Renting out your RV is a great way to make extra cash. But too many owners new to renting overlook the insurance details, which can leave you exposed to risk. In this article we’ll explain the basics of rental insurance in simple terms. All so that you and your RVs stay covered. Sound good? Here we go!
Summary:
Roamly offers personal RV insurance that allows you to rent and it only covers you outside of the rental period. Most insurance companies don't allow you to rent.
Outdoorsy offers insurance during the rentals. This insurance covers both owners and renters as long as you and your renters meet the requirements listed later in this post.
For starters, the type of insurance you need completely changes once you begin renting out your RV on sites like Outdoorsy. In fact, most traditional RV insurance companies don’t allow you to rent out your RV. They often deny claims related to rentals and may even drop your coverage entirely if they learn you’ve been renting. Nobody wants that. So let’s get into the types of insurance you now need and the easy ways to find them.
Two types? Yes, you read that correctly. When renting out your RV on sites like Outdoorsy, there are two basic types of insurance you now need:
1. Insurance that covers you during the rental period, and
2. Insurance outside of the rental period that allows you to rent
As an owner you might think that the RV insurance you get from a traditional insurance company covers both of these uses, but (shocker) it almost always doesn't cover either of them. Luckily these types of insurance are easy to find once you know about them. Let’s start with the coverage during the rental period.
This insurance covers your RV while other people are renting it out. The easiest way to ensure your RV is covered during the trip is through Outdoorsy. In fact, Outdoorsy offers the most robust levels of insurance compared to other rental platforms. Here’s what makes it great. For your convenience, Outdoorsy requires that all renters purchase one of three tiers of insurance packages for every day of their trip. Each package includes liability, collision, and comprehensive coverage.
Outdoorsy’s liability insurance covers your renter if they’re at fault for causing physical damage to someone else’s property. It also covers the renter for medical payments owed if they’re at fault for causing bodily injury to someone. Outdoorsy offers up to $1 million in liability coverage in the US, which no other RV sharing platform offers.
When it comes to collision and comprehensive coverage for damages to your RV, Outdoorsy again offers the highest levels of coverage out there. For collision, Outdoorsy’s insurance covers repair or replacement of your RV should damages be caused either by your renter or someone else. When it comes to non-collision occurrences, such as fire or theft, that’s where Outdoorsy’s comprehensive coverage comes into play. Combined, Outdoorsy’s collision and comprehensive cover your RV for up to $1 million in the US. No other rental platform even comes close to offering this amount of coverage.
We think the insurance for owners during the rental period that Outdoorsy offers is great because it conveniently comes standard with every trip at no added cost to you as long as all requirements are met. There are three requirements. The first is that you have a qualifying vehicle. The second is that Outdoorsy approves each of your RVs for this insurance when you add the RVs to their site. And the third is that each renter must pass Outdoorsy’s driver verification process. It’s important you meet all the requirements so you can enjoy the coverage. So after exchanging keys with the renter you can kick back and rest easy. But what about that second kind of insurance you now need?
Where things get tricky is finding the second kind of insurance. This is coverage for the time outside of the rental trip that allows you to rent. The truth is that most traditional insurance policies are written specifically to not allow you to rent. Insurance folks call it a commercial exclusion. To normal people it means your claims could be denied if they learn you’ve been renting. Most insurance companies will even cancel or choose not to renew your policy. The few insurance companies that do allow renting usually make you tell them each time and may require you to pay an additional daily fee for renting. All of this sounds annoying, right? This is where Roamly Insurance comes to the rescue.
As RV owners and enthusiasts like you, we here at Roamly believe you have a right to rent your RV. So we’ve built specialty RV insurance that not only lets you rent your RV, but that also makes renting hassle-free. That means no telling us each time you rent and no additional daily fees. In fact, Roamly supports you renting your RV as much as you like. And if you rent so much that you rent out three or more RVs, own a rental business website, hire employees, or lease a parking lot, know that Roamly also has smart commercial options to cover your growing fleet.
Interested in specialty RV insurance that lets you rent? Get a free quote by clicking the big green button at the bottom of this page.
This one’s easy. If you get RV insurance through Roamly then you don’t need to keep your traditional insurance. You can switch to Roamly any day of the year. Just tell your existing insurance provider you made the switch and they’ll be required to reimburse you for any days you’ve already paid for. Additionally, Roamly offers home and auto insurance bundling options that can help you save. Once you get a quote from Roamly you’ll have the chance to speak to one of our licensed (and friendly) agents about the best options for you.
Outdoorsy also offers daily insurance for the people you rent to. The renters are required to pay for this daily insurance to cover the physical damage to your RV as part of their rental, which means you don’t pay a dime. This insurance is conveniently embedded into Outdoorsy’s rental process to save you the trouble. Owners like you aren’t charged additional premiums or monthly fees for this trip insurance for renters.
While renting out your RV is an excellent way to make money it does change your insurance needs. Unfortunately, traditional RV insurance doesn’t cover your new needs, even if you’re paying your insurance premiums on time. Luckily it’s easy to get the actual insurance you need, including insurance during the rental period through Outdoorsy as well as insurance outside of the rental period that lets you rent through Roamly.
Roamly Insurance Group, LLC ("Roamly") is a licensed general agent for affiliated and non-affiliated insurance companies. Roamly is licensed as an agency in all states in which products are offered. Availability and qualification for coverage, terms, rates, and discounts may vary by jurisdiction. We do not in any way imply that the materials on the site or products are available in jurisdictions in which we are not licensed to do business or that we are soliciting business in any such jurisdiction. Coverage under your insurance policy is subject to the terms and conditions of that policy and is ultimately the decision of the buyer.
Policies provided by Roamly are underwritten by Spinnaker Insurance Company, Progressive Insurance Company, Safeco Insurance, Foremost Insurance Company, National General Insurance, Allstate Insurance Company, Mobilitas Insurance Company, HIPPO Insurance Services, Lyndon Southern Insurance Company and others.