Renting my Scamp - Page 3 - Fiberglass RV

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Old 05-23-2014, 01:59 PM   #29
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Bob Miller's Avatar
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Trailer: 1973 Hunter Compact II
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Originally Posted by KevinScamps View Post
In the US, liability insurance covers anything attached to the car. However coverage is based on depreciated value which is based on stick built trailer prices. So if your trailer is over two or three years old, you insurance basically regards it as worthless.
Your trailer is usually only covered for liability by the vehicles policy and those value issues are not necessarily true when it pertains to collision & comprehensive.

But, if you have a policy specifically on your trailer:
1. Most insurance policies are written for "Replacement Value" and it's up to the owner to prove that value with recent comps. vs. what the ins company offers.

2. Many companies will write a "Declared Value" policy where an owner states a maximum replacement value and the premiums are adjusted accordingly. But it's still up to the owner to prove value with comps and qualified appraisals if a claim is made.

3. Right now there is a 1987 Toyota Motorhome being repaired in northern California (he's from Colorado BTW) and the insurance is paying out over $18,000 in repairs against a $30,000 declared value policy, on a vehicle that books for about $3500. In that case, as it is a rare 4x4 Sunrader FGRV, the value is very high, and the owner acted accordingly in getting it insured..

4. I have a Stated or Declared value policy of $10,000 on my Hunter Compact-II. I also have a stack of saved Hunter ads and a stack of receipts for work I have done. If it gets appraised, the appraiser will be including labor costs at market rate when computing it's actual value.

Ins companies are usually more than happy to take additional premiums for higher values, but they are guessing that they will never have to pay it out.

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Old 05-23-2014, 07:21 PM   #30
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Name: Donna D
Trailer: Escape 5.0 TA, 2014
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I'd make a lousy landlady. I would never own rentals of any kind... not even sticks 'n bricks homes/apartments/condos. It's my personality, can't help that. I somehow attach myself to what I own. Few would take care of my stuff like I do.. and that includes family/friends.

Years ago, I learned three things:

Family is family
Friends are friends
Business is business

Don't mix up the three.


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Ten Forward - 2014 Escape 5.0 TA
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Old 05-23-2014, 09:40 PM   #31
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Trailer: 2009 Trillium 1300 "Homelet"/2014 Subaru Outback "Rosie"
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Cool Rental et al

Donna, I always say the same thing in a different way:

Avoid dual relationships. Don't rent/loan to a friend because if the rental/borrowing goes bad, as it very well may, then the friend is gone too. Shakespeare said it in Polonius' advice to Laertes:

"Neither a borrower nor a lender be. For gift oft loses both itself and friend and borrowing dulls the edge of husbandry."

So you see this also was a problem in the 16th century.

I loaned a pick-axe to a neighbor thirty years ago. I did get it back, and a pick-axe is neigh near indestructible, but it took years.

I know of two brothers who wed two sisters. When one marriage died, the other followed as collateral.

There are rental companies...

RV Rentals, Recreational Vehicle, Motorhome and RV Rental - El Monte RV


Class C Motor Homes, RV Rentals and Sales - Cruise America

I see these on the road often.

(I see that El Monte has a whole list of things to do in one of their RVs. We don't need theirs, we have our own! )
A charter member of the Buffalo Plaid Brigade!

Whether you think you can or think you can't, you're right.
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Old 05-24-2014, 04:55 AM   #32
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Name: Jim
Trailer: 2017 Escape 5.0 TA
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In regards to someone who is looking to rent out their trailer, as the OP is, I say go for it. If it helps make owning it more affordable, why not. Just make sure you have good documents to cover the deal with detail on how damage would be covered, and have good insurance in place. AND, don't forget to charge enough. Maybe check out to see what some of the rental companies charge.

I have done major amounts of business with friends and family, from bathrooms, to basements, kitchens, large scale additions, to a couple new homes. Only in one case did the resultant end in a strained relation, which took a few years to mend. What I like about doing work for them comes from the fact they trust me, and that I will do a good job, and be fair. They also realize it is an occupation for me, and that I need to make money at it.

Personally, I would never consider renting my trailer (or anything I own personally), but would lend it out to a friend or family member in a heartbeat, and have done so. They realize the 'You break it, you fix it' rule. The main reason for not renting it for me would be the hassle involved, as my time right now, what with being super busy with work, is quite precious.

I also do business with my two brothers, owning some rec property, and a few revenue properties together, and there is ZERO question on trust in any dealings any one of us should do on our own, while representing each other. I just sold a property a short while ago while one brother was out of the country on vacation. He just did up power of attorney for me. When I made a deal, I sent him a text with just the selling price, got a response that said "Sounds good, go for it", and sent a reply saying "That was not a question!". The reply back was a smilie face.

I do understand the concerns some of you may have, and have seen first hand with others how this sort of thing can go wrong. I know families that live within a short distance of each other, yet are lucky to get together a few times a year. For us, it is a very regular thing. It all comes down to how sound your relationships are, I think.

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