New Canadians to the US help please

[blsmith25]

Hi,

I'm new to the US from Canada and I will soon be taking delivery of my new home, a Plateau. However, without US credit, I was not able to get financing and with Canadian citizenship, I'm finding it difficult to get insurance at a decent price.
I'm wondering if there are or were other people in this situation that have gone through this and what did you do and which companies will work with this type of situation?
I'm looking at over $2K/yr for insurance just because I'm Canadian and no financing as it's a luxury vehicle, not deemed a necessity and I don't have enough US credit.
Does anyone have any solutions?

Thanks,
B.L>
[br]Date Posted: July 13, 2006, 05:48:54 PMMaybe I should clarify...
At this point, I've given up on financing it. All roads led to a dead end. It was a nice to have to try and get some credit and save my money for other things.
At this point, I'm trying to find some decent full-timers insurance for a CDN that's less than $2k.
I know there are other Canadians around.
I don't think I can insure with a company in Canada when it's purchased, registered and being lived in in the US, can I?
What have others done? Surely I can't be the first one...  ???
B.L>

 

[Ron]

Hopefully one of our members that either are Canadian or have visited from Europe will be able to shed some light for you.  Steve is of line for awhile but he might just be able to provide some tips when he gets back.

 

[allscott]

I actually moved from Canada to the U.S for a few years and credit was a problem.  What I discovered is that the Royal Bank of Canada has a large U.S division, you could try contacting them.

As far as insurance, I actually got great deals because I had no U.S accident history.

 

[blsmith25]

You were able to get financing through Royal Bank? I would like to at least partially finance my MH so I don't have to use all of my money. 
You were able to get full-timers insurance for an RV while you were here? I guess I'm looking for a few more details - like with whom? when? how much, etc. to give me some more places to look and compare.
My situation is I've just been relocated to CA from Ontario. I've been back and forth over the last 3 years and over the last 2years, I've spent a year equivalent in CA. I was offered a transfer with my job and jumped on the opportunity since I really liked it here and this is where I really want to be. My dream is to have one of the (not so) little vans to live in and drive around and explore and enjoy. This is the ideal place for that. But...
So far, I've run into financing roadblocks because of no US credit and CDN credit was looked at, but wasn't taken into account as much as I (and all my friends believe) it should have been.
I'm now running into insurance problems because I'm Canadian and there are very few companies that will insure Canadians in the US with RV's. I've found only one so far and I'm looking at $2100/yr (basic normal coverages - nothing extra) and nothing to compare it to since I have not been able to find another company that will insure me to give me a quote. I never thought finding insurance was going to be such a hassle and possible show-stopper.  :'(
Any comments if this is reasonable or not? What are others paying?
So far it appears I do not have any choice in the matter. My only choice is to get adequate insurance and pay super-high premiums or be underinsured, which in CA is not a good thing.

I will check in with Royal Bank. It's at least worth a phone call.

Thanks,
B.L>

 

[Carl L]

I'm now running into insurance problems because I'm Canadian and there are very few companies that will insure Canadians in the US with RV's. I've found only one so far and I'm looking at $2100/yr (basic normal coverages - nothing extra) and nothing to compare it to since I have not been able to find another company that will insure me to give me a quote. I never thought finding insurance was going to be such a hassle and possible show-stopper.?

Welcome to California.? ;D

My insurance over the past 12 months cost me $2,200? for two cars and a trailer and 100/500/1,000.? ? I am a native US citizen with 45 years in CA and 30 in my current LA address.

I am suprised you got such good rates.? Where are you at, the Sacramento Valley?? ?

 

[allscott]

Yes, I actually got my mortgage through the Royal Bank.

I should have been more specific, I was talking about Auto Insurance not insurance for a MH.

Also if you haven't already the first thing you need to do to establish some US credit is get a U.S credit card.  Even if it's only got a $500.00 limit it helps your credit rating real fast.

 

[Carl L]

I should have been more specific, I was talking about Auto Insurance not insurance for a MH.

All a motorhome would add is some aspects of homeowners like contents and burglary.  The cost of a MH would jack up the collision.  Anyway, California vehicle insurance, except for trailers, is bloodcurdling.

 

[blsmith25]

Yes... Welcome to California...
I am located in San Jose/Santa Clara area. That quote was just for the motorhome with typical full-timers coverage. I think the only extra was $2000 personal effects vs $1000 on their recommendation since $1000 doesn't seem to cover much these days. I have another pick-up truck that is additional.
So, it seems, it's not too bad or fairly typical then?  I just wasn't sure as I had no reference.

I did check with the Royal Bank and for loans, they cover only about 5 states or so where they have their branches - California not being one of them. And I didn't bank with them while in Canada either so that's not even in my favour.
As for insurance, they are in the Eastern Time Zone and were closed by the time I got the message to look them up. The loan people think it will work the same way - only in the states where their offices are. Their website says only about people-type insurance - like life and health insurance. There's no mention about automobile insurance let alone MH insurance.
I was trying to establish credit by financing the MH, but since that's not going to work, the only option is a credit card and without the MH loan, what do I need to establish credit for now???   Now I have my SSN, I can apply for one.

One thing the insurance did say was that if I paid it off and had no loan on it, I could self-insure and my rates would drop. However, in the event of a collision or any damage, I'd be paying for it myself. I'd never heard of this and my first impression is that would not be a wise idea. I would imagine that any damage to a brand new Plateau would be expensive. What's the point of insurance then if only for liability and total loss protection? I guess that's all you'd be paying for with that option. Any opinions on this?

Thanks for the help and tips.
B.L>

 

[Carl L]

One thing the insurance did say was that if I paid it off and had no loan on it, I could self-insure and my rates would drop. However, in the event of a collision or any damage, I'd be paying for it myself. I'd never heard of this and my first impression is that would not be a wise idea. I would imagine that any damage to a brand new Plateau would be expensive. What's the point of insurance then if only for liability and total loss protection? I guess that's all you'd be paying for with that option. Any opinions on this?

The point of insurance in California is that liablity coverage is required to drive in this state or to get or maintain registration of a vehicle.  The is the second point that an adverse settlement or judgement in a traffic accident can drive one into bankruptcy and CA judgements are really, really high.

Collision insurance is a bet with only limited economic consequences -- you total your MH, you lose your investment.  Lots of folks ride with out such coverage, it is routine with older vehicles.

 

[blsmith25]

Ok. One more question (for now... )...Deductibles. I've been collecting insurance quotes and usually they get back to me with $500 deductibles for both comp and collision. The last one I got was for $1000 deductibles and of course my premiums go down with higher deductibles.
I know there's no rules, but what's a good rule-of-thumb for deductibles for new MH's? With $1000 deductibles, they would see less claims as anything less than that amount just isn't worth claiming. Would I be better paying higher premiums for $500 deductibles? Maybe it's better to have the higher deductibles and you save in the long run if there's no claims... Over the course of a year without claims, the $1000 would be saved in premiums ready for a claim if one were to happen.
After thinking this through while I'm writing this post, I'm actually thinking the higher deductible would be cheapest overall without sacrificing coverage. My record at the moment is claims-free for several years - probably around 9-10 years or so by now. If I can keep that record going, maybe the higher deductibles are better...  :-\
Which is the best way?
Thanks,
B.L>