fad847 Report post Posted July 1, 2013 When I purchased my motor home, 2007 Fleetwoood, Providence, I let the dealer do the financing which made it easy. They financed it through BB&T Bank. I insured the motor home w/ USAA which worked out great, but the rate jumped a little and they didn't have a storage option.. So I went in search of another company. That company was GMAC through Good Sams. The rate was good and they had a storage option. However! when I returned from a trip to New England I cleaned the motor home and parked it in a secure storage lot. I then notified the insurance company to put my motor home in storage. That's when I ran into a problem with BB&T. I received a letter stating that my motor home was underinsured. I called to find out what the problem was and was told the they (BB&T) do not insure motor home in storage and will not honor that option and that the motor home has to be fully insured, while it is financed with them! I said that it does not make sense to fully insure a motor home when it is in a secure, lighted, monitored with cameras facility, and not driven on the roads.. The answer was "that's our policy and if you don't fully insure it we will." Needless to say I am going to refinance my motor home and never never recommend BB&T for anything. Share this post Link to post Share on other sites
hermanmullins Report post Posted July 1, 2013 fad847, If it hasn't been said before, Welcome to the Forum. Check with ESSEX CREDIT, 800-377-3948, essexcredit.com/fmca. tell them what you would like to do and they will find you a good interst rate and a lender that will be best for your requirements. Herman Share this post Link to post Share on other sites
vtbigdog Report post Posted July 2, 2013 1. You will always have Comprehensive on your RV whether it is in storage or not. 2. Some insurance companies also require the Liability portion of the policy to remain in effect when in storage 3. Only Collision is removed if #2 is true. In summary your RV is properly insured if you removed #2, as well as #3 if don't drive it. I would call then and specifically ask them what part of the RV is "underinsured" (Liability, Comp, Collision?). If they say you need Collision on it you should examine your policy to see what it states. Share this post Link to post Share on other sites
fad847 Report post Posted July 2, 2013 Richard, Thanks for your response. The finance company, BB&T, would not let me remove anything. They said the coach had to be "fully insured at all times" to be financed by them. Share this post Link to post Share on other sites
vtbigdog Report post Posted July 3, 2013 Richard, Thanks for your response. The finance company, BB&T, would not let me remove anything. They said the coach had to be "fully insured at all times" to be financed by them. Not sure if you are speaking with someone at your local branch, but I would call and speak to a Manager and have them contact the Loan Department at Corporate Headquarters...or get their number and call them directly. Technically, if you remove Collision and do not drive the RV, you are fully insured. Share this post Link to post Share on other sites
jrwitt Report post Posted July 3, 2013 Not sure if you are speaking with someone at your local branch, but I would call and speak to a Manager and have them contact the Loan Department at Corporate Headquarters...or get their number and call them directly. Technically, if you remove Collision and do not drive the RV, you are fully insured. I am not sure if there is a difference between RV and auto insurance, but I don't see how you could consider yourself "fully insured" without Collision coverage. If I canceled the collision coverage on my car which was stored it for the winter in a storage facility and someone unknown to me backed into it and left the scene, I would be out the cost of repairs which could be significant. "Uninsured Motorist" coverage, which would normally cover this is only available with Collision coverage. Is this situation not true for RVs as well? If so, then the lien holder should have the right to demand full coverage to protect his collateral. I am definitely not an expert on RV insurance, but I used to manage the branch of a rental car company who specialized in providing vehicles (automobiles) to owners who's vehicles were in body shops due to collision damage and I learned a lot about different kinds of insurance (for cars anyway). It is possible that, since RVs frequently are stored for long periods at a time, there may be special insurance to protect against uninsured motorist accidents while stored even without collision coverage? Maybe there is someone on this forum that is/was in the insurance business that might address this?? Share this post Link to post Share on other sites
vtbigdog Report post Posted July 3, 2013 I agree with jrwitt. It may be the requirement of ANY bank that Collision be left on the vehicle. I would check this out before you refinance. Clarification though...Uninsured Motorist is part of the liability package and is not tied to Collision. Specifically the Uninsured Motorist Property Damage (UMPD) could cover the costs of damage from another known and underinsured driver as long as you are not at fault, not UMPD does not cover hit-and-run scenarios. Why Car Insurance Guide recommends Esurance, our trusted partner Home > Coverage Options > Collision Coverage Collision Coverage What is collision coverage? Collision coverage is the part of your car insurance policy that will cover the cost of damages to your car that occur because of a car accident you cause Share this post Link to post Share on other sites
