Is Your RV Insured While on Consignment?
July 29, 2013 1:31 pm
It is time to sell your used RV and you have decided to use a Houston RV consignment lot? Do you know if your used motor home will be covered by your insurance policy while it is for sale on the dealership’s lot?
Many RV owners do not understand that insurance policies usually exclude coverage while an RV is being sold on consignment. For example, if an RV is involved in an accident during a test drive, and if your policy excludes the time on the lot, the claim may be denied. Think about other things that might happen to your RV while it is at the dealership. What if a storm comes and your RV is damaged? Then there is also fire, vandalism or theft to worry about too. Will your current policy cover those items?
Additionally, many people assume the RV will be covered by the dealership’s insurance. This is rarely the case. You must check with each dealer. Ask what specifically will and will not be covered while your RV is on their lot. The main issue is that of ownership. The dealership does not own your RV they are consigning for you, and therefore, most times, their insurance will not cover it. You have the “insurable interest” because you still own the vehicle. However, even though you carry insurance on the coach, you must not assume you are insured while it is on the consignment lot without first checking with your insurance agency.
Another item to consider is the loan on the RV. If you void your current insurance by leaving your RV on a consignment lot, you might also be breaching your loan agreement. Most loan agreements require insurance coverage during the term of the loan, and if your policy excludes consignment lots, you are not following the terms of your loan.
SellMyRVToday.com believes there are two ways to solve this insurance problem. The first is to purchase an additional insurance policy. There are agencies that will sell you another policy just for the time your RV is sitting on a consignment lot. They are not inexpensive, but they are available.
Or you can make one call to SellMyRVToday.com. We will purchase your RV (2002 or newer) quickly. Just let us know what you have to sell, and we will make you a fair offer based on market value. Once you accept, we will bring you the certified funds and drive away your RV. That is it. No additional insurance needed, no time sitting on a lot. Call us, and we will take care of you.
Tags: rv consignment houston, sellmyrvtoday.com, used rv
Categorized in: RV Info
2 Comments
Hank Hollinsworth / August 3, 2013 at 9:53 am
I did know this, only because I checked when I was looking into selling my RV. I would have had to buy an additional policy. It is true most people do not know about this problem. Make sure to check with your insurance company.
James Hothinger / August 6, 2013 at 11:51 am
This is crazy. I bet most people don’t know their RVs are not covered sitting on a lot. Thank you for the information. Who knows what might happen while a rig is sitting on a dealers lot? At least now I know.