Renting Out an RV in Alberta
After a few months of having your RV in storage over the warmer months you may begin to regret having purchased your RV. Sure it’s great for vacations but for the most part of the year it sits in storage doing nothing. However selling your RV feels too final – you still love it and use it when you can. Maybe next year will be different! What can you do?
Deciding to rent out an RV can be a lucrative business idea. However it does not come without its difficulties. There are many rules to abide by if you want to do things entirely by the books especially from an insurance perspective. Here are some questions ask yourself and issues to consider before renting out your RV:
- Do I have the right RV policy? If not how do I get one?
- How do I want to rent out my RV?
- Do I want to rent it privately or through a company? Which way would benefit me more?
- How long will I be renting out my RV for?
- Is my RV currently maintained and in good shape?
With regard to insurance your standard insurance is null and void as soon as money changes hands when it comes to renting out an RV in Alberta. A commercial policy is required on the off chance that your RV is damaged or written off while being used by a paying customer. If you’re seeking standard insurance most insurance companies would not want to provide this coverage because it is a very different risk than a personal use RV.
However things are changing. For those who have an Aviva RV policy and would like to rent their RV through Outdoorsy there is now coverage available! It’s a simple inexpensive add-on (endorsement) that enables your RV to be protected while it’s rented through Outdoorsy. You can find out more information here or
speak to a broker about securing coverage before you begin renting out your RV.
Choosing a Renter by Yourself When Renting Out an RV in Alberta
When selecting a customer it is essential to pick one that is trustworthy and respectful of your RV and the law. Customers that are disrespectful or give you a bad feeling are ones you should pass on there’s always going to be other customers.
Here are a few things to consider about customers if you are choosing them yourself:
- Do they seem trustworthy?
- Is your gut telling you that something is “off” with them?
- Are they trying to bargain a little too hard with you?
- Do they frequently change your meeting times without much notice?
- Are they respectful to you and your RV?
- Are they friendly?
- Will they sign a contract?
Using RV Renting Companies
In today’s sharing economy you would not be surprised to learn you have the option to rent out your RV through a dedicated RV rental company companies like Wheel Estate Outdoorsy and RVShare let RV owners like you rent out their RVs. These companies often do not have upfront fees and are relatively simple to set up a listing with. Their services vary so it is good to shop around and see what services each business provides. They may provide insurance coverage for your RV while it’s being used through their program – but be careful because your own personal policy will still be voided. The exception is with Outdoorsy – if you have an Aviva RV policy you can now add on coverage that allows you to rent out your RV through Outdoorsy.
Another necessary thing to consider is whether your RV is currently in a condition to be rented. It is all well and good to want to rent out your RV but you may not get many takers if your RV is full of rust or barely working.
Renting out an RV in Alberta can be a lucrative business idea and a great way to supplement your income if done correctly. However it can be challenging to find adequate insurance and difficult to find trustworthy customers. It can be also become a nightmare quickly if you don’t have the right insurance. Before you venture into the rental space make sure you speak to your broker who will ensure you’re properly covered.