Summer RVers Need Insurance You Can Offer
A sure sign of summer I notice each year is the appearance of more recreational vehicles on the road. While diehard fans use them year round the spring and summer offer peak season. Did you know you can offer RV coverage to your clients through Big "I" Markets?
National Interstate provides coverage for motor homes, bus conversions, medium duty tow vehicles and converted medium duty tow vehicles with a value up to $1.5 million; and travel trailers and 5th wheels with a value of up to $150,000. For more information on covered recreation vehicle types, including eligibility requirements for all categories, see the Recreation Vehicle Categories Supplement in the Product Resources Section at www.bigimarkets.com. All policy terms are annual unless specifically approved by the company. National Interstate does not impose minimum or maximum limits on the age of the primary driver.
Commercial usage of recreational vehicles is acceptable, with the exception of those rented or leased to others. If an insured uses their recreational vehicle for commercial purposes, they must purchase additional coverage to avoid the commercial usage exclusions in the standard policy. All commercial risks must be approved by National Interstate.
Premiums are based on the following:
- Age and marital status of the principle operator of the vehicle. The principle operator is the person driving the vehicle more than 50 percent of the time.
- State where vehicle is registered. If registration and garaging address are in different states, liability limits must at least meet the highest minimum limit required by either state. Garaging address cannot be P.O. Boxes unless the P.O. Box is shown on the vehicle registration.
- Unless Total Loss Replacement coverage is selected, the rating basis should be the current market value of the unit, including all permanently attached equipment. Values are not adjusted at renewal unless requested. If total loss replacement coverage is selected, the rating basis should be the original purchase price including sales tax.
- Driving record and auto/RV loss history over the past three years. Risks with excessive violations, accidents or claim histories are not acceptable. Please see the ineligible risks supplement located in Product Resources.
- Insurance credit scores are used in states where approved.
- Vehicle usage; i.e. commercial, personal or full-timers.
by Elif Wisecup
Director of Marketing
Big “I” Advantage
For full coverage details, log onto www.bigimarkets.com
This article originally appeared in the June 3, 2014 issue of IIABA’s weekly newsletter, Two for Tuesday.