rv life insurance

shrtmem · 03-22-2021, 10:16 AM

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

Javi · 03-22-2021, 10:23 AM

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

It's called CREDIT LIFE

notanlines · 03-22-2021, 10:31 AM

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.

**sourdough** · 03-22-2021, 10:58 AM

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!

shrtmem · 03-22-2021, 12:08 PM

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.

travelin texans · 03-22-2021, 01:06 PM

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.

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.

JDDilly · 03-22-2021, 01:53 PM

We have it through our Credit Union where we have the loan.

hornet28 · 03-23-2021, 04:03 AM

Depending on your age and the loan institution insurance to pay off the loan may not be available.

Eastham · 03-23-2021, 06:35 AM

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.

Javi · 03-23-2021, 06:54 AM

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..

Customer1 · 03-23-2021, 04:41 PM

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.

GlasNav · 03-20-2024, 02:15 PM

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.

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