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03-22-2021, 10:16 AM
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#1
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Junior Member
Join Date: Jul 2016
Location: Hayward, Ca
Posts: 20
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rv life insurance
Hi all,
I see a couple of posts on Facebook about widows/widowers having to sell their rvs right away as a spouse has passed. I saw one post, can't remember where, an rver said he had insurance that would take care of the remaining balance on his rv if he or his wife passed away. I know you can get mortgage insurance when you purchase a home but I've never heard of insurance for an rv. Anyone know anything about this? We are getting 'up there' but want to purchase a new 5th wheel.We can afford it right now with both of our retirements, but, if that changes
thanks
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03-22-2021, 10:23 AM
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#2
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Senior Member
Join Date: Aug 2012
Location: Waco, Tx
Posts: 5,457
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Quote:
Originally Posted by shrtmem
Hi all,
I see a couple of posts on Facebook about widows/widowers having to sell their rvs right away as a spouse has passed. I saw one post, can't remember where, an rver said he had insurance that would take care of the remaining balance on his rv if he or his wife passed away. I know you can get mortgage insurance when you purchase a home but I've never heard of insurance for an rv. Anyone know anything about this? We are getting 'up there' but want to purchase a new 5th wheel. We can afford it right now with both of our retirements, but, if that changes
thanks
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It's called CREDIT LIFE
__________________
2015 Ford F350 DRW 6.7 Diesel XL
2020 Avalanche 313 RS
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03-22-2021, 10:31 AM
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#3
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Senior Member
Join Date: Oct 2014
Location: Germantown, TN
Posts: 6,332
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Simply talk to your agent about a 'term insurance policy' for a certain time and certain amount. Please avoid the bogus crap on TV.
This won't be tied into the RV or the house or car or anything else. Also don't fall for the insurance offered at the closing of your RV sale.
__________________
Jim in Memphis, Wife of 51 years is Brenda
2019 F450 6.7 Powerstroke
2018 Mobile Suites 40RSSA
2021 40' Jayco Eagle
2001 Road king w/matching Harley sidecar
2021 Yamaha X2 Wolverine 1000
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03-22-2021, 10:58 AM
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#4
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Site Team
Join Date: Feb 2014
Location: W. Texas
Posts: 17,692
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Put a pencil to it and see if it's worth it. Credit life and term insurance when you're "up there" in age isn't cheap.
Also think about that RV when there is only one of you...which one you don't know. If it were us I would probably continue to use the RV; DW would have no use for it and would sell it.
The loss of a spouse may or may not mean the loss of a "retirement/pension" payment depending on how it was set up initially. I always had mine set up so that the surviving spouse kept right on getting the monthly payout. If not the loss cold be significant. As far as social security you will lose the lower of the payments you each receive.
In the end you need to look at what expenses will change and how; some will be reduced...probably most if not all. Income will be the same. Can you live within those limits?
As far as buying the insurance and the cost; those big insurance companies....that are making billions every year....aren't making all that money by giving their policy holders wonderful deals. Have you thought about having enough money to cover any costs associated with the trailer set aside in the event of a bad situation? Or....
Was just talking to my neighbor here in the park a few days ago; just turned 80 in Feb., had sold his house elsewhere in the state and was looking at properties and homes in this area where his family is (just signed a contract 3-4 days ago). He initially was going to use all his money to pay cash for the property so he would not have any debt if anything happened. We discussed it and he told me a few days later that he was getting a loan vs using his money; he said he decided at his age he didn't care if he died and his kids were stuck with the debt because he would probably have the money to pay it off but in the meantime he would have access to it to do whatever he wanted to do. At the end he said, who cares if I have an 850 credit score or 200 because I defaulted on the loan? I won't have the slightest idea, but I will have had fun on the way out.....and, when I write my last check before kicking the bucket I want it to bounce!
__________________
Danny and Susan, wife of 56 years
2019 Ram 3500 Laramie CC SWB SB 6.4 4x4 4.10
2020 Montana High Country 331RL
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03-22-2021, 12:08 PM
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#5
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Junior Member
Join Date: Jul 2016
Location: Hayward, Ca
Posts: 20
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Our pensions are set up that the surviving spouse will get a certain amount. But it will not be the same amount. I don't think he would have any use of an rv if I go first, unless the grandkids want to go. For me, yes I would still go.
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03-22-2021, 01:06 PM
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#6
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Senior Member
Join Date: Nov 2017
Location: Picacho, Az
Posts: 6,809
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Quote:
Originally Posted by shrtmem
Our pensions are set up that the surviving spouse will get a certain amount. But it will not be the same amount. I don't think he would have any use of an rv if I go first, unless the grandkids want to go. For me, yes I would still go.
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Most auto loans there's GAP insurance available that will pay off the loan if the borrower passes. Not if rv loans have it available, but wouldn't know why not.
__________________
Full-timed 10+ years
Sold '13 Redwood FB
Traded '13 GMC Denali DRW D/A
Replacement undetermined
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03-22-2021, 01:53 PM
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#7
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Senior Member
Join Date: Jan 2020
Location: Roseville
Posts: 292
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We have it through our Credit Union where we have the loan.
__________________
Jim and Carole
Roseville, MN
2018 RAM 3500 DRW, Diesel, Long Box, Air Lift Bags - 2023 Fuzion 421
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03-23-2021, 04:03 AM
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#8
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Senior Member
Join Date: Jul 2017
Location: Muskegon
Posts: 356
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Depending on your age and the loan institution insurance to pay off the loan may not be available.
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07 GMC CC LB dually LBZ, Idaho Rob EFI, DeeZee boards, 50 gal TransferFlow inbed tank
05 32' Montana Mountaineer 5th wheel 2 slides
1941 Ford cpe 454/700R4
1917 T roadster 270 Hemi/4 spd
34' car trailer w/63" semi sleeper on the front
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03-23-2021, 06:35 AM
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#9
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Senior Member
Join Date: May 2017
Posts: 279
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I dont think gap insurance covers for a death.it covers if the car is totaled and there is a difference in what you owe and what the insurance company pays for it being totaled.
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03-23-2021, 06:54 AM
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#10
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Senior Member
Join Date: Aug 2012
Location: Waco, Tx
Posts: 5,457
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Credit Life or a Life insurance policy are the only options I know of..
GAP insurance pays the difference between value and money owed if the unit is totaled.. It is because most buyers today are upside down on the loan on day one..
__________________
2015 Ford F350 DRW 6.7 Diesel XL
2020 Avalanche 313 RS
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03-23-2021, 04:41 PM
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#11
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Senior Member
Join Date: May 2019
Location: NE Ohio
Posts: 503
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Don't buy credit life insurance. Get a term life policy from an A++ rated insurer. You'll get double the insurance for half the money.
__________________
2018 Cougar 26RBS
2016 Chevrolet 3500DRW D/A
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03-20-2024, 02:15 PM
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#12
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Senior Member
Join Date: Feb 2022
Location: Onaga, KS
Posts: 466
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We don't have the pay off issue as it is paid for. However, since I have cancer, we elected to purchase get it home coverage from anywhere in the US or Canada should something happen to either one of us a third party will drive it home, and we travel by air.
I understand the importance of this because in the early 90s, I had to fly to Yellowstone and drive my in-law's class A back to New Orleans after my father in law messed up his back at a rally.
__________________
2021 Cougar 25RDS
2019 RAM 3500 Longhorn, Mega Cab, DRW,
Cummins 6.7 HO, Aisin 6 Spd HD, 4x4
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