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RV insurance - are you covered?

3/20/2019

 
You’re pulling the RV out of the driveway for the first time in months. Are you covered properly?

As you drive down the road to your first stop on the inaugural trip, you drive under an overpass that’s maybe four inches too short (or your RV is four inches too tall, as your spouse points out). You’re not sure... oh, sure... you’re sure... so you go for it.

You hear the TV antenna screech as it rips from the top of your RV.

The sound literally hurts.

You pull over, and realize the antenna is a goner. You ask yourself: “Will my insurance cover this?”

Well, will it?

Answers about coverage aren’t always easy.

To get the right answers, you need to ask the right questions. Let’s start with what type of RV you have.

There are several classifications of RV: Class B RVs are basically camper homes and will need different coverage than a Class A Recreational Vehicle, which is more like a house on wheels. A Class C is in between these. Think mini-motorhome.

So, the question is, are you towing a pop-up camper, driving a camper home, or living in a house on wheels?

Your insurance agent understands that the type of coverage must be matched to the type of RV. Another important question is, are you a full-time RV person, often called a full-timer or a part-time camper?

Another way to ask it is, do you live full time in your RV for much of the year? Or do you take an occasional long weekend to explore nearby campgrounds?

The type of RV you own, and the type of RVer you are will affect the type of coverage you need.

The R

The R in RV stands for recreational. As you travel, and stay at various campgrounds and RV parks, you face unique risks.

You have awnings, antennas, and satellite dishes to worry about. You also face increased risks of losing personal valuables like rings and laptops. These risks must be explored.

Finally, there may be unique liability exposures by living on the road. If you are living long-term on the road, even for part of the year, you need to make sure that there are not gaps between your homeowners liability and your auto liability.

Sometimes, what you don’t know can indeed hurt you.

The V

V in RV stands for vehicle, and traditional car insurance often covers a lot of RV insurance needs.

Comprehensive and Collision, of course, are covered; if you can drive it, auto insurance can cover it.

But what about full replacement value? How about pull-behind campers? What about fifth-wheels? How are they covered under auto insurance? Or are they?

These are questions unique to your RV, and areas that traditional auto insurance may need some additional help covering. These questions need to be explored with your insurance agent.

My advice

This particular article has been intentionally vague on what’s covered versus what’s not covered.

Why? Because each RV, and each over the road excursion, requires individually-crafted coverage solutions.

Don’t hit the road in your RV without first talking to your local insurance agent. As always, if you don’t have a local agent, feel free to contact me with any questions.

Why permanent life insurance is here to stay

3/6/2019

 
This week, I’ll talk about why permanent life insurance is a great solution for many people.

What is permanent life insurance?


A permanent life insurance plan is just that... permanent.

It’s not the policy you date for a while; it’s the policy that you marry.

It will provide a death benefit when you are 35 years old, and also guarantee that you still have that same death benefit at age 85.

How does it do this? Simple. It’s composed of two parts that work together:

First, it has a death benefit that has an increasing internal cost to it as you get older.

Second, it has an internal cash-value accumulation that grows each year.

That increasing cash value grows internally and automatically pays for the rising cost of your insurance as you get older. It offsets the cost of the death benefit, and it grows additional cash value as well.

So... premiums stay level, and you build cash value too!

What are some of the advantages of permanent life insurance?

Let me talk about just three of my favorite things that permanent life insurance can do for you.

There are more, but my editor won’t let me write 12,000 words (lol), so here we go:

1. You have a lifelong dependent child or grandchild.

How will they be cared for after you are gone? If you have a special-needs dependent, their financial needs are permanent.

So, your life insurance should be too. Term insurance is simply inadequate for this lifetime need.

You can create a special-needs life insurance trust that would be funded by your permanent life plan.

You’ll need to bring in a team to do this right; you’ll want your life insurance agent working with your accountant and attorney to make sure you’ve covered all the bases.

2. You own a business, or significant real estate and only one of your children wants to inherit it.

How do you make everything equal and fair?

Simple. You work with your life insurance agent to set up the beneficiaries properly so that the children who are not inheriting the business receive the equivalent of their fair share of the business.

There are many ways that your permanent life insurance plan can accomplish fairness in an inheritance situation. Make sure you explore all of your options with your life insurance agent.

3. You want to leave a financial legacy... no matter what.

A permanent life insurance plan guarantees that even if you spend and enjoy your retirement savings, and even if you live to a ripe old age, you’ll still be able to leave a financial legacy for people or causes that are dear to your heart.

Life insurance can fund college for the grandkids.

It can help family through tough times. It can advance a cause that you’ve devoted your life to. It can do amazing things.

But it can only leave a legacy if it’s in force no matter when you die.

This is why I love permanent life insurance so much. It will be there when you need it most.

And this is why permanent life insurance is here to stay.

How can I know which plan is right for me?

Talk to your trusted insurance agent. Find out if they have experience to walk you through the complex choices you have.

Permanent life insurance is a valuable tool, but it needs to be handled with care. It needs experience to do it right.

If you don’t have an agent to help with life insurance planning, I’d be glad to answer any questions you have. Call or email me.

    Picture

    Bruce Sackrison

    Napa, California
    (707) 931-018

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