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Old 10-19-2016, 11:22 AM   #57
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If you want to continue having this guy as your friend, say NO. Then direct him to a commercial RV rental outfit. If you rent it to him, remember there is only one loser in that deal, and that is you.
If/when people ask me for a "loan", I just ask them if they see the word "bank" tattooed on my forehead. Then I tell them that is what banks are for.
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Old 12-04-2016, 04:51 PM   #58
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1. Is this a good idea? NO
2. If I agree, what should I charge? A BUNCH...$250 per night
3. Is my insurance coverage good for this? Why aren't you asking your agent?
4. What sort of written contract do I need? A RV rental agreement. Very specialized document.
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Old 12-04-2016, 06:00 PM   #59
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Originally Posted by JMonroe View Post
I quickly scanned this thread and only saw one reference to insurance.

I'd make a BIG bet, your insurance has an exclusion if you rent out your RV.

I bet you're absolutely correct they don't want to be cut out of the gravy train. I wouldn't even consider doing it without having a ton of insurance, and with a vehicle that I solely considered an investment property.
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Old 12-04-2016, 06:49 PM   #60
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Just like car rental places you sell a specific insurance policy at time of rental as well as having your renter allowed coverage.

Many companies make a profit doing it but it requires due diligence to insure all issues are correctly covered 6 ways from Sunday.
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Old 12-05-2016, 10:20 AM   #61
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If anyone is curious about insurance I can tell you that having a policy designed for renting is expensive. My insurance is through MBA and is specific for a rental RV. I pay $350 a month for months that it's rented and 60% for months that it isn't rented. The coverage is good for claims and accidents. However, a big concern when renting is conversion (someone rents it and never comes back). My policy covers 80% of the RV's value in the event of conversion. To rent the RV one time would probably not be worth it but when it's rented 14 to 24 nights a month at $240 per night it quickly covers the cost of insurance.

Also, while my insurance covers me very well it does not cover the renters very well. State minimums in liability is the only coverage extended to a renter. Because of that I won't let them rent it without getting a binder extending their personal liability limits to the rented vehicle or purchasing a supplemental policy from MBA. In MN state minimums are something like $50,000 per accident and when covering medical bills that wouldn't go very far if a 20,000 lbs vehicle took out a minivan with 5 people in it.

Last year we allowed a few longer distance rentals. This year our RV will not be traveling more than 500 miles from home. When someone rents it to travel from Minneapolis to Bozeman, MT I sleep like crap. The idea that something could happened to the RV 100 miles out of Billings and I would have to figure out how to fix it or get it home isn't worth the $$$. Not to mention finding renters that stay in state has been really easy (80% of our rentals last year).
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Old 05-14-2017, 11:18 AM   #62
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We will be loaning our 26' Class C motorhome to second cousins, they'll be taking it for 3 weeks. Long story short , we connected with my second cousin's in Sweden and they were kind enough to let us use their rental cottage for 3 weeks for no charge. They were wonderful hosts, took us around , introduced us to a lot of other long forgotten relatives, do we really owe them.

They are intelligent and well-educated and we are keeping our fingers crossed that this happens well. I wrote up a four page document on the different systems and how to use them properly. And will be going through the whole thing with cousin Ola. For the first couple of days they will be in a local campground so I could spend a little more time with them before they hit the road.

Wish us luck.
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Old 05-15-2017, 07:38 AM   #63
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Just be sure to confirm insurance is in good standing with your plan and also give them driving instructions followed by a driving test so to speak...let them drive you a bit so you both are comfortable.
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