RV Insurance: How Does it Work?

Here in North Carolina, recreational vehicles are very popular and, while the term RV usually evokes the image of large motor coaches rolling down the road or parked at a scenic campground, it can mean many things. Recreational vehicles include all types of motorhomes, from small pop-top camper vans and bus conversions to Class A, B and C motor coaches. Other types of RVs could include boats, all-terrain vehicles and even golf carts.

Who Needs Protection?

All of the aforementioned vehicles pose a certain amount of risk to the driver/owner. For this reason, they should be covered by sufficient insurance to prevent the suffering of financial losses that become your personal responsibility. North Carolina, like all other states, require that motor vehicles driven on public roads be covered by a minimum amount of state-mandated liability coverage. Just as with your car insurance, RV liability coverage pays “the other guy” when you’re involved in an accident shown to be your fault. However, just like car insurance, options exist whereby you can add coverage that reimburses you for losses resulting from a collision (collision coverage) or from non-collision caused losses, such as theft, vandalism, fire, storm damage and more (comprehensive coverage).

Why RV Insurance is Unique

Many RVs are large, difficult-to-drive vehicles more likely to be involved in accidents that cause a great deal of damage to other individuals and their property. For this reason, often the claim dollar limits are higher than for regular car insurance. In addition, RVs often contain a great deal of items, including appliances and any number of personal items.

Even if you only use your RV occasionally, or for a few months a year, you need to carry coverage year-round, especially the comprehensive coverage that protects against losses from non-collision incidents. Another consideration applies to those individuals who live in their RVs as a substitute for conventional homes. In these cases, some provisions of RV insurance will more closely resemble a typical homeowner’s insurance policy.

While basic liability insurance is required by law if your RV is licensed for the road, if you’ve purchased your vehicle through a bank or other financial institution, it will want collision and comprehensive coverage to protect its financial interests. Your local insurance broker can clearly explain everything you should have.  

Is it Time to Update Your Business Insurance Policy?

Business insurance is all about shielding yourself and your business from potential liabilities deemed your responsibility and the sharing of that risk, in exchange for a specific amount of premium dollars, with your insurance carrier. Your portion of this risk-sharing is a deductible amount, if required, should a claim against the policy be filed. If the dollar loss of a particular claim exceeds your policy limits, you’ll also be responsible for any amounts in excess of those limits.

Where to Start

From the day your business opens its doors, you become exposed to risks. One lawsuit or catastrophic event can basically wipe you out in the blink of an eye. A large liability judgment against you could actually spell financial disaster, which is exactly why good business insurance is a must. Fortunately, there is business insurance coverage for just about every conceivable risk you face. Each business insurance policy will basically be a custom-designed contract drawn up to fit your specific insurance needs. You should consult with your local broker here in the Triad area to determine what you need.

The Big Three

The top three types of business coverage most commonly sold here in North Carolina are all coverages against potential liabilities. They include:

• General Liability – protects against losses suffered as a result of accidents, injuries or negligence claims. Payments may be made toward losses from bodily injury, medical expenses, property damage, slander, libel or to help cover the costs of defending yourself in a lawsuit.
• Professional Liability – also known as E&O (errors and omissions) insurance, this coverage protects against negligence claims arising from failure to perform or from mistakes made, including malpractice, while in the service of clients.
• Product Liability – protects against losses suffered as a result of a defective product that your company manufactured, wholesaled, retailed or otherwise distributed.

Your other major business insurance need is for property insurance. This coverage is similar to your homeowner’s insurance. It covers everything related to the damage or loss of company property. This typically includes perils, such as fire/smoke damage, storm damage and vandalism, and may include a broad range of other coverage, such as loss of income, business interruption and more. While you may have all or most of this coverage already in place, it's a good idea to revisit policy limits, premium and deductible amounts regularly. How long has it been since yours was assessed?

Riders for Auto Insurance: Understanding This Type of Coverage

Everyone who drives should have access to good car insurance, whether you have a sterling record of no violations or accidents or you’ve picked up a few tickets and/or dents along the way. With the Internet at your fingertips, finding the best policies from the best carriers has never been easier, but understanding insurance company terminology can be confusing unless you have someone knowledgeable to explain it to you. A good insurance broker in the Triad area should be more than willing to do this to help educate you before you decide on the best options for your personal car insurance coverage.

Why the Confusion?

Car insurance terms like collision and comprehensive, deductible, depreciation, PIP, gap insurance and 25/50/25 can be confusing; however, with a little study, it can all become clearer. The most basic car insurance is the pure protection provided by liability coverage. This pays “the other guy” if you’re involved in a vehicle accident deemed your fault. Benefits include payments to help cover bodily injury and/or property damage done to another. All states in the U.S. require drivers to carry liability coverage.

Although not legally required, many policyholders will typically consider adding collision coverage, which pays to repair damage to your vehicle as the result of it hitting something like a tree or another vehicle. Comprehensive, which is another option, pays for losses to your vehicle in other-than-accident scenarios. This could include:

• Vandalism
• Theft
• Fire
• Hail, flood or other storm damage

What Else Applies?

You may be offered a “boilerplate” auto insurance policy that includes liability, collision and comprehensive, but there are plenty of other options to consider. Some insurance companies may include certain of these options as part of their auto insurance products. Others will offer them in exchange for an additional premium amount. This may include uninsured/underinsured coverage, towing and roadside assistance, rental reimbursement, personal injury protection (PIP) and more.

What a Rider Adds

Riders (or endorsements) are add-ons to an auto insurance policy that either extend or decrease coverage. They’re ways to customize your car insurance policy. Some items typically found in auto insurance riders include:

• First accident forgiveness insurance
• Waiver of depreciation
• Rental car substitute
• Rental car insurance
• Family protection coverage

Policy riders generally add coverage to your policy, so their addition will mean higher premiums. If a rider is used to decrease coverage, premium amounts should go down.

(For Hire) Trucker Insurance Explained

Being legally able to drive cargo for hire within the US, and if desired, Canada is a must for an independent trucker. The trucker has a need for insurance because it is required by law to protect the public and private interest of clients, workers and companies. Truckers file the truck tractors and trailers they own as well as the drivers they hire with their insurance carriers, and the insurance carriers file the needed forms to the state and federal regulatory agencies. Cargo insurance is purchased to give the needed protections against loss to the client. Physical damage coverage is purchased to protect finance companies or other owners against physical damage due to a covered loss. Often, companies will even assist with compliance reports/issues on behalf of the trucker, which is great because that is something the insurance company knows well.

Having a knowledgeable, helpful and accessible agent is invaluable when it comes to protecting your livelihood, and it’s important to understand which coverage is provided by the motor carrier to whom you’re leased and what additional trucker insurance you need to take care of on your own.

Your employer will generally cover you for protection against his liability should you be responsible for causing an injury, death or damage to someone’s property while under dispatch for his company. But there are other risks to address besides third-party liability. That’s where your trucker insurance comes in.

Additional Protections You’ll Likely Want

What about when you’re driving your tractor on your own time and become involved in a collision? You need liability protection then too, and it’s probably not covered by your employer’s policy when you’re off the clock.

There are many situations that put a trucker at risk, and for each of these, there are insurance options that can provide protection against financial loss. Whether it’s damaged or stolen cargo, a tree falling on your tractor while it’s parked somewhere, or slipping and falling off your trailer while tarping it, you need protection.

Find out what coverage your employer already has in place, and then ask your broker what else you need. Consider these insurance options:

• Bobtail or non-trucking liability
• Cargo
• Physical damage
• Commercial auto liability

Understand the risks you face and protect yourself from financial loss. It’s important.  

3 Benefits of Working With an Independent Insurance Agent

When shopping for good, quality insurance, whether it's life, health, auto, homeowners, business or some type of specialty coverage, consumers face the initial decision as to what type of agent they choose to use – direct writers or independent agents.   

    

Direct insurance writers are agents who work for a single insurer, offering only their companies' specific insurance products. Independent insurance agents are those representing an array of insurance companies and, as a result, they're beholden to no one, single provider.

When Buying Direct Isn't Necessarily Less Expensive

Ordinarily, you might think buying direct and bypassing any middleman (agent) would save you some money. When buying insurance, though, it's usually the independent insurance agents that have the best deals and can offer you the best prices.

In addition to the ability to often obtain better rates on your coverage, working with an independent insurance agent can provide you with several other benefits you may want to consider.

• Independent insurance agents work for their clients, not for a single carrier as do direct-writing insurance company representatives. As a client, your independent agent is your legal representative to the insurers with whom you take out coverage. They simply work to fulfill your specific needs as the insured.
• Since independent insurance agents rarely write only one or two types of coverage, your agent can bring you one-stop-shopping for a wide range of insurance products such as homeowners, auto, life, health and more. In addition to offering many various types of insurance, your independent agent has access to dozens (or maybe hundreds) of companies whose policies he or she can write. A qualified and competent independent agent can become a long-term advisor as your insurance needs change throughout your lifetime.
• An independent agent is licensed, insured and regulated to only act on your best behalf, as is his or her fiduciary responsibility. Just as medical doctors are insured against malpractice liability, independent insurance agents are insured against insurance sales malpractice. This gives you added protection that direct writers may not provide.

When choosing an independent insurance agent, select someone that provides dedicated, personalized service and who has access to the very best insurance providers in the industry. A good independent agent should be able to get you better coverage than you could find yourself and save you both time and effort while doing it.