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Old 05-21-2018, 11:14 AM   #1
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Insurance Coverage...no gap?

Hi All,

So in buying a new motorhome I was surprised to find out that the dealership doesn't offer gap insurance when financing? They said that they use National General Insurance which offers a new RV (full replacement comparable to what I have) in the first 5 years and then full purchase price after 5 years. I have never bought anything without gap insurance and wanted to get others perspectives and see if anyone else has any experience with this?

The nice part is that my quote from National General was considerably lower than my current carrier for insurance on RV's.

Thanks in advance!
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Old 05-21-2018, 10:10 PM   #2
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I do not have gap on my trailer. And like you I have it on everything else I have financed.

I have foremost insurance which offers similar replacement.

If it is totaled in the first 5 years I get a brand new model year. If is totoaled in years 6-10 I get a check for the purchase price.

I have a 10 year loan and am guaranteed to either get a new trailer or a check for what o paid for it for the life of the loan.

Gap insurance only guarantees what you owe on it.
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Old 05-22-2018, 02:50 PM   #3
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Quote:
Originally Posted by quicky06 View Post
I do not have gap on my trailer. And like you I have it on everything else I have financed.

I have foremost insurance which offers similar replacement.

If it is totaled in the first 5 years I get a brand new model year. If is totoaled in years 6-10 I get a check for the purchase price.

I have a 10 year loan and am guaranteed to either get a new trailer or a check for what o paid for it for the life of the loan.

Gap insurance only guarantees what you owe on it.


I'm not sure if State Farm insures trailers/MHs but I finance my truck thru State Farm Auto and they automatically apply gap insurance.
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Old 05-22-2018, 03:53 PM   #4
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Originally Posted by wildcatter View Post
I'm not sure if State Farm insures trailers/MHs but I finance my truck thru State Farm Auto and they automatically apply gap insurance.
They do insure them. I looked into them and their rates for the loan were ok but the trailer insurance was 2-3 times what I pay with foremost.

I have everything else I own through State Farm too.
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Old 05-22-2018, 03:56 PM   #5
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Originally Posted by wildcatter View Post
I'm not sure if State Farm insures trailers/MHs but I finance my truck thru State Farm Auto and they automatically apply gap insurance.
Whether they insure them or not (they do, but I don't use them even though they do my vehicles. I never get both from same, and State Farm is not good with ATV's or RV's), if you borrow from State Farm Bank, gap insurance is automatic and included.
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Old 06-02-2018, 02:50 PM   #6
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I also have the same insurance company and replacement value would seem to do away the need of gap insurance for the first five years
Good Luck
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