into play, they are generally pretty easy to steal. Maybe also look at an insurer with the layup option if you aren't using it lots.

[manchu]

I respect your position but personally I would keep it insured for a while yet. My reasons are

Cheers.  Some good points there I hadn’t given due consideration.   

I shouldn’t really compare it value wise to 3rd party insurance on my daily driver because the potential costs/inconvenience of issues with a CT in the boonies could be a magnitude or 2 higher.

I’m  leaning towards getting insured for a year at least then re-evaluate.    I’m pretty green when  it comes to lugging a CT around so should play it safe.

[paul.o]

As mentioned, all when it's attached to your car, but if, heaven forbid, there was an incident that took out a couple of campers/vans.... ouch.

[KeithB]

My cheap camper trailer cam adrift while I was unhooking it and the handbrake failed. It jumped its wheel chocks and sailed into the neighbour's brand new Alpha Romeo.
I was glad of the insurance.
Keith

[manchu]

My cheap camper trailer cam adrift while I was unhooking it and the handbrake failed. It jumped its wheel chocks and sailed into the neighbour's brand new Alpha Romeo.
I was glad of the insurance.
Keith

holy cow.   Our block is very steep so I've played out that scenario in my head a few times.  It'd be a real mess.

I got a quote from AAMI out of interest,  but they certainly won't be gettign the CT policy.      Their 'market value' was only $6K and would only go to $7.2K.    Way too low considering prices at the moment,  and even low for pre-covid prices.     They wanted $465pa!.   

$10K cover for $320 with CIL is looking pretty good.               

[manchu]

RACV is the cheapest by a mile so far.   I didn't expect that at all.    Still need to read the PDS fully, but assume it covers what I need.   

No problem with $10K value either.     I think they'd let me go to $15K,  so over double what AAMI would do.