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Financing
FAQ's
HOW TO FINANCE A RECREATIONAL VEHICLE
Purchasing a
recreational vehicle is very much about attaining a new way of life. The
rolling homes-away-from-home let their owners pick up and roam to their
heart's content. More...
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Anti-Theft Device - A device that is capable of tracking and
recovering the automobile, usually through a homing device. This
type of system will contact a response center to begin the process
of recovering the stolen automobile.
Auto Insurance - This is insurance which protects the insured
against losses involving the use of automobiles. Various coverages
may be bought depending on the desires of the insured. Such
coverages include the liability coverages of bodily injury, property
damage, and medical payments, and the physical damage coverages of
collision and comprehensive.
Bodily Injury Coverage - This coverage pays when an insured
is legally liable for bodily injury or death caused by an insured's
vehicle or an insured's operation of most non-owned vehicles. This
coverage would also pay for a legal defense if an insured were sued.
Collision Coverage - Auto Insurance that covers loss to an
insured's own automobile caused by its collision with another
vehicle or object but which does not cover bodily injury or property
damage liability resulting from the collision.
Comprehensive Coverage - Usual name for physical damage
coverage resulting from losses caused by events other than collision
including fire, theft, vandalism, falling objects and various other
perils. Continuously Insured Refers to insurance coverage being in
effect from an insurer or multiple insurers at all times, without a
break or lapse in coverage at any time for any reason.
Declaration Page - This is the report from your insurance
company which includes the types, limits, and costs for each
coverage as well as the vehicles covered by the policy. It also
would include the types of coverage for each vehicle covered by the
policy and other pertinent information.
Deductible - This is the amount an insured agrees to pay in
the event of a loss.
Drive Other Car Endorsement - This is a coverage that can be
added to an auto policy providing auto coverage for individuals
named in the endorsement while they are driving autos not owned by
the individuals and not named in the policy. Otherwise known as DOC
coverage.
Employers Non-ownership Liability Insurance - This coverage
insures the employer for liability from the use by employees of
their own autos on company business.
Extended Non-Owner Liability - This is an endorsement to a
personal auto policy that provides broader liability coverage only
for specified named individuals. This endorsement provides cover for
non-owned autos provided for the regular use of an insured, use of
autos to carry individuals or property for a fee, and broader
coverage for autos used in the course of business.
Financial Responsibility Clause - This clause states that an
auto policy conforms to the financial responsibility laws of any
respective state in which the insured is using the insured
automobile.
Fleet Policy - This is an insurance policy that applies to a
multiple number of vehicles, usually five or more.
Garage Coverage Form - This is a commercial auto insurance
form that is used to cover automobile dealers, repair shops, service
stations, and garages.
Garaging Location - This is the zip code where an automobile
is parked when not being used and usually corresponds to the primary
residence of the insured.
Good Student Discount - This is a discount awarded to students
with high scholastic achievement. Hired Automobile- This coverage
applies to autos an insured leases, hires, rents, or borrows, but
not to autos owned by employees or their families.
Limits - The most an insurance company will pay for a
specific insurance coverage. Individuals can choose the limit, which
meets their needs. Many states have laws that specify the minimum
limits an insured must purchase.
Livery Use - The use of an automobile for hire to carry
individuals. Livery use is excluded in auto policies unless coverage
for it is specifically stated.
Motor Vehicle Record - The driving record of an individual
which includes accidents and traffic violations. It is also known as
an MVR. Named Insured- It is the first individual in whose name the
auto insurance policy is issued.
Named Non-Owner Policy - It is an auto insurance policy
issued to an individual who does not own an automobile, but who
drives loaned or rented automobiles.
No-Fault Insurance - Several states have laws permitting the
individual automobile accident victim to collect monies directly
from their own insurance company for medical and hospital expenses
regardless of whose fault the accident was. The laws vary from state
to state. However, most states will allow the individual to sue the
party at fault if the amount of damages is higher than a certain
stated limit.
Occasional Driver - An individual who is not the primary or
principal driver of the automobile.
Personal Effects - Replacement
cost coverage for loss of or damage to the insured's personal
belongings (like clothing, dishes, cookware and other items not
permanently attached to your unit).
Personal Injury Protection or PIP - These policies refer to
no-fault benefits in states that have enacted mandatory or optional
no-fault auto insurance coverages. Generally, PIP includes benefits
for medical expenses, loss of work income, accidental death and
funeral expenses.
Physical Damage - Damage to an automobile resulting from
perils such as collision, theft, fire or any damage to the
automobile itself.
Policy Expiration Date - The date when an insurance policy
expires.
Radius of Operation - This is usually used to develop rates
for autos used in a business endeavor. The larger the radius the
higher the rates.
Safe Driver Plan - This is a plan for which points are given
for traffic violations and certain types of accidents, with each
point adding a percentage surcharge to the rating factor that is
used for determining rates.
Scheduled Valuable Personal Property
Your valuable possessions kept in your RV can be covered on your
policy. A recent appraisal will be required (dated within 12
months).
SR-22 - This is a document required by the court for
individuals convicted of certain types of traffic violations that
shows proof of financial responsibility.
Threshold Level - This is the level at which an insured may
start a tort action under a modified No-Fault Auto Plan.
Total Loss Replacement - An added coverage that will allow you to
receive a new unit of the same model, body type, class, size and
equipment if you decide to replace your RV in the event of a total
loss due to a covered accident. Most RVs up to five model years old
are eligible for this coverage.
Towing Costs - This is an optional auto coverage that pays
the cost up to a fixed amount for the towing of an inoperable
vehicle.
Transportation Expenses - This is coverage for transportation
expenses incurred by the named insured only when the theft of the
insured's automobile occurs. There is a daily and maximum dollar
limit.
Underinsured Motorists Coverage - This is coverage in an auto
policy for which the insurer will pay claims up to certain limits
for bodily injury damages, if the limits of liability under the
liable motorist's policy are completely used up and the liable
motorist can't pay the full amount for which he is liable.
Unsatisfied Judgment Fund - Also known as UJF, many states
have laws, which provide for reimbursement to a person injured in a
car accident who has not been able to collect from the responsible
party. Vacation (Campsite)
Liability - Protection up to your policy limits for your legal
liability resulting from lawsuits if you are negligent while using
your RV as a vacation residence.
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