September 2010
Volume 37 - Number 2
Contents
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| July 28, 2010 555 |
| Ensuring Your RV Customers are Properly Insured |
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Click Illustration for Larger Image | | Veritas Insurance Group, Inc., St. Petersburg, FL, is a division of Priority One Financial Services, and specializes in recreational insurance. Priority One is the nation's oldest and largest full-service retail F&I outsource company and has been serving recreational dealers since 1987. |
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You've just sold an RV, and your customer doesn't know if he should add his RV to his homeowner's policy or add an endorsement to his automobile insurance. He might not even be aware of his third option - a stand alone, specialized policy for RV owners. As a sales person you know everything about the RV you just sold. To be an exceptional sales person and increase customer loyalty, you'll also benefit from advising him of the best recreational insurance options within his budget. By asking him the questions below, you'll assist him in determining the protection he needs.
1. Is your customer's RV going to be used for vacations or will he live in it for six months or more? If he's going to live in his RV, full-timer coverage covers the RV as both a home and a vehicle so he doesn't need to purchase two separate policies (homeowner's and automobile). RVers who live in their vehicles are also eligible for heightened liability limits which protect from claims due to accidents that cause injury to other people or to their property. This coverage has the benefits of homeowners, auto and RV coverage in a single policy and protects the owner at all times - while he's rolling down the road or when he's relaxing at a campground.
2. What is your customer going to bring with him in his RV? Items that an owner may have inside his RV such as housewares, tools, sporting goods, and small electronics are rarely covered by automobile or homeowner's policies. Through personal effects coverage, the owner is covered up to a specified replacement cost for loss or damage to the insured RV contents. Also ensure the policy protects the items on the exterior of the vehicle, such as antennas, external racks and satellite dishes. If your customer plans to bring his pets along for the ride, there is pet injury coverage. If his dog or cat is injured from an accident while inside his RV, this policy will cover a specified amount for veterinary costs.
3. How much money did your customer put down? We all hate to think about it but everyone knows the minute a customer drives their RV off the lot, it begins to depreciate in value. Automobile policies are typically "actual cash" policies which means that if the RV is totaled, the policy will only pay out the current market value of the RV. The amount the insurance company may reimburse for the RV may be less than what is owed. To protect themselves, many RVers choose to purchase a stand-alone policy with total loss replacement coverage. This coverage will replace the owner's RV with a brand new unit, identical to the one he owns or upgrade him to the newest similar model if his model is no longer available. In most cases after the first few years, the policy will adjust to agreed value coverage, which will entitle the policy holder to the full amount agreed upon when the policy was purchased and can be used towards the purchase of a replacement RV.
4. Does your customer have an emergency fund? Any experienced RVer has seen it happen. A family on vacation in their RV has an accident and the RV needs repairs. They're hundreds of miles away from home and their means of transportation, shelter and food just got towed away to the repair shop. Don't let this happen to your customer. RVers who purchase emergency expense coverage breathe easy knowing that their policy will pay for a rental car, hotel and dining expenses while their RV is in the shop. Advise your customer to consider purchasing this coverage so that even if an unfortunate accident happens, he can continue his vacation without missing a beat.
5. How is your customer's driving record? Just as in automobile policies, a good driving record is rewarded in specialized insurance policies with discounts for things like "safe-driving." Drivers with a good record can also receive disappearing deductible coverage, which rewards safe drivers with reduced collision and comprehensive deductibles. For each claim free year, their deductibles reduce by a specified percentage until the policy reaches a zero deductible.
Specialized insurance coverage gives your customer customized options that fit their needs. An automobile endorsement or homeowner's policy may look cheaper up front but can cost your customer thousands of dollars in the long run. An educated RV owner is a protected RV owner. Taking a few moments to help your customer evaluate his insurance needs and save money will ensure that he will enjoy his RV for years to come and return to your dealership when looking to upgrade.
For more information contact:
Veritas Insurance Group
742 Second Avenue South
St. Petersburg, Florida 33701
866-808-3344
www.veritasinsurance.com
Source Jason Kendall, Managing Director of Veritas Insurance Group, Inc.
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