We have a 2007 Jayco Sterling 18 foot pop top so it's 15 years old. We insure for market value which is $18600. The premium is $477 with a $300 excess.
It also has $20 000 000 public liability. Is it worth it? I like having public liability, but the tow vehicle already has it, so do I need two lots of cover?
Only you can answer that Collo. Do you have sufficient cash reserves that should your van be stolen and not recovered or written off in an accident where the other party is impecunious to fork out the readies for a replacement? If you do and it does not concern you doing this then perhaps you answered your own question.
In regards to the public liability aspect, if your van rolls off the site you have parked it on and unhitched and cleans up a few passers by, do you have the readies to pay out for their injuries, suffering, loss of income and out of pocket expenses? Also, if it demolishes the car and van parked near you, do you have the readies to cover that? If you do and it does not concern you perhaps you have answered your second question.
I would suggest you read your insurance policy regarding the public liability aspect of your tow vehicle. It might help you with this decision. If that is all too hard then perhaps spending the less than ten dollars per week for insurance would be the best option.
I know what I would do and that is to have insurance.
You can also increase your excess to say $1000, so that you are covered for a big loss, plus the liability section(which is a must). Premium will then drop for sure.
It's not just the value of any loss that you are covered for. You also get the insurer picking up any "hassle" when there is a dispute as to liability for a loss. They will pay lawyers to fight about it. If you are uninsured and somebody else blames you for a loss and you disagree that you were at fault, could you possibly afford huge sums to get a lawyer? Even if you won a disputed claim, you'll still be out of pocket, you never get all of what you pay a lawyer back from the other side. Insurance also covers that, and it's the insurer who deals with it, not you.
We have a 2007 Jayco Sterling 18 foot pop top so it's 15 years old. We insure for market value which is $18600. The premium is $477 with a $300 excess.
It also has $20 000 000 public liability. Is it worth it? I like having public liability, but the tow vehicle already has it, so do I need two lots of cover?
Collo.
Not too expensive. Mine is covered for $40,000 and premium over $1,200 plus $300 excess And iexpect after the recent floods, our next premium will be eye watering.
-- Edited by the rocket on Friday 18th of March 2022 12:50:02 PM
A car has no Public Liability attached...it has Third Party Property Damage cover if you insure it, and it has a Bodily Injury cover within the registration to cover for any costs due to personal injury to a passenger.
$20 Million dollars can be chewed up very quickly if it is called on due to some negligent act which triggers it...
check your state motoring club (eg, RACV, NRMA, RACQ, etc) for the best premiums and Ts & Cs.
Ask about what would be the maximum Agreed Value for your van. Better to insure for true replacement value rather that what the insurer deems to be its market value.
