Now is the time to start getting prepared for the 2017 Hershey PA RV Show. This is the Biggest RV Show in America. Granted it is not until September 13-17 but you need tickets and accommodations. Ticket start to go sale in February. Below is some great info on Buying and insuring an RV. Get educated now then come to Hershey in September.
Whether the purchase is financed through a bank, credit union or RV dealer, the average minimum down payment is 10 percent for both new and used RVs. For budget-conscious families, these attractive terms make RV ownership even more economical. Lenders also consider RVers to be reliable buyers – another advantage for consumers. The reason: less than one percent of all RV loans are delinquent, according to RVIA figures.
Financing saves money Not only are interest rates more affordable today, but financing an RV purchase can be smarter than tapping into savings or cashing in assets to pay cash, experts advise. This option offers more economic flexibility, allowing you to further invest your money and obtain returns greater than the cost of financing. And because RV loans are generally offered for longer periods, yielding lower monthly payments, financing might allow you to buy a larger RV than you might have otherwise purchased.
Tax Advantages For the vast majority of RV buyers, the interest on their loan is deductible as second home mortgage interest. To qualify, interest expense deductions on the RV must exceed the taxpayer’s standard deduction and you must not already have a second home mortgage. In addition, the RV must:
• Be used as security for the loan
• Be rented out less than 15 days per year.
• Have basic sleeping, toilet and cooking facilities.
Insurance considerations RVs are specialized vehicles with unique insurance needs. RV insurance can be arranged through the same carrier that you use to insure your automobile or home. In addition, there are companies that offer specialized RV insurance – which can be arranged through your RV dealer or lender. Specialized RV insurers are familiar with how the RVs are built and used, and therefore can provide the best coverage and service with the lowest premiums, experts say. Coverage on furnishings, fixtures, appliances and personal items are among the many differences between regular automobile and RV insurance. An RV is a home on wheels.
AIC Progressive and Foremost RV Insurance can be a unique blend of auto and homeowner’s insurance coverage, yet the price is typically comparable or less expensive than standard auto insurance.
Total Loss Replacement (TLR) With TLR coverage, also called Replacement Cost Coverage, if your RV is totaled, the insurance company either replaces your RV with a new one or pays you your initial purchase price, depending upon the age of your unit at the time of loss. Generally this policy is in effect for the first five model years. After that, because of age, many companies covert TLR policies into Purchase Price Guarantee or Actual Cash Value Policies. These policies will pay the prevailing depreciated, fair-market value of your RV in case of a total loss. ACV is the most common type of policy offered to RV owners.
Vacation Liability This type of coverage extends to you while your RV is parked. If someone is injured at your campsite, your liability exposure is covered up to the specified policy limits.
Diminishing Deductible Coverage Designed to reward good drovers by reducing comprehensive and collision deductibles by 25% of your original deductible for each claim-free year until the policy reaches a zero deductible. If a loss occurs after four claim-free years, you pay no deductible on your claim.
Personal Contents Coverage Covers personal, property, such as housewares, tools, clothes, and sporting goods. A homeowner’s policy may provide coverage, but there are often limitations to coverage for off-premises property, items in storage, or belongings damaged in a collision. RV specialty policies replace stolen or damaged items at full replacement cost.
Finding an RV Insurance Provider You can call us now at AIC Insurance and start to quote out the insurance for your new RV policy. We can typically bundle the policy with great home and auto to get the best price possible.
Some Information provided by RVIA.