Jump to content

Defining "Full Time"


Recommended Posts

As we look forward to retiring in 2017 I'm curious about how to define "Full Time" - specifically when it comes to RV Insurance and Loans.

 

I realize that both loans and insurance are more expensive for full-timers, but what do insurance companies and banks consider full time? Is there a line such as "anything more than 180 days/year"?

 

Also, if I buy a motorhome now, when I'm not full timing, and get a loan on that basis, do I have to refinance when we go full time? Or do the original terms of the loan stay in force?

 

Anyone have experience with this?

Link to comment
Share on other sites

No need to tell Banks that you are FT. It will confuse them. Just give them your new mailing address.

Insurance for MH will need FT Insurance. Just give them your new mailing address. Same address will be your garage address.

On your loan for the MH. Just give them your new mailing address. Set up a auto pay from your Bank Account that will have your new mailing address.

Nothing else should change.

 

No need to tell anyone you are FT. Telling them that, just confuses them and can cause you a problem.

 

I have been FT for over 16 years and have bought/traded for a MH & 2 cars and 1 motorcycle during that time. Never told anyone about being FT.

And no one have ever asked me if I was.

Link to comment
Share on other sites

USAA didn't care that we were living in the fifth wheel (they don't insure motorhomes any more, though - have partnered with Progressive for that). The RV is covered under our auto policy both while we're moving and while we're stopped/camped. We got a separate renter's policy (at USAA's suggestion) for about $10 a month that covers our personal property AND the stuff we left in storage. USAA doesn't officially finance RVs for full-time living, but it was suggested (loud whisper) that we just purchase the RV before we sold the house and use the house address for the loan application...

 

Rob

Link to comment
Share on other sites

Full time means you don't own a house somewhere so you need full timer's insurance to cover what a homeowner's insurance policy would otherwise cover. If you don't have that liability insurance and someone falls down your outside steps, even if you didn't invite them over, you could be up the creek without a paddle.

 

As to USAA, any policy that covers your household goods will cover them anywhere since they were originally for military officers who didn't take everything with them on each change of assignment. In a house, RV, car, or storage unit, your goods will be covered if insured with USAA. With other companies you need to check on that.

 

Linda Sand

Link to comment
Share on other sites

I realize that both loans and insurance are more expensive for full-timers, but what do insurance companies and banks consider full time? Is there a line such as "anything more than 180 days/year"?

Most insurance companies do have some number of days of use that they go by, rather and your definition of full-time and some charge more based upon that, but that is only part of the difference. Most of us also carry a special additional rider for using the RV as a home that adds coverage which is normally provided by a home owner's policy. It adds such things as liability coverage should a visitor be injured while visiting in your home.

 

As to the financing, the only way to know what effect going on the road might have after the loan is in force would be to read the entire contract very carefully. Of course most people do not bother to do that, but everyone should do so before they sign any contract. It is not unusual for a financing contract to have some rights to call the loan (collect in full) if the people do certain things and reading the contract is the only way to know for sure what any one lender may put in. My wife, the former loan officer also points out that even though such clauses are frequently in a loan contract, if the customer is a good one, has a good payment record for a substantial time, very often the lender will not enforce such things, even though they could do so legally. A great deal if this is influenced by the people in charge of your loan. If they have known you for a long time and had good loan repayment in the past, they probably would not enforce the recall unless they have some reason to feel insecure but read those contracts carefully.

 

Anyone have experience with this?

We bought our full-time RV home about 1 year before we hit the road and it was financed. We went into the loan with one of the top credit ratings and we made no secret of our plans to go on the road. I got a copy of the loan contract to take home and read at the time that we ordered the motorhome and I also shopped loans at several other lenders and I got copies of each of their contracts as well. The verbiage of the contracts caused me to drop 2 lenders from consideration and of the four whose contract passed the read test, I chose the one with the lowest interest rate. But there is a difference here in that all of this was before much of the recent economic and banking upheaval and so many things are different so your experiences could be different, but the rule is still based upon what is written into the loan documents that you sign.

Link to comment
Share on other sites

 

The only problem with don't ask, don't tell is insurance company's will bust your ass if you have a major claim outside the scope of there/your contract.

 

For example, my insurance on my boat is for the boat to be in the Dallas area and I now have it full time in key west. Yep, hurricane hits and they run my credit card and figure out its been here two yrs I'm toast In so many ways. BTW. This will be changed next week. So no calling my insurance company please.

 

And you can imagine what a fatal accident would mean to state farm if they knew you were full timing and not telling them. Lawyers are always looking for ways to not pay claims.

 

JMO

Link to comment
Share on other sites

The only problem with don't ask, don't tell is insurance company's will bust your ass if you have a major claim outside the scope of there/your contract.

 

For example, my insurance on my boat is for the boat to be in the Dallas area and I now have it full time in key west. Yep, hurricane hits and they run my credit card and figure out its been here two yrs I'm toast In so many ways. BTW. This will be changed next week. So no calling my insurance company please.

 

And you can imagine what a fatal accident would mean to state farm if they knew you were full timing and not telling them. Lawyers are always looking for ways to not pay claims.

 

JMO

If Full Timing and you get Full time Insurance on your RV, it will be no surprise to the Insurance Company if your RV is not at it's registered Garage or state if a accident happens. :blink:

So there is no reason to tell them or not.

 

State Farm doesn't sell Full Time Insurance. Nor does some other Insurance carriers.

 

Again as posted.above by many. If you are going Full time get Full Time Insurance on the RV.

Link to comment
Share on other sites

Not trying to start anything here, but how would an insurance co. know if you're full time or not? If you have a mailing address as many do, such as a daughter or relative, then it would seem to the co. that that would be your home. We have full time ins., but ever since we sold our home to our dtr., we've just used the same address as we always had, didn't even change our cell phone number. There's no way an insurance co. could know how long we've been gone.

Link to comment
Share on other sites

Not trying to start anything here, but how would an insurance co. know if you're full time or not?...........................................

There's no way an insurance co. could know how long we've been gone.

The first thing they might do is to ask you. Should they do so, what would you say? If you carry fulltimer coverage, do you really think that they don't know, or even care? But the example of the boat could be a very different situation. And you need to read the contracts that you sign as I have yet to read an insurance contract that didn't have a statement in it somewhere that says false information is grounds for cancellation of coverage ore non-renewal. To violate a contract will void it, if you get caught.

 

I started to add an additional comment, but deleted it because it runs to the issue of ethics, which really isn't part of the question. :)

Link to comment
Share on other sites

Mariner, on 13 Dec 2015 - 05:39 AM, said:Mariner, on 13 Dec 2015 - 05:39 AM, said:

Not trying to start anything here, but how would an insurance co. know if you're full time or not?

 

Because you tell them! If you're fulltime, you should have fulltimers insurance because you want the liability insurance that you would normally have if you had a sticks & bricks (which you don't get with just regular RV insurance...or if your RV is covered under your auto policy).

 

While I agree that there's no need to proclaim your fulltime status from the mountain top to most companies, your insurance company that covers your rig isn't one of them.

Link to comment
Share on other sites

There is a kind of opposite situation possible here and, yes, there is often a line. Companies can define a fulltimer however they want. One company might say that a person is a fulltimer if on the road for at least five months. In other words, he or she may need fulltimer insurance even if owning an S & B and not even on the road most of the time.

 

Yes, fulltimer insurance certainly usually costs more (depends on what you have been paying --- may be possible for someone to pay less for fulltimer insurance if switching companies) but as for a loan, you would have to look at the loan papers to see what is required. A change of address is usually expected to be provided. As to how fulltimer status comes into it, no telling for any specific loan or company except to talk to them and read the provisions. As some have said, you want to make sure you are covered if something comes up. You do not want your company discovering fulltimer status (in case they will void your insurance or cancel your loan or some such) if a claim is made or something comes up regarding a loan, so they should know that in advance.

 

 

As we look forward to retiring in 2017 I'm curious about how to define "Full Time" - specifically when it comes to RV Insurance and Loans.

 

I realize that both loans and insurance are more expensive for full-timers, but what do insurance companies and banks consider full time? Is there a line such as "anything more than 180 days/year"?

 

Also, if I buy a motorhome now, when I'm not full timing, and get a loan on that basis, do I have to refinance when we go full time? Or do the original terms of the loan stay in force?

 

Anyone have experience with this?

Link to comment
Share on other sites

If Full Timing and you get Full time Insurance on your RV, it will be no surprise to the Insurance Company if your RV is not at it's registered Garage or state if a accident happens. :blink:

So there is no reason to tell them or not.

 

State Farm doesn't sell Full Time Insurance. Nor does some other Insurance carriers.

 

Again as posted.above by many. If you are going Full time get Full Time Insurance on the RV.

 

Yes you are correct., but the discussion is "if I don't tell the insurance company or finance company". And they will run credit cards and find any records of your travels. It's not that hard to track your movements these day.

Link to comment
Share on other sites

We have a motorhome. Our full time insurance is quite close to the equivalent to one full coverage vehicle with $100 deductible and our old homeowner's insurance. So, in the grand scheme of things, being honest up front didn't cost us any more and saved a great deal in peace of mind. Oh, and yes, we are with USAA and Progressive.

Link to comment
Share on other sites

I've joked that we're Permanent Part Time Full Timers:)!

 

-Our Domicile is SD

-Our old home, is now our 'Vacation Home'

-We pay for Full Timers Insurance on the RV and also have our Toad with the same company

-We talked to our long term State Farm agent, on our Vacation Home. Since MIL is their full-time, he said leave things as is.

-I have a truck that we keep at the Vacation Home, that is on a different policy, we also still have that registered in Calif.

-We our blessed to be able, and need to legally, travel outside of California for over 6 months a year - really enjoying this!

 

Always best to openly talk things over with he various insurance providers, to be sure you are properly insured.

 

Best to all,

Smitty

Link to comment
Share on other sites

When we purchased our first RV in 2011 and again when we bought our new one a couple of months ago, I swear there was a form we had to complete that we were or were not going to be full timing in the RV. I think it was a Patriot Act thing of some sort. We already had our financing arranged so it wasn't part of that process but it appears it had to be reported to some government agency. I have no idea who that might be.

 

At the time we purchased these RVs, clearly the answer was that we were NOT full timing because we still have our SnB house. However, when it's time to replace this RV with a different/new one, that answer will be YES to the full timing question.

 

This whole situation goes back to the question I've posted on this and other forums about how "difficult" it may be to finance a RV without a SnB address that is under your name, not that of another person, say an adult child/sibling/etc.

 

Whatever you do, do NOT attempt to mislead your finance company or insurance provider. This can be construed as fraud and, if found out, can be very unpleasant, I'm sure.

Link to comment
Share on other sites

 

when we bought our new one a couple of months ago, I swear there was a form we had to complete that we were or were not going to be full timing in the RV. I think it was a Patriot Act thing of some sort.

I'd like to hear more about this one as I know that we were never asked when we bought our current RV in 2012. I think that I'll see if I can get my dealer to say if such a form exists.

Link to comment
Share on other sites

We still owned our home when we financed our motorhome with our credit union. They had an RV loan that applied to a motorhome, travel trailer, 5th wheel or popup. They did not care if we used it full-time , as a snowbird, or for vacations and weekends only. Our loan officer did know what our future plans were and it didn't matter. We continue to have our accounts and loan with them and they even suggested we have our new check order printed with our S Dakota address on them. The credit union is in MI. We have been full-time 5 years with no problem from the credit union.

 

We have full-timers insurance coverage for our motorhome.

Link to comment
Share on other sites

  • 2 weeks later...

As we look forward to retiring in 2017 I'm curious about how to define "Full Time" - specifically when it comes to RV Insurance and Loans.

 

I realize that both loans and insurance are more expensive for full-timers, but what do insurance companies and banks consider full time? Is there a line such as "anything more than 180 days/year"?

 

Also, if I buy a motorhome now, when I'm not full timing, and get a loan on that basis, do I have to refinance when we go full time? Or do the original terms of the loan stay in force?

 

Anyone have experience with this?

We start our 20th year of fulltiming in January 2016. We have never had a problem getting insurance or loans. I do feel that credit unions are a bit easier than your bank if you are fulltiming but that's not 100%, just our experience. We've had 2 RV type loans to upgrade our 5th wheel and a truck loan thru PenFed Credit union. Only paid 2.4% on our truck loan. If you feel you can get a better loan before going fulltime, go for it. A bit of research on line will give you all your interest rate options. Hugs, Di

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

Guest
This topic is now closed to further replies.
RVers Online University

campgroundviews.com

Our program provides accurate individual wheel weights for your RV, toad, and tow vehicle, and will help you trim the pounds if you need to.

RV Cable Grip

RV Cable Grip

All the water you need...No matter where you go

Country Thunder Iowa

Nomad Internet

Rv Share

Dish For My RV.

RV Air.

Find out more or sign up for Escapees RV'ers Bootcamp.

Advertise your product or service here.

The Rvers- Now Streaming

RVTravel.com Logo



×
×
  • Create New...