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When Would I Need an Insurance Binder for a Motorhome?

You are approaching an age where you have done well in your job or profession and you want to start taking a vacation. A road trip in a car might seem too cramped. Perhaps you have some teenagers and taking the whole family on an airplane ride doesn't sound appealing. A motor home appears to be the best option. That way everyone can sit where they want, do what they want, listen to whatever mobile device they want and play whichever game they want. A motor home is an excellent choice. No need for eating out or staying in motels. "But how can I afford a motor home?" you ask.

Perhaps your children have left the home and you and your life partner are nearing retirement age and want to start enjoying the fruits of your hard work. A motor home might just be the best choice for you. Yes, gas or diesel prices are high. But so is the cost of lodging and meals. The question then is, "Do you dip into savings and pay cash or finance the motor home?"

If you pay cash for your motor home you obviously won't have to deal with a finance company or lender. But, you do have to insure the motor home to meet basic legal insurance requirements. If you buy your motor home from a dealer you will be required to show proof the motor home is insured for at least the basic limits of liability insurance before leaving the lot. If you buy the motor coach from a private party, you should not move the unit from it's been insured and you have proof in hand. Oregon law enforcement can impound a motor home and have it towed just as easy as a car for not having insurance. And trust me, the cost of towing a motor home is a lot more than a car.

If you finance the purchase of your motor coach, then you will be required, in addition to proving you have liability insurance to move the vehicle, to provide evidence of coverage that the motor home is insured for physical damage. Physical damage insurance coverage for a motor home is similar to car insurance full coverage. It has comprehensive coverage protecting you and the lender from losses caused by fire, theft, vandalism, wind, hail, flood and such. Collision coverage pays for the damage you cause to your motor home if you run into another vehicle or fixed object like a wall or guard rail.

The proof or evidence of insurance the dealer or lender will require is called a binder. Once we have quoted you a motor home policy and you have paid for it, we can send a temporary contract binder to the dealer by email or fax immediately. This will satisfy the liability and physical damage coverage requirements the finance company has to be sure their investment in your motor home is covered.

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