Are you considering renting out your RV to earn some extra cash? Renting out your RV can be a lucrative opportunity, but it’s crucial not to overlook the insurance details. Without proper insurance coverage, you could be exposing yourself to unnecessary risks. In this article, we will guide you through the basics of rental insurance, ensuring you and your RVs are adequately protected.
Can I Keep My Existing RV Insurance?
Before we dive into the types of insurance you need as an RV owner, it’s important to understand that your existing RV insurance may not be suitable for rental purposes. Most traditional RV insurance companies do not allow you to rent out your RV. They might even deny claims related to rentals or cancel your coverage altogether if they discover that you’ve been renting. To avoid any unwanted surprises, it’s essential to explore the insurance options tailored specifically for renting out your RV.
Two Different Types of RV Insurance You Need
When renting out your RV, there are two primary types of insurance coverage you should consider:
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Insurance during the rental period: This insurance provides coverage while other people are renting your RV. The simplest way to secure this coverage is through Outdoorsy, a platform that offers comprehensive insurance options. Outdoorsy requires all renters to purchase one of three tiers of insurance packages. These packages include liability, collision, and comprehensive coverage. The liability insurance covers damages caused by the renter to someone else’s property, including medical payments for bodily injury. Outdoorsy offers up to $1 million in liability coverage, which is unmatched by any other RV sharing platform. For damages to your RV, both collision and comprehensive coverage are available, providing repair or replacement coverage in case of damages caused by the renter or non-collision incidents such as fire or theft. Outdoorsy offers the highest levels of coverage, ensuring your RV is well-protected.
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Insurance outside of the rental period that allows you to rent: This type of insurance is designed specifically for rental purposes. Traditional insurance policies typically exclude commercial renting activities. However, Roamly Insurance has created specialty RV insurance that not only allows you to rent your RV but also ensures a hassle-free experience. With Roamly, there’s no need to notify them each time you rent, and you won’t be charged additional daily fees. Roamly supports your rental activities, offering flexibility and peace of mind. Whether you rent out a single RV or operate a rental business, Roamly has smart commercial options to cover your growing fleet.
Do I Need to Keep My Traditional Insurance Policy?
If you choose to get RV insurance through Roamly, you can opt to discontinue your traditional insurance policy. You can switch to Roamly at any time of the year and request reimbursement from your existing provider for the days you’ve already paid. Additionally, Roamly offers bundling options for home and auto insurance, allowing you to save even more. Speak to one of Roamly’s licensed agents to discuss the best insurance options for your specific needs.
What About Insurance for the Renters?
Outdoorsy has you covered when it comes to insurance for the people who rent your RV. Renters are required to pay for daily insurance that covers physical damage to your RV during their rental period. This insurance is seamlessly integrated into Outdoorsy’s rental process, ensuring a hassle-free experience for both you and the renters. As the RV owner, you won’t be charged any additional premiums or monthly fees for this trip insurance for renters.
FAQs
Q: Can I rent out my RV with my existing insurance?
A: Most traditional RV insurance policies do not allow you to rent out your RV. It’s crucial to explore insurance options specifically tailored for rental purposes.
Q: Do I need to keep my traditional insurance if I switch to Roamly?
A: No, once you switch to Roamly, you no longer need to keep your traditional insurance policy. Be sure to inform your existing provider about the switch, and they will reimburse you for any days you’ve already paid.
Q: What if I own multiple RVs or operate a rental business?
A: Roamly offers smart commercial options to cover your growing fleet, making it ideal for owners with multiple RVs or rental businesses.
Conclusion
Renting out your RV is an excellent way to earn extra income, but it’s essential to ensure you have the right insurance coverage. Traditional RV insurance often falls short when it comes to rental activities. By securing insurance during the rental period through Outdoorsy and insurance outside of the rental period that allows you to rent through Roamly, you can have peace of mind knowing that your investment is protected. Don’t overlook the insurance details – get the coverage you need and embark on your RV rental journey with confidence.
