Whiskey Mike
Penn Yan NY
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Joined: 01/24/2009
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I recently learned that GMAC does not sell insurance to LLC's.
I have been told that they sell ONLY to individuals. The proof of insurance card that GMAC sends to you lists your name as "insured". This information came from a GMAC agent.
This could be a serious problem when documents are checked by law enforcement and the vehicle registration does not match the proof of insurance.
Then there is the question of---Is the vehicle legally insured in the eyes of the law?
Finally, when there is a claim, who has coverage--you or the LLC?
I am not a lawyer but this could be a real problem when (if) a claim is filed IMHO.
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past-MIdirector
Michigan
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Joined: 03/03/2007
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A vehicle owned by an LLC, organization, or company requires different policies from that of individuals. We found that out a few years back with our organization truck. Several companies including GMAC could not write a policy for us on the truck because it was owned by the organization.
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Deetour
Washington
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Joined: 06/01/2011
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We use National Interstate for our LLC. And yes, a proof of insurance card is issued.
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Old-Biscuit
Across the USA
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Joined: 06/20/2009
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If they don't sell insurance to an LLC....then they don't cover vehicles registered under an LLC....therefore you can not get insurance for an LLC vehicle, so no problem......because if you insure it, it will be done by an insurance company that covers/insures vehicles registered under an LLC, if you have an LLC vehicle.
In other words.......where is the problem  
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crasster
Dallas
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Joined: 07/06/2007
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Yeah I'm wondering where the problem is too. If your RV is under your own personal name. Unless of course you are speaking of the maritime admiral tax on your name. LOL. ?
4 whopping cylinders on Toyota RV's. Talk about great getting good MPG. Also I have a very light foot on the pedal. I followed some MPG advice on Livingpress.com and I now get 22 MPG! Not bad for a home on wheels.
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Whiskey Mike
Penn Yan NY
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Joined: 01/24/2009
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More explanation:---I called GMAC this AM and asked for a quote for my Montana LLC registered coach. They emailed a quote. Their quote was about half of what my current premium is. I then called my agent, who does not represent GMAC, to ask why there was such a difference in the two premiums(I smelled a rat). I was then advised of GMAC's policy. I then called GMAC again and advised them of what my agent said. They then admitted that they would not list the LLC on their insurance form.
I am of the opinion that GMAC--or at least their agent---may have been attempting to sell me what possibly may have been a worthless policy. Again, I am not a lawyer. It just does not seem right to me.
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Fixedblade
Northeast Kingdom of Vermont
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Joined: 06/25/2007
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One of the most basic concepts of any insurance is that in order to insure something, you need to have an "insurable interest" in that item. If you register an RV in an LLC, that entity owns it needs to insure it in the name of that LLC. Writing the insurance policy in the name of the individual who happens to be using the vehicle but isn't the registered owner is a very large can of worms waiting to be opened when an accident occurs. If any agent or company person tells you otherwise I'd be asking for a written statement to that effect. Very few insurance companies will insure an RV owned by an entity other then an individual.
FB in Vt.
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peaches&cream
Northwest Georgia
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Joined: 06/18/2007
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If your policy is written in the name of the LLC. Then the Insurance Co. is accepting the risk as presented and would have a hard time not paying a claim. If you purchased the policy in your name and the MH is owned by the LLC, you have no coverage on the MH.
2005 Holiday Rambler Ambassdor, 36PRT, 330 Cummings
Toad 1995 Miata
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texasrat
Las Crusas, NM USA
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Joined: 12/18/2004
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Ok I think I understand - if the RV is not titled in my name then insurance I purchase (policy lists the vehicle and I am listed as primary driver)- the insurance is null and void.
It's hard to understand because when one leases a new Chevy that is titled in the banks name and I buy insurance and am listed as primary driver - is the insurance null and void? i.e. "If you purchased the policy in your name and the MH is owned by the LLC, you have no coverage on the MH."
I think not. Why would a RV owned by a LLC be any different than a Chevy owned by a bank?
From Virginia's web site
Titling Your Leased Vehicle
The leased vehicle will be titled in the name of the lessor (owner).
All applicable fees are due at the time of titling by the lessor
Registering Your Leased Vehicle
The vehicle can be registered in the lessor's (owner) name.....
TexasRat
BTW I owned a RV owned by a LLC and had no trouble insuring it and no trouble when I had a claim - apparently the Insurance Co did not know that the policy was null and void
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brobox
Sunny SW. Florida
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Joined: 11/18/2003
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That's funny, I have GMAC insurace, my MH is registered in my LLC, I own the LLC and I didn't have a problem getting insurance. Yes, I have had a claim, no problems getting paid. Also have had a vehicle inspection by law enforcement officer and no problem there either.
Chuck
02 Travel Supreme, 2 street side slides
09 Toyota Tacoma 2WD
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