what is considered fulltiming

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danzak44

danzak44

Member
Joined
May 10, 2010
Posts
19
Location
Taylorville, IL
My husband and I are truck drivers that have sold our house in 09 and we pretty much live in our truck and use the best hotels when we go "home" which is why we are wanting to purchase a 5er.  For tax purposes and for purchasing items and for our per diem pay, we are using our brother-in-law's address, and have a mailing address.  We are planning on buying our first 5er and are looking at rates for loans, one of the questions they ask is if it is going to be used full time.  What is considered full time?  We will only be in the trailer maybe 35 days out of the year, but we really would be living out of the trailer those 35 days.  Can you please help us with our dilemma?  Thanks in advance, Dee and John
 
When we were building our house, the insurance company calculated fulltiming as being more than 6 months in the motor home; but that was continuous.  We are in our motor home for a total of 5 to 6 months a year; but not all at one time, so our insurance company does not calculate us as full timers.  But when we stayed in it continually for a full year while the house was being built, they did.

Marsha~
 
Hi Marsha,

Does the lender use the insurances example of what they consider full timing?  If I'm correct, I think lenders are asking this question because of the new financial laws that are in place due to the financial reform bill, and it is being used for tax purposes.  I was just wondering if their thinking was the same as the insurance companies.  Another question, will the insurance that is out there for RV's cover the vehicle even when in storage? Thanks for the quick reply.  Dee
 
I don't know if the lenders use the insurance example or not.  I think the lenders' "need to know" regarding fulltiming is different than the insurance companys "need to know".  I've heard that lately it is very hard to get a loan on an RV if you are a fulltimer, or do not own a house.  I'm not positive, but my thoughts are that it's a higher risk to the lender because you can just drive away and they have lost their asset.  Whereas if you have a home and have roots in a community they can easily find you.

In my thinking, the insurance company is just providing coverage to/for the lender, as well as, providing you with coverage.  Plus if you have a home, some of your homeowner's policy will kick in on certain items or claims.

I think we just had a recent thread discussion about people trying to get a loan on an RV and they wanted to full time.  Do a search and see what you come up with.

And yes, the insurance coverage does protect when it's in storage.  Of course you should be sure to specifically ask this question of your insurance provider; but I've not heard of one not providing coverage.

Marsha~
 
Thanks again Marsha for the information you have given us.  I did check past posts about this, but maybe I went too far back.  I'll check again.  Thanks again and I'm so happy we found this forum, it has the most informative people that love to RV.
 
Recent changes in banking regulations require the lender to escrow taxes and insurance if the RV is a fulltime residence, but the new law does not define "fulltime" other than saying the RV is a primary residence.  You are not living in the RV all of the time and you have a legal address elsewhere (your brother-in-law), so it's not "fulltime" RVing and not your residence. It's just aplace you stay when you are in that town.  I would just answer "No" and move on. If they want to know more details, they will ask. The onus is on the lender to determine what constitutes your primary residence and you merely have to answer their questions to the best of your knowledge.

My insurer considers "fulltime' to be anything over 150 nights/year in the RV, whether we own another residence or not. But that's a different perspective.
 
danzak44 said:
What is considered full time?  We will only be in the trailer maybe 35 days out of the year, but we really would be living out of the trailer those 35 days. 
Click to expand...

At the risk of splitting hairs, by most definitions, you are not fulltiming at 35 days out of the year, but you are "fulltime" for those 35 days. All jokes aside, insurance wants to know the answer for one reason, and the banks want to know for another. Sometimes those answers are at cross purposes.

I can tell you that most of us answer way too many questions that truly invade our privacy if we thought about them.

My best advice, from testifying in court, is to answer the exact question as it is posed, with a yes or no, and do not spend any time in explanation or trying to outguess the question. Intent is different from fact, i.e. are you going to live in it fulltime? No. You can always change your mind, but you are not living in it full time.

I had an insurance coverage interview go south with the question - "do you intend to travel out of the country in the next three years?" the answer should be "no", trust me....
 
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